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LGF BANCORP ANNOUNCES RESULTS

 LGF BANCORP ANNOUNCES RESULTS
 LaGRANGE, Ill., Oct. 19 /PRNewswire/ -- LGF Bancorp, Inc.


(NASDAQ-NMS: LGFB), the holding company of La Grange Federal Savings and Loan Association, today announced consolidated net income of $1,020,000 for the third quarter ended Sept. 30, 1992. This compares to consolidated net income of $901,000 for the third quarter ended Sept. 30, 1991. For the nine months ended Sept. 30, 1992, net income was $2,003,000 as compared to $3,026,000 for the same period in 1991. The year-to-date decrease was primarily due to a decrease in the lower of cost or market adjustment on securities held for sale. Such income totalled $2,038,000 for the nine months ended Sept. 30, 1991 compared to $922,000 for the nine months ended Sept. 30, 1992.
 Total interest income decreased from $8,546,000 for the quarter ending Sept. 30, 1991, to $7,549,000 for the quarter ending Sept. 30, 1992, along with a corresponding decrease in interest expense from $6,279,000 to $4,900,000. This decrease in interest income and expense was primarily due to the decline of market interest rates and resulted in net interest income increasing from $2,267,000 for the third quarter of 1991 to $2,649,000 for the third quarter of 1992. Net interest income for the nine months ending Sept. 30, 1991 was $6,215,000 and increased to $7,204,000 for the nine months ending Sept. 30, 1992.
 J. Edward Weishel, president and chief executive officer, stated: "Our core earnings continue to be the base strength of the organization. Deposits and assets continue to reprice to lower market interest rates, and favorable interest margins are expected for the remainder of 1992."
 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. Of this amount, $8,500,000 was used to acquire all of the issued and outstanding shares of the Association.
 Assets increased to $410,575,000 at Sept. 30, 1992 from $393,284,000 at Dec. 31, 1991 as a result of the stock offering. Proceeds from the stock offering 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 Sept. 30, 1992 was 1.06 percent, and the allowance for loan losses was 63.22 percent of non-performing loans.
 Savings deposits at Sept. 30, 1992 decreased slightly to $366,078,000 as compared to $367,460,000 at Dec. 31, 1991.
 Earnings per share equaled $0.55 for the third quarter of 1992 as compared to $0.42 for the second quarter of 1992, and $1.08 for the nine months. 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 Sept. 30, 1992 was $39,752,000 (9.68 percent of total assets) or $21.47 per share.
 La Grange Federal Savings and Loan Association operates three branch offices, located in Countryside, La Grange Park, and Naperville, Ill., and is headquartered in 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)
 AT
 Sept. 30, Dec. 31,
 1992 1991
 ASSETS
 Cash and Due from
 depository institutions $ 5,682 6,392
 Interest bearing deposits 10,196 4,364
 Federal Funds sold 9,200 4,100
 Total cash and cash equivalents 25,078 14,856
 Securities held for sale 70,752 99,852
 Investment securities
 (market value 1992 - $41,525
 1991 - $16,605) 40,937 16,252
 Mortgage-backed securities
 (market value 1992 - $47,133
 1991 - $14,653) 46,083 14,402
 Loans receivable (net of allowance for
 possible loan losses 1992 - $687,
 1991 - $450) 212,206 226,669
 Federal home loan bank stock
 at cost 2,705 2,598
 Real estate held for sale 4,276 4,187
 Other properties and equipment, net 3,748 3,617
 Accrued interest receivable 2,611 2,513
 Other assets 2,179 8,338
 Total 410,575 393,284
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Deposits 366,078 367,460
 Advance payments by borrowers for taxes
 and insurance 302 1,714
 Accrued interest payable 194 284
 ESOP Loan Obligation 1,032
 Other liabilities 3,217 1,371
 Total liabilities 370,823 370,829
 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 and
 outstanding 19
 Additional paid-in capital 16,981
 Retained earnings,
 substantially restricted 24,458 22,455
 Stock held for recognition
 and retention plans (674)
 Guaranteed employee stock ownership
 plan loan obligation (1,032)
 Total stockholders' equity 39,752 22,455
 Total 410,575 393,284
 LGF Bancorp, Inc.
 Consolidated Statements of Operations
 (in thousands, except per share data)
 Three months ended Nine months ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Interest Income $ 7,549 8,546 22,739 25,227
 Interest expense 4,900 6,279 15,535 19,012
 Net Interest Income 2,849 2,267 7,204 6,215
 Provision for possible
 loan losses 77 30 262 113
 Net interest income after
 provision for
 possible loan losses 2,572 2,237 6,942 6,102
 Other income:
 Lower of cost or market
 adjustment on securities
 held for sale 514 542 922 2,038
 Other (18) 68 264 101
 Total other income 496 610 1,186 2,139
 Other expenses 1,769 1,593 5,342 4,557
 Income before taxes 1,299 1,254 2,786 3,684
 Provision for
 income taxes 279 353 783 658
 Net income 1,020 901 2,003 3,026
 Pro forma earnings per share,
 determined as if initial
 public offering occurred
 on Jan. 1, 1992 0.55 ----- 1.08 -----
 -0- 10/19/92
 /CONTACT: Cleo O'Donnell of LGF Bancorp, 708-352-3671/
 (LGFB) CO: LGF Bancorp, Inc. ST: Illinois IN: FIN SU: ERN


KD -- NY100 -- 1825 10/19/92 16:56 EDT
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