LNB Bancorp Inc.

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Press Release $LNBB LNB Bancorp Inc.

0 COMMENTs 30 Jan
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LNB Bancorp, Inc. Reports Fourth Quarter and Full Year 2013 Results
  • Fourth quarter 2013 net income available to common shareholders of $1.5 million, up 16% from a year-ago.
  • Full year 2013 net income available to common shareholders of $5.5 million, up 14% from last year
  • Loan balances increased by $19.8 million, or 2% over prior year
  • Nonperforming assets declined by $6.6 million, or 23%, from 2012
  • Announced redemption of all outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series B

LORAIN, Ohio--(BUSINESS WIRE)-- 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.

Operating revenue, including net interest income on a fully tax-equivalent basis ("FTE") plus noninterest income from operations, was $12.4 million for the fourth quarter of 2013, which was $267,000 less than the fourth quarter of the prior year. The net interest margin (FTE) for the fourth quarter of 2013 was 3.20%, a decline of 10 basis points from the 2012 fourth quarter.

Noninterest income was $3.3 million for the fourth quarter of 2013 compared to $3.4 million for the prior-year fourth quarter. Noninterest expense was $9 million for the fourth quarter of 2013 compared with $8.6 million for the fourth quarter of 2012, an increase of 4%.

The provision for loan losses was $1.0 million in the fourth quarter of 2013, down $775,000 from the 2012 fourth quarter, reflecting the Company’s improvement in credit quality. Net charge-offs were $1.3 million for the fourth quarter of 2013, or 0.58% of average loans (annualized), compared to $1.75 million, or 0.79% of average loans (annualized) in the fourth quarter of 2012.

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 2013, the Company issued a notice to redeem all of the outstanding shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series B (“Series B Preferred Stock”), and on January 17, 2014 completed the repurchase and redemption of the Series B Preferred Stock for an aggregate price of $9,147,000, plus approximately $74,000 of accrued but unpaid dividends. As a result of the repurchase and redemption the Company expects to save approximately $777,500 in dividends that otherwise would have been payable on the Series B Preferred Stock during 2014. 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.

In connection with the retirement of Series B Preferred Stock, the Company completed the sale of 367,321 newly issued common shares to certain institutional investors, other third-party investors and certain directors of LNB in a private placement in December 2013 for approximately $3.68 million in gross proceeds. LNB retired the Series B Preferred Stock using the proceeds of the private placement along with cash from approximately $3,000,000 in borrowings under a line of credit with an unaffiliated financial institution and from LNB’s accumulated earnings and excess capital.

Full Year 2013 Review

Total assets at December 31, 2013 were $1.23 billion, up $52 million from 2012. Portfolio loans grew $19.8 million to $902 million at December 31, 2013, an increase of 2% from 2012. Total deposits at December 31, 2013 were $1.05 billion compared with $1.0 billion at 2012 year end.

Net interest income on a fully tax-equivalent basis (FTE) for 2013 was $36.2 million compared to $39.1 million for 2012. The net interest margin was 3.19% for 2013 compared to 3.49% for 2012.

Noninterest income for 2013 was $12.1 million, compared to $11.7 million for 2012.

Noninterest expense was $35.2 million in 2013, up slightly from $34.9 million in 2012.

The company continues to aggressively manage credit quality. During 2013, nonperforming assets declined by nearly $6.6 million, or 23%, to $22.6 million. For 2013, nonperforming assets comprised 1.83 % of total assets, compared to 2.48% of total assets, for 2012.

Net charge-offs were $4.5 million for 2013, or 0.51 % of average loans, compared to $6.7 million in 2012, or 0.77% of average loans.

The allowance for loan losses was $17.5 million at December 31, 2013, or 1.94% of total loans, compared to $17.6 million at December 31, 2012, or 2.0% of total loans. For the year 2013, the provision for loan losses was $4.4 million compared to the 2012 provision of $7.2 million.

All regulatory ratios continue to exceed the threshold for “well-capitalized.” As of December 31, 2013 Tier 1 leverage ratio totaled 9.22%, Tier 1 risk-based capital ratio totaled 11.64% and Total risk-based capital ratio totaled 12.90%. Tangible Common Equity improved by 79 basis points to 6.77%.

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, funding any repurchase or redemption of the Company’s outstanding preferred stock; 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, 2013 At December 31, 2012
(unaudited)
(Dollars in thousands except share amounts)
ASSETS
Cash and due from banks $ 36,717 $ 24,139
Federal funds sold and interest bearing deposits in banks   15,555     6,520  
Cash and cash equivalents 52,272 30,659
Securities available for sale, at fair value 216,122 203,763
Restricted stock 5,741 5,741
Loans held for sale 4,483 7,634
Loans:
Portfolio loans 902,299 882,548
Allowance for loan losses   (17,505 )   (17,637 )
Net loans   884,794     864,911  
Bank premises and equipment, net 8,198 8,721
Other real estate owned 579 1,366
Bank owned life insurance 19,362 18,611
Goodwill, net 21,582 21,582
Intangible assets, net 457 594
Accrued interest receivable 3,621 3,726
Other assets   13,046     10,946  
Total Assets $ 1,230,257   $ 1,178,254  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Demand and other noninterest-bearing $ 148,961 $ 139,894
Savings, money market and interest-bearing demand 393,778 377,287
Certificates of deposit   502,850     482,411  
Total deposits   1,045,589     999,592  
Short-term borrowings 4,576 1,115
Federal Home Loan Bank advances 46,708 46,508
Junior subordinated debentures 16,238 16,238
Accrued interest payable 789 882
Accrued taxes, expenses and other liabilities   4,901     3,775  
Total Liabilities   1,118,801     1,068,110  
Shareholders' Equity

Preferred stock, Series A Voting, no par value, authorized 150,000 shares at December 31, 2013 and December 31, 2012.

- -

Fixed rate cumulative preferred stock, Series B, no par value, $1,000 liquidation value, 7,689 shares authorized and issued at December 31, 2013 and 18,880 shares at December 31, 2012.

7,689 18,880
Discount on Series B preferred stock (19 ) (65 )

Common stock, par value $1 per share, authorized 15,000,000 shares, issued shares 10,001,717 at December 31, 2013 and 8,272,548 at December 31, 2012.

10,002 8,273
Additional paid-in capital 51,098 39,141
Retained earnings 53,966 48,767
Accumulated other comprehensive income (loss) (5,188 ) 1,240
Treasury shares at cost, 328,194 shares at December 31, 2013 and at December 31, 2012   (6,092 )   (6,092 )
Total Shareholders' Equity   111,456     110,144  
Total Liabilities and Shareholders' Equity $ 1,230,257   $ 1,178,254  
 

Consolidated Statements of Income (unaudited)
       
Three Months Ended

December 31,

Three Months Ended

December 31,

Twelve Months Ended

December 31,

Twelve Months Ended

December 31,

2013

2012

2013

2012

(Dollars in thousands except share and per share amounts)
Interest Income
Loans $ 9,118 $ 9,556 $ 36,409 $ 39,794
Securities:
U.S. Government agencies and corporations 971 991 3,587 4,677
State and political subdivisions 304 290 1,191 1,157
Other debt and equity securities 127 75 464 285
Federal funds sold and short-term investments   5   8     28   35  
Total interest income 10,525 10,920 41,679 45,948
Interest Expense
Deposits 1,153 1,336 4,838 5,944
Federal Home Loan Bank advances 159 224 628 865
Short-term borrowings 6 1 7 1
Junior subordinated debenture   172   171     683   699  
Total interest expense   1,490   1,732     6,156   7,509  
Net Interest Income 9,035 9,188 35,523 38,439
Provision for Loan Losses   1,025   1,800     4,375   7,242  
Net interest income after provision for loan losses 8,010 7,388 31,148 31,197
Noninterest Income
Investment and trust services 377 373 1,555 1,563
Deposit service charges 901 953 3,509 3,811
Other service charges and fees 820 768 3,279 3,082
Income from bank owned life insurance 240 241 752 742
Other income (loss)   186   263     521   877  
Total fees and other income 2,524 2,598 9,616 10,075
Securities gains, net - 143 178 189
Gains on sale of loans 707 659 2,324 1,575
Gain (loss) on sale of other assets, net   25   (24 )   8   (92 )
Total noninterest income 3,256 3,376 12,126 11,747
Noninterest Expense

Salaries and employee benefits

4,607 4,535 18,058 16,768
Furniture and equipment 1,075 1,078 4,234 4,060
Net occupancy 609 543 2,310 2,207
Professional fees 457 561 1,870 2,034
Marketing and public relations 278 277 1,216 1,231
Supplies, postage and freight 236 308 1,045 1,091
Telecommunications 168 195 669 731
Ohio Franchise tax 299 305 1,213 1,232
FDIC assessments 266 172 1,039 1,304
Other real estate owned 102 156 382 570
Loan and collection expense 397 99 1,427 1,150
Other expense   489   405     1,724   2,525  
Total noninterest expense   8,983   8,634     35,187   34,903  
Income before income tax expense 2,283 2,130 8,087 8,041
Income tax expense   577   491     1,926   1,934  
Net Income $ 1,706 $ 1,639   $ 6,161 $ 6,107  
Dividends and accretion on preferred stock   163   310     646   1,266  
Net Income Available to Common Shareholders $ 1,543 $ 1,329   $ 5,515 $ 4,841  
 
Net Income Per Common Share
Basic $ 0.16 $ 0.17 $ 0.61 $ 0.61
Diluted 0.16 0.17 0.61 0.61
Dividends declared 0.01 0.01 0.04 0.04
Average Common Shares Outstanding
Basic 9,379,355 7,944,354 9,050,901 7,939,433
Diluted 9,404,651 7,949,118 9,070,890 7,943,918
 

LNB Bancorp, Inc.
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   2013   2013   2013   2013   2012 2013   2012
Cash and Cash Equivalents $ 52,272 $ 47,090 $ 49,534 $ 54,954 $ 30,659 $ 52,272 $ 30,659
Securities 216,122 215,290 228,766 223,173 203,763 216,122 203,763
Restricted stock 5,741 5,741 5,741 5,741 5,741 5,741 5,741
Loans held for sale 4,483 2,110 3,423 6,250 7,634 4,483 7,634
Portfolio loans 902,299 891,300 882,896 889,931 882,548 902,299 882,548
Allowance for loan losses   17,505   17,791   17,815   17,806   17,637   17,505   17,637
Net loans 884,794 873,509 865,081 872,125 864,911 884,794 864,911
Other assets   66,845   66,762   65,701   68,940   65,546   66,845   65,546
Total assets $ 1,230,257 $ 1,210,502 $ 1,218,246 $ 1,231,183 $ 1,178,254 $ 1,230,257 $ 1,178,254
Total deposits 1,045,589 1,032,245 1,039,279 1,049,176 999,592 1,045,589 999,592
Other borrowings 67,522 64,539 64,704 64,684 63,861 67,522 63,861
Other liabilities   5,690   5,757   5,369   7,118   4,657   5,690   4,657
Total liabilities 1,118,801 1,102,541 1,109,352 1,120,978 1,068,110 1,118,801 1,068,110
Total shareholders' equity   111,456   107,961   108,894   110,205   110,144   111,456   110,144
Total liabilities and shareholders' equity $ 1,230,257 $ 1,210,502 $ 1,218,246 $ 1,231,183 $ 1,178,254 $ 1,230,257 $ 1,178,254
 
AVERAGE BALANCES
Assets:
Total assets $ 1,221,830 $ 1,213,502 $ 1,233,694 $ 1,195,630 $ 1,198,845 $ 1,216,228 $ 1,196,003
Earning assets* 1,137,943 1,130,695 1,147,869 1,113,292 1,124,703 1,132,514 1,117,487
Securities 214,860 222,229 225,644 207,791 224,876 217,882 226,826
Portfolio loans 899,899 883,321 882,499 884,893 883,228 887,866 869,454
Liabilities and shareholders' equity:
Total deposits $ 1,041,763 $ 1,036,149 $ 1,053,952 $ 1,016,968 $ 1,013,808 $ 1,037,273 $ 1,011,511
Interest bearing deposits 891,589 896,937 914,652 879,208 870,551 895,634 874,434
Interest bearing liabilities 956,866 961,636 979,260 943,566 935,239 960,372 939,519
Total shareholders' equity 109,814 108,025 110,619 110,416 116,573 109,712 115,423
 
INCOME STATEMENT
Total Interest Income $ 10,525 $ 10,304 $ 10,576 $ 10,274 $ 10,920 $ 41,679 $ 45,948
Total Interest Expense   1,490   1,529   1,567   1,570   1,732   6,156   7,509
Net interest income 9,035 8,775 9,009 8,704 9,188 35,523 38,439
Provision for loan losses 1,025 950 1,050 1,350 1,800 4,375 7,242
Other income 2,524 2,062 2,519 2,511 2,598 9,616 10,075
Net gain on sale of assets 732 404 553 821 778 2,510 1,672
Noninterest expense   8,983   8,301   8,622   9,281   8,634   35,187   34,903
Income before income taxes 2,283 1,990 2,409 1,405 2,130 8,087 8,041
Income tax expense   577   471   586   292   491   1,926   1,934
Net income 1,706 1,519 1,823 1,113 1,639 6,161 6,107
Preferred stock dividend and accretion   163   109   117   257   310   646   1,266
Net income available to common shareholders $ 1,543 $ 1,410 $ 1,706 $ 856 $ 1,329 $ 5,515 $ 4,841
Common cash dividend declared and paid $ 93 $ 93 $ 93 $ 79 $ 79 $ 358 $ 317
 
Net interest income-FTE (1) $ 9,192 $ 8,934 $ 9,169 $ 8,860 $ 9,339 $ 36,156 $ 39,050
Total Operating Revenue (4) $ 12,448 $ 11,400 $ 12,241 $ 12,192 $ 12,715 $ 48,282 $ 50,797
 

  Three Months Ended   Twelve Months Ended
December 31,   September 30,   June 30,   March 31,   December 31, December 31,   December 31,
    2013   2013   2013   2013   2012 2013   2012
PER SHARE DATA
Basic net income per common share $ 0.16 $ 0.15 $ 0.18 $ 0.10 $ 0.17 $ 0.61 $ 0.61
Diluted net income per common share 0.16 0.15 0.18 0.10 0.17 0.61 0.61
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 10.73 10.62 10.36 10.87 11.50 10.73 11.50
Tangible book value per common shares outstanding** 8.45 8.25 8.35 8.49 8.70 8.45 8.70
Period-end common share market value 10.03 9.40 8.59 8.31 5.90 10.03 5.90
Market as a % of tangible book 118.69 % 113.93 % 102.90 % 97.93 % 67.82 % 118.69 % 67.82 %
Basic average common shares outstanding 9,379,355 9,303,702 9,303,702 8,201,120 7,944,354 9,050,901 7,939,433
Diluted average common shares outstanding 9,404,651 9,323,657 9,319,142 8,212,038 7,949,556 9,070,890 7,943,918
Common shares outstanding 9,673,523 9,303,702 9,303,702 9,303,702 7,944,354 9,673,523 7,944,354
 
KEY RATIOS
Return on average assets (2) 0.55 % 0.50 % 0.59 % 0.38 % 0.54 % 0.51 % 0.51 %
Return on average common equity (2) 6.16 % 5.58 % 6.61 % 4.09 % 5.59 % 5.62 % 5.29 %
Efficiency ratio 72.16 % 72.82 % 70.44 % 76.12 % 67.90 % 72.88 % 68.71 %
Noninterest expense to average assets (2) 2.92 % 2.71 % 2.80 % 3.15 % 2.87 % 2.89 % 2.92 %
Average equity to average assets 8.99 % 8.90 % 8.97 % 9.23 % 9.72 % 9.02 % 9.65 %
Net interest margin (FTE) (1) 3.20 % 3.13 % 3.20 % 3.23 % 3.30 % 3.19 % 3.49 %
Common stock dividend payout ratio 6.10 % 6.61 % 5.46 % 9.59 % 5.88 % 6.56 % 6.56 %
Common stock market capitalization $ 97,025 $ 87,455 $ 79,919 $ 77,314 $ 46,872 $ 97,025 $ 46,872
 
 
ASSET QUALITY
Allowance for Loan Losses
Allowance for loan losses, beginning of period $ 17,791 $ 17,815 $ 17,806 $ 17,637 $ 17,587 17,637 17,063
Provision for loan losses 1,025 950 1,050 1,350 1,800 4,375 7,242
Charge-offs 1,570 1,354 1,667 1,428 2,201 6,019 7,578
Recoveries   259     380     626     247     451     1,512     910  
Net charge-offs   1,311     974     1,041     1,181     1,750     4,507     6,668  
Allowance for loan losses, end of period $ 17,505   $ 17,791   $ 17,815   $ 17,806   $ 17,637   $ 17,505   $ 17,637  
 
Nonperforming Assets
Nonperforming loans $ 21,986 $ 24,977 $ 26,605 $ 28,514 $ 27,796 $ 21,986 $ 27,796
Other real estate owned   579     951     1,149     1,215     1,366     579     1,366  
Total nonperforming assets $ 22,565   $ 25,928   $ 27,754   $ 29,729   $ 29,162   $ 22,565   $ 29,162  
 
Ratios
Total nonperforming loans to total loans 2.44 % 2.80 % 3.01 % 3.20 % 3.15 % 2.44 % 3.15 %
Total nonperforming assets to total assets 1.83 % 2.14 % 2.28 % 2.41 % 2.48 % 1.83 % 2.48 %
Net charge-offs to average loans (2) 0.58 % 0.44 % 0.47 % 0.54 % 0.79 % 0.51 % 0.77 %
Provision for loan losses to average loans (2) 0.45 % 0.43 % 0.48 % 0.62 % 0.81 % 0.49 % 0.83 %
Allowance for loan losses to portfolio loans 1.94 % 2.00 % 2.02 % 2.00 % 2.00 % 1.94 % 2.00 %
Allowance to nonperforming loans 79.62 % 71.23 % 66.96 % 62.45 % 63.45 % 79.62 % 63.45 %
Allowance to nonperforming assets 77.58 % 68.62 % 64.19 % 59.89 % 60.48 % 77.58 % 60.48 %
 
CAPITAL & LIQUIDITY
Period-end tangible common equity to assets** 6.77 % 6.64 % 6.49 % 6.53 % 5.98 % 6.77 % 5.98 %
Average equity to assets 8.99 % 8.90 % 8.97 % 9.23 % 9.72 % 9.02 % 9.65 %
Average equity to loans 12.20 % 12.23 % 12.53 % 12.48 % 13.20 % 12.36 % 13.28 %
Average loans to deposits 86.38 % 85.25 % 83.73 % 87.01 % 87.12 % 85.60 % 85.96 %
Tier 1 leverage ratio (3) 9.22 % 8.95 % 8.73 % 8.88 % 8.79 % 9.22 % 8.79 %
Tier 1 risk-based capital ratio (3) 11.63 % 11.40 % 11.36 % 11.05 % 11.21 % 11.63 % 11.21 %
Total risk-based capital ratio (3) 12.89 % 12.65 % 12.62 % 12.31 % 12.47 % 12.89 % 12.47 %
 
(1) FTE -- fully tax equivalent at 34% tax rate
(2) Annualized

(3) 12-31-13 ratio is estimated.

(4) Net interest income on a fully tax-equivalent basis ("FTE") plus noninterest income from operations
* Earning Assets includes Loans Held for Sale
* * Non-GAAP measures.

LNB Bancorp, Inc.
Peter R. Catanese, Senior Vice President, 440-244-7126

Source: LNB Bancorp, Inc.

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