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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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0000927089-03-000269.txt : 20031027
0000927089-03-000269.hdr.sgml : 20031027
20031027160625
ACCESSION NUMBER: 0000927089-03-000269
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20031027
ITEM INFORMATION:
FILED AS OF DATE: 20031027
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: 03958660
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
l-8k1027.htm
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
October 27, 2003
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 No.) |
(IRS Employer
Identification
Number) |
101 Main Street, Lafayette, Indiana
|
47901
|
(Address of principal executive offices) |
(Zip Code) |
Registrant's telephone number, including area code: (765) 742-1064
NEXT PAGE
ITEM 12. Results of Operation and Financial Condition
On October 27, 2003, the Registrant issued its earnings release for the quarterly period ended September 30, 2003.
The earnings release is attached to this report as Exhibit 99.1, which is incorporated herein by reference.
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 thereunto duly authorized.
Date: October 27, 2003 |
By: /s/ Mary Jo David
Mary Jo David, Treasurer
(Principal Financial and Accounting Officer) |
NEXT PAGE
EXHIBIT INDEX
Exhibit No. |
Description
|
99.1 |
Press Release Dated October 27, 2003. |
EX-99.1
3
ex-99.htm
101 Main St. P.O. Box 1628 Lafayette, IN 47902 (765) 742-1064
www.lafayettesavingsbank.com lsbmail@lsbank.com |
|
![](lsbgraph.gif) |
FOR IMMEDIATE RELEASE |
|
FOR MORE INFORMATION CONTACT:
Randolph F. Williams (765) 742-1064 President/CEO (765) 429-5932 Fax |
LSB Financial Corp. Announces Record Results and Payment of Cash Dividend
LSB Financial Corp. (Nasdaq:LSBI), the parent company of Lafayette Savings Bank, FSB, today reported record earnings for the nine months ended September 30, 2003. Net income for the third
quarter of 2003 was $946,000, an increase of $297,000, or 45.76%, over the third quarter of 2002. For the first nine months of 2003 net income was $2.4 million, an increase of $282,000, or 13.60%,
from the first nine months of 2002. Diluted earnings per share year-to-date for 2003 were $1.71 per share, up 14.00% over the same period last year. Net interest income increased 6.06% from $7.5
million for the first nine months of 2002 to $7.9 million for the same period in 2003. Non-interest income increased by $1.1 million or 72.13%, primarily as a result of gains of $1.7 million on the
sale of mortgage loans for the first nine months of 2003 compared to $530,000 for the same period in 2002.
LSB President and CEO Randolph F. Williams stated, "In the face of challenging economic and competitive times, we are very pleased to report record results for the quarter and for the
year. The management team has worked diligently to increase our net interest margin and improve our efficiency. For the first nine months of the year our return on assets was 1.00% and our return on
equity was 11.88%. True to our community banking roots we were able to accomplish this without sacrificing the highly personalized service and tailor-made products that people associate with
Lafayette Savings Bank."
Further, the Company announced today that it will pay a quarterly cash dividend of $0.125 per share to shareholders of record as of the close of business on November 7, 2003, with a
payment date of December 5, 2003.
The closing market price of LSB stock on October 24, 2003, was $26.32 per share as reported by the Nasdaq National Market.
Lafayette, Ind. - Monday, October 27, 2003
###
LSB FINANCIAL CORP. |
|
SELECTED CONSOLIDATED FINANCIAL INFORMATION |
|
(Dollars in thousands except share and per share amounts) |
|
|
|
At September 30, |
At December 31, |
Selected Balance Sheet Data: |
|
2003 |
2002 |
|
|
|
|
Cash and due from banks |
|
$1,950 |
$1,627 |
Short-term investments |
|
12,096 |
14,357 |
Securities available-for-sale |
|
15,750 |
11,779 |
Loans held for sale |
|
2,471 |
8,063 |
Net Portfolio loans |
|
264,131 |
269,834 |
Allowance for loan losses |
|
2,772 |
1,996 |
Premises and equipment, net |
|
7,132 |
7,039 |
FHLB stock, at cost |
|
3,879 |
3,782 |
Other assets |
|
6,700 |
2,615 |
Total assets |
|
314,109 |
319,096 |
|
|
|
|
Deposits |
|
219,404 |
221,590 |
Advances from FHLB |
|
65,473 |
70,473 |
Other liabilities |
|
1,990 |
1,531 |
|
|
|
|
Shareholders' Equity |
|
27,241 |
25,502 |
Book value per share (Shareholder's Equity) |
|
$20.52 |
$19.20 |
Equity / Assets |
|
8.67% |
7.99% |
Total shares outstanding |
|
1,356,200 |
1,364,188 |
|
|
|
|
Asset Quality Data: |
|
|
|
|
|
|
|
Non-accruing loans |
|
$4,167 |
$3,310 |
Other real estate/assets owned |
|
365 |
279 |
Total non-performing assets |
|
4,532 |
3,589 |
Non-performing loans / Total loans |
|
1.56% |
1.19% |
Non-performing assets / Total assets |
|
1.44% |
1.12% |
Allowance for loan losses / Non-performing loans |
|
66.52% |
60.30% |
Allowance for loan losses / Total gross loans |
|
1.04% |
0.72% |
Loans charged off |
|
$79 |
$146 |
Recoveries on loans previously charged off |
|
4 |
10 |
|
Three months ended: |
Nine months ended: |
Selected operating data: |
September 30, |
September 30, |
|
2003 |
2002 |
2003 |
2002 |
|
|
|
|
|
Total Interest Income |
$4,841 |
$5,095 |
$14,441 |
$14,981 |
Total Interest Expense |
2,073 |
2,462 |
6,517 |
7,510 |
Net Interest Income |
2,768 |
2,633 |
7,924 |
7,471 |
Provision for Loan Losses |
150 |
225 |
850 |
375 |
Net Interest Income after provision |
2,618 |
2,408 |
7,074 |
7,096 |
Non-interest income: |
|
|
|
|
Deposit Account Service Charges |
185 |
193 |
624 |
542 |
Gain on Sale of Mortgage Loans |
614 |
103 |
1,694 |
530 |
Gain on Sale of Securities |
0 |
0 |
0 |
0 |
Other Non-interest Income |
128 |
100 |
245 |
417 |
Total Non-Interest Income |
927 |
396 |
2,563 |
1,489 |
Non-Interest Expense: |
|
|
|
|
Salaries and benefits |
1,163 |
969 |
3,355 |
2,988 |
Occupancy and equipment, net |
276 |
268 |
836 |
791 |
Computer service |
89 |
86 |
256 |
246 |
Advertising |
88 |
103 |
332 |
302 |
Other |
363 |
287 |
969 |
928 |
Total non-interest expense |
1,979 |
1,713 |
5,748 |
5,255 |
Income before income taxes |
1,566 |
1,091 |
3,889 |
3,330 |
Income tax expense |
620 |
442 |
1,533 |
1,256 |
Net income |
946 |
649 |
2,356 |
2,074 |
|
|
|
|
|
Weighted average number of diluted shares |
1,382,632 |
1,384,120 |
1,375,801 |
1,379,575 |
Diluted Earnings per Share |
$0.68 |
$0.47 |
$1.71 |
$1.50 |
|
|
|
|
|
Return on average equity |
13.95% |
10.35% |
11.88% |
11.32% |
Return on average assets |
1.20% |
0.84% |
1.00% |
0.93% |
Average earning assets |
301,144 |
294,995 |
300,649 |
285,134 |
Net interest margin |
3.68% |
3.57% |
3.51% |
3.49% |
Efficiency ratio |
55.81% |
61.07% |
59.66% |
61.20% |
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