Newspaper article THE JOURNAL RECORD

Local Financial Posts $7 Million Profit

Newspaper article THE JOURNAL RECORD

Local Financial Posts $7 Million Profit

Article excerpt

Local Financial Corp. has reported net income for the third quarter of $7 million.

The parent company of Local Oklahoma Bank had net income of $7.4 million for the third quarter of 2002.

Net income for the first nine months of 2003 totaled $21.1 million, down 3.7 percent from $21.9 million a year earlier.

Diluted earnings per share for the quarter totaled 40 cents, up 8.1 percent from the same quarter in 2002. Diluted earnings per share for the nine months ended Sept. 30 totaled $1.18, up 7.3 percent from the same period last year. Local Financial repurchased 400,000 shares in the third quarter and 1.38 million shares during the first nine months of 2003 in a repurchase program.

Interest rate spreads were further compressed during the quarter and will continue under pressure as long as rates remain at these historically low levels, said Edward A. Townsend, chairman and CEO of the Oklahoma City-based company. During the quarter, the company continued its emphasis on generating noninterest income and managing noninterest expense, which is key in maintaining profitability in this rate environment. …

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