LNB Bancorp, Inc. Reports Fourth Quarter And 2010 Results
LNB Bancorp, Inc. (NASDAQ:LNBB) today reported financial results for the fourth quarter and full year ended December 31, 2010.
Net income for the year ended December 31, 2010 was $5,365,000 compared with a net loss of $2,001,000 for 2009. Net income available to common shareholders totaled $4,089,000 compared to a loss of $3,257,000 for 2009 and on a per share basis was $0.55 for 2010 versus a loss of $0.45 per share for 2009.
“We are pleased to report a strong profitable year for 2010 after two years of economic challenge,” said Daniel E. Klimas, president and chief executive officer of LNB Bancorp, “Our core business remains strong with solid gains in net interest income and noninterest income over the past year.” Net interest income showed a 2.3 percent improvement and noninterest income, which includes the gain on the extinguishment of debt, grew 15.2 percent in 2010 over 2009.
“While challenges continue in terms of asset quality and slow economic growth in the region, we remain optimistic that we have been able to weather the worst of the slowdown and we believe we have emerged as a strong community bank with a solid balance sheet and opportunities for further revenue growth as we look ahead,” said Klimas.“With early signs of economic improvement, the Company has made strategic investments in personnel in the second half of 2010 to take advantage of enhanced revenue opportunities in commercial and small business lending,” said Klimas. Net income for the fourth quarter of 2010 was $61,000 compared to $542,000 for the fourth quarter 2009. “The Company’s core earnings were strong in the fourth quarter and normal operating expenses were well contained,” said Klimas. Net income was negatively impacted by an increased provision for loan loss as well as elevated expenses related to loan workout and collections. During the fourth quarter of 2010 the Company provided $3,931,000 to the allowance for possible loan losses. “These additions to our allowance for possible loan losses are prudent measures that reflect the continued deterioration in appraised values of real estate collateral,” said Klimas.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV