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FIRST LIBERTY REPORTS INCREASE IN CORE INCOME FOR THE THIRD QUARTER

 MACON, Ga., July 20 /PRNewswire/ -- First Liberty Financial Corp. (NASDAQ-NMS: FLFC) reported net income of $1,145,000 or $.29 per fully diluted share for the quarter ended June 30 compared to $458,000 or $.15 per fully diluted share a year earlier.
 Net income for the nine months ended June 30 was $2,972,000 or $.85 per fully diluted share compared to $2,161,000 or $.72 per fully diluted share a year earlier. Last year's results during the nine months ended June 30, 1992, include an extraordinary item of $1.2 million or $.40 per fully diluted share reflecting an accounting change for the adoption of Statement of Financial Accounting Standard No. 109 "Accounting for Income Taxes."
 Core income, which excludes the accounting change, increased by $2,028,000 to $2,972,000 or $.85 per fully diluted share during the nine months ended June 30 from $944,000 or $.32 per fully diluted share for the nine months ended June 30, 1992.
 Robert F. Hatcher, First Liberty's chief executive officer, said: "During the quarter, we achieved several milestones which contributed to these results:
 -- Liberty Mortgage Corporation had record loan production totaling
 $207 million;
 -- While the loan servicing portfolio was just under $1 billion at
 June 30, it surpassed that goal in the first two weeks of July;
 -- The consolidation of financial and data processing functions in
 Macon was completed;
 -- The trend of reduction of non-performing assets was resumed;
 -- Interest rate spreads continued to expand and
 -- The recruitment of Melvin I. Kruger as director."
 Net interest income increased by $324,000 or 6 percent during the quarter ended June 30 to $5.9 million from $5.6 million a year earlier. The interest rate spread increased to 3.67 percent during the quarter ended June 30 from 3.48 percent last year.
 Non-performing assets (which include non-performing loans and repossessed assets) were $24.3 million or 3.4 percent of total assets at June 30 compared to $30.4 million or 4.3 percent of total assets at June 30, 1992. Non-performing loans were $8.2 million or 1.6 percent of total loans at June 30 compared to $5.6 million or 1.0 percent of total loans a year earlier.
 Loan loss reserves were $6.9 million or 1.3 percent of total loans at June 30 compared to $5.7 million or 1.0 percent of total loans a year ago. At June 30, loan loss reserves were 84 percent of total non- performing loans compared to 100 percent at June 30, 1992.
 Real estate owned and other repossessed assets declined to $16.1 million at June 30 from $24.8 million last year. Sales of foreclosed real estate were $7.3 million during the nine months ended June 30.
 The loan loss provision declined to $750,000 and $1.7 million during the three and nine months ended June 30 compared to $800,000 and $2.8 million a year earlier, respectively. The reduction in the provision resulted from the decline in non-performing assets and the increase in the level of loan loss reserves.
 Non-interest expense increased to $5.8 million and $16.1 million during the three and nine months ended June 30 from $4.9 million and $14.4 million last year, respectively. The increased expenses were the result, in part, of the acquisition of First Federal-Milledgeville which occurred during December 1992 and the acquisition of six offices and $38 million in deposits in Savannah, Ga., during March 1993.
 Hatcher said: "During fiscal 1993, we have completed and assimilated into our operation, acquisitions in Milledgeville and Savannah. The preferred stock which we sold earlier this year provides us the capital to continue our expansion, either through acquisition or internal growth."
 First Liberty Financial Corp. is the holding company for First Liberty Bank, which operates 26 banking offices in middle, coastal and south Georgia, a loan production office in Atlanta and a mortgage banking company which operates throughout Georgia and through correspondent relationships in several southeastern states. First Liberty Common Stock is quoted through the National Market System of the National Association of Securities Dealers (NASDAQ) under the symbol FLFC. First Liberty 7.75 percent Convertible Preferred Stock is quoted through the NASDAQ under the symbol FLFCP.
 FIRST LIBERTY FINANCIAL CORP.
 Financial Highlights (unaudited)
 Dollars in thousands, except per share data
 Operating ratios are annualized
 3 mos. ended 9 mos. ended
 6/30/93 6/30/92 6/30/93 6/30/92
 EARNINGS SUMMARY
 Net interest income $ 5,895 $ 5,571 $16,459 $14,701
 Prov. for loan losses 750 800 1,679 2,800
 Non interest income 2,507 930 5,960 3,792
 Non interest expense 5,808 4,938 16,119 14,410
 Income taxes 699 305 1,649 339
 Income before change in
 accounting principle 1,145 458 2,972 944
 Chg. in acctg. principle --- --- --- 1,217
 Net income $ 1,145 $ 458 $ 2,972 $ 2,161
 Earnings per common share:
 Before change in accounting
 principle
 Primary $ 0.30 $ 0.15 $ 0.87 $ 0.31
 Fully diluted $ 0.29 $ 0.15 $ 0.85 $ 0.32
 Net income
 Primary $ 0.30 $ 0.15 $ 0.87 $ 0.72
 Fully diluted $ 0.29 $ 0.15 $ 0.85 $ 0.72
 Wtd. avg. shares outstanding
 Primary 3,064,323 3,004,670 3,035,718 2,989,566
 Fully diluted 4,024,984 3,045,331 3,531,324 3,030,227
 OPERATING RATIOS
 Net interest margin 3.67 pct. 3.48 pct. 3.58 pct. 3.16 pct.
 Return on avg. assets 0.63 pct. 0.26 pct. 0.57 pct. 0.40 pct.
 Return on avg. equity 8.86 pct. 4.89 pct. 8.77 pct. 7.78 pct.
 BALANCE SHEET SUMMARY AT 6/30/93 9/30/92 6/30/92
 Total assets $723,129 $679,376 $699,851
 Earning assets 638,293 604,516 631,530
 Loans, net 528,751 537,937 560,930
 Allowance for loan losses 6,896 5,641 5,652
 Deposits 549,638 495,229 501,930
 Stockholders equity 51,815 38,453 37,783
 Book value per common share 13.42 12.91 12.69
 Tangible book value per common shr. 12.12 11.84 11.59
 Shares outstanding 3,003,350 2,978,350 2,978,350
 AVERAGE BALANCES AT 6/30/93 9/30/92 6/30/92
 Total assets $694,718 $708,843 $715,183
 Earning assets 616,923 634,736 639,107
 Total loans, net 532,913 556,646 558,164
 Deposits 525,354 510,296 514,439
 Stockholders equity 45,204 37,262 37,044
 ASSET QUALITY
 Nonperforming loans $ 8,210 $ 3,569 $ 5,645
 Repossessed assets 16,056 19,078 24,771
 Nonperforming assets 24,266 22,647 30,416
 Net loan charge-offs (YTD) 2,099 3,173 2,013
 FINANCIAL RATIOS
 Allowance for loan losses
 to total loans 1.3 pct. 1.0 pct. 1.0 pct.
 Allowance for loan losses
 to non-performing loans 84.0 pct. 158.1 pct. 100.1 pct.
 Net loan charge-offs to
 average total loans
 annualized 0.5 pct. 0.6 pct. 0.5 pct.
 Nonperforming loans to
 total loans 1.6 pct. 0.7 pct. 1.0 pct.
 Nonperforming assets to
 total assets 3.4 pct. 3.3 pct. 4.3 pct.
 Equity to assets 7.2 pct. 5.7 pct. 5.4 pct.
 REGULATORY CAPITAL RATIOS 6/30/93 Required Excess
 Tangible 5.1 pct. 1.5 pct. 3.6 pct.
 Core 5.3 pct. 3.0 pct. 2.3 pct.
 Risk-based 10.8 pct. 8.0 pct. 2.7 pct.
 -0- 7/20/93
 /CONTACT: David L. Hall, senior vice president and chief financial officer of First Liberty Financial Corp., 912-743-0911/
 (FLFC)


CO: First Liberty Financial Corp. ST: Georgia IN: FIN SU: ERN

RA-BN -- AT013 -- 3546 07/20/93 16:12 EDT
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Date:Jul 20, 1993
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