Liberty Bancorp, Inc. LBCP announced today net earnings for the quarter ended December 31, 2009, of $1.0 million, or $.28 per diluted share, compared to net earnings of $606,000, or $.16 per diluted share, for the quarter ended December 31, 2008. Liberty Bancorp, Inc. conducts substantially all of its operations through its wholly owned subsidiary, BankLiberty.
Net earnings increased by $399,000 for the three-month period ended December 31, 2009, as compared to the same period in 2008 due to higher net interest income and noninterest income, partially offset by a higher provision for loan losses, higher noninterest expense and income tax expense.
Liberty Bancorp, Inc., through its subsidiary, BankLiberty, (the “Bank”) offers banking and related financial services to both individual and commercial customers. The Bank is headquartered in Liberty, Missouri, with nine additional retail banking facilities in the Kansas City metropolitan area.
This press release contains statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or the Securities and Exchange Commission in its rules, regulations, and releases. The Bank and Company intend that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, real estate values and the impact of interest rates on financing. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Bank or Company or any other person that results expressed therein will be achieved.
LIBERTY BANCORP, INC.
Financial Highlights
(Dollars
in thousands, except per share data)
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(Unaudited) | |||||||||
December 31, 2009 | September 30, 2009 | ||||||||
ASSETS | |||||||||
Cash and cash equivalents | $ 37,781 | $ 26,513 | |||||||
Securities | 25,846 | 20,764 | |||||||
Loans and mortgage-backed securities | 309,478 | 311,662 | |||||||
Other assets |
33,220 |
33,459 | |||||||
Total Assets | $ 406,325 | $ 392,398 | |||||||
LIABILITIES | |||||||||
Deposits | $ 288,322 | $ 276,203 | |||||||
FHLB advances | 65,116 | 69,141 | |||||||
Other liabilities |
8,509 |
3,269 | |||||||
Total Liabilities | 361,947 | 348,613 | |||||||
Total Stockholders' Equity |
44,378 |
43,785 | |||||||
Total Liabilities & Stockholders' Equity | $ 406,325 | $ 392,398 | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||
(Unaudited) | |||||||||
Three Months Ended | |||||||||
December 31, | |||||||||
2009 | 2008 | ||||||||
Interest income | $ 5,050 | $ | 4,800 | ||||||
Interest expense |
1,396 |
1,899 |
|||||||
Net interest income | 3,654 | 2,901 | |||||||
Provision for loan losses |
438 |
129 |
|||||||
Net interest income after provision for loan |
3,216 | 2,772 | |||||||
Total noninterest income | 904 | 459 | |||||||
Total noninterest expense |
2,639 |
2,389 |
|||||||
Earnings before income taxes | 1,481 | 842 | |||||||
Income taxes |
476 |
236 |
|||||||
Net Earnings | $ 1,005 | $ | 606 | ||||||
Basic and diluted earnings per share | $ 0.28 | $ | 0.16 |
Liberty Bancorp, Inc.
Brent M. Giles, 816-781-4822
President
and Chief Executive Officer
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