Newspaper article THE JOURNAL RECORD

First Oklahoma Reports $45.4 Million Net Loss / Matches Previous Estimate

Newspaper article THE JOURNAL RECORD

First Oklahoma Reports $45.4 Million Net Loss / Matches Previous Estimate

Article excerpt

A net loss of $45.4 million, or $3.32 per share, was reported Monday for the first quarter of 1986 by First Oklahoma B ancorporation Inc., which owns the First National Bank and Trust Co. of Oklahoma City.

That was within the range of $45 million to $47 million estimated by First Oklahoma on April 16, 1986. It compares with a net income of $2.5 million, or 24 cents per share, for the first quarter of1985.

Included in the latest first quarter loss is a $37.7 million provision for loan and lease losses, First Oklahoma said. That brings the bank holding company's allowance for loan and lease losses on March 31, 1986, to $64.2 million, or 5.7 percent of loans and leases of $1.1 billion on that date.

Total assets of First Oklahoma were $1.9 billion on March 31, down 24 percent from $2.5 billion a year ago. Total non-performing loans and leases were $180.4 million on March 31.

Because of losses during the first quarter, both First Oklahoma and First National Bank fell below the minimum requirements previously set by the Federal Reserve Bank of Kansas City and the Comptroller of the Currency in certain regulatory agreements and orders, it was reported.

The primary capital of First Oklahoma was $111.4 million, or 5.7 percent of total assets for the first quarter, the firm reported.

Both the Federal Reserve and the Comptroller have informed management that no regulatory action would be taken with respect to the capital ratios if First Oklahoma and the bank submit capital plansacceptable to the regulators, First Oklahoma said.

First Oklahoma and the bank currently are developing their capital plans, First Oklahoma said. Those plans are due by mid-May, it was reported previously. …

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