LSB FINANCIAL CORP. LAFAYETTE, Ind., Aug. 13, 2014 /PRNewswire/ -- LSB Financial Corp. (NASDAQ: LSBI), the parent company of Lafayette Savings Bank, FSB, today reported year-to-date earnings of $778,000 or $0.49 diluted earnings per share compared to $1.3 million or $0.85 diluted earnings per share a year earlier. Earnings for the quarter were $258,000 or $0.16 diluted earnings per share compared to $664,000 or $0.42 diluted earnings per share a year earlier. The major contributors to the Bank's year-to-date performance were a $525,000 decrease in the provision for loan losses, a $441,000 decrease in the gain on the sale of mortgage loans over the first six months of last year, a $400,000 or 6.8% decrease in net interest income for the six months compared to the same period in 2013 primarily because of lower rates and slower loan growth, and a $327,000 or 33% increase in other expenses due primarily to merger expenses.
Randolph F. Williams, President and CEO stated, "While we are still seeing low loan demand, we continue to be pleased with the improvement in our troubled loans. At June 30, 2014, non-performing assets totaled $1.4 million or 0.39% of total assets, compared to $2.6 million or 0.70%, at the same point in 2013. Our allowance for losses is over 4 times total non-performing assets. With an allowance for loan losses totaling $6.1 million and only $1.3 in non-performing loans, we believe we are well reserved against asset deterioration."
Williams continued, "We continue to make progress in our plan to partner with Old National Bank which will give us the opportunity to offer an expanded array of financial products and services. Old National believes in giving back to the communities it serves and we believe this merger will bring an additional source of support to Greater Lafayette. "
The closing market price of LSB stock on August 11, 2014 was $40.16 per share as reported by the Nasdaq Global Market.
LSB FINANCIAL CORP.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands except share and per share amounts)
--------------------------------------------------------
June 30, 2014 December 31, 2013
Selected balance sheet
data: (Unaudited)
---------------------- ----------
Cash and due from
banks $16,735 $21,961
----------------- ------- -------
Interest-bearing
deposits 8,311 2,237
---------------- ----- -----
Interest-bearing time
deposits 1,247 1,743
--------------------- ----- -----
Securities available-
for-sale 64,326 62,705
--------------------- ------ ------
Loans held for sale 488 657
------------------- --- ---
Net portfolio loans 253,752 254,703
------------------- ------- -------
Allowance for loan
losses 6,088 6,348
------------------ ----- -----
Premises and
equipment, net 8,370 7,933
--------------- ----- -----
Federal Home Loan Bank
stock, at cost 3,185 3,185
---------------------- ----- -----
Bank owned life
insurance 6,817 6,745
--------------- ----- -----
Other assets 5,457 5,712
------------ ----- -----
Total assets 368,688 367,581
------------ ------- -------
Deposits 314,510 314,620
-------- ------- -------
Advances from Federal
Home Loan Bank 10,000 10,000
--------------------- ------ ------
Other liabilities 2,568 2,234
----------------- ----- -----
Total liabilities 327,078 326,854
----------------- ------- -------
Shareholders' equity 41,610 40,727
-------------------- ------ ------
Book value per share $26.54 $26.03
-------------------- ------ ------
Equity / assets 11.29% 11.08%
--------------- ----- -----
Total shares
outstanding 1,567,764 1,564,838
------------ --------- ---------
Asset quality data:
-------------------
Total non-accruing
loans $1,331 $2,572
------------------ ------ ------
Non-accruing loans 90
or more days past due 521 1,384
---------------------- --- -----
Non-accruing loans
less than 90 days
past due 810 1,188
------------------ --- -----
Other real estate /
assets owned 117 18
------------------- --- ---
Total non-performing
assets 1,448 2,590
-------------------- ----- -----
Non-performing loans
/total loans 0.52% 1.01%
-------------------- ---- ----
Non-performing assets
/total assets 0.39% 0.70%
--------------------- ---- ----
Allowance for loan
losses /non-
performing loans 457.40% 246.81%
------------------ ------ ------
Allowance for loan
losses /non-
performing assets 420.44% 245.13%
------------------ ------ ------
Allowance for loan
losses /total loans 2.34% 2.43%
-------------------- ---- ----
Loans charged off $556 $331
----------------- ---- ----
Recoveries on loans
previously charged
off 195 84
------------------- --- ---
Three months ended Six months ended
June 30, June 30,
(Unaudited) (Unaudited)
---------- ----------
2014 2013 2014 2013
---- ---- ---- ----
Selected operating data:
------------------------
Total interest income $3,193 $3,462 $6,437 $7,104
--------------------- ------ ------ ------ ------
Total interest expense 482 596 977 1,244
---------------------- --- --- --- -----
Net interest income 2,711 2,866 5,460 5,860
------------------- ----- ----- ----- -----
Provision for loan
losses 100 225 100 625
------------------ --- --- --- ---
Net interest income
after provision for
loan losses 2,611 2,641 5,360 5,235
-------------------- ----- ----- ----- -----
Non-interest income:
--------------------
Deposit account
service charges 302 300 566 573
---------------- --- --- --- ---
Gain on sale of
mortgage loans 327 527 516 957
--------------- --- --- --- ---
Net (loss) on sale of
real estate owned (3) --- 1 (2)
--------------------- --- --- --- ---
Other non-interest
income 319 331 653 749
------------------ --- --- --- ---
Total non-interest
income 945 1,158 1,736 2,277
------------------ --- ----- ----- -----
Non-interest expense:
---------------------
Salaries and benefits 1,480 1,551 2,976 3,078
--------------------- ----- ----- ----- -----
Occupancy and
equipment, net 313 321 718 640
--------------- --- --- --- ---
Computer service 158 156 312 297
---------------- --- --- --- ---
Advertising 81 97 161 212
----------- --- --- --- ---
FDIC insurance premium 117 117 232 233
---------------------- --- --- --- ---
Other 824 528 1,312 985
----- --- --- ----- ---
Total non-interest
expense 2,973 2,770 5,711 5,445
------------------ ----- ----- ----- -----
Income before income
taxes 583 1,029 1,385 2,067
-------------------- --- ----- ----- -----
Income tax expense 325 365 607 750
------------------ --- --- --- ---
Net income 258 664 778 1,317
---------- --- --- --- -----
Other comprehensive
income (loss) 165 (587) 284 (576)
------------------- --- ---- --- ----
Comprehensive income 423 77 1,062 741
-------------------- --- --- ----- ---
Weighted average
number of diluted
shares 1,579,522 1,562,935 1,577,278 1,556,625
------------------ --------- --------- --------- ---------
Diluted earnings per
share $0.16 $0.42 $0.49 $0.85
-------------------- ----- ----- ----- -----
Return on average
equity 2.48% 6.69% 3.76% 6.67%
----------------- ---- ---- ---- ----
Return on average
assets 0.28% 0.73% 0.43% 0.73%
----------------- ---- ---- ---- ----
Average earning assets $341,183 $341,925 $341,133 $342,270
---------------------- -------- -------- -------- --------
Net interest margin 3.18% 3.35% 3.20% 3.42%
------------------- ---- ---- ---- ----
Efficiency ratio 83.61% 72.91% 80.48% 72.47%
---------------- ----- ----- ----- -----
SOURCE LSB Financial Corp
