Forrest City Financial announces third quarter earnings, March 31, 1997

Business Wire, May 8, 1997

FORREST CITY, Ark.--(BUSINESS WIRE)--May 8, 1997--Forrest City Financial Corp., the parent company of Forrest City Bank, NA, announced a net income of $71,481 or $0.36 per share for the company's third quarter ending March 31, 1997.

This compares with $62,835 or $0.29 per share for the same period 1996, an increase of $8,646 or 13.8%.

Net income after provision for loan loss for quarter ending March 31, 1997 was $332,153 compared to $327,968 for the same period 1996, an increase of $4,185 or 1.3%. Addition to bad debt reserves for quarter ending March 31, 1997 was $44,265, due primarily to the increase in commercial and consumer lending.

Non-interest income for quarter ending March 31, 1997 was $74,637 compared to $31,043 for the same period 1996, an increase of $43,594 for an increase of 140.4%.

Non-interest expense also increased from $57,739 to $78,793 or an increase of $21,054, which is a 36.5% increase.

Total assets of the company were $53.5 million as of March 31, 1997 compared to $51.9 million at the end of fiscal year June 30, 1996. The $1.6 million increase in total assets was the result primarily of increasing home mortgage loans by $2 million and consumer loans by $1 million. There was a decrease in mortgage-backed securities of $1.2 million.

Stockholder equity at March 31, 1997 was $4,947,791, which represents a book value per share of $25.75. At March 31, 1997 the bank exceeded all regulatory capital requirements.

The company is headquartered as 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, 870/633-1525