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.
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