Local Financial Corporation Reports First Quarter Profits
OKLAHOMA CITY, April 27 /PRNewswire/ -- Local Financial Corporation
(Amex: LO), holding company for Local Oklahoma Bank, announced higher profits
for the quarter ended March 31, 1999. The Company reported first quarter net
income of $5.1 million or $0.25 basic earnings per share (based on
20.5 million average shares outstanding). These earnings compare to net
income of $4.3 million or $0.21 basic earnings per share for the same period
in 1998, an increase of 19%.
During the first quarter, the Company completed its merger of Local
America Bank of Tulsa into its parent company, Local Federal Bank, forming one
statewide banking entity operating as Local Oklahoma Bank. The merger of
these extensive branch networks allows customers to bank with ease at any of
the Company's 50 statewide locations.
Edward A. Townsend, Chairman, CEO, said, "We continue to be pleased with
the performance of the Company, and are excited about the merger of Local
Federal Bank and Local America Bank and the benefits our customers gain
through the statewide availability of these combined banking locations."
First quarter results also compare favorably with the fourth quarter of
1998 as interest income for the quarter ended March 31, 1999, rose to
$17.0 million, an increase of $588,000 or 3.5% over fourth quarter 1998. Loan
balances rose from $1.4 billion at December 31, 1998, to $1.5 billion at
March 31, 1999, primarily due to growth in the company's commercial loan
portfolio. |
