Forrest City Financial Corp. announces second quarter earnings

Business Wire, Feb 5, 1997

FORREST CITY, Ark.--(BUSINESS WIRE)--Feb. 5, 1997--Forrest City Financial Corp., the parent company of Forrest City Bank, N.A., announced a net income of $114,017 or $0.56 per share for the company's second quarter ended Dec. 31, 1996. This compares with $56,383 or $0.26 per share for the same period 1995, an increase of $57,634 or 102 percent.

Net interest income after provision for loan losses for the quarter ended Dec. 31, 1996 was $435,725 as compared to $293,597 for the same period 1995, an increase of $142,128 or 48 percent. This increase was a result of increased home loans, commercial real estate and consumer lending activity.

Noninterest income for the quarter ended Dec. 31, 1996 totaled $86,826 as compared to $51,185 for the same period in 1995, for a $35,641 increase or 70 percent. This increase is due primarily to the retail banking activity.

Noninterest expense increased $74,108 or 28 percent from $262,926 for the quarter ended Dec. 31, 1995 to $337,034 for the quarter ended Dec. 31, 1996. This increase resulted from increased expenses in employee compensation benefits, SAIF-FDIC insurance premiums, data processing expenses, professional fees, and the income tax expense.

Total assets of the company were $55.3 million as of Dec. 31, 1996 compared to $45.8 million at the same period in 1995. The $9.6 million increase was primarily attributable to increases in home, commercial real estate, and consumer loans.

Stockholders' equity at Dec. 31, 1996 was $5.1 million, which represents a book value per share of $25.24. At Dec. 31, 1996, the bank exceeded all regulatory requirements.

The company is headquartered at 715 North Washington Street, Forrest City, Ark., and its common stock is traded on the "pink sheets" published by the National Quotation Bureau, Inc. under the symbol "FOCF."

CONTACT: Forrest City Financial Corp., Forrest City

John R. Stipe, 501/633-1525