0000908834-12-000265.txt : 20120809 0000908834-12-000265.hdr.sgml : 20120809 20120809103539 ACCESSION NUMBER: 0000908834-12-000265 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120808 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120809 DATE AS OF CHANGE: 20120809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LSB FINANCIAL CORP CENTRAL INDEX KEY: 0000930405 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 351934975 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25070 FILM NUMBER: 121018927 BUSINESS ADDRESS: STREET 1: 101 MAIN ST CITY: LAFAYETTE STATE: IN ZIP: 47902 BUSINESS PHONE: 7657421064 MAIL ADDRESS: STREET 1: PO BOX 1628 CITY: LAFAYETTE STATE: IN ZIP: 47902-1628 8-K 1 lsb_8k0809.htm lsb_8k0809.htm
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, DC
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 

Date of report (Date of earliest event reported)   August 8, 2012
LSB Financial Corp.
(Exact Name of Registrant as Specified in Its Charter)
     
Indiana
0-25070
35-1934975
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
   
101 Main Street, Lafayette, Indiana
47901
(Address of Principal Executive Offices)
(Zip Code)
 
(765) 742-1064
(Registrant’s Telephone Number, Including Area Code)
 
 
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



 
 
 

Item 2.02  Results of Operations and Financial Condition.
 
On August 8, 2012, LSB Financial Corp. issued a press release reporting its results of operations and financial condition for the quarter and six months ended June 30, 2012.
 
A copy of the press release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by this reference. The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
 
Item 9.01  Financial Statements and Exhibits.
 
 
(d)  Exhibits
  
       
 
Exhibit No.
  
Description
 
99.1
  
Press Release issued August 8, 2012



SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.
 

 
Date: August 9, 2012
LSB Financial Corp.
     
 
By:
  /s/ Mary Jo David 
   
Mary Jo David, Treasurer
(Principal Financial and Accounting Officer)


 
 
 

EXHIBIT INDEX
 

Exhibit Number
  
Exhibit Description
  
Location
         
99.1
  
Press Release, dated August 8, 2012
  
Attached



EX-99.1 2 lsb_8k0809ex991.htm lsb_8k0809ex991.htm
Exhibit 99.1
     
 
 
 
 
 
101 Main St.
P.O. Box 1628
Lafayette, IN 47902
(765) 742-1064

www.LSBANK.com
lsbmail@LSBANK.com
 

FOR IMMEDIATE RELEASE
For further information contact:
Randolph F. Williams
President/CEO
(765) 742-1064
Fax: (765) 429-5932


LSB Financial Corp. Announces Improved Second Quarter and Year-to-Date Results
 
 August 8, 2012, Lafayette, IN - LSB Financial Corp. (NASDAQ:LSBI), the parent company of Lafayette Savings Bank, FSB, today reported year-to-date earnings of $1.1 million  or $0.71 diluted earnings per share compared to $681,000 or $0.44 diluted earnings per share a year earlier.  Earnings for the quarter were $509,000 or $0.33 diluted earnings per share compared to $477,000 or $0.31 diluted earnings per share a year earlier.  The major contributors to the Bank’s year-to-date performance were a $751,000 decrease in the provision for loan losses, a 41% improvement over last year, and a $442,000 increase in the gain on the sale of mortgage loans over the first six months of last year. Net interest income for the six months decreased $294,000 or 4.40% compared to the same period in 2011 primarily because of slower loan growth.
 
 
 
 

 
Randolph F. Williams, president and CEO stated, “In addition to the strong earnings growth, we are especially pleased with the improvement in our problem loans.  At quarter-end, non-performing assets totaled $11.1 million or 3.02% of total assets, compared to $13.8 million or 3.79%, at the end of 2011.  Over 54% of those non-performing loans are either paying as agreed or are under 90 days past due.  The allowance for loan losses stands at 1.81% of total loans.”
Williams continued, “As a community bank we shy away from the derivatives, options and futures that many of the mega banks utilize.  We generate a return for shareholders the old fashioned way…collecting deposits and making loans locally.  Almost all of our loans are to people in Indiana, most right here in Tippecanoe County.  At the end of June, our loan-to-deposit ratio was 94.9% and our 30-day past due rate was at a nine and one-half year low.   Lending locally just makes good sense.”
The Bank continues to maintain a strong capital base with a capital-to-asset ratio at June 30, 2012 over 10%, at 10.18% and a risk-based capital ratio of 14.95%, both of which are well above the current definition of “well-capitalized” as defined by the bank regulators.  Once the new capital requirements mandated under the Dodd-Frank Act become known, we will be better able to set our longer term capital targets.
The closing market price of LSB stock on August 7, 2012 was $18.60 per share as reported by the Nasdaq Global Market.


 
 
 



LSB FINANCIAL CORP.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands except share and per share amounts)
  
 
Selected balance sheet data:
  
Three months ended
June 30, 2012
(Unaudited)
    
Year ended
December 31, 2011
  
             
Cash and due from banks
   $ 25,847     $ 18,552  
Interest bearing deposits
     3,866       3,156  
Interest bearing time deposits
     747       0  
Securities available-for-sale
     23,785       13,845  
Loans held for sale
     2,302       3,120  
Net portfolio loans
     294,061       302,510  
Allowance for loan losses
     5,268       5,331  
Premises and equipment, net
     6,082       6,146  
Federal Home Loan Bank stock, at cost
     3,185       3,185  
Bank owned life insurance
     6,514       6,434  
Other assets
     6,128       7,342  
Total assets
     367,249       364,290  
                 
Deposits
     309,997       308,433  
Advances from Federal Home Loan Bank
     18,000       18,000  
Other liabilities
     1,869       1,683  
Total liabilities
     329,866       328,116  
                 
Shareholders’ equity
     37,383       36,174  
Book value per share
   $ 24.03     $ 23.26  
Equity / assets
     10.18 %     9.93 %
Total shares outstanding
     1,555,972       1,555,222  
                 
Asset quality data:
                
Total non-accruing loans
   $ 10,317     $ 12,059  
Non-accruing loans 90 or more days past due
     4,741       6,764  
Non-accruing loans less than 90 days past due
     5,576       5,295  
 
 
 
 
 
 
 
Other real estate / assets owned
     787       1,746  
Total non-performing assets
     11,104       13,805  
Non-performing loans / total loans
     3.54 %     3.95 %
Non-performing assets / total assets
     3.02 %     3.79 %
Allowance for loan losses / non-performing loans
     51.06 %     44.21 %
Allowance for loan losses / non-performing assets
     47.44 %     38.62 %
Allowance for loan losses / total loans
     1.81 %     1.74 %
Loans charged off (quarter-to-date and year-to-date, respectively)
   $ 1,217     $ 5,440  
Recoveries on loans previously charged off
     54       67  
 
   
Three months ended June 30,
(Unaudited)
    
Six months ended
June 30,
  
   
2012
    
2011
    
2012
    
2011
  
Selected operating data:
                        
Total interest income
   $ 3,950     $ 4,358     $ 8,145     $ 8,834  
Total interest expense
     851       1,046       1,762       2,157  
 Net interest income
     3,099       3,312       6,383       6,677  
Provision for loan losses
     500       675       1,100       1,851  
 Net interest income after provision for loan losses
     2,599       2,637       5,283       4,826  
Non-interest income:
                                
Deposit account service charges
     321       319       646       611  
Gain on sale of mortgage loans
     425       226       832       390  
Net gain on sale of securities
     0       2       0       2  
Net (loss) on sale of real estate owned
     (56 )     (311 )     (139 )     (336 )
Other non-interest income
     185       278       445       538  
 Total non-interest income
     875       514       1,784       1,205  
Non-interest expense:
                                
Salaries and benefits
     1,496       1,372       3,015       2,782  
Occupancy and equipment, net
     283       268       601       596  
Computer service
     152       147       300       289  
Advertising
     89       57       177       115  
Other
     663       566       1,251       1,218  
 
 
 
 
 
 
 
 Total non-interest expense
     2,683       2,410       5,344       5,000  
Income before income taxes
     791       741       1,723       1,031  
Income tax expense
     282       264       619       350  
 Net income
     509       477       1,104       681  
Other comprehensive income (loss)
     73       34       54       56  
Comprehensive income
     582       511       1,158       737  
                                 
Weighted average number of diluted shares
     1,556,696       1,556,146       1,555,646       1,556,625  
Diluted earnings per share
   $ 0.33     $ 0.31     $ 0.71     $ 0.44  
                                 
Return on average equity
     5.39 %     5.27 %     5.99 %     3.78 %
Return on average assets
     0.54 %     0.53 %     0.60 %     0.35 %
Average earning assets
   $ 325,751     $ 333,808     $ 322,368     $ 336,854  
Net interest margin
     3.81 %     3.97 %     3.96 %     3.96 %
Efficiency ratio
     77.21 %     76.48 %     75.62 %     82.90 %
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