LSB Financial Corp. Announces First Quarter Results
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 |
|||
SOURCE LSB Financial Corp.
Share this article