LAFAYETTE, Ind., May 12, 2014 /PRNewswire/ -- LSB Financial
Corp. (NASDAQ: LSBI), the parent company of Lafayette Savings Bank,
FSB, today reported first quarter earnings of $520,000 or $0.33
diluted earnings per share compared to $653,000 or $0.42
diluted earnings per share a year earlier. The major
contributors to the Bank's performance were a decrease in net
interest income of $246,000 or 8.2%
compared to the same period in 2013, primarily because of lower
loan rates and slower loan growth for the three months, and a
$241,000 decrease in the gain on the
sale of mortgage loans over the first three months of last year as
higher long-term interest rates slowed mortgage refinance
activity. These contributors were offset by a $400,000 decrease in the provision for loan
losses.
Randolph F. Williams, President
and CEO stated, "We continue to make progress with our asset
quality which compares favorably with peer data. At
March 31, 2014, non-performing assets
were well under 1.0% of total assets, totaling $2.5 million or 0.70% of total assets, compared
to $2.6 million or 0.70%, at the end
of 2013 and a twelve-year low. We have had a decrease in
non-performing assets in each of the past 12 quarters. With
an allowance for loan losses totaling $6.4
million and only $2.4 million
in non-performing loans we believe we are well reserved against
asset deterioration."
Williams continued, "Despite the terrible weather we experienced
in the first quarter we were able to hold our own on the lending
side of the bank. Residential mortgage applications were slow
in the first quarter however, the majority of residential loans
closed in the first quarter were for home purchases rather than
refinances. Tippecanoe
County has been named by the Indiana
University Kelley School of Business as Indiana's fifth fastest growing county and we
see signs of why that is true".
The Bank continues to maintain a strong capital base with a
total capital-to-asset ratio at March 31,
2014 of 11.28%, and a risk-based capital ratio of 17.48%,
both of which are well above the current definition of
"well-capitalized" as defined by the bank regulators.
The closing market price of LSB stock on May 9, 2014 was $29.40 per share as reported by the NASDAQ Global
Market. This represents an increase of 43.84% 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:
|
March
31,2014
(Unaudited)
|
December 31,
2013
|
|
|
|
|
Cash and due from
banks
|
$17,286
|
$21,961
|
|
Interest-bearing
deposits
|
5,533
|
2,237
|
|
Interest-bearing time
deposits
|
1,247
|
1,743
|
|
Available-for-sale
securities
|
62,232
|
62,705
|
|
Loans held for
sale
|
1,547
|
657
|
|
Net portfolio
loans
|
254,249
|
254,703
|
|
Allowance for loan
losses
|
6,394
|
6,348
|
|
Premises and
equipment, net
|
8,179
|
7,933
|
|
Federal Home Loan
Bank stock, at cost
|
3,185
|
3,185
|
|
Bank-owned life
insurance
|
6,781
|
6,745
|
|
Other
assets
|
5,841
|
5,712
|
|
Total
assets
|
366,080
|
367,581
|
|
|
|
|
Deposits
|
312,219
|
314,620
|
|
Advances from Federal
Home Loan Bank
|
10,000
|
10,000
|
|
Other
liabilities
|
2,578
|
2,234
|
|
Total
liabilities
|
324,797
|
326,854
|
|
|
|
|
Shareholders'
equity
|
41,283
|
40,727
|
|
Book value per
share
|
$26.35
|
$26.03
|
|
Equity /
assets
|
11.28%
|
11.08%
|
|
Total shares
outstanding
|
1,566,904
|
1,564,838
|
|
|
|
|
Asset quality
data:
|
|
|
|
Total non-accruing
loans
|
$2,389
|
$2,572
|
|
Non-accruing loans 90
or more days past due
|
1,188
|
1,384
|
|
Non-accruing loans
less than 90 days past due
|
1,201
|
1,188
|
|
Other real estate /
assets owned
|
157
|
18
|
|
Total non-performing
assets
|
2,546
|
2,590
|
|
Non-performing loans
/ total loans
|
0.93%
|
1.01%
|
|
Non-performing assets
/ total assets
|
0.70%
|
0.70%
|
|
Allowance for loan
losses / non-performing loans
|
267.64%
|
246.81%
|
|
Allowance for loan
losses / non-performing assets
|
251.14%
|
245.13%
|
|
Allowance for loan
losses / net loans receivable
|
2.45%
|
2.43%
|
|
Loans charged
off
|
$96
|
$321
|
|
Recoveries on loans
previously charged off
|
142
|
84
|
|
Three months ended
March 31,
|
|
Selected operating
data:
|
2014
|
2013
|
|
(Unaudited)
|
|
Total interest
income
|
$3,244
|
$3,642
|
|
Total interest
expense
|
495
|
647
|
|
Net interest
income
|
2,749
|
2,995
|
|
Provision for loan
losses
|
---
|
400
|
|
Net interest
income after provision for loan losses
|
2,749
|
2,595
|
|
Non-interest
income:
|
|
|
|
Deposit account
service charges
|
264
|
272
|
|
Gain on sale of
mortgage loans
|
189
|
430
|
|
Net gain (loss) on
sale of real estate owned
|
3
|
(2)
|
|
Debit card
fees
|
142
|
141
|
|
Brokerage
fees
|
36
|
133
|
|
Other non-interest
income
|
156
|
418
|
|
Total
non-interest income
|
790
|
1,118
|
|
Non-interest
expense:
|
|
|
|
Salaries and
benefits
|
1,496
|
1,527
|
|
Occupancy and
equipment, net
|
405
|
319
|
|
Computer
service
|
154
|
142
|
|
Advertising
|
80
|
115
|
|
FDIC insurance
premiums
|
115
|
116
|
|
ATM
|
76
|
73
|
|
Professional
fees
|
137
|
119
|
|
Other
|
275
|
264
|
|
Total
non-interest expense
|
2,738
|
2,675
|
|
Income before income
taxes
|
801
|
1,038
|
|
Income tax
expense
|
281
|
385
|
|
Net
income
|
520
|
653
|
|
Other comprehensive
income (loss)
|
119
|
11
|
|
Comprehensive
income
|
639
|
664
|
|
|
|
|
Weighted average
number of diluted shares
|
1,574,255
|
1,563,664
|
|
Diluted earnings per
share
|
$0.33
|
$0.42
|
|
|
|
|
Return on average
equity
|
5.07%
|
6.65%
|
|
Return on average
assets
|
0.57
|
0.72
|
|
Average earning
assets
|
$341,082
|
$342,613
|
|
Net interest
margin
|
3.22%
|
3.50%
|
|
Efficiency
ratio
|
77.37
|
72.04
|
|
|
|
|
|
|
www.LSBANK.com
SOURCE LSB Financial Corp.