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Commercial banks

First Liberty Financial Corp. Reports 11% Increase in Earnings for First Quarter of Fiscal 1998

Strategic Insights

— 2 min read

First Liberty Financial Corp. (Nasdaq: FLFC) has reported a significant increase in earnings for the first quarter of fiscal 1998, with core income rising 11% to $3.6 million compared to $3.3 million a year earlier. This growth is attributed to various factors, including a 10% increase in core income per diluted share and a 22% increase in net income. The company's CEO, Robert F. Hatcher, expressed satisfaction with the results, stating that they reflect the company's efforts to replace loan runoff from the indirect loan operation with more profitable loans from other areas.

Key Takeaways:

  • Core income increased by 11% to $3.6 million in the first quarter of fiscal 1998, compared to $3.3 million in the same period a year earlier.
  • Core income per diluted share rose 10% to $0.46 in fiscal 1998, up from $0.42 per share in fiscal 1997.
  • Net income increased by 22% to $3.6 million in the first fiscal quarter of 1998, compared to $3.0 million a year earlier.
  • Net income per diluted share increased by 21% to $0.46 in the three months ended December 31, 1997, compared to $0.38 for the same period a year earlier.
  • Total assets increased by 5% to $1.28 billion at December 31, 1997, compared to $1.21 billion at December 31, 1996.
  • Total loans increased by 4% to $891 million in fiscal 1998, up from $855 million in fiscal 1996.
  • Total deposits increased by 8% to $939 million at December 31, 1997, compared to $870 million a year earlier.

Statistics:

  • Core return on equity increased to 15.2% in fiscal 1998, up from 14.8% in fiscal 1997.
  • Core return on assets grew to 1.14% for fiscal 1998, compared to 1.10% a year earlier.
  • First Liberty's efficiency ratio improved to 53.6% in fiscal 1998, compared to 56.4% a year earlier.
  • Net interest income increased by 8% to $11.6 million during the quarter ended December 31, 1997, up from $10.7 million a year earlier.
  • Core noninterest income rose 44% to $4.6 million in fiscal 1998, compared to $3.2 million a year earlier.
  • Total stockholders' equity increased to $96.8 million or $12.49 per share as of December 31, 1997, up from $89.3 million or $11.47 per share a year earlier.

Sources:

  • First Liberty Financial Corp. /PRNewswire/
  • Source: First Liberty Financial Corp. /CONTACT: David L. Hall, Executive Vice President and Chief Financial Officer, First Liberty Financial Corp., 912-722-7216/
  • SOURCE: First Liberty Financial Corp.
  • ST: Georgia
  • IN: FIN SU: ERN KS -- ATW016 -- 7531 01/28/98 14:00 EST
  • http://www.prnewswire.com

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