Exhibit 99.1
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
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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
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TOTAL ASSETS $61,278 $70,388
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LIABILITIES
Total Deposits $31,862 $36,499
Federal Home Loan Bank Advances 23,115 28,329
Other Liabilities 677 656
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TOTAL LIABILITIES $55,653 $65,484
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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)
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TOTAL CAPITAL 5,624 4,904
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TOTAL LIABILITIES AND CAPITAL $61,278 $70,388
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CONSOLIDATED STATEMENT OF INCOME
For 3 Months Ending March 31
2002 2001
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Total Interest Income $1,049 $1,287
Total Interest Expense 600 879
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Net Interest Income 449 408
Provision for loan losses 15 9
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Net interest income after Provision 434 399
Total Other Income 130 131
Total Other Expense 469 470
Total Tax Expense 30 23
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Net Income After Taxes $65 $37
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EARNINGS PER SHARE $0.19 $0.13
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Unaudited