8-K

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
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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.

LSB FINANCIAL CORP.

Date:     October 27, 2003 By:   /s/ Mary Jo David        Mary Jo David, Treasurer
       (Principal Financial and Accounting Officer)

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release Dated October 27, 2003.

EX-99.1

101 Main St.
P.O. Box 1628
Lafayette, IN 47902
(765) 742-1064

www.lafayettesavingsbank.com
lsbmail@lsbank.com

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%