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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

LNB Bancorp, Inc. Reports Fourth Quarter And Full Year 2011 Results

Stocks in this article: LNBB

LNB Bancorp, Inc. (NASDAQ: LNBB) (“LNB” or the “Company”) today reported financial results for the fourth quarter and full year ended December 31, 2011. For the fourth quarter of 2011, net income was $1.49 million compared to $61,000 for the fourth quarter of 2010. Net income available to common shareholders was $1.17 million, or $0.15 per common share, compared to a loss of $(258,000), or $(0.03) per common share, for the prior-year fourth quarter.

“We are pleased to report another year of improved operating performance,” said Daniel E. Klimas, president and chief executive officer of LNB Bancorp. “Our revenue is stable and well-diversified, while operating expenses have continued to decline. The fourth quarter results, in particular, reflect the significant progress we’ve made in nearly every expense category, reducing expenses over $1 million compared to the year-ago fourth quarter.

“Loans grew nearly four percent during 2011 in a market where growth remains a challenge. We have continued our solid performance in commercial lending; recently, Crain’s Cleveland Business cited Lorain National Bank as one of Northeast Ohio’s Top Ten Small Business (SBA) lenders. On the consumer side, our auto loan portfolio grew by $30 million during 2011, both through local markets as well as accessing higher growth markets in other parts of the country. We believe our multi-state expansion of indirect auto lending should enable us to sustain our revenue growth.”

Net income for the year ended December 31, 2011 was $5.0 million compared with net income of $5.37 million for 2010. Net income for 2010 included a one-time gain of $2.2 million related to the extinguishment of debt which increased 2010 after-tax income by $1.46 million, or $0.19 per share. Excluding this gain, net income for 2010 was $3.91 million. Net income available to common shareholders totaled $3.73 million or $0.47 per common share for 2011, compared to $4.09 million, or $0.55 per common share, for 2010.

1 of 5

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!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

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