Newspaper article THE JOURNAL RECORD

First Interstate Has Record Annual Net Income

Newspaper article THE JOURNAL RECORD

First Interstate Has Record Annual Net Income

Article excerpt

By Nancy Raiden Titus A record $19 million in net income was reported Wednesday for 1990 by First Interstate Bank of Oklahoma NA of Oklahoma City.

This was a 5 percent increase from 1989 earnings of $18.1 million.

Net income for the bank's core operations was $11.2 million, up 12 percent from $10 million in 1989. The difference represented the earnings of the Consolidated Asset Management Co., a wholly owned subsidiary.

First Interstate is the second largest bank based in Oklahoma City and the third largest in the state. It is a subsidiary of First Interstate Bancorp of Los Angeles.

For the fourth quarter, First Interstate earned $5 million, up 22 percent from $4.1 million in 1989. This represented the highest quarterly earnings since the second quarter of 1989, when the bank posted net income of $6.1 million.

Earnings from core operations were $2.6 million for the fourth quarter in both 1990 and 1989.

The bank reported a one-time gain during the fourth quarter of $33.3 million due to the accounting treatment of a deferred credit. The deferred credit stemmed from the recapitalization plan established at the time First Interstate Bancorp acquired the First National Bank and Trust Co. of Oklahoma City. First National failed in July 1986. First Interstate of Oklahoma is the successor bank to First National.

``In 1990, our bank proved once again that it is one of the premier banking organizations in this part of the country,'' said Ken W. Townsend, chairman and chief executive officer.

``I am particularly pleased with the leadership role our bank is playing in serving the credit needs of the community and state. …

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