This Day On The Street
Continue to site
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

LNB Bancorp, Inc. Reports Earnings For The First Quarter Of 2012

LNB Bancorp, Inc. (NASDAQ: LNBB) (“LNB” or the “Company”) today reported financial results for the quarter ended March 31, 2012. Net income was $1.5 million, up $0.38 million or 33.2 percent, from the $1.13 million reported for the first quarter of 2011. Net income available to common shareholders was $1.19 million, or $0.15 per common share, compared to $0.81 million, or $0.10 per common share, for the year-ago quarter, an increase of $0.05 per share, or 46.9 percent.

“We reported another strong quarter of earnings growth,” stated Daniel E. Klimas, president and chief executive officer of LNB Bancorp. “We are pleased with the increased level of loan activity in our communities; this past quarter, we booked nearly $30 million of commercial loans. This is a positive sign of economic recovery as well as a reflection of the success of our business initiatives and the new commercial bankers that we hired in 2010 in anticipation of this activity.”

“We continue to reduce the level of problem loans and their associated costs. The impact of improved asset quality is reflected explicitly in our reduced provision expense and throughout our income statement in the form of reduced administrative expenses.”

“We look forward to a continuation of these slowly improving conditions. The business climate in our markets supports our growing confidence in the bank’s ability to capitalize on opportunities. With strong core earnings and $44 million in cash and cash equivalents as of March 31, we have the liquidity and capital strength to manage continued loan growth.”

First Quarter Review

LNB has made progress over the past year in several key performance areas. Asset quality, tangible and regulatory capital levels, loan growth and profitability have all benefited from management attention and an improved economy.

Operating revenue, including net interest income on a fully tax-equivalent basis (“FTE”) plus noninterest income from operations, was $12.4 million for the first quarters of both 2011 and 2012. Net interest income (FTE) contributed $9.8 million of operating revenue for the first quarter of 2012, also virtually unchanged from the year-ago level; a two basis points decline in the 2012 net interest margin (FTE) to 3.61 percent was offset by a 0.4 percent increase in average earning assets year-over-year.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs