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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 1996 Commission File Number 0-28162
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LENOX BANCORP, INC.
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(Exact name of small business issuer as specified in its charter)
Ohio 31-1445959
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(State or other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
5255 Beech Street, St. Bernard, Ohio 45217
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(Address of principal executive offices)
(513) 242-6900
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(Issuer's telephone number, including area code)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days.
YES X NO
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At June 30, 1996, there were 0 shares of Common Stock, without Par
Value per share, outstanding.
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TABLE OF CONTENTS
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PART I - FINANCIAL INFORMATION PAGE
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Item 1 - Consolidated Financial Statements................................1
Item 2 - Management's Discussion and Analysis.............................1
PART II - OTHER INFORMATION
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Item 1 - Legal Proceedings................................................1
Item 2 - Changes in Securities............................................1
Item 3 - Defaults Upon Senior Securities..................................1
Item 4 - Submission of Matters to a Vote of Security Holders..............1
Item 5 - Other Information................................................1
Item 6 - Exhibits and Reports on Form 8-K.................................2
SIGNATURES.....................................................................3
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PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Lenox Bancorp, Inc. is a newly formed holding company, formed for the
purpose of acquiring all of the common stock of Lenox Savings Bank (the "Bank")
concurrent with the Bank's conversion from mutual to stock form of organization.
As of June 30, 1996, the conversion of the Bank had not been completed.
Accordingly, at such time Lenox Bancorp, Inc. was a noncapitalized shell
corporation with no business activities and no significant assets. On July 17,
1996, the conversion of the Bank was consummated and at such time, Lenox Savings
Bank became the wholly-owned subsidiary of Lenox Bancorp, Inc. For a further
discussion of Lenox Bancorp, Inc.'s formation and intended operations, see the
Form S-1 Registration Statement (33-96248), as amended, initially filed on
August 28, 1995, subsequently amended and declared effective on May 13, 1996.
The description of Lenox Bancorp, Inc. in these filings is herein incorporated
by reference.
Item 2. Management Discussion and Analyses
See Item 1.
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings
None
Item 2 - Changes in Securities
None
Item 3 - Defaults Upon Senior Securities
None
Item 4 - Submission of Matters to a Vote of Security Holders
None
Item 5 - Other Information
None
1
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Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 3.1 - Certificate of Incorporation of Lenox Bancorp, Inc.*
Exhibit 3.2 - Bylaws of Lenox Bancorp, Inc. *
Exhibit 27 - Financial Data Schedule
Exhibit 99.1 - Financial information for Lenox Savings Bank
for the quarter ended June 30, 1996.
(b) Reports on Form 8-K
None
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* Incorporated herein by reference into this document from Exhibits to Form
S-1, Registration Statement, filed August 28, 1995, as amended,
Registration No. 33-96248.
2
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SIGNATURES
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In accordance with the requirements of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LENOX BANCORP, INC.
(Registrant)
Date: August 13, 1996 /s/ Virginia M. Porowski
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Virginia M. Porowski
President and Chief Executive Officer
Date: August 13, 1996 /s/ William T. Bird
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William T. Bird
Treasurer and Chief Financial Officer
(Principal Accounting Officer)
3
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Form
10-Q and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001000050
<NAME> LENOX BANCORP, INC.
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1
<CASH> 498
<INT-BEARING-DEPOSITS> 3,522
<FED-FUNDS-SOLD> 3,522
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 6,725
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 35,261
<ALLOWANCE> 60
<TOTAL-ASSETS> 47,462
<DEPOSITS> 37,698
<SHORT-TERM> 4,151
<LIABILITIES-OTHER> 179
<LONG-TERM> 1,685
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 3,749
<INTEREST-LOAN> 1,296
<INTEREST-INVEST> 272
<INTEREST-OTHER> 17
<INTEREST-TOTAL> 1,585
<INTEREST-DEPOSIT> 803
<INTEREST-EXPENSE> 972
<INTEREST-INCOME-NET> 613
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 29
<EXPENSE-OTHER> 507
<INCOME-PRETAX> 203
<INCOME-PRE-EXTRAORDINARY> 203
<EXTRAORDINARY> 68
<CHANGES> 0
<NET-INCOME> 135
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 7.24
<LOANS-NON> 42
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 60
<CHARGE-OFFS> 1
<RECOVERIES> 1
<ALLOWANCE-CLOSE> 60
<ALLOWANCE-DOMESTIC> 60
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<PAGE> 1
EXHIBIT 99.1 LENOX SAVINGS BANK FINANCIAL STATEMENTS
LENOX SAVINGS BANK
CONSOLIDATED BALANCE SHEETS
(In Thousands)
<TABLE>
<CAPTION>
June 30, 1996 December 31, 1995
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ASSETS (unaudited)
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<S> <C> <C>
Cash and due from banks............................................. $ 498 $ 741
Interest-bearing deposits........................................... 3,522 508
Certificates of deposit............................................. 157 152
Investment securities - available for sale, at fair value (amortized
cost of $6,022 at December 31, 1995 and amortized cost
of $5,992 at June 30, 1996)...................................... 5,812 6,080
Mortgage-backed securities - available for sale, at fair value
(amortized cost of $1,024 at December 31, 1995 and
amortized cost of $927 at June 30, 1996)......................... 913 1,083
Loans receivable, net............................................... 35,201 33,384
Accrued interest receivable:
Loans............................................................ 151 124
Mortgage-backed securities....................................... 7 7
Investments and certificates of deposit.......................... 114 104
Property and equipment, net......................................... 264 288
Federal Home Loan Bank Stock-at cost................................ 421 407
Prepaid federal income tax.......................................... 0 19
Prepaid expenses and other assets................................... 402 253
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Total assets................................................... $47,462 $43,149
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LIABILITIES AND RETAINED EARNINGS
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Liabilities:
Deposits:
Savings, club and other accounts............................... $ 8,729 $ 5,683
Money market and NOW accounts.................................. 6,002 5,520
Certificate accounts........................................... 22,967 22,466
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Total deposits............................................... 37,698 33,669
Advances from Federal Home Loan Bank................................ 5,836 5,327
Advances by borrowers for taxes and insurance....................... 19 95
Capitalized lease obligations....................................... 10 16
Deferred tax liability.............................................. 3 106
Accrued income taxes................................................ 49 0
Accrued expenses and other liabilities.............................. 99 87
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Total liabilities.............................................. 43,713 39,301
Retained earnings - substantially restricted........................ 3,877 3,768
Unrealized gain (loss) on available for sale securities, net of tax (128) 81
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Total retained earnings........................................ 3,748 3,848
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Total liabilities and retained earnings............................. $47,462 $43,149
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</TABLE>
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LENOX SAVINGS BANK
CONSOLIDATED STATEMENT OF INCOME
(In Thousands)
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended Six Months Ended
June 30, 1996 June 30, 1995
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<S> <C> <C>
Interest and dividend income:
Conventional mortgage loans................................... $ 1,174 $ 1,085
Interest-earning deposits..................................... 12 9
Mortgage-backed securities.................................... 47 35
Federal funds sold............................................ 5 8
Investment securities......................................... 211 175
Other loans................................................... 122 110
Federal Home Loan Bank stock dividends........................ 14 16
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Total interest and dividend income.......................... 1,585 1,438
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Interest expense on deposits..................................... 803 829
Interest on Federal Home Loan Bank advances...................... 169 42
Interest on capitalized leases................................... 0 2
Net interest income........................................... 613 565
Provision for loan losses........................................ 0 3
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Net interest income after provision for loan losses........... 613 562
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Other income:
Service fees and charges...................................... 34 35
Other income.................................................. 44 32
Gain on the sale of securities................................ 29 0
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Total other income.......................................... 107 67
Other expenses:
Salaries and employee benefits................................ 210 212
Federal insurance premiums.................................... 42 44
Premises and fixed expenses, net.............................. 62 62
Other expenses................................................ 203 253
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Total other expenses........................................ 517 571
Income before provision for income taxes......................... 203 58
Provision for income taxes....................................... 68 15
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Net income.................................................... $135 $ 43
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</TABLE>
