- Entered into a definitive merger
agreement to merge with Northwest Bancshares, Inc.
- Fourth quarter 2014 net income
available to common shareholders of $1.5 million. Excluding
expenses related to the proposed merger of approximately $.6
million after tax, net income available to common shareholders was
$2.1 million during the quarter, a 36% increase
year-over-year
- Full year 2014 net income available
to common shareholders of $7.2 million. Excluding merger related
expenses of $.6 million after tax, net income available to common
shareholders was $7.8 million, a 42% increase
year-over-year
- Loans increased by $28 million or
3.1% year over year
- Improved asset quality and lower net
charge-offs resulted in a reduced provision for loan
losses
LNB Bancorp, Inc. (NASDAQ: LNBB) (“LNB” or the “Company”) today
reported financial results for the fourth quarter and the full year
ended December 31, 2014. Net income available to common
shareholders for the quarter ending December 31, 2014 was $1.5
million, or $0.15 per diluted share, compared to $1.5 million, or
$0.16 per diluted share, for the fourth quarter 2013. On December
15, 2014, LNB entered into a definitive merger agreement with
Northwest Bancshares, Inc. During the quarter, the Company incurred
merger related expenses of $.8 million or $.6 million after tax.
Excluding merger related expenses of $.6 million after tax, net
income available to common shareholders was $2.1 million during the
quarter, a 36% increase year-over-year.
“We are very pleased with the fourth quarter results. We saw
solid loan growth and continued improvement in credit quality,
which reduced charge-offs and the provision for loan losses,”
stated Daniel E. Klimas, president and chief executive officer.
Loan balances at December 31, 2014 increased by $28 million
compared to December 31, 2013, led by the consumer and commercial
loan portfolios.
The Company continued to make progress on improving credit
quality as non-performing assets for the fourth quarter declined
$5.2 million as compared to the same quarter in 2013. The ratio of
non-performing assets to total assets at December 31, 2014, was
1.40%, down from 1.83% at December 31, 2013.
Fourth Quarter Review
Noninterest income was $3.4 million for the fourth quarter of
2014 compared to $3.3 million for the prior-year fourth quarter.
This year-over-year increase was driven primarily by gains on the
sale of SBA (Small Business Administration) and consumer loans, an
increase in Trust Department revenues and income from bank owned
life insurance, which more than offset a decline in deposit and
service charge fees.
Gain on the sale of loans was $1.0 million for the quarter,
compared to $.7 million for the fourth quarter of 2013. This
increase is primarily due to the gain on the sale of SBA loans as
this initiative continued to contribute nicely to the Company’s
operating performance.
The provision for loan losses was $.6 million in the fourth
quarter of 2014, down $.4 million, or 41%, from the 2013 fourth
quarter, reflecting the Company’s improvement in credit quality.
Net charge-offs were $.6 million for the fourth quarter of 2014, or
0.26% of average loans (annualized), compared to $1.3 million, or
0.58% of average loans (annualized), in the fourth quarter of 2013.
The allowance for loan losses was $17.4 million, or 1.87% of total
loans, at December 31, 2014 compared with $17.5 million, or 1.94%
of total loans, at December 31, 2013. The allowance for loan losses
coverage of nonperforming loans at the end of the fourth quarter
improved to 105% from 80% at the end of the same quarter a year
ago. “The credit quality indicators continued to improve, resulting
in a lower provision for the fourth quarter of 2014,” stated
Klimas.
Noninterest expense was $9.9 million for the fourth quarter of
2014 compared with $9.0 million for the fourth quarter of 2013, an
increase of 10%. The increase in noninterest expense was largely in
part due to the merger related costs incurred of $.8 million or $.6
million after tax.
Full Year 2014 Review
For the year ended December 31, 2014, net income available to
common shareholders was $7.2 million, or $0.74 per common share,
compared to $5.5 million, or $0.61 per common share for the year
2013. This represents an increase in net income available to common
shareholders of $1.7 million, or 31%, and $0.13, or 21%, per common
share. Excluding merger related expenses, the annual net income
available to common shareholders was $7.8 million, up 42% compared
to net income during 2013.
Net interest income on a fully tax-equivalent basis (FTE) for
2014 was $37.1 million compared to $36.2 million for 2013. The net
interest margin was 3.21% for 2014 compared to 3.19% for 2013.
Noninterest income for 2014 was $12.9 million, compared to $12.1
million for 2013.
Noninterest expense for 2014 totaled $36.4 million, a $1.2
million increase from the total of $35.2 million for 2013.
During 2014, nonperforming assets declined $5.2 million, or 23%,
to $17.4 million. For 2014, nonperforming assets comprised 1.40% of
total assets, compared to 1.83% of total assets for 2013.
Net charge-offs were $3.2 million for 2014, or 0.35% of average
loans, compared to $4.5 million in 2013, or 0.51% of average
loans.
The allowance for loan losses was $17.4 million at December 31,
2014, or 1.87% of total loans, compared to $17.5 million at
December 31, 2013, or 1.94% of total loans. For the year 2014, the
provision for loan losses was $3.1 million compared to the 2013
provision of $4.4 million.
The Company continued to maintain capital levels in excess of
the regulatory requirements to be categorized as “well capitalized”
with a total risk-based capital ratio of 12.51%, Tier 1 leverage
ratio of 9.10% and tangible common equity to tangible assets ratio
of 7.69% at December 31, 2014.
Total assets at December 31, 2014 were $1.24 billion, up $6
million, or 0.5%, from December 31, 2013. Total deposits at
December 31, 2014 were $1.03 billion, down $11 million, or 1.0%,
from December 31, 2013.
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 21 retail-banking locations and 30 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," “proposed”,
"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, any capital-raising or
acquisition activities of the Company; 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.
In addition, expected cost savings, synergies and other
financial benefits from the proposed merger with Northwest
Bancshares might not be realized within the expected time frame and
costs or difficulties relating to integration matters might be
greater than expected. The requisite shareholder and regulatory
approvals for the proposed merger might not be obtained.
Important Additional Information and Where to Find It
In connection with the proposed merger with Northwest
Bancshares, Inc., Northwest Bancshares, Inc. will file with the SEC
a Registration Statement on Form S-4 that will include a Proxy
Statement of LNB Bancorp, Inc. and a Prospectus of Northwest
Bancshares, Inc. as well as other relevant documents concerning the
proposed transaction. This communication does not constitute an
offer to sell or the solicitation of an offer to buy any securities
or a solicitation of any vote or approval. SHAREHOLDERS OF LNB
BANCORP, INC. ARE URGED TO READ THE REGISTRATION STATEMENT AND THE
PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES
AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS
WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION.
A free copy of the Proxy Statement/Prospectus, as well as other
filings containing information about Northwest Bancshares, Inc. and
LNB Bancorp, Inc., may be obtained at the SEC’s Internet site
(http://www.sec.gov). You will also be able to obtain these
documents, free of charge, from Northwest Bancshares, Inc. at
www.northwestsavingsbank.com under the heading “Investor Relations”
and then under “SEC Filings” or from LNB Bancorp, Inc. by accessing
LNB Bancorp, Inc.’s website at www.4lnb.com under the heading
“Investor Relations” and then under “SEC Filings.” Copies of the
Proxy Statement/Prospectus can also be obtained, free of charge, by
directing a request to Northwest Bancshares, Inc., 100 Liberty
Street, Warren, Pennsylvania 16365, Attention: Investor Relations,
Telephone: (814) 726-2140 or to LNB Bancorp, Inc., 457 Broadway,
Lorain, Ohio 44052, Attention: Investor Relations, Telephone: (440)
244-7317.
LNB Bancorp, Inc. and Northwest Bancshares, Inc. and certain of
their directors and executive officers may be deemed to be
participants in the solicitation of proxies from the shareholders
of LNB Bancorp, Inc. in connection with the proposed merger.
Information about the directors and executive officers of LNB
Bancorp, Inc. and their ownership of LNB Bancorp, Inc. common stock
is set forth in the proxy statement for LNB Bancorp, Inc.’s 2014
annual meeting of shareholders, as filed with the SEC on Schedule
14A on March 11, 2014. Information about the directors and
executive officers of Northwest Bancshares, Inc. is set forth in
the proxy statement for Northwest Bancshares, Inc. 2014 annual
meeting of shareholders, as filed with the SEC on a Schedule 14A on
March 5, 2014. Additional information regarding the interests of
those participants and other persons who may be deemed participants
in the transaction may be obtained by reading the Proxy
Statement/Prospectus regarding the proposed merger when it becomes
available. Free copies of this document may be obtained as
described in the preceding paragraph.
CONSOLIDATED BALANCE SHEETS At
December 31, 2014 At December 31, 2013
(unaudited) (Dollars in thousands except
share amounts) ASSETS Cash and due from banks
$
17,927 $ 36,717 Federal funds sold and interest bearing
deposits in banks
6,215
15,555 Cash and cash equivalents
24,142
52,272 Securities available for sale, at fair value
217,572
216,122 Restricted stock
5,741 5,741 Loans held for sale
3,646 4,483 Loans: Portfolio loans
930,025 902,299
Allowance for loan losses
(17,416
) (17,505 )
Net loans
912,609
884,794 Bank premises and equipment, net
9,173 8,198 Other real estate owned
772 579 Bank
owned life insurance
19,757 19,362 Goodwill, net
21,582 21,582 Intangible assets, net
321 457 Accrued
interest receivable
3,635 3,621 Other assets
17,677 13,046
Total Assets $
1,236,627 $
1,230,257 LIABILITIES AND
SHAREHOLDERS' EQUITY Deposits Demand and other
noninterest-bearing
$ 158,476 $ 148,961 Savings,
money market and interest-bearing demand
436,271 393,778
Certificates of deposit
440,178
502,850 Total deposits
1,034,925 1,045,589
Short-term borrowings
10,611 4,576 Federal Home Loan
Bank advances
54,321 46,708 Junior subordinated debentures
16,238 16,238 Accrued interest payable
596 789
Accrued taxes, expenses and other liabilities
4,597 4,901
Total Liabilities 1,121,288
1,118,801 Shareholders'
Equity
Preferred stock, Series A Voting, no par
value, authorized 150,000 shares at December 31, 2014 and December
31, 2013
- - Fixed rate cumulative preferred stock, Series B, no par
value, $1,000 liquidation value, no shares were issued at December
31, 2014 and 7,689 shares at December 31, 2013
- 7,689
Discount on Series B preferred stock
- (19 ) Common stock,
par value $1 per share, authorized 15,000,000 shares, issued shares
10,002,139 at December 31, 2014 and 10,001,717 at December 31, 2013
10,002 10,002 Additional paid-in capital
51,441
51,098 Retained earnings
60,568 53,966 Accumulated other
comprehensive income (loss)
(495 ) (5,188 ) Treasury
shares at cost, 336,745 shares at December 31, 2014 and 328,194
shares at December 31, 2013
(6,177
) (6,092 )
Total Shareholders' Equity
115,339 111,456
Total Liabilities and Shareholders' Equity
$ 1,236,627
$ 1,230,257
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,
2014 2013 2014
2013 (Dollars in thousands except per share data)
Interest Income Loans
$ 9,243 $ 9,118
$
36,319 $ 36,409 Securities: U.S. Government agencies and
corporations
1,022 971
4,097 3,587 State and
political subdivisions
311 304
1,235 1,191 Other debt
and equity securities
68 127
318 464 Federal funds
sold and short-term investments
4
5 34
28 Total interest income
10,648 10,525
42,003 41,679
Interest Expense Deposits
1,028
1,153
4,159 4,838 Federal Home Loan Bank advances
157
159
627 628 Short-term borrowings
13 6
86 7
Junior subordinated debenture
172
172 680
683 Total interest expense
1,370 1,490
5,552 6,156 Net
Interest Income 9,278 9,035
36,451 35,523
Provision for Loan Losses 600
1,025 3,113
4,375 Net interest income after
provision for loan losses
8,678 8,010
33,338 31,148
Noninterest Income Investment and trust services
404
377
1,685 1,555 Deposit service charges
840 901
3,309 3,509 Other service charges and fees
752 820
3,014 3,279 Income from bank owned life insurance
374
240
888 752 Other income
65
186 393
521 Total fees and other income
2,435 2,524
9,289 9,616 Securities gains (losses),
net
- -
(5 ) 178 Gains on sale of loans
963 707
3,612 2,324 Gain (loss) on sale of other
assets, net
(7 )
25 19
8 Total noninterest income
3,391 3,256
12,915 12,126
Noninterest Expense Salaries and
employee benefits
5,046 4,607
18,800 18,058 Furniture
and equipment
1,190 1,075
4,715 4,234 Net occupancy
555 609
2,339 2,310 Professional fees
1,222
457
2,563 1,870 Marketing and public relations
302
278
1,425 1,216 Supplies, postage and freight
271 236
946 1,045 Telecommunications
163 168
640 669
Ohio Franchise tax
129 299
800 1,213 Intangible asset
amortization
35 36
136 137 FDIC assessments
191 266
979 1,039 Other real estate owned
44
102
110 382 Loan and collection expense
398 397
1,399 1,427 Other expense
361
453 1,530
1,587 Total noninterest expense
9,907 8,983
36,382 35,187 Income
before income tax expense
2,162 2,283
9,871 8,087
Income tax expense
660
577 2,654
1,926 Net Income $
1,502 $ 1,706
$ 7,217
$ 6,161 Dividends and accretion on
preferred stock
-
163 35
646 Net Income Available to Common Shareholders
$ 1,502
$ 1,543 $
7,182 $ 5,515
Net Income Per Common Share Basic
$
0.16 $ 0.16
$ 0.75 $ 0.61 Diluted
0.15
0.16
0.74 0.61 Dividends declared
0.03 0.01
0.06 0.04
Average Common Shares Outstanding Basic
9,626,842 9,288,745
9,623,772 8,953,815 Diluted
9,692,425 9,302,458
9,656,774 8,966,088 LNB
Bancorp, Inc. Supplemental Financial Information (Unaudited -
Dollars in thousands except 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
2014 2014 2014 2014 2013
2014 2013 Cash and Cash Equivalents
$
24,142 $ 36,167 $ 47,795 $ 68,241 $ 52,272
$
24,142 $ 52,272 Securities
217,572 218,847 219,422
217,510 216,122
217,572 216,122 Restricted stock
5,741 5,741 5,741 5,741 5,741
5,741 5,741 Loans held
for sale
3,646 1,497 2,856 1,811 4,483
3,646 4,483
Portfolio loans
930,025 922,514 907,365 910,189 902,299
930,025 902,299 Allowance for loan losses
17,416 17,432
17,430 17,497
17,505 17,416
17,505 Net loans
912,609 905,082 889,935
892,692 884,794
912,609 884,794 Other assets
72,917 73,765
71,093 69,398
66,845 72,917
66,845 Total assets
$
1,236,627 $ 1,241,099
$ 1,236,842 $
1,255,393 $ 1,230,257
$ 1,236,627 $
1,230,257 Total deposits
1,034,925 1,056,784
1,048,938 1,076,851 1,045,589
1,034,925 1,045,589 Other
borrowings
81,170 65,779 66,413 66,723 67,522
81,170
67,522 Other liabilities
5,193
5,471 11,003
4,705 5,690
5,193 5,690 Total
liabilities
1,121,288 1,128,034 1,126,354 1,148,279
1,118,801
1,121,288 1,118,801 Total shareholders' equity
115,339 113,065
110,488 107,114
111,456 115,339
111,456 Total liabilities and shareholders' equity
$ 1,236,627 $
1,241,099 $ 1,236,842
$ 1,255,393 $
1,230,257 $
1,236,627 $ 1,230,257
AVERAGE BALANCES Assets: Total assets
$
1,233,457 $ 1,228,769 $ 1,236,203 $ 1,234,380 $ 1,221,830
$ 1,233,187 $ 1,216,228 Earning assets*
1,160,953 1,151,577 1,154,063 1,150,500 1,137,943
1,154,295 1,132,514 Securities
219,861 217,791
223,198 217,753 214,860
219,652 217,882 Portfolio loans
924,216 915,773 907,851 906,843 899,899
914,137
887,866 Liabilities and shareholders' equity: Total deposits
$ 1,047,688 $ 1,044,021 $ 1,056,144 $ 1,055,980 $
1,041,763
$ 1,050,916 $ 1,037,273 Interest-bearing
deposits
876,897 883,713 905,838 910,340 891,589
894,077 895,634 Interest-bearing liabilities
943,339
951,142 972,784 978,073 956,866
961,211 960,372 Total
shareholders' equity
114,135 111,394 108,624 106,681 109,814
110,232 109,712
INCOME STATEMENT Total
Interest Income
$ 10,648 $ 10,350 $ 10,612 $ 10,393 $
10,525
$ 42,003 $ 41,679 Total Interest Expense
1,370 1,374
1,376 1,432
1,490 5,552
6,156 Net interest income
9,278 8,976 9,236
8,961 9,035
36,451 35,523 Provision for loan losses
600 720 893 900 1,025
3,113 4,375 Other income
2,435 2,289 2,322 2,243 2,524
9,289 9,616 Net gain on
sale of assets
956 1,072 929 669 732
3,626 2,510
Noninterest expense
9,907
8,818 8,798
8,859 8,983
36,382 35,187 Income before
income taxes
2,162 2,799 2,796 2,114 2,283
9,871
8,087 Income tax expense
660
713 773 508
577 2,654
1,926 Net income
1,502 2,086 2,023 1,606 1,706
7,217 6,161 Preferred stock dividend and accretion
- - -
35 163
35 646 Net income available
to common shareholders
$
1,502 $ 2,086
$ 2,023 $ 1,571
$ 1,543 $
7,182 $ 5,515 Common
cash dividend declared and paid
$
290 $ 97
$ 97 $ 97
$ 93 $
580 $ 358 Net
interest income-FTE (1)
$ 9,436 $ 9,135 $ 9,396 $
9,117 $ 9,192
$ 37,084 $ 36,156 Total Operating
Revenue (4)
$ 12,827 $ 12,496 $ 12,647 $ 12,029 $
12,448
$ 49,999 $ 48,282 Three Months
Ended Twelve Months Ended
December 31,
September 30, June 30, March 31, December 31,
December 31, December 31,
2014
2014 2014 2014 2013
2014
2013
PER SHARE DATA Basic net income per common share
$ 0.16 $ 0.22 $ 0.21 $ 0.16 $ 0.16
$
0.75 $ 0.61 Diluted net income per common share
0.15
0.22 0.21 0.16 0.16
0.75 0.61 Cash dividends per common
share
0.03 0.01 0.01 0.01 0.01
0.06 0.04 Book value
per common shares outstanding
11.93 11.70 11.43 11.08 10.73
11.93 10.73 Tangible book value per common shares
outstanding**
9.67 9.43 9.16 8.81 8.45
9.67 8.45
Period-end common share market value
18.03 14.29 12.18 11.42
10.03
18.03 10.03 Market as a % of tangible book
186.51 % 151.57 % 132.97 % 129.69 % 118.69 %
186.51 % 118.69 % Basic average common shares
outstanding
9,626,842 9,626,536 9,664,972 9,668,297
9,288,745
9,623,772 8,953,815 Diluted average common shares
outstanding
9,692,425 9,659,593 9,682,444 9,705,432
9,302,458
9,656,774 8,966,088 Common shares outstanding
9,665,394 9,665,394 9,664,972 9,664,972 9,673,523
9,665,394 9,673,523
KEY RATIOS Return on
average assets (2)
0.48 % 0.67 % 0.66 % 0.53 % 0.55 %
0.59 % 0.51 % Return on average common equity (2)
5.22 % 7.43 % 7.47 % 6.11 % 6.16 %
6.55
% 5.62 % Efficiency ratio
77.24 % 70.57 %
69.57 % 73.65 % 72.16 %
72.77 % 72.88 % Noninterest
expense to average assets (2)
3.19 % 2.85 % 2.85 %
2.91 % 2.92 %
2.95 % 2.89 % Average equity to average
assets
9.25 % 9.07 % 8.79 % 8.64 % 8.99 %
8.94
% 9.02 % Net interest margin (FTE) (1)
3.22 %
3.15 % 3.27 % 3.21 % 3.20 %
3.21 % 3.19 % Common
stock dividend payout ratio
19.36 % 4.63 % 4.79 %
6.18 % 6.10 %
8.04 % 6.56 % Common stock market
capitalization
$ 174,267 $ 138,118 $ 117,719 $
110,374 $ 97,025
$ 174,267 $ 97,025
ASSET QUALITY Allowance for Loan Losses Allowance for
loan losses, beginning of period
$ 17,432 $ 17,430 $
17,497 $ 17,505 $ 17,791
$ 17,505 $ 17,637 Provision
for loan losses
600 720 893 900 1,025
3,113 4,375
Charge-offs
937 856 1,033 998 1,570
3,825 6,019
Recoveries
321
138 73
90 259
623 1,512 Net
charge-offs
616
718 960
908 1,311
3,202 4,507
Allowance for loan losses, end of period
$
17,416 $
17,432 $ 17,430
$ 17,497 $
17,505 $
17,416 $
17,505 Nonperforming Assets
Nonperforming loans
$ 16,578 $ 18,193 $ 19,907 $
20,918 $ 21,986
$ 16,578 $ 21,986 Other real estate
owned
772 745
1,016 979
579
772 579 Total
nonperforming assets
$
17,350 $
18,938 $ 20,923
$ 21,897 $
22,565 $
17,350 $
22,565 Ratios Total nonperforming
loans to total loans
1.78 % 1.97 % 2.19 % 2.30 % 2.44
%
1.78 % 2.44 % Total nonperforming assets to total
assets
1.40 % 1.53 % 1.69 % 1.74 % 1.83 %
1.40
% 1.83 % Net charge-offs to average loans (2)
0.26
% 0.31 % 0.42 % 0.41 % 0.58 %
0.35 % 0.51 %
Provision for loan losses to average loans (2)
0.26 %
0.31 % 0.39 % 0.40 % 0.45 %
0.34 % 0.49 % Allowance
for loan losses to portfolio loans
1.87 % 1.89 % 1.92
% 1.92 % 1.94 %
1.87 % 1.94 % Allowance to
nonperforming loans
105.05 % 95.82 % 87.56 % 83.65 %
79.62 %
105.05 % 79.62 % Allowance to nonperforming
assets
100.38 % 92.05 % 83.31 % 79.91 % 77.58 %
100.38 % 77.58 %
CAPITAL &
LIQUIDITY Period-end tangible common equity to assets**
7.69 % 7.47 % 7.29 % 6.90 % 6.77 %
7.69
% 6.77 % Average equity to assets
9.25 % 9.07
% 8.79 % 8.64 % 8.99 %
8.94 % 9.02 % Average equity
to loans
12.35 % 12.16 % 11.96 % 11.76 % 12.20 %
12.06 % 12.36 % Average loans to deposits
88.21 % 87.72 % 85.96 % 85.88 % 86.38 %
86.98
% 85.60 % Tier 1 leverage ratio (3)
9.10 %
9.01 % 8.77 % 8.61 % 9.22 %
9.10 % 9.22 % Tier 1
risk-based capital ratio (3)
11.26 % 11.09 % 11.17 %
10.90 % 11.63 %
11.26 % 11.63 % Total risk-based
capital ratio (3)
12.51 % 12.34 % 12.43 % 12.15 %
12.89 %
12.51 % 12.89 % (1) FTE -- fully tax
equivalent at 34% tax rate (2) Annualized
(3) 12-31-14 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.
**Non-GAAP Financial Measures - Statements included in this
press release include non-GAAP financial measures. The Company’s
management uses these non-GAAP financial measures, including the
period-end tangible common equity to assets ratio, in analyzing the
Company's performance. Period-end tangible common equity excludes
preferred stock as well as goodwill and other intangible assets,
net, from total stockholders' equity. Management believes that
these non-GAAP financial measures provide additional useful
information to investors in evaluating the ongoing performance of
the Company. Non-GAAP financial measures should not be considered
as an alternative to any measure of performance or financial
condition as promulgated under GAAP, and investors should consider
the Company’s performance and financial condition as reported under
GAAP and all other relevant information when assessing the
performance or financial condition of the Company. Non-GAAP
financial measures have limitations as analytical tools, and
investors should not consider them in isolation or as a substitute
for analysis of the results or financial condition as reported
under GAAP.
LNB Bancorp, Inc.Peter R. Catanese, Senior Vice President,
440-244-7126
(MM) (NASDAQ:LNBB)
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