Newspaper article THE JOURNAL RECORD

State S&L Profits Surge

Newspaper article THE JOURNAL RECORD

State S&L Profits Surge

Article excerpt

Fourth quarter earnings by Oklahoma federally regulated savings institutions towered above year-ago figures, even while total assets and deposits and the number of institutions took a small dip.

For the last three months of 1997, Oklahoma's thrift industry earned $32.2 million -- far above the revised $5.8 million profit in the fourth quarter a year ago, the Office of Thrift Supervision reported Wednesday. The fourth quarter of 1996 was originally reported as $6.48 million, but the number has been changed due to an error.

Full-year figures are not yet available. Total assets for the 12 Oklahoma federally chartered thrifts at the close of 1997 were $5.78 billion, down 6.7 percent from $6.2 billion by 13 thrifts a year ago. Total deposits, however, rose 15.5 percent to $3.5 billion from $3.03 billion at the close of `96. Equity capital for the state's thrifts slipped 2.4 percent to $400 million for 1997 from $410 million the prior year. These figures are primarily determined by the fate of Oklahoma's top three savings institutions: Oklahoma City-based MidFirst Bank, Oklahoma City-based Local Federal Bank, and Local America Bank of Tulsa, which Local Federal owns. As of Sept. 30, 1997, MidFirst reported total assets of $2.99 billion, Local Federal reported $2.04 billion and Local America had $656.9 million. The next institution on The Journal Record Book of Lists was Enid-based Liberty Federal Savings Bank, which had $118.4 million in assets. The total assets of all the other savings and loans in the state combined don't compare to any of the top three. The one OTS thrift lost from the list was First Commercial Bank of Lawton, which was bought out and merged into Citizens Bank, a state- chartered bank, also of Lawton in November last year. Earnings by the two state thrifts not regulated by the OTS are not included in the state figures. The U.S. thrift industry earnings grew 38.2 percent to a record $6.5 billion in 1997 as institutions reap the benefits of a strong U. …

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.