right in line
Local Financial Corporation Announces Third Quarter Earnings
OKLAHOMA CITY, Oct. 26 /PRNewswire/ -- Local Financial Corporation
(Nasdaq: LFIN), holding company for Local Oklahoma Bank, today announced
results for its third quarter, which ended September 30, 1999. Net income
before extraordinary item for the three-month period was $5.7 million or
$0.28 basic earnings per share, an increase of 22% over 1998. For the nine-
month period, Local earned $16.4 million before extraordinary item or
$0.80 basic earnings per share, a 21% gain over the same period last year.
During the third quarter, Local purchased $3.25 million of Senior Notes, which
had been issued in connection with the Company's recapitalization in 1997.
This move will reduce future interest costs associated with those notes. As a
result, there is an extraordinary item charged to income amounting to
$182,000, net of tax, which reduces third quarter net income to $5.5 million
or $0.27 basic earnings per share.
The acquisition of Guthrie Savings Inc., announced during the second
quarter, was approved and closed on October 15. Edward A. Townsend, Chairman
and CEO of Local Financial, said, "We are extremely pleased to announce our
strong third quarter earnings, and we believe our recent acquisition of
Guthrie Savings Inc. is once again evidence of our commitment to serve the
people of Oklahoma." |
