LNB Bancorp Inc. (LNBB, Financial) filed Quarterly Report for the period ended 2009-03-31.
LNB Bancorp Inc. is a financial holding company. LNB Bancorp Inc. has a market cap of $41.8 million; its shares were traded at around $5.72 with a P/E ratio of 12.7 and P/S ratio of 0.6. The dividend yield of LNB Bancorp Inc. stocks is 6.3%.
Net interest income, before provision for loan losses, was $8,898 for the first quarter 2009 as compared to $7,520 during the same quarter 2008. Adjusting for tax-exempt income, consolidated net interest income, before provision for loan losses, for the first quarter 2009 and 2008 was $9,019 and $7,615, respectively. The net interest margin, determined by dividing tax equivalent net interest income by average earning assets, was 3.33% for the three months ended March 31, 2009 compared to 3.09% for the three months ended March 31, 2008.
Average earning assets for the first quarter of 2009 were $1,099,310. This was an increase of $110,934 or 11.22% over the same quarter last year. The yield on average earning assets was 5.40% in the first quarter of 2009 as compared to 6.17% for the same period last year. The yield on average portfolio loans during the first quarter of 2009 was 5.84%. This was 81 basis points lower than that of the first quarter of 2008 at 6.65%. Interest income from securities was $3,002 (FTE) for the three months ended March 31, 2009, as compared to $2,561 during the first quarter of 2008. The yield on average securities was 4.75% and 4.59% for these periods, respectively. The cost of interest-bearing liabilities was 2.37% during the first quarter of 2009 as compared to 3.44% during the same period in 2008. The average cost of trust preferred securities was 4.99% for the first quarter of 2009, compared to 6.56% for the first quarter of 2008. One half of the securities were issued at a fixed rate of 6.64% and the other at LIBOR plus 1.48%.
Consolidated net interest income (FTE) for the first quarter 2009 and 2008 was $9,019 and $7,615, respectively. Interest income for the first quarter of 2009 decreased $563 in comparison to the same period in 2008. This decrease is attributable to $1,468 decrease attributed to rate, offset by an increase of $905 attributed to volume. For the same period, interest expense decreased $1,967, with the decrease being attributable to a $2,227 decrease attributed to rate, offset by an increase attributed to volume of $260. Overall, while balance sheet growth contributed $645 to net interest income (FTE), the spread between interest income and interest expense rate of $759 had a more significant contribution to the overall net interest income (FTE) increase of $1,404.
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LNB Bancorp Inc. is a financial holding company. LNB Bancorp Inc. has a market cap of $41.8 million; its shares were traded at around $5.72 with a P/E ratio of 12.7 and P/S ratio of 0.6. The dividend yield of LNB Bancorp Inc. stocks is 6.3%.
Highlight of Business Operations:
Net income was $1,317 for the first quarter of 2009. Net income available to common shareholders was $1,018 and earnings per diluted common share for the first quarter of 2009 were $0.14. This compares to net income of $1,447 or $.20 per diluted common share for the first quarter of 2008. First quarter 2009 net interest income totaled $8,898, compared to $7,520 for the first quarter of 2008.Net interest income, before provision for loan losses, was $8,898 for the first quarter 2009 as compared to $7,520 during the same quarter 2008. Adjusting for tax-exempt income, consolidated net interest income, before provision for loan losses, for the first quarter 2009 and 2008 was $9,019 and $7,615, respectively. The net interest margin, determined by dividing tax equivalent net interest income by average earning assets, was 3.33% for the three months ended March 31, 2009 compared to 3.09% for the three months ended March 31, 2008.
Average earning assets for the first quarter of 2009 were $1,099,310. This was an increase of $110,934 or 11.22% over the same quarter last year. The yield on average earning assets was 5.40% in the first quarter of 2009 as compared to 6.17% for the same period last year. The yield on average portfolio loans during the first quarter of 2009 was 5.84%. This was 81 basis points lower than that of the first quarter of 2008 at 6.65%. Interest income from securities was $3,002 (FTE) for the three months ended March 31, 2009, as compared to $2,561 during the first quarter of 2008. The yield on average securities was 4.75% and 4.59% for these periods, respectively. The cost of interest-bearing liabilities was 2.37% during the first quarter of 2009 as compared to 3.44% during the same period in 2008. The average cost of trust preferred securities was 4.99% for the first quarter of 2009, compared to 6.56% for the first quarter of 2008. One half of the securities were issued at a fixed rate of 6.64% and the other at LIBOR plus 1.48%.
Consolidated net interest income (FTE) for the first quarter 2009 and 2008 was $9,019 and $7,615, respectively. Interest income for the first quarter of 2009 decreased $563 in comparison to the same period in 2008. This decrease is attributable to $1,468 decrease attributed to rate, offset by an increase of $905 attributed to volume. For the same period, interest expense decreased $1,967, with the decrease being attributable to a $2,227 decrease attributed to rate, offset by an increase attributed to volume of $260. Overall, while balance sheet growth contributed $645 to net interest income (FTE), the spread between interest income and interest expense rate of $759 had a more significant contribution to the overall net interest income (FTE) increase of $1,404.
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