Newspaper article THE JOURNAL RECORD

State S&Ls Post $14.7 Million Profit

Newspaper article THE JOURNAL RECORD

State S&Ls Post $14.7 Million Profit

Article excerpt

WASHINGTON (JR) -- Oklahoma savings and loan institutions reported net income of $14.75 million for the second quarter.

Quarterly earnings for the 14 Oklahoma thrifts were up from $11.55 million for the second quarter of 1996. State S&Ls reported a sharp improvement from the first quarter when the thrifts combined for a net loss of $1.18 million, compared to net income of $11.55 million for the first quarter of 1996, according to a report on Wednesday from the Office of Thrift Supervision.

For the second quarter, Oklahoma thrifts had assets of $6.09 billion, deposits of $3.3 billion and equity capital of $350,000 million, according to the quarterly report.

The U.S. thrift industry earned $1.69 billion in the second quarter of 1997, the Office of Thrift Supervision said.

Thrift earnings nationwide were down from $1.73 billion in the first quarter of 1997 and down from the record-high $1.9 billion earned in the second quarter of 1996, the OTS said.

Although there was a slight dip in earnings this quarter, the industry's performance is "fundamentally sound," said OTS Director Nicholas Retsinas.

"Looking back, earnings have been steady for the past six quarters," Retsinas said. Retsinas said this didn't include one-time restructuring charges for mergers and acquisitions and a charge to all thrifts in the third quarter of 1996 to recapitalize the thrift insurance fund.

"This is a very strong economy," Retsinas said. The earnings report "is a further reflection of that strong economy."

The OTS said the reason for the lower earnings was a higher tax payment from the industry of $931 million in the second quarter of 1997 compared to $643 million. Many thrifts took a tax writeoff in 1996 which was unavailable this year, said Kenneth Ryder, executive director for OTS research and analysis.

Industry experts weren't deterred by the drop, however.

"We've continued to be encouraged by earnings," said Steve Davidson, a financial economist for America's Community Bankers, the trade association representing the thrift industry. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.