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Previous: PFL ENDEAVOR TARGET ACCOUNT, 485BPOS, 1999-04-28 |
Next: STP NUCLEAR OPERATING CO, U-13-60, 1999-04-28 |
<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): April 27, 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 April 27, 1999, Local Financial Corporation issued a press release
with respect to its first 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: April 28, 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: APRIL 27, 1999
<TABLE>
<CAPTION>
CONSECUTIVE
EXHIBIT NO. DESCRIPTION PAGE NO.
----------- ----------- --------
<S> <C> <C>
Exhibit 99 Press Release dated April 27, 1999 4
</TABLE>
<PAGE> 1
Exhibit 99
FOR IMMEDIATE RELEASE April 27, 1999
LOCAL FINANCIAL CORPORATION
REPORTS FIRST QUARTER PROFITS
OKLAHOMA CITY. Local Financial Corporation, holding company for Local
Oklahoma Bank, announced higher profits for the quarter ended March 31, 1999.
The Company reported first quarter net income of $5.1 million or $0.25 basic
earnings per share (based on 20.5 million average shares outstanding). These
earnings compare to net income of $4.3 million or $0.21 basic earnings per
share for the same period in 1998, an increase of 19%.
During the first quarter, the Company completed its merger of Local
America Bank of Tulsa into its parent company, Local Federal Bank, forming one
statewide banking entity operating as Local Oklahoma Bank. The merger of these
extensive branch networks allows customers to bank with ease at any of the
Company's 50 statewide locations.
Edward A. Townsend, Chairman, CEO, said, "We continue to be pleased
with the performance of the Company, and are excited about the merger of Local
Federal Bank and Local America Bank and the benefits our customers gain through
the statewide availability of these combined banking locations."
First quarter results also compare favorably with the fourth quarter
of 1998 as interest income for the quarter ended March 31, 1999, rose to $17.0
million, an increase of $588,000 or 3.5% over fourth quarter 1998. Loan
balances rose from $1.4 billion at December 31, 1998, to $1.5 billion at March
31, 1999, primarily due to growth in the company's commercial loan portfolio.
<TABLE>
<CAPTION>
For Three Months
Ended March 31
-----------------------------------------
1999 1998
--------- ---------
(in 000's)
<S> <C> <C>
Net Interest Income $ 17,029 $ 11,848
Provisions for Loan Losses (500) (150)
Other Operating Income 4,381 2,674
Other Operating Expense 12,841 7,792
--------- ---------
INCOME BEFORE TAXES $ 8,069 $ 6,580
Tax Provision 2,930 2,331
NET INCOME $ 5,139 $ 4,249
========= =========
Basic Earnings per share $ .25 $ .21
========= =========
</TABLE>
<PAGE> 2
END
For additional information, please contact Richard L. Park at (405) 841-2298.
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 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 Financials 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>
Three Months Ended
March 31,
-------------------------
1999 1998
-------- --------
<S> <C> <C>
INTEREST AND DIVIDEND INCOME:
Loans $ 29,748 $ 22,529
Securities available for sale 8,492 8,885
Federal Home Loan Bank of Topeka stock 665 851
Other investments 295 3,226
-------- --------
Total interest and dividend income 39,200 35,491
-------- --------
INTEREST EXPENSE:
Deposit accounts 17,184 19,506
Advances from the Federal Home Loan Bank of Topeka 2,624 1,509
Securities sold under agreements to repurchase -- 251
Notes payable 2,363 2,377
-------- --------
Total interest expense 22,171 23,643
-------- --------
Net interest and dividend income 17,029 11,848
Provision for loan losses (500) (150)
-------- --------
Net interest and dividend income after provision for loan losses 16,529 11,698
-------- --------
NONINTEREST INCOME:
Deposit related income 3,124 1,987
Loan fees and loan service charges 673 338
Net gains on sale of assets 327 25
Other 257 324
-------- --------
Total noninterest income 4,381 2,674
-------- --------
NONINTEREST EXPENSE:
Compensation and employee benefits 6,847 3,644
Deposit insurance premiums 238 340
Equipment and data processing 1,243 729
Occupancy 826 627
Advertising 344 266
Professional fees 501 487
Other 2,842 1,699
-------- --------
Total noninterest expense 12,841 7,792
-------- --------
Income before provision for income taxes 8,069 6,580
Provision for income taxes 2,930 2,331
-------- --------
NET INCOME $ 5,139 $ 4,249
======== ========
</TABLE>
<PAGE> 4
LOCAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
(unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
----------- ------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 30,831 $ 27,180
Interest bearing deposits with other banks 19,700 27,700
Securities available for sale 460,148 570,964
Loans receivable, net of allowance for loan losses of $28,310
at March 31, 1999 and $27,901 at December 31, 1998 1,457,124 1,362,272
Federal Home Loan Bank of Topeka stock, at cost 34,576 42,693
Premises and equipment, net 25,746 23,959
Assets acquired through foreclosure and repossession, net 447 693
Intangible assets, net 17,117 17,843
Deferred tax asset, net 8,376 10,959
Current income taxes receivable 17,817 18,291
Other assets 27,786 26,425
----------- -----------
Total assets $ 2,099,668 $ 2,128,979
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Demand $ 368,052 $ 379,796
Savings 76,317 74,963
Time 1,194,316 1,213,315
----------- -----------
Total deposits 1,638,685 1,668,074
Advances from borrowers for taxes and insurance 5,606 4,400
Advances from the Federal Home Loan Bank of Topeka 220,033 220,033
Senior notes 80,000 80,000
Other liabilities 31,362 37,666
----------- -----------
Total liabilities 1,975,686 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
March 31, 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 55,336 50,197
Treasury stock, 60 shares, at cost (149,436) (149,436)
Accumulated other comprehensive income 11,119 11,082
----------- -----------
Total stockholders' equity 123,982 118,806
----------- -----------
Total liabilities and stockholders' equity $ 2,099,668 $ 2,128,979
=========== ===========
</TABLE>
<PAGE> 5
LOCAL FINANCIAL CORPORATION AND SUBSIDIARY
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except share data)
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-------------------------
1999 1998
---------- ----------
<S> <C> <C>
SELECTED FINANCIAL RATIOS
Yield on earning assets 7.76 % 7.90%
Cost of funds 4.92 5.52
Interest rate spread 2.84 2.38
Net interest margin 3.37 2.64
Return on average assets 0.99 0.88
Return on average equity 17.23 18.36
PER SHARE DATA
Basic earnings per share $ 0.25 $ 0.21
Diluted earnings per share $ 0.25 $ 0.21
Book value per share $ 6.04 $ 4.83
Average shares outstanding (in thousands) 20,537 20,537
</TABLE>
<TABLE>
<CAPTION>
March 31, December 31, Percent
1999 1998 Change
----------- ------------ -------
<S> <C> <C> <C>
FINANCIAL CONDITION DATA
Total assets $ 2,099,668 $ 2,128,979 (1.4)%
Loans receivable, net 1,457,124 1,362,272 7.0
Securities available for sale 460,148 570,964 (19.4)
Deposits 1,638,685 1,668,074 (1.8)
Advances from the Federal Home Loan Bank of Topeka 220,033 220,033 --
Senior notes 80,000 80,000 --
Stockholders' equity 123,982 118,806 4.4
Allowance for loan losses 28,310 27,901 1.5
</TABLE>
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