<AMENDMENT NO. 1>
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Form 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-13203
LNB Bancorp, Inc.
(Exact name of the registrant as specified in its charter)
Ohio 34-1406303
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
457 Broadway, Lorain, Ohio 44052 - 1769
(Address of principal executive offices) (Zip Code)
(440) 244 - 6000
Registrant's telephone number, including area code
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months, and (2) has been subject to such
requirements for the past 90 days.
YES X NO
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Outstanding at October 25, 1997: 4,124,279 shares
Class of Common Stock: $1.00 par value
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LNB BANCORP, INC.
(registrant)
Date: November 12, 1997 /s/ Gregory D. Friedman
_________________________
Gregory D. Friedman,
Senior Vice President,
Chief Operating Officer and
Chief Financial Officer
Date: November 12, 1997 /s/ Mitchell J. Fallis
_________________________
Mitchell J. Fallis,
Vice President and
Chief Accounting Officer
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REPLACING PAGE 9 OF 10Q AS ORIGINALLY FILED ON 10-31-97
FORM 10-Q/A LNB BANCORP, INC. Unaudited
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
NINE MONTHS ENDED
CONDENSED CONSOLIDATED STATEMENTS SEPTEMBER 30,
OF CASH FLOWS -------------------------
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES: ------------ ------------
Interest received $25,061,000 $23,953,000
Other income received 4,221,000 3,760,000
Interest paid (9,315,000) (8,589,000)
Cash paid for salaries and benefits (6,310,000) (5,733,000)
Net occupancy expense of premises paid (675,000) (720,000)
Furniture and equipment expenses paid (627,000) (579,000)
Cash paid for supplies and postage (725,000) (716,000)
Cash paid for other operating expenses (3,132,000) (3,362,000)
Federal income taxes paid (2,311,000) (2,060,000)
------------ ------------
NET CASH PROVIDED BY OPERATING ACTIVITIES: 6,187,000 5,954,000
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of securities
available for sale 3,280,000 9,667,000
Proceeds from maturities of investment
securities 11,979,000 18,971,000
Purchase of securities available for sale (4,201,000) (10,446,000)
Purchase of investment securiti es (22,120,000) (17,725,000)
Net (increase) in long-term loans (30,672,000) (21,297,000)
Net decrease in credit card loans 430,000 200,000
Purchases of bank premises, equipment
and software (1,789,000) (1,094,000)
Purchase of intangible assets (5,286,000) -0-
Proceeds from sales of bank premises,
and equipment 9,000 5,000
------------ ------------
NET CASH USED IN INVESTING ACTIVITIES (48,370,000) (21,719,000)
------------ ------------
STATEMENT CONTINUED ON NEXT PAGE
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REPLACING PAGE 10 OF 10Q AS ORIGINALLY FILED ON 10-31-97
STATEMENT CONTINUED FROM PREVIOUS PAGE
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in demand and other
non-interest bearing deposits 1,747,000 3,012,000
Net increase (decrease) in savings
and passbook deposits 12,349,000 (4,874,000)
Net increase in time deposits 41,627,000 8,871,000
Net increase in Federal funds purchased and
other interest bearing instruments 144,000 2,035,000
Proceeds from Federal Home Loan Bank -0- 360,000
Proceeds from Line of Credit 2,400,000 -0-
Proceeds from exercise of stock options 19,000 127,000
Purchase of Treasury Stock (2,583,000) -0-
Dividends paid (2,110,000) (1,790,000)
------------ ------------
NET CASH PROVIDED BY FINANCING
ACTIVITIES 53,593,000 7,741,000
------------ ------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 11,410,000 (8,024,000)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF YEAR 18,993,000 27,530,000
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF
QUARTER $30,403,000 $19,506,000
============ ============
See Notes to Condensed Consolidated Financial Statements.
