LAFAYETTE, Ind., Nov. 6, 2013 /PRNewswire/ -- LSB Financial
Corp. (NASDAQ: LSBI), the parent company of Lafayette Savings Bank,
FSB, today reported year-to-date earnings of $2.0 million or $1.29 diluted earnings per share compared to
$2.0 million or $1.28 diluted earnings per share a year
earlier. Earnings for the quarter were $703,000 or $0.45
diluted earnings per share compared to $879,000 or $0.56
diluted earnings per share a year earlier. The major
contributors to the Bank's year-to-date performance were a
$950,000 decrease in the provision
for loan losses, a 59% improvement over last year; and a
$296,000 or 37% increase in other
income due primarily to increased fee income from the sale of other
financial instruments and increases in mortgage loan servicing
fees. These were offset by net interest income which decreased
$841,000 or 8.8% compared to the same
period in 2012 primarily because of lower loan rates and slower
loan growth for the nine months and by a $394,000 decrease in the gain on the sale of
mortgage loans over the first nine months of last year as higher
long term interest rates slowed mortgage refinance activity.
Randolph F. Williams, president
and CEO stated, "We continue to make progress with our troubled
loans which now compare favorably with peer data. At
September 2013, non-performing assets
were under 1.0% of total assets, totaling $2.9 million or 0.82% of total assets, compared
to $6.7 million or 1.84%, at the end
of 2012 and an eleven year low. We have had a decrease in
non-performing assets in each of the past 11 quarters. With
an allowance for loan losses totaling $6.4
million and only $2.9 million
in non-performing loans we believe we are well reserved against
asset deterioration."
The Bank continues to maintain a strong capital base with a
total capital-to-asset ratio at September
30, 2012 at 11.33%, and a risk-based capital ratio of
17.35%, both of which are well above the current definition of
"well-capitalized" as defined by the bank regulators.
The closing market price of LSB stock on November 5, 2013 was $27.95 per share as reported by the NASDAQ Global
Market. This represents an increase of 41.02% over the same date
last year.
LSB FINANCIAL
CORP.
SELECTED CONSOLIDATED
FINANCIAL INFORMATION
(Dollars in thousands
except share and per share amounts)
|
Selected balance
sheet data:
|
September 30,
2013
(Unaudited)
|
December 31,
2012
|
|
|
|
Cash and due from
banks
|
$ 1,382
|
$25,643
|
Interest bearing
deposits
|
24,337
|
5,778
|
Interest-bearing time
deposits
|
1,743
|
1,740
|
Securities
available-for-sale
|
50,337
|
28,004
|
Loans held for
sale
|
200
|
1,363
|
Net portfolio
loans
|
254,453
|
280,257
|
Allowance for loan
losses
|
6,407
|
5,900
|
Premises and
equipment, net
|
7,235
|
7,069
|
Federal Home Loan
Bank stock, at cost
|
3,185
|
3,185
|
Bank-owned life
insurance
|
6,709
|
6,595
|
Other
assets
|
5,523
|
4,976
|
Total
assets
|
355,104
|
364,610
|
|
|
|
Deposits
|
302,300
|
308,637
|
Advances from Federal
Home Loan Bank
|
10,000
|
15,000
|
Other
liabilities
|
2,573
|
2,018
|
Total
liabilities
|
314,873
|
325,655
|
|
|
|
Shareholders'
equity
|
40,231
|
38,955
|
Book value per
share
|
$25.80
|
$25.04
|
Equity /
assets
|
11.33%
|
10.68%
|
Total shares
outstanding
|
1,559,543
|
1,555,972
|
|
|
|
Asset quality
data:
|
|
|
Total non-accruing
loans
|
$2,762
|
$6,443
|
Non-accruing loans 90
or more days past due
|
1,618
|
2,907
|
Non-accruing loans
less than 90 days past due
|
1,144
|
3,536
|
Other real estate /
assets owned
|
162
|
256
|
Total non-performing
assets
|
2,924
|
6,699
|
Non-performing loans
/ total loans
|
1.06%
|
2.25%
|
Non-performing assets
/ total assets
|
0.82%
|
1.84%
|
Allowance for loan
losses / non-performing loans
|
231.97%
|
91.57%
|
Allowance for loan
losses / non-performing assets
|
219.12%
|
88.06%
|
Allowance for loan
losses / net loans receivable
|
2.46%
|
2.06%
|
Loans charged
off
|
$357
|
$1,710
|
Recoveries on loans
previously charged off
|
214
|
179
|
|
Three months
ended
September 30,
(Unaudited)
|
Nine months
ended September
30, (Unaudited)
|
|
2013
|
2012
|
2013
|
2012
|
Selected operating
data:
|
|
|
|
|
Total interest
income
|
$3,389
|
$3,901
|
$10,493
|
$12,045
|
Total interest
expense
|
575
|
769
|
1,819
|
2,530
|
Net interest
income
|
2,814
|
3,132
|
8,674
|
9,515
|
Provision for loan
losses
|
25
|
500
|
650
|
1,600
|
Net interest
income after provision for loan losses
|
2,789
|
2,632
|
8,024
|
7,915
|
Non-interest
income:
|
|
|
|
|
Deposit account
service charges
|
320
|
338
|
892
|
985
|
Gain on sale of
mortgage loans
|
250
|
770
|
1,208
|
1,602
|
Net (loss) on sale of
real estate owned
|
---
|
24
|
(2)
|
(115)
|
Other non-interest
income
|
340
|
348
|
1,089
|
793
|
Total
non-interest income
|
910
|
1,480
|
3,187
|
3,265
|
Non-interest
expense:
|
|
|
|
|
Salaries and
benefits
|
1,407
|
1,591
|
4,485
|
4,607
|
Occupancy and
equipment, net
|
328
|
302
|
968
|
903
|
Computer
service
|
156
|
167
|
453
|
468
|
Advertising
|
93
|
72
|
306
|
249
|
Other
|
604
|
577
|
1,821
|
1,827
|
Total
non-interest expense
|
2,588
|
2,709
|
8,033
|
8,054
|
Income before income
taxes
|
1,111
|
1,403
|
3,178
|
3,126
|
Income tax
expense
|
408
|
524
|
1,158
|
1,142
|
Net
income
|
703
|
879
|
2,020
|
1,984
|
Other comprehensive
income (loss)
|
1
|
96
|
(578)
|
150
|
Comprehensive
income
|
704
|
975
|
1,442
|
2,134
|
|
|
|
|
|
Weighted average
number of diluted shares
|
1,567,964
|
1,558,037
|
1,562,797
|
1,555,756
|
Diluted earnings per
share
|
$0.45
|
$0.56
|
$1.29
|
$1.28
|
|
|
|
|
|
Return on average
equity
|
7.04%
|
9.27%
|
6.79%
|
7.11%
|
Return on average
assets
|
0.79%
|
0.98%
|
0.75%
|
0.72%
|
Average earning
assets
|
$336,650
|
$327,464
|
$340,371
|
$324,188
|
Net interest
margin
|
3.34%
|
3.83%
|
3.40%
|
3.91%
|
Efficiency
ratio
|
69.96%
|
65.88%
|
71.65%
|
72.04%
|
|
|
|
|
|
|
SOURCE LSB Financial Corp.