Liberty Income Dips 29.2% for '94

THE JOURNAL RECORD, January 21, 1995 | Go to article overview

Liberty Income Dips 29.2% for '94


A 29.2 percent decrease in net income to $25.88 million, or $2.64 per share, was reported Friday for 1994 by Liberty Bancorp Inc., the Oklahoma City-based owner of two of the state's largest banks.

Net income for the year was down from $36.5 million, or $3.74 per share. Net income for 1993 was $22.28 million, or $2.28 per share, before a $14.26 million gain from a change in accounting for income taxes.

Liberty had net income for the fourth quarter of 1994 of $5.16 million, or 53 cents per share, down 17.6 percent from $6.26 million, or 64 cents per share, for the fourth quarter of 1993.

The bank holding company operates Liberty Bank and Trust Co. of Oklahoma City NA, the third largest bank in Oklahoma, and Liberty Bank and Trust Co. of Tulsa NA, the fifth largest bank. In addition to the major banking operations in Oklahoma City and Tulsa, Liberty Bancorp has banking centers in Broken Arrow, Choctaw, Edmond, Harrah, Jenks, Midwest City and Norman.

Liberty's board of directors declared a dividend of 20 cents per share payable Feb. 17 to shareholders of record on Feb. 3.

"After resuming quarterly dividends of 10 cents per share in 1993, and increasing dividends to 15 cents per share at the beginning of 1994, we are most pleased to announce a 33 percent increase in our first quarter dividend to 20 cents per share," said Charles E. Nelson, Liberty's chairman and chief executive officer. "This action was taken after a thorough review of our capital position and our anticipated level of future earnings.

"Liberty's performance reflects the very sound economic base of Oklahoma. Our earning power has improved as we have increased loans to our customers in Oklahoma City, Tulsa and throughout Oklahoma. At the same time, our ability to help fund our customers' business and personal needs, as well as provide other beneficial financial services, has helped sustain Oklahoma's economic growth."

Shareholders' investment at Dec. 31 totaled $234.38 million, up 3.1 percent from $227.25 million at the end of 1993.

Liberty adopted Statement of Accounting Standards No. …

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