Superior Financial Reports 15 Percent Net Increase

Superior Financial Corp., holding company for Fort Smith’s Superior Federal Bank, on Oct. 19 said its earnings for the quarter ended Sept. 30 would include a 15.1 percent increase in net income compared with 2000’s third quarter.

Superior reported third-quarter net income of $3.4 million or 37 cents per diluted share, compared with 33 cents per share a year ago.

For the nine months ended September 30, Superior had earnings of $9.8 million or $1.07 per share, compared to 96 cents per share reported for the nine months ended September 30, 2000.

“Superior has continued to report strong financial performance in a slowing economy,” said C. Stanley Bailey, the parent firm’s chairman and CEO. “In the fourth quarter, we will continue to focus on consistent earnings performance and aggressively managing credit quality in this difficult economy.”

As of September 30, Superior’s total assets were $1.7 billion. Total loans increased 3.5 percent from the prior year to $1.1 billion and total deposits increased 9.1 percent to $1.2 billion.

Superior has 59 full-service branch and loan production offices in Arkansas and Oklahoma. The bank has three active subsidiaries — brokerage and investment strategist Superior Financial Services Inc., insurance arm Southwest Protective Life Insurance Co. and its consumer finance operation in Superior Finance Co.