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Previous: EVERGREEN MUNICIPAL TRUST /DE/, N-30D, 1999-07-29 |
Next: ADVANCED COMMUNICATIONS GROUP INC/DE/, 8-K, 1999-07-29 |
<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): July 27, 1999
LOCAL FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State of Incorporation)
<TABLE>
<S> <C>
001-13949 65-0424192
(Commission File No.) (I.R.S. Employer Identification No.)
</TABLE>
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 July 27, 1999, Local Financial Corporation issued a press release
announcing its second quarter earnings gain. 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: July 29, 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: JULY 27, 1999
<TABLE>
<CAPTION>
CONSECUTIVE
EXHIBIT NO. DESCRIPTION PAGE NO.
----------- --------------------------------- -----------
<S> <C> <C>
Exhibit 99 Press Release dated July 27, 1999 4
</TABLE>
<PAGE> 1
EXHIBIT 99
FOR IMMEDIATE RELEASE July 27, 1999
For further information please contact:
Richard L. Park, CFO
Local Oklahoma Bank
405-841-2298
LOCAL FINANCIAL CORPORATION
ANNOUNCES SECOND QUARTER EARNINGS GAIN
OKLAHOMA CITY - Local Financial Corporation, holding company for Local
Oklahoma Bank, today announced strong results for its second quarter which ended
June 30, and for the year to date. The Company reported second quarter net
income of $5.5 million or $0.27 basic earnings per share, which represents an
increase of 23% over the same period of 1998. During the first six months of
1999, Local earned $10.7 million or $0.52 basic earnings per share, up 21% over
the first half of 1998.
Results were positively affected by the continued strength of the
Company's lending program, with both commercial and consumer loan growth
exceeding expectations. Local Oklahoma Bank's conversion to a National Bank
Charter during the second quarter further enhanced its commercial lending
capabilities.
Edward A. Townsend, Chairman and CEO of Local Financial, said, "We are
pleased to report that 1999 is proceeding as a very good year for the Company.
We are excited about the pending acquisition of Guthrie Federal Savings Bank
which is expected to close during the fourth quarter. In addition, we have
recently opened a new Operations Center in Oklahoma City which will improve our
service to all of the Bank's deposit customers."
<TABLE>
<CAPTION>
For Six Months For Three Months
Ended June 30, Ended June 30,
------------------------------- --------------------------------
1999 1998 1999 1998
--------------- --------------- --------------- ---------------
(in 000's)
<S> <C> <C> <C> <C>
Net Interest Income $ 35,178 $ 24,289 $ 18,149 $ 12,441
Provisions for Loan Losses (1,000) (450) (500) (300)
Other Operating Income 9,062 6,607 4,681 3,933
Other Operating Expense 26,477 16,914 13,636 9,122
---------- ---------- ---------- ----------
INCOME BEFORE TAXES 16,763 13,532 8,694 6,952
Tax Provision 6,077 4,758 3,147 2,427
NET INCOME $ 10,686 $ 8,774 $ 5,547 $ 4,525
========== ========== ========== ==========
Basic Earnings Per Share $ 0.52 $ 0.43 $ 0.27 $ 0.22
========== ========== ========== ==========
</TABLE>
<PAGE> 2
To the extent that statements in this report relate to the plans,
objectives or future performance of Local Financial Corporation, these
statements are considered to be forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements are based
on management's current expectations and the current economic environment.
Actual events and results in future periods may differ materially from those
currently expected due to various risks and uncertainties. Additional discussion
of factors affecting Local Financial's business and prospects is contained in
its periodic filings with the Securities and Exchange Commission.
<PAGE> 3
LOCAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands)
(unaudited)
<TABLE>
<CAPTION>
Six Months Ended Three Months Ended
June 30, June 30,
------------------------- -------------------------
1999 1998 1999 1998
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
INTEREST AND DIVIDEND INCOME:
Loans $ 61,420 $ 44,898 $ 31,672 $ 22,369
Securities available for sale 16,458 19,658 7,966 10,773
Federal Home Loan Bank of Topeka stock 1,209 1,741 544 890
Other investments 580 4,219 285 993
----------- ----------- ----------- ------------
Total interest and dividend income 79,667 70,516 40,467 35,025
----------- ----------- ----------- ------------
INTEREST EXPENSE:
Deposit accounts 33,913 38,399 16,729 18,893
Advances from the Federal Home Loan Bank of Topeka 5,850 2,837 3,226 1,328
Securities sold under agreements to repurchase - 251 - -
Notes payable 4,726 4,740 2,363 2,363
----------- ----------- ----------- ------------
Total interest expense 44,489 46,227 22,318 22,584
----------- ----------- ----------- ------------
Net interest and dividend income 35,178 24,289 18,149 12,441
Provision for loan losses (1,000) (450) (500) (300)
----------- ----------- ----------- ------------
Net interest and dividend income after provision for
loan losses 34,178 23,839 17,649 12,141
----------- ----------- ----------- ------------
NONINTEREST INCOME:
Deposit related income 6,572 4,473 3,448 2,486
Loan fees and loan service charges 1,360 892 687 554
Net gains on sale of assets 546 359 219 334
Other 584 883 327 559
----------- ----------- ----------- ------------
Total noninterest income 9,062 6,607 4,681 3,933
----------- ----------- ----------- ------------
NONINTEREST EXPENSE:
Compensation and employee benefits 13,922 7,630 7,075 3,986
Deposit insurance premiums 479 683 241 343
Equipment and data processing 2,697 1,537 1,454 808
Occupancy 1,931 1,318 1,105 691
Advertising 658 822 314 556
Professional fees 1,174 965 673 478
Other 5,616 3,959 2,774 2,260
----------- ----------- ----------- ------------
Total noninterest expense 26,477 16,914 13,636 9,122
----------- ----------- ----------- ------------
Income before provision for income taxes 16,763 13,532 8,694 6,952
Provision for income taxes 6,077 4,758 3,147 2,427
----------- ----------- ----------- ------------
NET INCOME $ 10,686 $ 8,774 $ 5,547 $ 4,525
=========== =========== =========== ============
</TABLE>
<PAGE> 4
LOCAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
<TABLE>
<CAPTION>
(unaudited)
June 30, December 31,
1999 1998
----------- ------------
<S> <C> <C>
Assets
Cash and due from banks $ 31,125 $ 27,180
Interest bearing deposits with other banks 400 27,700
Securities available for sale 504,163 570,964
Loans receivable, net of allowance for loan losses of $28,304
at June 30, 1999 and $27,901 at December 31, 1998 1,553,306 1,362,272
Federal Home Loan Bank of Topeka stock
and Federal Reserve Bank stock, at cost 28,247 42,693
Premises and equipment, net 28,531 23,959
Assets acquired through foreclosure and repossession, net 877 693
Intangible assets, net 16,815 17,843
Deferred tax asset, net 12,485 10,959
Current income taxes receivable 1,080 18,291
Other assets 27,337 26,425
----------- -----------
Total assets $ 2,204,366 $ 2,128,979
=========== ===========
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Demand $ 370,190 $ 379,796
Savings 78,075 74,963
Time 1,160,360 1,213,315
----------- -----------
Total deposits 1,608,625 1,668,074
Advances from the Federal Home Loan Bank of Topeka 350,518 220,033
Senior notes 80,000 80,000
Other liabilities 39,426 42,066
----------- -----------
Total liabilities 2,078,569 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
June 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 60,883 50,197
Treasury stock, 60 shares, at cost (149,436) (149,436)
Accumulated other comprehensive income 7,387 11,082
----------- -----------
Total stockholders' equity 125,797 118,806
----------- -----------
Total liabilities and stockholders' equity $ 2,204,366 $ 2,128,979
=========== ===========
</TABLE>
<PAGE> 5
LOCAL FINANCIAL CORPORATION AND SUBSIDIARY
FINANCIAL HIGHLIGHTS
(unaudited)
<TABLE>
<CAPTION>
Six Months Ended Three Months Ended
June 30, June 30,
------------------------- -------------------------
1999 1998 1999 1998
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
Selected Financial Ratios
Yield on earning assets 7.83% 7.82% 7.89% 7.78%
Cost of funds 4.87 5.42 4.83 5.33
Interest rate spread 2.96 2.40 3.06 2.45
Net interest margin 3.46 2.70 3.54 2.76
Return on average assets 1.01 0.92 1.04 0.95
Return on average equity 17.52 18.39 17.69 18.04
Per Share Data
Basic earnings per share $0.52 $0.43 $0.27 $0.22
Diluted earnings per share $0.52 $0.42 $0.27 $0.22
Average shares outstanding - Basic (in thousands) 20,537 20,324 20,537 20,537
Average shares outstanding - Diluted (in thousands) 20,537 20,650 20,537 20,930
</TABLE>
<TABLE>
<CAPTION>
June 30, December 31, Percent
1999 1998 Change
---------- ------------- -----------
<S> <C> <C> <C>
Financial Condition Data
Total assets $2,204,366 $2,128,979 3.5%
Loans receivable, net 1,553,306 1,362,272 14.0
Securities available for sale 504,163 570,964 (11.7)
Deposits 1,608,625 1,668,074 (3.6)
Advances from the Federal Home Loan Bank of Topeka 350,518 220,033 59.3
Senior notes 80,000 80,000 --
Stockholders' equity 125,797 118,806 5.9
Allowance for loan losses 28,304 27,901 1.4
Book value per share $ 6.13 $ 5.01 22.4
</TABLE>
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