Exhibit 99.1
Lenox Bancorp, Inc. Announces Earnings
CINCINNATI, April 22, 2002--Lenox Bancorp, Inc. (LNXC) the holding company of Lenox Savings Bank, announced earnings of $65,000 or $0.19 per share for the first quarter of 2002 compared to earnings of $37,000 or $0.13 per share for the first quarter of 2001.
Following the completion of its joint Safety and Soundness Examination by FDIC and the Ohio Division of Financial Institutions the first quarter in 2002, Lenox Savings Bank received notification April 16, 2002, the Memorandum of Understanding imposed in 1999 by its regulatory agencies has been removed. This is attributable to significant improvement in the financial condition of the Bank.
Lenox Bancorp, Inc. with $61 million in assets operates two full service offices in Greater Cincinnati. The Corporation's common stock is traded on Bulletin Board under the symbol "LNXC."
LENOX BANCORP, INC. CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS) March 31, 2002 2001 ------------- ------------- ASSETS Cash and due from banks $3,917 $3,729 Investment Securities 6,674 6,682 Loan receivable, net 46,992 55,991 Property and equipment, net 1,181 1,246 Federal Home Loan Bank stock 1,907 1,796 Other Assets 606 944 ------------- ------------- TOTAL ASSETS $61,278 $70,388 ============= ============= LIABILITIES Total Deposits $31,862 $36,499 Federal Home Loan Bank Advances 23,115 28,329 Other Liabilities 677 656 ------------- ------------- TOTAL LIABILITIES $55,653 $65,484 ============= ============= CAPITAL Additional paid in Capital and Retained Earnings 8,206 7,511 Treasury Stock (2,567) (2,567) FAS 115 unrealized gain (loss) (14) (40) ------------- ------------- TOTAL CAPITAL 5,624 4,904 ============= ============= TOTAL LIABILITIES AND CAPITAL $61,278 $70,388 ============= ============= CONSOLIDATED STATEMENT OF INCOME For 3 Months Ending March 31 2002 2001 ------------- ------------- Total Interest Income $1,049 $1,287 Total Interest Expense 600 879 ------------- ------------- Net Interest Income 449 408 Provision for loan losses 15 9 ------------- ------------- Net interest income after Provision 434 399 Total Other Income 130 131 Total Other Expense 469 470 Total Tax Expense 30 23 ------------- ------------- Net Income After Taxes $65 $37 ============= ============= EARNINGS PER SHARE $0.19 $0.13 ============= ============= Unaudited