Date of report (Date of earliest event reported) August 13, 2014
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LSB Financial Corp.
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(Exact Name of Registrant as Specified in Its Charter)
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Indiana
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0-25070
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35-1934975
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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101 Main Street, Lafayette, Indiana
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47901
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(Address of Principal Executive Offices)
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(Zip Code)
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(765) 742-1064
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(Registrant’s Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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x
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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x
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(d) Exhibits
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Exhibit No.
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Description
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99.1
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Press Release, dated August 13, 2014
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Date: August 13, 2014
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LSB Financial Corp.
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By:
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/s/ Mary Jo David
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Mary Jo David, Treasurer
(Principal Financial and Accounting Officer)
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Exhibit Number
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Exhibit Description
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Location
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99.1
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Press Release, dated August 13, 2014
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Attached
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101 Main St.
P.O. Box 1628
Lafayette, IN 47902
(765) 742-1064
www.LSBANK.com
lsbmail@LSBANK.com
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FOR IMMEDIATE RELEASE
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For further information contact:
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Randolph F. Williams
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President/CEO
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(765) 742-1064
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Fax: (765) 429-5932
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LSB FINANCIAL CORP.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands except share and per share amounts)
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Selected balance sheet data:
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June 30, 2014
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December 31, 2013
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(Unaudited)
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Cash and due from banks
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$
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16,735
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$
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21,961
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Interest-bearing deposits
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8,311
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2,237
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Interest-bearing time deposits
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1,247
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1,743
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Securities available-for-sale
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64,326
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62,705
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Loans held for sale
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488
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657
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Net portfolio loans
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253,752
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254,703
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Allowance for loan losses
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6,088
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6,348
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Premises and equipment, net
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8,370
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7,933
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Federal Home Loan Bank stock, at cost
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3,185
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3,185
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Bank owned life insurance
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6,817
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6,745
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Other assets
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5,457
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5,712
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Total assets
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368,688
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367,581
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Deposits
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314,510
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314,620
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Advances from Federal Home Loan Bank
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10,000
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10,000
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Other liabilities
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2,568
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2,234
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Total liabilities
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327,078
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326,854
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Shareholders’ equity
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41,610
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40,727
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Book value per share
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$
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26.54
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$
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26.03
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Equity / assets
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11.29
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%
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11.08
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%
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Total shares outstanding
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1,567,764
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1,564,838
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Asset quality data:
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Total non-accruing loans
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$
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1,331
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$
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2,572
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Non-accruing loans 90 or more days past due
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521
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1,384
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Non-accruing loans less than 90 days past due
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810
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1,188
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Other real estate / assets owned
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117
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18
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Total non-performing assets
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1,448
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2,590
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Non-performing loans / total loans
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0.52
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%
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1.01
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%
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Non-performing assets / total assets
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0.39
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%
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0.70
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%
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Allowance for loan losses / non-performing loans
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457.40
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%
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246.81
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%
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Allowance for loan losses / non-performing assets
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420.44
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%
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245.13
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%
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Allowance for loan losses / total loans
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2.34
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%
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2.43
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%
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Loans charged off
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$
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556
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$
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331
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Recoveries on loans previously charged off
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195
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84
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Three months ended
June 30, (Unaudited)
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Six months ended
June 30, (Unaudited)
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2014
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2013
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2014
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2013
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Selected operating data:
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Total interest income
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$
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3,193
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$
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3,462
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$
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6,437
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$
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7,104
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Total interest expense
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482
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596
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977
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1,244
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||||||||||||
Net interest income
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2,711
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2,866
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5,460
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5,860
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||||||||||||
Provision for loan losses
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100
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225
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100
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625
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||||||||||||
Net interest income after provision for loan losses
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2,611
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2,641
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5,360
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5,235
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Non-interest income:
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Deposit account service charges
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302
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300
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566
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573
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Gain on sale of mortgage loans
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327
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527
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516
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957
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Net (loss) on sale of real estate owned
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(3
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)
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---
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1
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(2
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)
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||||||||||
Other non-interest income
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319
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331
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653
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749
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||||||||||||
Total non-interest income
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945
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1,158
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1,736
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2,277
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Non-interest expense:
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||||||||||||||||
Salaries and benefits
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1,480
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1,551
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2,976
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3,078
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Occupancy and equipment, net
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313
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321
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718
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640
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Computer service
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158
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156
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312
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297
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Advertising
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81
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97
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161
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212
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FDIC insurance premium
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117
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117
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232
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233
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Other
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824
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528
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1,312
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985
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||||||||||||
Total non-interest expense
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2,973
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2,770
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5,711
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5,445
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||||||||||||
Income before income taxes
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583
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1,029
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1,385
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2,067
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Income tax expense
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325
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365
|
607
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750
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||||||||||||
Net income
|
258
|
664
|
778
|
1,317
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||||||||||||
Other comprehensive income (loss)
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165
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(587
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)
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284
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(576
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)
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Comprehensive income
|
423
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77
|
1,062
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741
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||||||||||||
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Weighted average number of diluted shares
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1,579,522
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1,562,935
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1,577,278
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1,556,625
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Diluted earnings per share
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$
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0.16
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$
|
0.42
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$
|
0.49
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$
|
0.85
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Return on average equity
|
2.48
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%
|
6.69
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%
|
3.76
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%
|
6.67
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%
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||||||||
Return on average assets
|
0.28
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%
|
0.73
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%
|
0.43
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%
|
0.73
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%
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Average earning assets
|
$
|
341,183
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$
|
341,925
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$
|
341,133
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$
|
342,270
|
||||||||
Net interest margin
|
3.18
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%
|
3.35
|
%
|
3.20
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%
|
3.42
|
%
|
||||||||
Efficiency ratio
|
83.61
|
%
|
72.91
|
%
|
80.48
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%
|
72.47
|
%
|
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