0000908834-12-000332.txt : 20121107 0000908834-12-000332.hdr.sgml : 20121107 20121107152230 ACCESSION NUMBER: 0000908834-12-000332 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20121107 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121107 DATE AS OF CHANGE: 20121107 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: 121186490 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_8k1107.htm lsb_8k1107.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)   November 7, 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 November 7, 2012, LSB Financial Corp. issued a press release reporting its results of operations and financial condition for the quarter and nine months ended September 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 dated November 7, 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: November 7, 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 November 7, 2012
  
Attached

 
 
 
EX-99.1 2 lsb_8k1107ex.htm lsb_8k1107ex.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 Third Quarter and Year-to-Date Results
 
November 7, 2012, Lafayette, IN - LSB Financial Corp. (NASDAQ:LSBI), the parent company of Lafayette Savings Bank, FSB, today reported year-to-date earnings of $2.0 million or $1.28 diluted earnings per share compared to $1.1 million or $0.73 diluted earnings per share a year earlier.  This equates to an annualized return on equity of 7.11% and return on assets of 0.72%.  Earnings for the quarter were $879,000 or $0.56 diluted earnings per share compared to $457,000 or $0.29 diluted earnings per share a year earlier.  The major contributors to the Bank’s year-to-date performance were a $1,136,000 decrease in the provision for loan losses, a 41.5% improvement over last year; and an $878,000 increase in the gain on the sale of mortgage loans over the first nine months of last year. These were offset by a $520,000 or 5.18% decrease in net interest income for the nine months compared to the same period in 2011, primarily because of slower loan growth.

Randolph F. Williams, president and CEO stated, “We are very pleased with the performance and earnings of the Company during the third quarter. We are particularly pleased that at quarter-end, non-performing assets had decreased to $10.6 million or 2.97% of total assets, compared to $13.8 million or 3.79%, at the end of 2011. Our team has done an outstanding job of improving asset quality, reducing non-performing loans by $11.8 million from a high point of $21.2 million at June 30, 2011 to $9.4 million at September 30, 2012. The allowance for loan losses at September 30, 2012 was at 1.89% of total loans and equal to 58.3% of non-performing loans. Over 40% of our non-performing loans are either paying as agreed or are 60 or fewer days past due.”
Williams continued, “Despite the extended low interest rate environment, we have maintained a strong net interest margin, showing only a slight decrease of nine basis points in the last twelve months.  As a community bank, our success depends greatly on actively managing this number. We focus more on our customers’ total relationships and try to meet all of their financial needs: from checking accounts to mortgages to business loans to financial advice.
“The Bank continues to maintain a strong capital base with a capital-to-asset ratio at September 30, 2012 of 10.82% and a risk-based capital ratio of 15.23%, both of which are well above the current definition of ‘well-capitalized’ as defined by bank regulation, although the new BASEL III capital requirements, which are still being discussed, could change that.  In the meantime we will try to determine the potential effect on the Bank of a fully implemented BASEL III capital calculation and plan our capital strategies accordingly.”
 
The closing market price of LSB stock on November 6, 2012 was $21.19 per share as reported by the NASDAQ Global Market. This represents an increase of 46.8% 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:
  
Three months ended
September 30, 2012
    
Year ended
December 31, 2011
  
    (Unaudited)        
             
Cash and due from banks
   $ 9,761     $ 18,552  
Interest bearing deposits
     5,251       3,156  
Interest bearing time deposits
     1,490       0  
Securities available-for-sale
     25,906       13,845  
Loans held for sale
     2,873       3,120  
Net portfolio loans
     287,312       302,510  
Allowance for loan losses
     5,482       5,331  
Premises and equipment, net
     6,010       6,146  
Federal Home Loan Bank stock, at cost
     3,185       3,185  
Bank owned life insurance
     6,555       6,434  
Other assets
     6,504       7,342  
Total assets
     354,847       364,290  
                 
Deposits
     299,597       308,433  
Advances from Federal Home Loan Bank
     15,000       18,000  
Other liabilities
     1,867       1,683  
Total liabilities
     316,464       328,116  
                 
Shareholders’ equity
     38,383       36,174  
Book value per share
   $ 24.67     $ 23.26  
Equity / assets
     10.82 %     9.93 %
Total shares outstanding
     1,555,972       1,555,222  
                 
Asset quality data:
                
Total non-accruing loans
   $ 9,405     $ 12,059  
Non-accruing loans 90 or more days past due
     5,651       6,764  
Non-accruing loans less than 90 days past due
     3,754       5,295  
Other real estate / assets owned
     1,150       1,746  
Total non-performing assets
     10,555       13,805  
Non-performing loans / total loans
     3.24 %     3.95 %
Non-performing assets / total assets
     2.97 %     3.79 %
Allowance for loan losses / non-performing loans
     58.29 %     44.21 %
Allowance for loan losses / non-performing assets
     51.94 %     38.62 %
Allowance for loan losses / total loans
     1.89 %     1.74 %
Loans charged off (nine and twelve months respectively)
   $ 1,588     $ 5,440  
Recoveries on loans previously charged off (nine and twelve months respectively)
     138       67  
 

 
 
2
 

   
Three months ended
September 30,
(Unaudited)
    
Nine months ended
September 30,
(Unaudited)
  
   
2012
    
2011
    
2012
    
2011
  
Selected operating data:
                        
Total interest income
   $ 3,901     $ 4,399     $ 12,045     $ 13,233  
Total interest expense
     769       1,041       2,530       3,198  
Net interest income
     3,132       3,358       9,515       10,035  
Provision for loan losses
     500       885       1,600       2,736  
Net interest income after provision for loan losses
     2,632       2,473       7,915       7,299  
Non-interest income:
                                
Deposit account service charges
     338       381       985       992  
Gain on sale of mortgage loans
     770       334       1,602       724  
Net gain on sale of securities
     0       5       0       7  
Net (loss) on sale of real estate owned
     24       (103 )     (115 )     (438 )
Other non-interest income
     348       307       793       845  
Total non-interest income
     1,480       924       3,265       2,130  
Non-interest expense:
                                
Salaries and benefits
     1,591       1,436       4,607       4,219  
Occupancy and equipment, net
     302       292       903       888  
Computer service
     167       145       468       434  
Advertising
     72       95       249       210  
Other
     577       724       1,827       1,941  
Total non-interest expense
     2,709       2,692       8,054       7,692  
Income before income taxes
     1,403       705       3,126       1,737  
Income tax expense
     524       248       1,142       598  
Net income
     879       457       1,984       1,139  
Other comprehensive income (loss)
     96       39       150       95  
Comprehensive income
     975       496       2,134       1,234  
                                 
Weighted average number of diluted shares
     1,558,037       1,554,060       1,555,756       1,553,972  
Diluted earnings per share
   $ 0.56     $ 0.29     $ 1.28     $ 0.73  
                                 
Return on average equity
     9.27 %     5.00 %     7.11 %     4.19 %
Return on average assets
     0.98 %     0.51 %     0.72 %     0.42 %
Average earning assets
   $ 327,464     $ 329,297     $ 324,194     $ 334,322  
Net interest margin
     3.83 %     4.08 %     3.91 %     4.00 %
Efficiency ratio
     65.88 %     79.25 %     72.04 %     81.58 %
 
 
 
 
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