Printer Friendly

FIRST LIBERTY REVISES FISCAL 1991 OPERATING RESULTS

 FIRST LIBERTY REVISES FISCAL 1991 OPERATING RESULTS
 MACON, Ga., Dec. 20 /PRNewswire/ -- First Liberty Financial


Corporation (NASDAQ: FLFC) announced a revision of its operating results for the fiscal year ended Sept. 30, due to adverse developments in five credit relationships subsequent to year-end.
 The company is reporting a reduction of $325,000 or $0.16 per share to its net income from that previously reported. The company had earlier reported net income of $5.7 million or $2.86 per share for the year; the adjustment reduces net income to $5.4 million or $2.70 per share.
 The company has not yet filed a Form 10-K with the Securities and Exchange Commission for fiscal 1991. Therefore, these changes will not require restatement of financial reports. The Form 10-K will be filed on Tuesday, Dec. 24.
 Commenting on the adjustment, Robert F. Hatcher, First Liberty's president and chief executive officer, said: "In light of economic conditions, we thought it prudent to classify three of the assets as in-substance foreclosures and downgrade our ratings of the other two. While we regret having to make these revisions to our previously reported 1991 results, we believe these actions to be conservative and appropriate under the circumstances." Continuing, Hatcher said, "dealing with these loans in our strong 1991 fiscal year will strengthen our company and improve prospects for 1992. Our 1991 results were very strong and show a dramatic turnaround from prior years."
 Also as a result of the changes, the company's non-performing assets at year-end were $39.4 million, or 5.5 percent of total assets, rather than $35.3 million, or 5.0 percent of total assets, as previously reported. Non-performing loans declined to $6.4 million, or 1.3 percent of total loans, from $7.1 million, or 1.4 percent of total loans, as previously reported. Real estate owned and other repossessed assets increased to $31.7 million from $28 million as previously reported.
 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 statewide mortgage banking company, Liberty Mortgage Corporation. First Liberty common stock is quoted through the National Market System of the National Association of Securities Dealers, Inc. (NASDAQ) under the symbol FLFC. The company's 11 percent subordinated debentures, 8-1/4 percent subordinated debentures and 8-1/4 percent convertible subordinated debentures are traded through the inter-dealer quotation system commonly referred to as the "yellow sheets."
 -0- 12/20/91
 /CONTACT: David L. Hall of First Liberty Financial Corporation, 404-936-3350/
 (FLFC) CO: First Liberty Financial Corporation ST: Georgia IN: FIN SU: ERN


BR-TG -- AT008 -- 4475 12/20/91 15:39 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 20, 1991
Words:455
Previous Article:SPRAGUE TECHNOLOGIES DECLARES DIVIDEND
Next Article:WEST VIRGINIA APPEALS COURT REVERSES $10.32 MILLION JURY AWARD AGAINST ASHLAND OIL
Topics:


Related Articles
FIRST LIBERTY REPORTS OPERATING PROFITS FOR THE FIRST QUARTER OF FISCAL 1992
FIRST LIBERTY REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL 1992
FIRST LIBERTY REPORTS INCREASED CORE EARNINGS AND CONTINUED DECLINES IN NON-PERFORMING ASSETS
CAPITAL ASSOCIATES REPORTS FISCAL 1992 YEAR END RESULTS
FIRST LIBERTY REPORTS CONTINUED INCREASE IN CORE INCOME FOR FISCAL 1992
THE HALLWOOD GROUP REPORTS FISCAL 1993 FIRST QUARTER RESULTS
First Liberty Reports a 25% Increase in Core Earnings for Fiscal 1996
First Liberty Reports 30% Increase For Record Second Fiscal Quarter
First Liberty Reports 14% Increase For Record Third Fiscal Quarter
First Liberty Reports Record Earnings For First Quarter of Fiscal 1998

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters