LNB Bancorp, Inc. Reports Fourth Quarter And Full Year 2012 Results

LNB Bancorp, Inc. (NASDAQ: LNBB) (“LNB” or the “Company”) today reported financial results for the fourth quarter and the full year ended December 31, 2012. For the fourth quarter 2012, net income was $1.64 million compared to $1.49 million for the fourth quarter of 2011. Net income available to common shareholders was $1.32 million, or $0.17 per common share, compared to $1.17 million, or $0.15 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 $5.1 million in the fourth quarter and nearly $7 million in 2012 compared to 2011. The ratio of non-performing assets to total assets at December 31, 2012, is 2.48%, down from 3.09% at the end of 2011.”

“Loans grew by 4.7% in 2012. We continue to see growth in commercial lending; recently the Small Business Administration (SBA) recognized the Company as the 4 th highest SBA lender in the Cleveland metropolitan area, based on 2012 loan totals. Residential mortgage loan volume showed strong growth in 2012, with originations up 97% over 2011. The Company opened new loan offices in Solon and Hudson, expanding our sales efforts beyond Lorain County. We expect mortgage revenue to continue to grow in 2013 assuming the housing market continues to improve.”

Net income for the year ended December 31, 2012 was $6.11 million, compared with net income of $5.0 million for 2011. Net income available to common shareholders for 2012 was $4.84 million, or $0.61 per common share, compared to $3.73 million for 2011, or $0.47 per common share.

Fourth Quarter Review

Net income for the fourth quarter of 2012 was $1.64 million, up by $113,000, or 7.4%, from the third quarter of 2012, primarily as a result of a lower loan loss provision expense and net gains from sale of mortgage loans.

Operating revenue, including net interest income on a fully tax-equivalent basis ("FTE") plus noninterest income from operations, was $12.7 million for the fourth quarter of 2012, which was virtually unchanged from the fourth quarter of the prior year. The net interest margin (FTE) for the fourth quarter of 2012 was 3.30%, a decline of 32 basis points from the 2011 fourth quarter.

Noninterest income was $3.4 million for the fourth quarter of 2012 compared to $3.0 million for the prior-year fourth quarter. Noninterest expense was $8.64 million for the fourth quarter of 2012 compared with $8.10 million for the fourth quarter of 2011, an increase of 6.5%.

The provision for loan losses was $1.8 million in the fourth quarter of 2012, down $1 million from the 2011 fourth quarter, reflecting the Company’s improvement in credit quality. Net charge-offs were $1.8 million for the fourth quarter of 2012, or 0.79% of average loans (annualized), compared to $3.59 million, or 1.71% of average loans (annualized) in the fourth quarter of 2011.

The Company is focused on active capital management and is committed to maintaining strong capital levels while supporting balance sheet growth and enhancing returns to the Company’s shareholders. During the fourth quarter of 2012, the Company repurchased $6.3 million in par value, or approximately 25% of the outstanding shares, of its Fixed Rate Cumulative Perpetual Preferred Stock, Series B, $1,000 per share liquidation preference, in exchange for cash at a price representing a discount to par value. The Series B Preferred Stock was originally issued by LNB in December 2008 as part of the U.S. Department of the Treasury’s Capital Purchase Program. The Treasury sold all of the Series B Preferred Stock to private investors through a modified Dutch auction that was completed in June 2012.

Full Year 2012 Review

Total assets at December 31, 2012 were $1.18 billion, up $10 million from year-end 2011. Portfolio loans grew $39.5 million to $882.5 million at December 31, 2012, an increase of 4.7% from 2011. Total deposits at December 31, 2012 were $999.6 million compared with $991.1 million at 2011 year end.

Net interest income on a fully tax-equivalent basis (FTE) for 2012 was $39.9 million compared to $39.8 million for 2011. The net interest margin was 3.49% for 2012 compared to 3.67% for 2011.

Noninterest income for 2012 was $11.7 million for 2012, compared to $11.4 million for 2011.

Noninterest expense was $34.9 million in 2012, up 2% from $34.1 million in 2011. Legal expenses related to the Treasury’s sale of TARP preferred shares to private investors and costs associated with the completion of our conversion to a new operating system were one-time expenses during 2012.

The company continues to aggressively manage credit quality. During 2012, nonperforming assets declined by nearly $7 million, or 19.3%, to $29.2 million. At year-end 2012, nonperforming assets comprised 2.48 % of total assets, compared to nonperforming assets of $36.2 million, comprising 3.09% of total assets, at year-end 2011.

Net charge-offs were $6.7 million for 2012, or 0.77 % of average loans, compared to $9.4 million in 2011, or 1.14% of average loans.

The allowance for loan losses was $17.6 million at December 31, 2012, or 2% of total loans, compared to $17.1 million at December 31, 2011, or 2.02% of total loans. For the year 2012, the provision for loan losses was $7.2 million compared to the 2011 provision of $10.4 million.

All regulatory ratios continue to exceed the threshold for “well-capitalized.” As of December 31, 2012 Tier 1 leverage ratio totaled 8.79%, Tier 1 risk-based capital ratio totaled 11.21% and Total risk-based capital ratio totaled 12.47%. Tangible leverage improved by 24 basis points to 5.97%.

About LNB Bancorp, Inc.

LNB Bancorp, Inc. is a $1.2 billion bank holding company. Its major subsidiary, The Lorain National Bank, is a full-service commercial bank, specializing in commercial, personal banking services, residential mortgage lending and investment and trust services. The Lorain National Bank and its Morgan Bank division serve customers through 20 retail-banking locations and 28 ATMs in Lorain, Erie, Cuyahoga and Summit counties. North Coast Community Development Corporation is a wholly owned subsidiary of The Lorain National Bank. For more information about LNB Bancorp, Inc., and its related products and services or to view its filings with the Securities and Exchange Commission, visit us at http://www.4lnb.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Terms such as "will," "should," "plan," "intend," "expect," "continue," "believe," "anticipate" and "seek," as well as similar comments, are forward-looking in nature. Actual results and events may differ materially from those expressed or anticipated as a result of risks and uncertainties which include but are not limited to:
  • a worsening of economic conditions or slowing of any economic recovery, which could negatively impact, among other things, business activity and consumer spending and could lead to a lack of liquidity in the credit markets;
  • changes in the interest rate environment which could reduce anticipated or actual margins;
  • increases in interest rates or further weakening of economic conditions that could constrain borrowers’ ability to repay outstanding loans or diminish the value of the collateral securing those loans;
  • market conditions or other events that could negatively affect the level or cost of funding, affecting the Company’s ongoing ability to accommodate liability maturities and deposit withdrawals, meet contractual obligations, and fund asset growth, and new business transactions at a reasonable cost, in a timely manner and without adverse consequences;
  • changes in political conditions or the legislative or regulatory environment, including new or heightened legal standards and regulatory requirements, practices or expectations, which may impede profitability or affect the Company’s financial condition (such as, for example, the Dodd-Frank Act and rules and regulations that have been or may be promulgated under the Act);
  • persisting volatility and limited credit availability in the financial markets, particularly if market conditions limit the Company’s ability to raise funding to the extent required by banking regulators or otherwise;
  • significant increases in competitive pressure in the banking and financial services industries, particularly in the geographic or business areas in which the Company conducts its operations;
  • limitations on the Company’s ability to return capital to shareholders, including the ability to pay dividends, and the dilution of the Company’s common shares that may result from, among other things, the terms of the CPP, pursuant to which the Company issued securities to the U.S. Treasury;
  • adverse effects on the Company’s ability to engage in routine funding transactions as a result of the actions and commercial soundness of other financial institutions;
  • general economic conditions becoming less favorable than expected, continued disruption in the housing markets and/or asset price deterioration, which have had and may continue to have a negative effect on the valuation of certain asset categories represented on the Company’s balance sheet;
  • increases in deposit insurance premiums or assessments imposed on the Company by the FDIC;
  • a failure of the Company’s operating systems or infrastructure, or those of its third-party vendors, that could disrupt its business;
  • risks that are not effectively identified or mitigated by the Company’s risk management framework; and
  • difficulty attracting and/or retaining key executives and/or relationship managers at compensation levels necessary to maintain a competitive market position; as well as the risks and uncertainties described from time to time in the Company’s reports as filed with the SEC.

The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
           
 
CONSOLIDATED BALANCE SHEETS
 
At December 31, 2012 At December 31, 2011
(unaudited)
(Dollars in thousands except share amounts)
ASSETS
Cash and due from Banks $ 24,139 $ 34,323
Federal funds sold and interest bearing deposits in banks   6,520     6,324  
Cash and cash equivalents 30,659 40,647
Securities Available for sale, at fair value   203,763     226,012  
Total securities 203,763 226,012
Restricted stock 5,741 5,741
Loans held for sale 7,634 3,448
Loans:
Portfolio loans 882,548 843,088
Allowance for loan losses   (17,637 )   (17,063 )
Net loans   864,911     826,025  
Bank premises and equipment, net 8,721 8,968
Other real estate owned 1,366 1,687
Bank owned life insurance 18,611 17,868
Goodwill, net 21,582 21,582
Intangible assets, net 594 731
Accrued interest receivable 3,726 3,550
Other assets   10,946     12,163  
Total Assets $ 1,178,254   $ 1,168,422  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Demand and other noninterest-bearing $ 139,895 $ 126,713
Savings, money market and interest-bearing demand 377,287 359,977
Certificates of deposit   482,411     504,390  
Total deposits   999,593     991,080  
Short-term borrowings 1,115 227
Federal Home Loan Bank advances 46,508 42,497
Junior subordinated debentures 16,238 16,238
Accrued interest payable 882 1,118
Accrued taxes, expenses and other liabilities   3,774     3,988  
Total Liabilities   1,068,110     1,055,148  
Shareholders' Equity

Preferred stock, Series A Voting, no par value, authorized 150,000 shares at December 31, 2012 and December 31, 2011.
- -
Fixed rate cumulative preferred stock, Series B, no par value, $1,000 liquidation value, 18,880 shares authorized and issued at December 31, 2012 and 25,223 shares at December 31, 2011. 18,880 25,223
Discount on Series B preferred stock (65 ) (101 )
Warrant to purchase common stock - 146

Common stock, par value $1 per share, authorized 15,000,000 shares, issued shares 8,272,548 at December 31, 2012 and 8,210,443 at December 31, 2011.
8,273 8,210
Additional paid-in capital 39,141 39,607
Retained earnings 48,767 44,080
Accumulated other comprehensive income 1,240 2,201
Treasury shares at cost, 328,194 shares at December 31, 2012 and at December 31, 2011   (6,092 )   (6,092 )
Total Shareholders' Equity   110,144     113,274  
Total Liabilities and Shareholders' Equity $ 1,178,254   $ 1,168,422  
 

       
 
Consolidated Statements of Income (unaudited)
 
        Three Months Ended

December 31,
Twelve Months Ended

December 31,
2012 2011 2012 2011
(Dollars in thousands except share and per share amounts) (Dollars in thousands except share and per share amounts)
Interest Income
Loans $ 9,556 $ 10,402 $ 39,794 $ 42,133
Securities:
U.S. Government agencies and corporations 991 1,253 4,677 5,847
State and political subdivisions 290 265 1,157 1,035
Other debt and equity securities 75 67 285 277
Federal funds sold and short-term investments   8     19     35     57  
Total interest income 10,920 12,006 45,948 49,349
 
Interest Expense
Deposits 1,336 1,836 5,944 8,367
Federal Home Loan Bank advances 224 263 865 1,053
Short-term borrowings 1 - 1 2
Junior subordinated debenture   171     175     699     686  
Total interest expense   1,732     2,274     7,509     10,108  
Net Interest Income 9,188 9,732 38,439 39,241
Provision for Loan Losses   1,800     2,808     7,242     10,353  
Net interest income after provision for loan losses 7,388 6,924 31,197 28,888
 
Noninterest Income
Investment and trust services 373 359 1,563 1,610
Deposit service charges 953 1,064 3,811 4,079
Other service charges and fees 768 752 3,082 3,246
Income from bank owned life insurance 241 198 742 722
Other income   263     144     877     330  
Total fees and other income 2,598 2,517 10,075 9,987
Securities gains, net 143 325 189 832
Gains on sale of loans 659 291 1,575 889
Loss on sale of other assets, net   (24 )   (135 )   (92 )   (293 )
Total noninterest income 3,376 2,998 11,747 11,415
 
Noninterest Expense
Salaries and employee benefits 4,581 3,795

16,768
15,944
Furniture and equipment 958 789

4,060
3,088
Net occupancy 543 541

2,207
2,310
Professional fees 595 473

2,034
1,854
Marketing and public relations 277 241 1,231 1,002
Supplies, postage and freight 308 281 1,091 1,107
Telecommunications 195 180 731 727
Ohio Franchise tax 305 399 1,232 1,298
FDIC assessments 172 380 1,304 1,749
Other real estate owned 156 80 570 1,021
Electronic banking expenses 40 231 722 899
Loan and collection expense 99 278 1,150 1,364
Other expense   405     436     1,803     1,781  
Total noninterest expense   8,634     8,104     34,903     34,144  
Income before income tax expense 2,130 1,818 8,041 6,159
Income tax expense   491     329     1,934     1,156  
 
Net Income $ 1,639   $ 1,489   $ 6,107   $ 5,003  
Dividends and accretion on preferred stock   310     320     1,266     1,276  
 
Net Income Available to Common Shareholders $ 1,329   $ 1,169   $ 4,841   $ 3,727  
 
Net Income Per Common Share
Basic $ 0.17 $ 0.15 $ 0.61 $ 0.47
Diluted 0.17 0.15 0.61 0.47
Dividends declared 0.01 0.01 0.04 0.04
Average Common Shares Outstanding
Basic 7,944,354 7,880,249 7,939,433 7,880,249
Diluted 7,949,118 7,880,249 7,943,888 7,880,249
 

                     
 
Supplemental Financial Information
(Unaudited - Dollars in thousands except Share and Per Share Data)
 
Three Months Ended Twelve Months Ended
December 31, September 30, June 30, March 31, December 31, December 31, December 31,
END OF PERIOD BALANCES         2012   2012   2012   2012   2011 2012   2011
Cash and Cash Equivalents $ 30,659 $ 28,527 $ 56,619 $ 44,112 $ 40,647 $ 30,659 $ 40,647
Securities 203,763 235,334 228,788 231,851 226,012 203,763 226,012
Restricted stock 5,741 5,741 5,741 5,741 5,741 5,741 5,741
Loans held for sale 7,634 3,380 1,207 4,462 3,448 7,634 3,448
Portfolio loans 882,548 885,715 867,459 862,220 843,088 882,548 843,088
Allowance for loan losses   17,637   17,587   17,300   17,115   17,063   17,637   17,063
Net loans 864,911 868,128 850,159 845,105 826,025 864,911 826,025
Other assets   65,546   65,519   65,431   67,823   66,549   65,546   66,549
Total assets $ 1,178,254 $ 1,206,629 $ 1,207,945 $ 1,199,094 $ 1,168,422 $ 1,178,254 $ 1,168,422
Total deposits 999,593 1,021,709 1,023,553 1,016,166 991,080 999,593 991,080
Other borrowings 63,861 64,720 64,560 64,628 58,962 63,861 58,962
Other liabilities   4,656   4,123   4,296   4,240   5,106   4,656   5,106
Total liabilities 1,068,110 1,090,552 1,092,409 1,085,034 1,055,148 1,068,110 1,055,148
Total shareholders' equity   110,144   116,077   115,537   114,061   113,274   110,144   113,274
Total liabilities and shareholders' equity $ 1,178,254 $ 1,206,629 $ 1,207,945 $ 1,199,094 $ 1,168,422 $ 1,178,254 $ 1,168,422
 
AVERAGE BALANCES
Assets:
Total assets $ 1,198,845 $ 1,202,425 $ 1,206,297 $ 1,176,454 $ 1,168,340 $ 1,196,005 $ 1,167,661
Earning assets* 1,124,703 1,128,665 1,122,918 1,093,618 1,082,438 1,117,489 1,085,412
Securities 224,876 233,153 226,476 222,832 224,778 226,827 229,920
Portfolio loans 883,228 876,817 866,909 856,364 833,811 869,455 823,962
Liabilities and shareholders' equity:
Total deposits $ 1,013,808 $ 1,016,029 $ 1,022,428 $ 993,839 $ 991,105 $ 1,011,511 $ 991,523
Interest bearing deposits 870,551 872,309 885,922 869,107 866,037 874,434 869,737
Interest bearing liabilities 935,239 939,268 950,647 933,033 925,530 939,520 929,461
Total shareholders' equity 116,573 115,666 115,281 114,156 112,925 115,423 111,809
 
INCOME STATEMENT
Total Interest Income $ 10,920 $ 11,290 $ 11,845 $ 11,677 $ 12,006 $ 45,948 $ 49,349
Total Interest Expense   1,732   1,843   1,912   2,022   2,274   7,509   10,108
Net interest income 9,188 9,447 9,933 9,655 9,732 38,439 39,241
Provision for loan losses 1,800 1,875 1,667 1,900 2,808 7,242 10,353
Other income 2,598 2,592 2,384 2,581 2,517 10,075 9,987
Net gain on sale of assets 778 441 159 294 481 1,672 1,428
Noninterest expense   8,634   8,542   9,047   8,544   8,104   34,903   34,144
Income before income taxes 2,130 2,063 1,762 2,086 1,818 8,041 6,159
Income tax expense   491   538   324   581   329   1,934   1,156
Net income 1,639 1,525 1,438 1,505 1,489 6,107 5,003
Preferred stock dividend and accretion   310   319   318   319   320   1,266   1,276
Net income available to common shareholders $ 1,329 $ 1,206 $ 1,120 $ 1,186 $ 1,169 $ 4,841 $ 3,727
Common cash dividend declared and paid $ 79 $ 79 $ 79 $ 79 $ 79 $ 317 $ 316
 
Net interest income-FTE (1) $ 9,339 $ 9,592 $ 10,093 $ 9,806 $ 9,877 $ 39,050 $ 39,833
Pre-provision core earnings 3,930 3,938 3,429 3,986 4,626 15,283 16,512
 

                     
Three Months Ended Twelve Months Ended
December 31, September 30, June 30, March 31, December 31, December 31, December 31,
          2012   2012   2012   2012   2011 2012   2011
PER SHARE DATA
Basic net income per common share $ 0.17 $ 0.15 $ 0.14 $ 0.15 $ 0.15 $ 0.61 $ 0.47
Diluted net income per common share 0.17 0.15 0.14 0.15 0.15 0.61 0.47
Cash dividends per common share 0.01 0.01 0.01 0.01 0.01 0.04 0.04
Book value per common shares outstanding 11.50 11.45 11.38 11.19 11.18 11.50 11.18
Tangible book value per common shares outstanding** 8.70 8.65 8.58 8.39 8.35 8.70 8.35
Period-end common share market value 5.90 6.09 6.58 6.94 4.70 5.90 4.70
Market as a % of book 51.32 % 53.20 % 57.82 % 61.99 % 42.04 % 51.32 % 42.04 %
Basic average common shares outstanding 7,944,354 7,944,354 7,944,354 7,924,562 7,882,249 7,939,433 7,880,249
Diluted average common shares outstanding 7,949,537 7,949,118 7,950,539 7,925,368 7,882,249 7,943,888 7,880,249
Common shares outstanding 7,944,354 7,944,354 7,944,354 7,944,354 7,882,249 7,944,354 7,882,249
 
KEY RATIOS
Return on average assets (2) 0.54 % 0.50 % 0.48 % 0.51 % 0.51 % 0.51 % 0.43 %
Return on average common equity (2) 5.59 % 5.25 % 5.02 % 5.30 % 5.23 % 5.29 % 4.47 %
Efficiency ratio 67.91 % 67.66 % 71.60 % 67.38 % 62.94 % 68.71 % 66.63 %
Noninterest expense to average assets (2) 2.87 % 2.83 % 3.02 % 2.92 % 2.75 % 2.92 % 2.92 %
Average equity to average assets 9.72 % 9.62 % 9.56 % 9.70 % 9.67 % 9.65 % 9.58 %
Net interest margin (FTE) (1) 3.30 % 3.38 % 3.61 % 3.61 % 3.62 % 3.49 % 3.67 %
Common stock dividend payout ratio 5.98 % 6.59 % 7.10 % 6.68 % 6.74 % 6.56 % 8.46 %
Common stock market capitalization $ 46,872 $ 48,381 $ 52,274 $ 55,134 $ 37,047 $ 46,872 $ 37,047
 
ASSET QUALITY
Allowance for Loan Losses
Allowance for loan losses, beginning of period $ 17,587 $ 17,300 $ 17,115 $ 17,063 $ 17,845 17,063 16,136
Provision for loan losses 1,800 1,875 1,667 1,900 2,808 7,242 10,353
Charge-offs 2,201 1,681 1,621 2,076 3,747 7,579 10,109
Recoveries           451       93       139       228       157         911       683  
Net charge-offs           1,750       1,588       1,482       1,848       3,590         6,668       9,426  
Allowance for loan losses, end of period         $ 17,637     $ 17,587     $ 17,300     $ 17,115     $ 17,063       $ 17,637     $ 17,063  
 
CAPITAL & LIQUIDITY
Period-end tangible common equity to assets** 5.97 % 5.79 % 5.73 % 5.65 % 5.73 % 5.97 % 5.73 %
Average equity to assets 9.72 % 9.62 % 9.56 % 9.70 % 9.67 % 9.65 % 9.58 %
Average equity to loans 13.20 % 13.19 % 13.30 % 13.33 % 13.54 % 13.28 % 13.57 %
Average loans to deposits 87.12 % 86.30 % 84.79 % 86.17 % 84.13 % 85.96 % 83.10 %
Tier 1 leverage ratio (3) 8.79 % 9.17 % 8.78 % 8.87 % 8.80 % 8.79 % 8.80 %
Tier 1 risk-based capital ratio (3) 11.21 % 11.71 % 11.46 % 11.37 % 11.39 % 11.21 % 11.39 %
Total risk-based capital ratio (3) 12.47 % 12.97 % 13.97 % 13.94 % 14.01 % 12.47 % 14.01 %
 
Nonperforming Assets
Nonperforming loans $ 27,796 $ 32,584 $ 34,993 $ 36,870 $ 34,471 $ 27,796 $ 34,471
Other real estate owned           1,366       1,653       1,506       1,845       1,687         1,366       1,687  
Total nonperforming assets         $ 29,162     $ 34,237     $ 36,499     $ 38,715     $ 36,158       $ 29,162     $ 36,158  
 
Ratios
Total nonperforming loans to total loans 3.15 % 3.68 % 4.03 % 4.28 % 4.09 % 3.15 % 4.09 %
Total nonperforming assets to total assets 2.48 % 2.84 % 3.02 % 3.23 % 3.09 % 2.48 % 3.09 %
Net charge-offs to average loans (2) 0.79 % 0.72 % 0.69 % 0.87 % 1.71 % 0.77 % 1.14 %
Provision for loan losses to average loans (2) 0.81 % 0.85 % 0.77 % 0.89 % 1.34 % 0.83 % 1.26 %
Allowance for loan losses to portfolio loans 2.00 % 1.99 % 1.99 % 1.98 % 2.02 % 2.00 % 2.02 %
Allowance to nonperforming loans 63.45 % 53.97 % 49.44 % 46.42 % 49.50 % 63.45 % 49.50 %
Allowance to nonperforming assets 60.48 % 51.37 % 47.40 % 44.21 % 47.19 % 60.48 % 47.19 %
 
(1) FTE -- fully tax equivalent at 34% tax rate
(2) Annualized
(3) 12-31-12 ratio is estimated.
* Earning Assets includes Loans Held for Sale
* * Non-GAAP measures.
 

               
 
Reconciliation of Pre-Provision Core Earnings*
 
Three Months Ended

December 31,
Twelve Months Ended

December 31,

2012

2011

2012

2011
 
Pre-provision Core Earnings* $ 3,930 $ 4,626 $ 15,283 $ 16,512
Provision for Loan Losses   1,800   2,808   7,242   10,353
Income before income tax expense $ 2,130 $ 1,818 $ 8,041 $ 6,159
 

* Pre-provision core earnings is a non-GAAP financial measure that the Company’s management believes is useful in analyzing the Company’s underlying performance trends, particularly in periods of economic stress. Pre-provision core earnings is defined as income before income tax expense, adjusted to exclude the impact of provision for loan losses.

Copyright Business Wire 2010

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