This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

LNB Bancorp, Inc. Reports Second Quarter 2010 Results

LNB Bancorp, Inc. (NASDAQ: LNBB) today reported net income for the three months ended June 30, 2010 of $1,243,000, or $0.12 per diluted share, compared with $516,000, or $0.03 per diluted share reported for the same period a year ago.

For the first six months of 2010, net income was $2,574,000, or $0.26 per diluted share, compared with $1,833,000, or $0.17 per diluted share for the first half of 2009.

“We are pleased to report another quarter of profitability sustained by strong core earnings growth and revenue increases,” said Daniel E. Klimas, president and chief executive officer of LNB Bancorp, Inc. “Pre-provision core earnings* increased 25.43 percent in the second quarter of 2010 compared to the same quarter in 2009. While the economic environment continues to pose challenges, net interest income increased 5.95 percent and our net interest margin continued to strengthen when compared to the same period a year ago.”

Noninterest expense showed a 5.51 percent decline for the quarter ended June 30, 2010 compared to the same period one year ago which included a special assessment from the Federal Deposit Insurance Corporation (FDIC).

“While the past two quarters have produced heartening results, we continue to take significant reserves to provide for additional losses in our credit portfolio as the economic environment continues to be challenging,” said Klimas. “Our focus remains fixed on building revenues and aggressively managing our assets.”

Pre-provision core earnings* equaled $3,635,000 for the second quarter compared to $2,898,000 for the second quarter one year ago, an increase of 25.43 percent. For the first six months of 2010, pre-provision core earnings* totaled $7,372,000 compared to $6,293,000 for the first six months of 2009, an increase of 17.2 percent.

Key Performance Measures

Net interest income on a fully taxable equivalent basis for the second quarter of 2010 was $9,826,000, a 5.95 percent increase compared with $9,274,000 for the second quarter a year ago. For the first half of 2010, net interest income on a fully tax equivalent basis was $19,728,000, compared to $18,293,000 for the same period in 2009, an increase of 7.84 percent. The net interest margin for the second quarter of 2010 was 3.61 percent, compared with 3.28 percent for the second quarter of 2009. It represented a modest decline from 3.69 percent in the first quarter of 2010. Noninterest income for the second quarter of 2010 was $2,896,000, an improvement from the $2,651,000 in the first quarter of 2010, but down from the $3,244,000 in the second quarter of 2009. For the first six months of 2010, noninterest income was $5,547,000, compared to $6,101,000 for the first six months of 2009.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs