Posted on April - 25 - 2010
LNB Bancorp Inc. posts flat first-quarter earnings
LNB Bancorp Inc. (Nasdaq: LNBB) has reported essentially flat earnings for the first quarter.
The parent of Lorain National Bank said net income in the latest first quarter totaled $1,331,000, or 14 cents a share, up 1% from earnings of $1,317,000, or 14 cents a share, in the first quarter of 2009.
LNB said its provision for loan losses in the latest first quarter totaled $2,109,000, which was down 42% from $3,657,000 in the fourth quarter of 2009 but up 16.5% from $1,809,000 in last year’s first quarter.
“We continue to take significant reserves to provide for additional losses in our credit portfolio amid this difficult economic environment,” Daniel E. Klimas, president and CEO of LNB Bancorp, said in a statement.
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