8-K

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)   May 9, 2013
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 May 9, 2013, LSB Financial Corp. issued a press release reporting its results of operations and financial condition for the quarter and three months ended March 31, 2013.

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 May 9, 2013

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: May 10, 2013	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 May 9, 2013	Attached

EX-99.1

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 First Quarter Results Up 9.8%

May 9, 2013, Lafayette, IN - LSB Financial Corp. (NASDAQ:LSBI), the parent company of Lafayette Savings Bank, FSB, today reported quarterly earnings of $653,000 or $0.42 diluted earnings per share compared to $595,000 or $0.38 diluted earnings per share a year earlier.  The major contributor to the bank’s performance was a $200,000 decrease in the provision for loan losses, a 33% improvement over last year.  In addition, other income increased $158,000 led primarily by a $133,000 increase in wealth management income.  These gains were offset by a $289,000 decrease in net interest income. Randolph F. Williams, president and CEO stated, “The core performance of the bank is solid.”

A positive factor this quarter was the continuing improvement in loan quality.  At quarter end, non-performing assets totaled $4.0 million or 1.11% of total assets, compared to $6.7 million or 1.84% of assets at the end of 2012 and $12.8 million or 3.44% one year ago.  Williams continued, “Our loan loss reserve of $6.1 million represents 158% of non-performing loans and 2.17% of total loans.  We have one OREO property.  I believe we can say that the financial situation of the bank is sound.”

The bank continues to maintain a firm capital base with a capital-to-asset ratio at March 31, 2013 of 10.95% compared to 9.90% for the same period in 2012, 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 May 8, 2013 was $20.50 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 March 31, 2013			Year ended December 31, 2012
Cash and due from banks	$	1,249		$	25,643
Interest bearing deposits		22,838			5.778
Interest bearing Time Deposits		1,747			1,740
Securities available-for-sale		37,998			28,004
Loans held for sale		2,296			1,363
Net portfolio loans		273,062			280,257
Allowance for loan losses		6,062			5,900
Premises and equipment, net		7,157			7,069
Federal Home Loan Bank stock, at cost		3,185			3,185
Bank owned life insurance		6,633			6,595
Other assets		5,025			4,976
Total assets		361,190			364,610
Deposits		309,357			308,637
Advances from Federal Home Loan Bank		10,000			15,000
Other liabilities		2,279			2,018
Total liabilities		321,636			325,655
Shareholders’ equity		39,554			38,955
Book value per share	$	25.41		$	25.04
Equity / assets		10.95	%		10.68	%
Total shares outstanding		1,556,782			1,555,972
Asset quality data:
Total non-accruing loans	$	3,845		$	6,443
Non-accruing loans 90 or more days past due		1,834			2,907
Loans past due 90 days still on accrual		---			---
Non-accruing loans less than 90 days past due		2,011			3,536
Other real estate / assets owned		162			256
Total non-performing assets		4,007			6,699
Non-performing loans / total loans		1.40	%		2.29	%
Non-performing assets / total assets		1.11	%		1.84	%
Allowance for loan losses / non-performing loans		157.66	%		91.57	%
Allowance for loan losses / non-performing assets		151.29	%		88.07	%
Allowance for loan losses / total loans		2.17	%		2.06	%
Loans charged off (quarter-to-date and year-to-date, respectively)	$	321		$	1,710
Recoveries on loans previously charged off		83			179

	Three months ended March 31,
Selected operating data:	2013			2012
Total interest income	$	3,642		$	4,194
Total interest expense		647			910
Net interest income		2,995			3,284
Provision for loan losses		400			600
Net interest income after provision for loan losses		2,595			2,684
Non-interest income:
Deposit account service charges		272			325
Gain on sale of mortgage loans		430			406
Net (loss) on sale of real estate owned		(2	)		(83	)
Other non-interest income		418			260
Total non-interest income		1,118			908
Non-interest expense:
Salaries and benefits		1,527			1,519
Occupancy and equipment, net		319			318
Computer service		142			148
Advertising		115			88
Other		572			587
Total non-interest expense		2,675			2,660
Income before income taxes		1,038			932
Income tax expense		385			337
Net income		653			595
Other comprehensive income (loss)		11			(19	)
Comprehensive income	$	664		$	576
Weighted average number of diluted shares		1,563,664			1,556,001
Diluted earnings per share	$	0.42		$	0.38
Return on average equity		6.65	%		6.51	%
Return on average assets		0.72	%		0.65	%
Average earning assets	$	342,613		$	347,250
Net interest margin		3.50	%		3.78	%
Efficiency ratio		72.04	%		74.05	%