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Previous: DELCO REMY INTERNATIONAL INC, DEF 14A, 1999-11-18 |
Next: GETTY IMAGES INC, 424B4, 1999-11-18 |
<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 26, 1999
LOCAL FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State of Incorporation)
001-13949 65-0424192
(Commission File No.) (I.R.S. Employer Identification No.)
3601 N.W. 63rd Street, Oklahoma City, Oklahoma 73116
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: 405-841-2298
<PAGE> 2
ITEM 5. OTHER EVENTS.
On October 26, 1999, Local Financial Corporation issued a press release
announcing its third quarter earnings. The press release issued in connection
with this announcement is filed as an exhibit to this report and incorporated
herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibit:
See Exhibit Index following the signature page of this report, which is
incorporated herein by reference.
SIGNATURE
Pursuant to the requirements of the Securities and Exchanges Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
LOCAL FINANCIAL CORPORATION
Date: November 15, 1999 By: /s/Richard L. Park
-------------------------------------
Richard L. Park, Chief Financial Officer
<PAGE> 3
EXHIBIT INDEX
TO
FORM 8-K CURRENT REPORT
DATE OF REPORT: OCTOBER 26, 1999
<TABLE>
<CAPTION>
CONSECUTIVE
EXHIBIT NO. DESCRIPTION PAGE NO.
- ------------ ----------- -----------
<S> <C> <C>
Exhibit 99 Press Release dated October 26, 1999 4
</TABLE>
<PAGE> 1
Exhibit 99
FOR IMMEDIATE RELEASE October 26, 1999
For further information please contact:
Richard L. Park, CFO
Local Financial Corporation
405-841-2298
LOCAL FINANCIAL CORPORATION
ANNOUNCES THIRD QUARTER EARNINGS
OKLAHOMA CITY - Local Financial Corporation, holding company for Local
Oklahoma Bank, today announced results for its third quarter, which ended
September 30, 1999. Net income before extraordinary item for the three-month
period was $5.7 million or $0.28 basic earnings per share, an increase of 22%
over 1998. For the nine-month period, Local earned $16.4 million before
extraordinary item or $0.80 basic earnings per share, a 21% gain over the same
period last year. During the third quarter, Local purchased $3.25 million of
Senior Notes, which had been issued in connection with the Company's
recapitalization in 1997. This move will reduce future interest costs associated
with those notes. As a result, there is an extraordinary item charged to income
amounting to $182,000, net of tax, which reduces third quarter net income to
$5.5 million or $0.27 basic earnings per share.
The acquisition of Guthrie Savings Inc., announced during the second
quarter, was approved and closed on October 15. Edward A. Townsend, Chairman and
CEO of Local Financial, said "We are extremely pleased to announce our strong
third quarter earnings, and we believe our recent acquisition of Guthrie Savings
Inc. is once again evidence of our commitment to serve the people of Oklahoma."
Local Oklahoma is the third largest commercial bank headquartered in
the state with assets of $2.3 billion and deposits in excess of $1.7 billion.
Local Oklahoma operates 51 branches across the state with significant presence
in Oklahoma City, Tulsa and Lawton. Its parent company, Local Financial
Corporation, trades on the NASDAQ national market under the symbol "LFIN".
<PAGE> 2
<TABLE>
<CAPTION>
For Three Months For Nine Months
Ended September 30, Ended September 30,
---------------------- ----------------------
1999 1998 1999 1998
-------- -------- -------- --------
(in 000's)
<S> <C> <C> <C> <C>
Net Interest Income $ 19,082 $ 14,035 $ 54,260 $ 38,324
Provision for Loan Losses (500) (500) (1,500) (950)
Other Operating Income 4,721 3,552 13,783 10,159
Other Operating Expense (14,315) (9,689) (40,792) (26,603)
-------- -------- -------- --------
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY ITEM 8,988 7,398 25,751 20,930
Provision for Income Taxes (3,251) (2,673) (9,328) (7,431)
-------- -------- -------- --------
NET INCOME BEFORE
EXTRAORDINARY ITEM 5,737 4,725 16,423 13,499
Extraordinary Item - purchase and
Retirement of 11% Senior Notes,
net of tax (182) -- (182) --
-------- -------- -------- --------
NET INCOME $ 5,555 $ 4,725 $ 16,241 $ 13,499
======== ======== ======== ========
Earnings Per Share
Net income before extraordinary item
Basic $ 0.28 $ 0.23 $ 0.80 $ 0.66
Diluted $ 0.28 $ 0.23 $ 0.80 $ 0.66
Net income
Basic $ 0.27 $ 0.23 $ 0.79 $ 0.66
Diluted $ 0.27 $ 0.23 $ 0.79 $ 0.66
Average Shares Outstanding (in thousands)
Basic 20,537 20,537 20,537 20,396
Diluted 20,537 20,621 20,537 20,560
</TABLE>
<PAGE> 3
LOCAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands)
(unaudited)
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
------------------------ ------------------------
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INTEREST AND DIVIDEND INCOME:
Loans $ 95,288 $ 68,652 $ 33,868 $ 23,754
Securities available for sale 25,558 31,230 9,100 11,572
Federal Home Loan Bank of Topeka and Federal Reserve 1,701 2,659 492 918
Bank stock
Other investments 728 4,361 148 142
--------- --------- --------- ---------
Total interest and dividend income 123,275 106,902 43,608 36,386
--------- --------- --------- ---------
INTEREST EXPENSE:
Deposit accounts 50,849 56,196 16,936 17,797
Advances from the Federal Home Loan Bank of Topeka 11,107 5,024 5,257 2,187
Securities sold under agreements to repurchase -- 251 -- --
Notes payable 7,059 7,107 2,333 2,367
--------- --------- --------- ---------
Total interest expense 69,015 68,578 24,526 22,351
--------- --------- --------- ---------
Net interest and dividend income 54,260 38,324 19,082 14,035
Provision for loan losses (1,500) (950) (500) (500)
--------- --------- --------- ---------
Net interest and dividend income after provision for loan losses 52,760 37,374 18,582 13,535
--------- --------- --------- ---------
NONINTEREST INCOME:
Deposit related income 9,987 6,968 3,415 2,495
Loan fees and loan service charges 2,079 1,438 719 546
Net gains on sale of assets 902 535 356 176
Other 815 1,218 231 335
--------- --------- --------- ---------
Total noninterest income 13,783 10,159 4,721 3,552
--------- --------- --------- ---------
NONINTEREST EXPENSE:
Compensation and employee benefits 21,077 12,096 7,155 4,466
Deposit insurance premiums 679 1,015 200 332
Equipment and data processing 4,372 2,505 1,675 968
Occupancy 3,007 2,061 1,076 743
Advertising 1,063 1,368 405 546
Professional fees 1,871 1,398 697 433
Other 8,723 6,160 3,107 2,201
--------- --------- --------- ---------
Total noninterest expense 40,792 26,603 14,315 9,689
--------- --------- --------- ---------
Income before income taxes and extraordinary item 25,751 20,930 8,988 7,398
Provision for income taxes 9,328 7,431 3,251 2,673
--------- --------- --------- ---------
Net income before extraordinary item 16,423 13,499 5,737 4,725
--------- --------- --------- ---------
Extraordinary item - purchase and retirement of 11% Senior
Notes, net of tax (182) -- (182) --
--------- --------- --------- ---------
Net income $ 16,241 $ 13,499 $ 5,555 $ 4,725
========= ========= ========= =========
</TABLE>
<PAGE> 4
LOCAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
------------- ------------
(unaudited)
<S> <C> <C>
ASSETS
Cash and due from banks $ 48,616 $ 27,180
Interest bearing deposits with other banks 3,100 27,700
Securities available for sale 449,858 570,964
Loans receivable, net of allowance for loan losses of $28,530
at September 30, 1999 and $27,901 at December 31, 1998 1,642,058 1,362,272
Federal Home Loan Bank of Topeka stock
and Federal Reserve Bank stock, at cost 29,216 42,693
Premises and equipment, net 30,571 23,959
Assets acquired through foreclosure and repossession, net 705 693
Intangible assets, net 16,513 17,843
Deferred tax asset, net 12,364 10,959
Current income taxes receivable 2,198 18,291
Other assets 26,644 26,425
----------- -----------
Total assets $ 2,261,843 $ 2,128,979
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Demand $ 435,288 $ 379,796
Savings 73,689 74,963
Time 1,215,714 1,213,315
----------- -----------
Total deposits 1,724,691 1,668,074
Advances from the Federal Home Loan Bank of Topeka 302,894 220,033
Senior notes 76,750 80,000
Other liabilities 32,739 42,066
----------- -----------
Total liabilities 2,137,074 2,010,173
----------- -----------
Commitments and contingencies
Stockholders' Equity:
Common stock, $0.01 par value, 25,000,000 shares authorized;
20,537,269 shares issued and 20,537,209 shares outstanding at
September 30, 1999 and December 31, 1998 205 205
Preferred stock, $0.01 par value, 5,000,000 shares authorized;
none outstanding -- --
Additional paid-in capital 206,758 206,758
Retained earnings 66,438 50,197
Treasury stock, 60 shares, at cost (151,274) (149,436)
Accumulated other comprehensive income 2,642 11,082
----------- -----------
Total stockholders' equity 124,769 118,806
----------- -----------
Total liabilities and stockholders' equity $ 2,261,843 $ 2,128,979
=========== ===========
</TABLE>
<PAGE> 5
LOCAL FINANCIAL CORPORATION AND SUBSIDIARY
FINANCIAL HIGHLIGHTS
(unaudited)
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
September 30, September 30,
------------------------- -------------------------
1999 1998 1999 1998
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Selected Financial Ratios
Yield on earning assets 7.86% 7.83% 7.93% 7.87%
Cost of funds 4.87 5.35 4.86 5.22
Interest rate spread 2.99 2.48 3.07 2.65
Net interest margin 3.46 2.81 3.47 3.04
Return on average assets 0.99 0.94 0.96 0.97
Return on average equity 17.56 18.05 17.58 17.55
Per Share Data
Net income before extraordinary item
Basic $ 0.80 $ 0.66 $ 0.28 $ 0.23
Diluted $ 0.80 $ 0.66 $ 0.28 $ 0.23
Net income
Basic $ 0.79 $ 0.66 $ 0.27 $ 0.23
Diluted $ 0.79 $ 0.66 $ 0.27 $ 0.23
Average Shares Outstanding (in thousands)
Basic 20,537 20,396 20,537 20,537
Diluted 20,537 20,560 20,537 20,621
</TABLE>
<TABLE>
<CAPTION>
September 30, December 31, Percent
1999 1998 Change
------------- ------------ -------
<S> <C> <C> <C>
Financial Condition Data
Total assets $2,261,843 $2,128,979 6.2%
Loans receivable, net 1,642,058 1,362,272 20.5
Securities available for sale 449,858 570,964 (21.2)
Deposits 1,724,691 1,668,074 3.4
Advances from the Federal Home Loan Bank of Topeka 302,894 220,033 37.7
Senior notes 76,750 80,000 (4.1)
Stockholders' equity 124,769 118,806 5.0
Allowance for loan losses 28,530 27,901 2.3
Book value per share $ 6.08 $ 5.78 5.0
</TABLE>
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