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FIRST LIBERTY REPORTS INCREASED CORE EARNINGS AND CONTINUED DECLINES IN NON-PERFORMING ASSETS

 FIRST LIBERTY REPORTS INCREASED CORE EARNINGS
 AND CONTINUED DECLINES IN NON-PERFORMING ASSETS
 ATLANTA, July 22 /PRNewswire/ -- First Liberty Financial Corp. (NASDAQ-NMS: FLFC) reported a net income of $2,161,000 or $.72 per fully diluted share for the first nine months of fiscal 1992 compared to $1,984,000 or $.87 per fully diluted share in fiscal 1991.
 Net income for the third quarter of fiscal 1992 was $458,000 or $.15 per fully diluted share compared to $586,000 or $.27 per fully diluted share for the third quarter of fiscal 1991. During the third quarter of fiscal 1991, net income included a tax benefit of $207,000 reflecting a change in accounting principle.
 Robert F. Hatcher, First Liberty's president and chief executive officer, said: "I am pleased to report these results for our third quarter. We are beginning to realize the operating benefit of reduced non-performing assets in our interest margins as well as through declining charge offs. Improvements in net interest income and continued control of expenses significantly contributed to these results."
 Net income for both fiscal 1992 and fiscal 1991 included the effect of changes in accounting principles and an extraordinary item in fiscal 1991. Before the effect of the changes in accounting principles and the extraordinae spread and the favorable impact of reduced non-performing assets. The interest rate spread increased to 3.48 percent during the three months ended June 30 from 3.04 percent a year earlier.
 Non-performing assets (which include non-performing loans and repossessed assets) were $30 million or 4.3 percent of total assets at June 30, compared to $41 million or 5.6 percent of total assets a year ago. Non-performing loans were $5.6 million or 1.0 percent of total loans at June 30, compared to $12.3 million or 2.2 percent of total loans at June 30, 1991.
 General loan loss reserves were $5.7 million at June 30, 1992 and 1991. General loan loss reserves were 100 percent of non-performing loans at June 30, compared to 42 percent a year ago.
 Liberty Mortgage Corporation (First Liberty's mortgage banking subsidiary) originated $178 million and $456 million of loans during the three and nine months ended June 30, compared to $74 million and $145 million a year earlier, respectively.
 The following table summarizes Liberty Savings Bank's regulatory capital ratios and its requirements at June 30:
 Current Regulatory
 Level Requirements Excess
 Tangible 4.8 pct. 1.5 pct. 3.3 pct.
 Core 5.1 pct. 3.0 pct. 2.1 pct.
 Risk-based 9.6 pct. 7.2 pct. 2.4 pct.
 Summarizing the results, Hatcher said: "These operating results put us ahead of our business plan and on the road to increased core income over fiscal 1991. The steps we have taken to improve credit quality, expand profitable business lines and control expense levels have provided the foundation for increased operating results."
 First Liberty Financial Corp. is the holding company for Liberty Savings Bank, F.S.B., operating 18 banking offices in middle, coastal and south Georgia, a loan production office in Atlanta and a mortgage banking company (Liberty Mortgage Corporation) operating throughout Georgia, and through correspondent relationships in several other 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 FINANCIAL CORP.
 Financial Highlights (unaudited)
 Dollars in thousands, except per share data
 Operating ratios are annualized
 3 mos. ended 9 mos. ended
 6/30/92 6/30/91 6/30/92 6/30/91
 EARNINGS SUMMARY
 Net interest income $ 5,571 $ 4,524 $14,701 $13,545
 Prov. for loan losses 800 575 2,800 1,718
 Non interest income 805 1,391 3,911 4,544
 Non interest expense 4,813 4,687 14,529 14,419
 Income taxes 305 67 339 240
 Income before change in
 accounting principle and
 extraordinary item 458 586 944 1,712
 Chg. in acctg. principle --- --- 1,217 ---
 Extraordinary item --- --- --- 272
 Net income $ 458 $ 586 $ 2,161 $ 1,984
 Earnings per share:
 Before change in accounting
 principle and extraordinary
 item
 Primary $ 0.15 $ 0.30 $ 0.31 $ 0.87
 Fully diluted $ 0.15 $ 0.27 $ 0.32 $ 0.79
 Net income
 Primary $ 0.15 $ 0.30 $ 0.72 $ 1.01
 Fully diluted $ 0.15 $ 0.27 $ 0.72 $ 0.87
 Wtd. avg. shares outstanding
 Primary 3,004,670 1,981,310 2,989,568 1,981,310
 Fully diluted 3,045,331 3,371,880 3,030,229 3,378,586
 OPERATING RATIOS
 Net interest margin 3.48 pct. 3.04 pct. 3.16 pct. 3.08 pct.
 Return on avg. assets 0.26 pct. 0.32 pct. 0.40 pct. 0.36 pct.
 Return on avg. equity 4.89 pct. 8.06 pct. 7.78 pct. 9.21 pct.
 BALANCE SHEET SUMMARY AT 6/30/92 9/30/91 6/30/91
 Total assets $699,851 $713,209 $728,945
 Earning assets 631,529 632,741 653,605
 Loans, net 560,930 540,962 561,291
 Allowance for loan losses 5,652 4,864 5,685
 Deposits 501,930 527,835 524,804
 Stockholders equity 37,783 35,550 27,209
 Book value per share 12.69 11.94 13.73
 Tangible book value per share 11.59 10.77 11.94
 Shares outstanding 2,978,350 2,978,350 1,981,310
 AVERAGE BALANCES AT 6/30/92 9/30/91 6/30/91
 Total assets $715,183 $729,476 $730,478
 Earning assets 639,107 654,120 655,723
 Total loans, net 558,164 554,159 554,725
 Deposits 514,439 524,862 525,138
 Stockholders equity 37,044 28,930 28,727
 ASSET QUALITY
 Nonperforming loans $ 5,645 $ 6,398 $ 12,331
 Repossessed assets 24,771 33,029 28,354
 Nonperforming assets 30,416 39,427 40,685
 Net loan charge-offs 2,013 5,868 3,407
 FINANCIAL RATIOS
 General allowance for loan losses
 to total loans 1.0 pct. 0.9 pct. 0.9 pct.
 General allowance for loan losses
 to nonperforming loans 100.1 pct. 76.0 pct. 41.9 pct.
 Net loan charge-offs to
 average total loans
 annualized 0.5 pct. 1.1 pct. 0.8 pct.
 Nonperforming loans to
 total loans 1.0 pct. 1.2 pct. 2.2 pct.
 Nonperforming assets to
 total assets 4.3 pct. 5.5 pct. 5.6 pct.
 Equity to assets 5.4 pct. 5.0 pct. 3.7 pct.
 REGULATORY CAPITAL RATIOS 6/30/92 Required Excess
 Tangible 4.8 pct. 1.5 pct. 3.3 pct.
 Core 5.1 pct. 3.0 pct. 2.1 pct.
 Risk-based 9.6 pct. 7.2 pct. 2.4 pct.
 -0- 7/22/92
 /CONTACT: David L. Hall, senior vice president and chief financial officer of First Liberty Financial Corp., 404-936-3350/
 (FLFC) CO: First Liberty Financial Corp. ST: Georgia IN: FIN SU: ERN


BR-BN -- AT005 -- 1849 07/22/92 11:24 EDT
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Date:Jul 22, 1992
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