LAFAYETTE, Ind., March 7, 2014 /PRNewswire/ -- LSB Financial Corp.
(NASDAQ:LSBI), the parent company of Lafayette Savings Bank, FSB,
today reported net income for 2013 of $2.5
million or $1.62 per share,
compared to net income of $2.7
million or $1.70 per share for
2012. For the fourth quarter, net income was $518,000 or $0.33
per share in 2013 compared to $676,000 or $0.43
per share for the same period in 2012. The decrease in income
in 2013 was primarily due to a $1.1
million or 8.7% decrease in net interest income and a
$1.2 million or 46% decrease in gain
on sale of loans. This was partially offset by a $1.5 million decrease in the provision for loan
losses resulting from the continued improvement in asset
quality.
LSB President and CEO, Randolph F.
Williams, stated, "We continued to focus on improving credit
quality during the year. A major improvement was the 61%
decrease in non-performing assets from $6.7
million at December 31, 2012
to $2.6 million at December 31, 2013, which resulted in a ratio of
non-performing assets to total assets of 0.70% at December 31, 2013 compared to 1.84% in
2012. At December 31,
2013, our allowance for loan losses was $6.3 million or 2.4 times the level of
non-performing loans. We believe our improved credit quality
positions us well to compete as the economy recovers."
Mr. Williams continued, "The core profitability of the bank
remains strong. Our net interest margin ended the year at
3.36%, down from 3.87% at the end of 2012. As a community
bank we generate our earnings primarily by gathering deposits and
making loans so this is an important number for us. The net
interest margins we are seeing now are back in the range we were
accustomed to before the recession. Our 81% loan-to-deposit
ratio is further evidence that we consider ourselves first and
foremost a community bank. Our balance sheet shows our
success in attracting and maintaining local deposits. Our
core deposits increased by $17.4
million in 2013 while we repaid $5.0
million of FHLB advances. We continue to deleverage,
reducing loans by $26.3 million
which, along with our strong earnings, was a factor in increasing
our capital ratio from 10.7% to 11.1% at the end of 2013."
For the third consecutive year we are proud to have been named
to the Indianapolis Business Journal's top 25 performing
Indiana stocks.
The closing price of LSB stock on March
6, 2014 was $28.76 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)
|
Selected balance
sheet data:
|
December 31,
2013
|
December 31,
2012
|
|
|
|
Cash and due from
banks
|
$21,961
|
$25,643
|
Short-term
investments
|
2,237
|
5,778
|
Interest bearing time
deposits
|
1,743
|
1,740
|
Securities
available-for-sale
|
62,705
|
28,004
|
Loans held for
sale
|
657
|
1,363
|
Net portfolio
loans
|
254,703
|
280,257
|
Allowance for loan
losses
|
6,348
|
5,900
|
Premises and
equipment, net
|
7,933
|
7,069
|
Federal Home Loan
Bank stock, at cost
|
3,185
|
3,185
|
Bank-owned life
insurance
|
6,745
|
6,595
|
Other
assets
|
5,712
|
4,976
|
Total
assets
|
367,581
|
364,610
|
|
|
|
Deposits
|
314,620
|
308,637
|
Federal Home Loan
Bank advances
|
10,000
|
15,000
|
Other
liabilities
|
2,234
|
2,018
|
Total
liabilities
|
326,854
|
325,655
|
|
|
|
Stockholders'
equity
|
40,727
|
38,955
|
Book value per
share
|
$26.03
|
$25.04
|
Equity /
assets
|
11.08%
|
10.68%
|
Total shares
outstanding
|
1,564,838
|
1,555,972
|
|
|
|
Deposit
data:
|
|
|
Core
deposits
|
185,106
|
167,704
|
Time
deposits
|
129,514
|
140,933
|
Wholesale
deposits (included in Time deposits)
|
13,690
|
13,690
|
FHLB
Advances
|
10,000
|
15,000
|
|
|
|
Asset quality
data:
|
|
|
Non-accruing
loans
|
$ 2,572
|
$ 6,443
|
Loans past due 90
days still on accrual
|
---
|
---
|
Other real estate /
assets owned
|
18
|
256
|
Total non-performing
assets
|
2,590
|
6,699
|
Non-performing assets
/ total assets
|
0.70%
|
1.84%
|
Allowance for loan
losses / non-performing loans
|
246.81%
|
91.56%
|
Allowance for loan
losses / non-performing assets
|
245.13%
|
88.06%
|
Allowance for loan
losses / total loans
|
2.43%
|
2.06%
|
Loans charged
off
|
$
517
|
$1,710
|
Recoveries on loans
previously charged off
|
315
|
179
|
|
Three months ended
December 31,
|
Year ended December
31,
|
Selected operating
data:
|
2013
|
2012
|
2013
|
2012
|
Total interest
income
|
$3,278
|
$3,675
|
$13,771
|
$15,720
|
Total interest
expense
|
545
|
695
|
2,363
|
3,225
|
Net interest
income
|
2,733
|
2,980
|
11,408
|
12,495
|
Provision for loan
losses
|
---
|
500
|
650
|
2,100
|
Net interest
income after provision
|
2,733
|
2,480
|
10,758
|
10,395
|
Non-interest
income:
|
|
|
|
|
Deposit account
service charges
|
312
|
353
|
1,204
|
1,338
|
Gain on sale of
mortgage loans
|
130
|
887
|
1,337
|
2,489
|
Gain(loss) on sale
OREO
|
(51)
|
18
|
(53)
|
(97)
|
Other non-interest
income
|
313
|
244
|
1,403
|
1,036
|
Total
non-interest income
|
704
|
1,502
|
3,891
|
4,766
|
Non-interest
expense:
|
|
|
|
|
Salaries and
benefits
|
1,348
|
1,598
|
5,833
|
6,205
|
Occupancy and
equipment, net
|
358
|
305
|
1,326
|
1,208
|
Computer
service
|
153
|
150
|
606
|
618
|
Advertising
|
132
|
128
|
437
|
377
|
FDIC Insurance
Premium
|
115
|
120
|
476
|
481
|
Other
|
516
|
616
|
1,977
|
2,081
|
Total
non-interest expense
|
2,622
|
2,917
|
10,655
|
10,970
|
Income before income
taxes
|
816
|
1,065
|
3,994
|
4,191
|
Income tax
expense
|
298
|
389
|
1,456
|
1,532
|
Net
income
|
518
|
676
|
2,538
|
2,659
|
|
|
|
|
|
Weighted average
number of diluted shares
|
1,575,572
|
1,562,365
|
1,565,597
|
1,561,495
|
Diluted earnings per
share
|
$0.33
|
$0.43
|
$1.62
|
$1.70
|
|
|
|
|
|
Return on average
equity
|
5.11%
|
7.01%
|
6.37%
|
7.07%
|
Return on average
assets
|
0.58%
|
0.75%
|
0.70%
|
0.73%
|
Average earning
assets
|
$337,185
|
$320,812
|
$339,607
|
$322,977
|
Net interest
margin
|
3.24%
|
3.72%
|
3.36%
|
3.87%
|
Efficiency
ratio
|
84.67%
|
73.10%
|
72.74%
|
72.32%
|
|
|
|
|
|
|
|
SOURCE LSB Financial Corp