LSB Financial Corp. (LSBI)

[56Chevy]

LSB Financial Corp. Announces Third Quarter and Year-to-Date Results

Date : 11/06/2013 @ 3:18PM
Source : PR Newswire (US)
Stock : Lsb Financial Corp. (MM) (LSBI)
Quote : $28.01 0.01 (0.04%) @ 12:52PM

LAFAYETTE, Ind., Nov. 6, 2013 /PRNewswire/ -- LSB Financial Corp. (NASDAQ: LSBI), the parent company of Lafayette Savings Bank, FSB, today reported year-to-date earnings of $2.0 million or $1.29 diluted earnings per share compared to $2.0 million or $1.28 diluted earnings per share a year earlier. Earnings for the quarter were $703,000 or $0.45 diluted earnings per share compared to $879,000 or $0.56 diluted earnings per share a year earlier. The major contributors to the Bank's year-to-date performance were a $950,000 decrease in the provision for loan losses, a 59% improvement over last year; and a $296,000 or 37% increase in other income due primarily to increased fee income from the sale of other financial instruments and increases in mortgage loan servicing fees. These were offset by net interest income which decreased $841,000 or 8.8% compared to the same period in 2012 primarily because of lower loan rates and slower loan growth for the nine months and by a $394,000 decrease in the gain on the sale of mortgage loans over the first nine months of last year as higher long term interest rates slowed mortgage refinance activity.

Randolph F. Williams, president and CEO stated, "We continue to make progress with our troubled loans which now compare favorably with peer data. At September 2013, non-performing assets were under 1.0% of total assets, totaling $2.9 million or 0.82% of total assets, compared to $6.7 million or 1.84%, at the end of 2012 and an eleven year low. We have had a decrease in non-performing assets in each of the past 11 quarters. With an allowance for loan losses totaling $6.4 million and only $2.9 million in non-performing loans we believe we are well reserved against asset deterioration."

The Bank continues to maintain a strong capital base with a total capital-to-asset ratio at September 30, 2012 at 11.33%, and a risk-based capital ratio of 17.35%, 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 November 5, 2013 was $27.95 per share as reported by the NASDAQ Global Market. This represents an increase of 41.02% over the same date last year.

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*Very well capitalized and making good earnings. I do not own shares of LSBI at this time.