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LGF BANCORP, INC. ANNOUNCES CONSOLIDATED NET INCOME FOR SECOND QUARTER

 LA GRANGE, Ill., July 22 /PRNewswire/ -- LGF Bancorp, Inc., the holding company of LaGrange Federal Savings Loan Association, today announced consolidated net income of $1,017,000 for the second quarter ended June 30, 1993. This compared to consolidated net income of $777,000 for the second quarter ended June 30, 1992. For the six months ended June 30, 1993, net income was $1,987,000, as compared to $983,000 for the same period in 1992. The increase was primarily due to improved net interest income.
 LaGrange Federal Savings and Loan Association converted from a mutual to stock form of organization in June 1992, and became a wholly owned subsidiary of LGF Bancorp, Inc. Concurrently LGF Bancorp, Inc. sold 1,851,500 shares of its common stock in the conversion, and realized net proceeds of approximately $17 million, half of which was used to acquire all of the issued and outstanding shares of the association. The company received regulatory approval to repurchase up to 5 percent of its stock. The program commenced in the fourth quarter of 1992, and was completed during the second quarter of 1993 by purchasing 92,500 shares.
 Total interest income decreased from $7,470,000 for the quarter ended June 30, 1992, to $6,964,000 for the quarter ended June 30, 1993. Interest expense also decreased from $5,217,000 to $4,034,000 for the same quarter. This decrease in interest income and expense was due to the declining interest rate environment. Overall, net interest income increased from $2,253,000 for the second quarter of 1992 to $2,930,000 for the second quarter of 1993. Net interest income for the six months ending June 30, 1992, was $4,555,000 and increased to $5,952,000 for the six months ending June 30, 1993.
 Earnings per share equaled $0.55 for the second quarter of 1993, as compared to $0.42 for the second quarter of 1992. Earnings per share for the six months period ending June 30, 1993, were $1.06 as compared to $0.53 for the same period in 1992.
 Assets decreased slightly to $409,732,000 at June 30, 1993, from $411,523,000 at Dec. 31, 1992. Savings decreased 1.88 percent to $360,099,000 at June 30, 1993, as compared to $366,989,000 at Dec. 31, 1992.
 The association's ratio of non-performing loans and real estate owned to total assets decreased to .93 percent at June 30, 1993, from .95 percent at Dec. 31, 1992.
 The allowance for possible loan losses increased to $860,000 at June 30, 1993, representing 142.89 percent of nonperforming loans.
 The company's consolidated capital at June 30, 1993, was $40,961,000 (10 percent of total assets) or $23.29 per share. The association's capital at June 30, 1993, exceeded all capital requirements of the Office of Thrift Supervision.
 LaGrange Federal Savings and Loan Association, which has headquarters in La Grange, operates branch offices in Countryside, La Grange Park, and Naperville, as well as a drive-thru facility in La Grange. LGF Bancorp, Inc. stock is quoted on the NASDAQ National Market System under the symbol LGFB.
 -0- 7/22/93
 /CONTACT: DeMaris Berry of LaGrange Federal, 708-352-3671/
 (LGFB)


CO: LGF Bancorp, Inc. ST: Illinois IN: FIN SU: ERN

WB -- NY081 -- 4686 07/22/93 15:17 EDT
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Date:Jul 22, 1993
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