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LGF BANCORP, INC. RELEASES EARNINGS FOR FIRST QUARTER

 LA GRANGE, Ill, April 13 /PRNewswire/ -- LGF Bancorp, Inc., (NASDAQ: LGFB) the holding company of La Grange Federal Savings and Loan Association, today announced consolidated net income of $970,000 for the first quarter ended March 31, 1993. This compares to consolidated net income of $206,000 for the first quarter ended March 31, 1992. The increase was due primarily to improved net interest margin, lower of cost or market (LOCOM) adjustments on securities held for sale and interest income derived from proceeds of the company's initial stock offering.
 Net interest income increased to $3,022,000 for the quarter ended March 31, 1993 from $2,302,000 for the quarter ended March 31, 1992. Total interest income decreased to $7,172,000 for the quarter ended March 31, 1993 from $7,720,000 for the quarter ended March 31, 1992 along with a decrease in interest expense to $4,150,000 in 1993's first quarter from $5,418,000 in 1992's first quarter. The decrease in interest income and expense and the improved net interest income were primarily due to the decline in market interest rates offset by the effects of the stock conversion proceeds which increased average assets in the first quarter of 1993 in comparison with the first quarter of 1992.
 For the first quarter of 1993, LOCOM adjustments increased pre tax income by $485,000 as compared to a loss of $399,000 in the first quarter of 1992. Earnings per share equaled $0.51 for the first quarter of 1993. Because the stock conversion took place in June of 1992, earnings per share for the first quarter of 1992 is not applicable.
 Assets were $402,280,000 at March 31, 1993, a decline of 2.3 percent from Dec. 31, 1992. Deposits decreased 2.4 percent during the first quarter of 1993. Loan originations totaled $18,385,000 in 1993's first quarter as compared to $12,934,000 in the first quarter of 1992. The association's ratio of non-performing loans and real estate owned to total assets increased slightly to 1.00 percent from .95 percent at Dec. 31, 1992. The allowance for possible loan losses increased $82,000 to $805,000, representing 110.75 percent of non-performing loans at March 31, 1993.
 The company's consolidated capital at March 31, 1993 was $40,884,000 (10.16 percent of total assets) or $22.56 per share. The association's capital exceeded all of the capital requirements of the Office of Thrift Supervision. The company has received regulatory approval to repurchase 92,575 shares or 5 percent of its stock. Through March 31, 1993, 39,000 shares had been repurchased by the company.
 La Grange 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 $17,000,000, half of which was used to acquire all of the issued and outstanding shares of the association.
 La Grange Federal Savings and Loan Association operates three branch offices, located in Countryside, La Grange Park, and Naperville, and is headquartered at its main office and drive through facility in downtown La Grange. LGF Bancorp, Inc. stock is quoted on the NASDAQ National Market System under the symbol "LGFB".
 LGF BANCORP, INC.
 Consolidated Statements of Financial Condition
 (In thousands, except per share data)
 Periods Ended March 31, Dec. 31,
 1993 1992
 Assets
 Cash and due from depository institutions $ 6,325 $ 7,201
 Interest Bearing Deposits 5,978 2,087
 Federal Funds Sold 500 1,200
 Total Cash and Cash Equivalents 12,803 10,488
 Securities Held for Sale 58,666 74,894
 Investment Securities (market
 value 1993 - $51,941, 1992 - $51,344) 51,547 50,897
 Mortgage-backed Securities (market
 value 1993 - $58,298, 1992 - $54,888) 57,212 54,763
 Loans Receivable(net of allowance for possible
 loan losses 1993 - $805, 1992 - $723) 207,435 206,367
 Federal Home Loan Bank Stock - at cost 2,748 2,705
 Real Estate Held for Sale 4,992 4,503
 Other Properties and Equipment,net 3,668 3,674
 Accrued interest receivable 2,498 2,261
 Other assets 711 971
 Total $402,280 $411,523
 Liabilities and Stockholders' Equity
 Deposits $358,230 $366,989
 Advance payments by borrowers for taxes
 and insurance 1,379 1,390
 Accrued interest payable 155 199
 ESOP loan obligation 952 992
 Other liabilities 680 1,976
 Total liabilities 361,396 371,546
 Commitments and Contingencies
 Stockholders' Equity:
 Preferred Stock, $.01 par value,
 1,000,000 shares authorized Common
 Stock, $.01 par value, 5,000,000 shares
 authorized, 1,851,500 shares issued,
 1,812,500 outstanding at March 31,1993;
 1,821,500 outstanding at Dec. 31,1992 19 19
 Additional paid-in capital 16,981 16,981
 Retained Earnings, substantially restricted 26,030 25,061
 Stock held for recognition and
 retention plans (561) (612)
 Guaranteed employee stock ownership plan loan
 obligation (952) (992)
 Treasury stock, at cost, 39,000 shares at
 March 31,1993; 30,000 shares at
 Dec. 31, 1992 (633) (480)
 Total stockholders' equity 40,884 39,977
 Total $402,280 $411,523
 LGF BANCORP, INC.
 Consolidated Statements of Operations
 (in thousands, except per share data)
 Period Ended Three Months March 31, 1993 1992
 Interest income $7,172 $7,720
 Interest expense 4,150 5,418
 Net interest income 3,022 2,302
 Provision for possible loan losses 81 110
 Net interest income after provision for
 possible loan losses 2,941 2,192
 Other income:
 Lower of cost or market adjustment on
 securities held for sale 485 (399)
 Other (47) 367
 Total other income 438 (32)
 Other expenses 1,895 1,710
 Income before income taxes 1,484 450
 Provision for income taxes 514 244
 Net income $ 970 $ 206
 Earnings per share $ 0.51 $ --
 -0- 4/13/93
 /CONTACT: Cleo O'Donnell, 708-352-3671, for La Grange Federal Savings & Loan/
 (LGFB)


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

LD -- NY093 -- 5464 04/13/93 21:24 EDT
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Date:Apr 13, 1993
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