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LGF BANCORP, INC ANNOUNCES CONSOLIDATED NET INCOME FOR LA GRANGE FEDERAL SAVINGS AND LOAN ASSOCIATION

 LAGRANGE, Ill., Feb. 10 /PRNewswire/ -- LGF Bancorp, Inc., (NASDAQ: LGFB) the holding company of La Grange Federal Savings and Loan Association, today announced consolidated net income of $602,863 for the fourth quarter ended Dec. 31, 1992. This compares to consolidated net income of $1,399,661 for the fourth quarter ended Dec. 31, 1991. For the year ended Dec. 31, 1992, net income was $2,605,885 as compared to $4,425,689 for the same period in 1991. The decrease was primarily due to lower of cost or market (LOCOM) adjustments on securities held for sale and the federal income tax benefit resulting from an IRS settlement which was reflected in the 1991 fourth quarter in the amount of $898,000 for the years 1970 1988. For the fourth quarter of 1991, LOCOM adjustments increased pre tax income by $243,000 as compared to a loss of $332,000 for the fourth quarter of 1992. LOCOM adjustments increased pre tax income by $2,280,875 for the year ended Dec. 31, 1991 compared to $590,427 for the year ended Dec. 31, 1992.
 Total interest income decreased from $8,327,786 for the quarter ending Dec. 31, 1992 to $7,513,979 along with a decrease in interest expense from $5,986,884 to $4,570,018 for the same quarter. This decrease in interest income and expense was primarily due to the declining market in interest rates and resulted in net interest income increasing from $2,340,901 for the fourth quarter of 1991 to $2,943,960 for the fourth quarter of 1992. Net interest income for the year ending Dec. 31, 1991 was $8,556,200 and increased to $10,148,260 for the year ending Dec. 31, 1992 due primarily to the stock conversion proceeds increasing the average of earnings assets for 1992.
 J. Edward Weishel, president and chief executive officer, stated: "Deposits and assets continue to reprice to lower market interest rates, and favorable interest margins are expected to continue into 1993."
 On June 18, 1992 La Grange Federal Savings and Loan Association converted from a mutual to stock form of organization, 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. $8,500,000 was used to acquire all of the issued and outstanding shares of the association. During the fourth quarter of 1992 the company received regulatory approval to repurchase 5 percent of their stock.
 Assets increased to $411,523,000 at Dec. 31, 1992 from $393,284,000 at Dec. 31, 1991 primarily as a result of the proceeds from the stock offering. Such proceeds were invested primarily in adjustable rate mortgage-backed securities and short-term investment securities. The association's ratio of non-performing loans and real estate owned to total assets at Dec. 31, 1992 was .95 percent, and the allowance for possible loan losses of $723,000 was 125.63 percent of non-performing loans.
 Savings deposits at Dec. 31, 1992 decreased slightly to $366,989,148 as compared to $367,459,162 at Dec. 31, 1991.
 Pro forma primary earnings per share equaled $0.32 for the fourth quarter of 1992 and $1.38 for the year. Because the stock conversion took place in June of 1992, prior year earnings per share comparisons are not applicable.
 The company's consolidated capital at Dec. 31, 1992 was $39,977,167.00 (9.71 percent of total assets) or $21.95 per share. The association's capital exceeded all of the capital requirements of the Office of Thrift Supervision on both a current and fully phased in basis.
 La Grange Federal Savings and Loan Association operates three branch offices, located in Countryside, La Grange Park, and Naperville, and is headquartered at 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)
 Period Ended Dec. 31, 1992 1991
 Assets:
 Cash and due from
 depository institutions $ 7,201 $ 6,392
 Interest bearing deposits 2,087 4,364
 Federal Funds Sold 1,200 4,100
 Total Cash and cash equivalents 10,488 14,856
 Securities held for sale 74,894 99,852
 Investment Securities
 (Market Value 1992 - $51,344,
 1991 - $16,605) 50,897 16,252
 Mortgage-Backed Securities
 (Market value 1992 - $54,888,
 1991 - $14,653) 54,763 14,402
 Loans Receivable (Net of allowance for
 possible loan losses 1992 - $723
 1991 - $450) 206,367 226,669
 Federal Home Loan Bank Stock - at cost 2,705 2,598
 Real Estate held for sale 4,503 4,187
 Other properties and equipment, net 3,674 3,617
 Accrued interest receivable 2,261 2,513
 Other Assets 971 8,338
 Total 411,523 393,284
 Liabilities and Stockholders' Equity:
 Deposits 366,989 367,460
 Advance payments by borrowers for
 taxes and insurance 1,390 1,714
 Accrued Interest payable 199 284
 ESOP Loan Obligation 992 0
 Other liabilities 1,976 1,371
 Total Liabilities 371,546 370,829
 Commitments and Contingencies
 Stockholders' Equity:
 Preferred stock, $.01 per value,
 1,000,000 shares authorized common stock,
 $.01 per value, 5,000,000 shares authorized,
 1,851,500 shares issued and 1,821,500
 outstanding 19 --
 Additional paid-in capital 16,981 --
 Retained earnings, substantially
 restricted 25,061 22,455
 Stock held for recognition and
 retention plans (612) --
 Guaranteed employee stock ownership
 plan loan obligation (992) --
 Treasury stock, at cost, 30,000 shares (480) --
 Total stockholders' equity 39,977 22,455
 Total 411,523 393,284
 LGF BANCORP, INC.
 Consolidated Statements Of Operations
 (In thousands, except per share data)
 Period ended Three Months Twelve months
 Dec. 31, 1992 1991 1992 1991
 Interest Income $ 7,514 8,327 30,253 33,554
 Interest expense 4,570 5,986 20,105 24,998
 Net interest income 2,944 2,341 10,148 8,556
 Provision for possible
 loan losses 48 306 310 419
 Net Interest income
 after provision
 for possible
 loan losses 2,896 2,035 9,838 8,137
 Other Income:
 Lower of cost or
 market adjustment
 on securities
 held for sale (332) 243 590 2,281
 Other 321 538 585 639
 Total other income (11) 781 1,175 2,920
 Other expenses 1,893 1,790 7,235 6,347
 Income before income
 taxes 992 1,026 3,778 4,710
 Provision for income
 taxes 389 (374) 1,172 284
 Net income 603 1,400 2,606 4,426
 Pro forma primary
 earnings per share 0.32 -- 1.38 --
 -0- 2/10/93
 /CONTACT: Cleo O'Donnell, 708-352-3671, for La Grange Federal Savings and Loan Association/
 (LGFB)


CO: LGF Bancorp, La Grange Federal Savings and Loan Association ST: Illinois IN: FIN SU: ERN

LD -- NY114 -- 5445 02/10/93 20:07 EST
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Date:Feb 10, 1993
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