Local Financial Corporation Reports First Quarter Results
OKLAHOMA CITY, April 27 /PRNewswire/ --
Local Financial Corporation (Nasdaq: LFIN) announced strong results for its
first quarter of 2000 which ended March 31. Income before extraordinary item
for the quarter equaled $6.0 million or $0.29 basic earnings per share
compared to earnings per share of $0.25 for the same period last year, an
increase of 16%. During this quarter, the Company purchased $32.1 million of
Senior Notes which had been issued in connection with the Company's
recapitalization in 1997. Although this action, reported as an extraordinary
item, reduced net income for the quarter by 4 cents per share, it will have a
positive impact going forward.
The Company remains in excellent financial condition and is taking other
proactive measures to counter further interest rate increases and the margin
compression that could result for such increases. The investment portfolio
was reduced, shedding lower yielding investments, and noninterest expenses are
being carefully managed.
Local's asset quality remained high, with nonperforming loans representing
just 0.27% of total loans, a level well below that of its peers. The
Company's efficiency ratio of 56.6% also compares favorably with its peers.
Transaction accounts continued as a high priority, increasing at an annual
rate of 19.6% during the quarter.
Edward A. Townsend, Chairman and CEO, said, "We are very pleased to
announce positive results for the first quarter. Much of the credit for this
growth goes to our constantly expanding, enthusiastic team of banking
professionals. We are confident that Local Financial Corporation is in an
excellent position to consistently and prudently grow its statewide banking
franchise and to increase shareholder value during the remainder of 2000." |
