LNB Bancorp, Inc. (NASDAQ: LNBB) (“LNB” or the “Company”) today reported financial results for the fourth quarter and the full year ended December 31, 2013. For the fourth quarter 2013, net income was $1.7 million compared to $1.6 million for the fourth quarter of 2012. Net income available to common shareholders was $1.5 million for the fourth quarter of 2013, or $0.16 per common share, compared to $1.3 million, or $0.17 per common share, for the year-ago quarter.
“We are pleased to report another year of improved operating performance,” stated Daniel E. Klimas, president and chief executive officer of LNB Bancorp. “We continue to make progress on improving credit quality. Non-performing assets declined $3.4 million in the fourth quarter and $6.6 million in the year 2013 compared to the same period in 2012. The ratio of non-performing assets to total assets at December 31, 2013, was 1.83%, down from 2.48% at the end of 2012.”
Noninterest income for the year was $12.1 million, up $379,000 compared to 2012. This includes service charges, and the sale of mortgage and commercial loans. “We implemented our focused SBA initiative in the fourth quarter. This initiative resulted in a gain on sale of SBA loans of $531,000 in the fourth quarter of 2013. We are excited about the opportunities that this new sales strategy presents for 2014”, said Klimas.
Net income for the year ended December 31, 2013 was $6.2 million, compared with net income of $6.1 million for 2012. Net income available to common shareholders for 2013 was $5.5 million, or $0.61 per common share, compared to $4.8 million for 2012, or $0.61 per common share.
Fourth Quarter Review
Net income for the fourth quarter of 2013 was $1.7 million, up $67,000, or 4%, from the fourth quarter of 2012, primarily as a result of a lower loan loss provision expense and net gains from sale of mortgage and commercial loans.