LNB Bancorp, Inc. (NASDAQ: LNBB) today reported net income for the three months ended June 30, 2011 of $712,000. For the first six months of 2011 net income totaled $1,842,000 compared to $2,574,000 for the same period one year ago.
“The Company’s second quarter performance highlights some very positive trends,” said Daniel E. Klimas, president and chief executive officer of LNB Bancorp, Inc. “It was encouraging to see a marked improvement in core earnings and a significant decline in non-performing loans compared to year-end 2010. In addition, our continued focus on growing customer relationships and operational efficiencies resulted in healthy increases in both commercial and consumer loans and lower operating expenses for the quarter.”
Pre-provision core earnings* equaled $4,118,000 for the second quarter compared to $3,635,000 for the second quarter one year ago, an increase of 13.3 percent. For the first six months of 2011 pre-provision core earnings* totaled $7,614,000 compared to $7,372,000 for the first six months of 2010, an increase of 3.3 percent.
Portfolio loans at the end of the second quarter of 2011 totaled $830,312,000, a 4.4 percent increase from $795,451,000 at the end of the second quarter a year ago. Commercial loans grew 4.6 percent and consumer loans 14.3 percent over this period.Noninterest expense was $8,522,000 for the second quarter of 2011, compared to $9,189,000 for the first quarter of 2011 and $9,150,000 for the fourth quarter of 2010. At June 30, 2011 the Company’s non-performing loans totaled $37,954,000, or 4.57 percent of total loans, an improvement from $41,831,000, or 5.15 percent, at December 31, 2010. An increase in loan loss provision impacted net income for the quarter, said Klimas. “The increase was driven by a continued decline in the appraised value of properties and by write downs and charge-offs which we anticipate will position the Company to better dispose of problem assets.”
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