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LIBERTY BANCORP INC. FIRST QUARTER EARNINGS $1.6 MILLION

 CHICAGO, April 12 /PRNewswire/ -- Liberty Bancorp, Inc. (NASDAQ: LBCI), the holding company for Liberty Federal Savings Bank, today announced earnings for the first quarter ended March 31, 1993. Net income was $1.6 million as compared to $1.9 million for the comparable quarter in 1992, a decrease of $286,000 or 15.03 percent.
 Fully diluted earnings per share equalled $.51 for the first quarter of 1993, as compared to $.55 after cumulative effect of changes in accounting principles for the same period in 1992.
 At March 31, 1993, total assets amounted to $521.7 million, an increase of $17.6 million or 3.50 percent as compared to $504.0 million at Dec. 31, 1992.
 Liberty Bancorp, Inc., during the first quarter of 1993, had completed its second repurchase program of 5 percent or 157,047 shares at an average price of $18.62 per share. To date, through two repurchase programs, 322,359 shares have been repurchased at an average price of $16.81.
 CHANGE IN ACCOUNTING PRINCIPLES
 The holding company adopted changes in accounting principles for income taxes and post-retirement benefits in the fourth quarter of 1992 retroactive to Jan. 1, 1992. The cumulative effect for periods prior to Jan. 1, 1992, was to reduce income tax expense by $936,000 and create an accrual for post-retirement benefits of $455,000. The amounts applicable to 1992 and 1993 are incorporated in operations. The quarterly Consolidated Statements of Earnings for 1992 were restated to account for the opening and current year's adjustments. There were no comparable adjustments in 1993. Fully diluted earnings per share for the first quarter of 1992, before the cumulative effect of changes in accounting principles, was $.41.
 COMPARISON OF OPERATING RESULTS FOR THE QUARTER ENDED MARCH 31, 1993 AND 1992
 For the quarter ended March 31, 1993, total interest income amounted to $9.6 million, a decrease of $910,000 or 8.69 percent as compared to $10.5 million for the same period in 1992. The decrease in interest income is the direct result of refinancing of existing loans and originations at lower rates. During the first quarter of 1993 and 1992 respectively, the average yield on earning assets dropped to 7.68 percent from 8.60 percent. Total interest expense amounted to $4.5 million, a decrease of $1.5 million or 24.51 percent as compared to $6.0 million for the same period in 1992. The reduction in interest expense is the result of the average cost of funds between the first quarter of 1993 and the first quarter of 1992 decreasing to 4.18 percent from 5.66 percent respectively.
 Provision for Loan Losses amounted to $214,000 as compared to $206,000 for the periods ending March 31, 1993 and 1992 respectively, an increase of $8,000 or 3.89 percent.
 Non-interest income for the first quarter of 1993 decreased $38,000 or 21.31 percent to $140,000 as compared to $177,000 for the same period in 1992. The reduction in non-interest income is attributable to reductions in the following:
 -- Insurance commissions $55,000
 -- Gain on sale of real estate owned $18,000
 -- Fees and service charges $13,000 partially offset by an increase in other non-interest income of $49,000.
 Non-interest expenses amounted to $2.3 million for the quarter ended March 31, 1993, as compared to $2.1 million for the same period in 1992, an increase of $250,000 or 11.95 percent. The increase primarily relates to:
 -- General payroll and employee benefits $185,000
 -- Office occupancy and equipment $ 49,000
 -- General recurring operating expenses $ 76,000


partially offset by a decrease in Federal Deposit Insurance Premiums of $60,000.
 Federal and state income taxes amounted to $993,000 for the first quarter as compared to $918,000 as restated for the same period in 1992, an increase of $75,000 or 8.14 percent. The effective tax rates were 38.01 percent and 39.19 percent for the quarters ended 1993 and 1992 respectively. The increase of $75,000 in federal income tax is the result of the tax on increased income of $269,000, partially offset by a decrease in rate of 1.18 percent.
 COMMENTS ON STATEMENT OF CONDITIONS
 During the Quarter ended March 31, 1993, loans receivable net increased $19.3 million or 4.78 percent to $423.3 million from $404.0 million at Dec. 31, 1992. The increase in loans receivable was partially offset by reductions in the following: cash on hand and due from banks of $358,000, interest earning deposits of $1.3 million, Federal Funds sold of $300,000 and mortgage-backed securities of $1.2 million. Prepaid expenses and other assets increased $1.2 million or 20.06 percent to $7.4 million from $6.2 million. The major changes were increase in investment in life insurance contracts of $839,000 and prepaid expenses, such as FDIC insurance premium of $165,000, Office of Thrift Supervision special assessment of $28,000, deferred compensation and pension premiums of $443,000, which are paid in the first quarter of the year and expensed throughout the year.
 Non-performing assets totaled $1.4 million at both March 31, 1993, and Dec. 31, 1992. As of March 31, 1993, and Dec. 31, 1992, non performing assets as a percentage of total assets was 0.27 percent and as a percentage of allowance for loan losses was 47.44 percent and 35.37 percent respectively.
 During the period $18,000 on real estate owned and $40,000 on loans receivable were charged to allowance for loan losses.
 Savings deposits decreased $2.7 million or 0.63 percent to $424.0 million at March 31, 1993, as compared to $426.7 million at March 31, 1992. Borrowed funds amounted to $21.2 million as compared to $2.2 million, an increase during the period of $18.9 million or 833.89 percent. The Savings Bank borrowed $19.0 million from the Federal Home Loan Bank of Chicago to fund loan originations and purchases.
 Accrued expenses and other liabilities increased $1.3 million or 32.12 percent to $5.3 million at March 31, 1993, as compared to $4.0 million at Dec. 31, 1992. The major increases in accrued expenses and other liabilities were accrued federal and state income taxes amounting to $1.1 million for the first quarter of 1993 which will be remitted in April 1993 and employee deferred compensation contributions of $371,000.
 Stockholders equity totaled $68.4 million or 13.10 percent of assets at March 31, 1993. Stockholders' equity increased $970,000 or 1.44 percent from $67.4 million at Dec. 31, 1992. The increase resulted from net income of $193,000 offset by Treasury Stock purchased of $543,000 and dividends paid to stockholders of $299,000.
 Liberty Federal Savings Bank is a federally chartered stock savings bank. The bank is a community-oriented bank offering traditional deposit and mortgage loan products. It operates two offices, on in northwestern Chicago and the other in Glenview, Ill.
 LIBERTY BANCORP, INC.
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 (Dollars in thousands)
 March 31, 1993 Dec. 31, 1992
 (Unaudited)
 ASSETS:
 Cash and due from banks $ 6,942 $ 7,299
 Interest-earning deposits 5,317 6,617
 Federal funds sold 0 300
 Commercial paper 4,800 4,800
 Investment securities 21,377 20,907
 Mortgage-backed securities 43,700 44,932
 Loans receivable, net 423,302 403,978
 Accrued interest receivable 2,636 2,571
 Real estate owned or in judgment 0 363
 Premises and equipment, net 2,851 2,939
 Prepaid expenses and other assets 7,438 6,197
 Deferred federal and
 state income taxes 3,316 3,187
 TOTAL ASSETS $ 521,679 $ 504,037
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Deposits $ 423,999 $ 426,701
 Borrowed funds 21,173 2,267
 Advance payments by borrowers
 for taxes and insurance 2,830 3,656
 Accrued expenses and other
 liabilities 5,326 4,030
 TOTAL LIABILITIES $453,328 $ 436,654
 Preferred stock, $.01 par value.
 Authorized 1,000,000 shares;
 none outstanding $ 0 $ 0
 Common stock, $.01 par value.
 Authorized 5,000,000 shares;
 issued 3,306,250; outstanding
 2,989,891 shares 33 33
 Additional paid-in capital 31,222 31,222
 Treasury stock-316,359 shares
 acquired at cost (5,317) (4,774)
 Retained earnings,
 substantially restricted 45,824 44,504
 Common stock purchased by:
 Employee stock ownership plan (2,173) (2,267)
 Management recognition
 & retention (1,238) (1,336)
 TOTAL STOCKHOLDERS' EQUITY $ 68,351 $ 67,382
 TOTAL LIABILITIES &
 STOCKHOLDERS' EQUITY $ 521,679 $ 504,036
 LIBERTY BANCORP, INC.
 CONSOLIDATED STATEMENT OF EARNINGS
 (000s omitted)
 For the three months ended
 March 31,
 1993 1992
 (Unaudited) (Unaudited)
 Total interest income $ 9,568 $ 10,478
 Total interest expense 4,543 6,018
 Net interest income $ 5,025 $ 4,460
 Provision for
 loan losses 214 206
 Net int. inc. after
 prov. for ln. loss $ 4,811 $ 4,254
 Total non-interest income 140 177
 Total general &
 administrative expenses 2,340 2,089
 Income before income tax taxes
 and cumulative effect of
 changes in accounting
 principles $ 2,611 $ 2,342
 Income taxes 992 918
 Income before cumulative
 effect of changes
 in accounting principles 1,619 1,424
 Cumulative effect at Jan.
 1, 1992, of change in
 accounting for income taxes 0 936
 Culumative effect at Jan.
 1, 1992, of change in
 accounting for post-
 retirement benefits other
 than pensions, net of income
 tax expense of $288,000 0 (455)
 Net income $ 1,619 $ 1,905
 Primary earnings per share:
 Income before cumulative
 effect of changes in
 accounting principles $ 0.51 $ 0.42
 Cumulative effect of
 change in accounting
 for income taxes 0.00 0.28
 Cumulative effect of change
 in accounting for post-
 retirement benefits 0.00 (0.14)
 NET INCOME $ 0.51 $ 0.56
 Fully diluted earnings per share:
 Income before cumulative
 effect of changes
 in accounting principles $ 0.51 $ 0.41
 Cumulative effect of
 change in accounting
 for income taxes 0.00 0.28
 Cumulative effect of change
 in accounting for post-
 retirement benefits 0.00 (0.14)
 NET INCOME $ 0.51 $ 0.55
 LIBERTY BANCORP, INC.
 FINANCIAL RATIOS AND DATA
 (000s omitted)
 For three months ended
 March 31,
 1993 1992
 SELECTED FINANCIAL RATIOS:
 Average shares fully
 diluted 3,165,672 3,398,588
 Return on Average Assets 1.26 pct 1.53 pct
 Interest Rate Spread 3.50 pct 2.94 pct
 Net Interest Margin 4.04 pct 3.66 pct
 Ratio of Interest-earning
 Assets to Interest-bearing
 Liabilities 1.15x 1.15x
 OTHER FINANCIAL DATA: March 31, Dec. 31, Sept. 30, June 30,
 1993 1992 1992 1992
 Common Shares
 Outstanding 2,989,891 3,017,148 3,140,938 3,186,300
 Stockholders' Equity $ 68,352 $ 67,383 $ 67,064 $ 65,878
 Book Value Per Share $ 22.86 $ 22.33 $ 21.35 $ 20.68
 Allowance for Loan Losses $3,006 $ 2,850 $ 2,626 $ 2,405
 Non-performing loans $ 1,427 $ 1,008 $ 1,154 $ 1,202
 Net Loan Charge-offs
 During the Period $ 58 $ 1 $ 4 $ 5
 NOTES:
 -- Income and expense items have been annualized in calculating ratios for these periods.
 -- Dollars in thousands except earnings per share and book value.
 -0- 4/12/93
 /CONTACT: James K. Mair, manager-shareholder services for Liberty Bancorp, Inc., 312-334-1200/
 (LBNA)


CO: Liberty Bancorp, Inc. ST: Illinois IN: FIN SU: ERN

LR -- NY066 -- 4846 04/12/93 14:50 EDT
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Date:Apr 12, 1993
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