LSB Financial Corp. Announces First Quarter Results and Payment of Cash Dividend

Apr 25, 2001, 01:00 ET from LSB Financial Corp.

    LAFAYETTE, Ind., April 25 /PRNewswire/ -- LSB Financial Corp.
 (Nasdaq:   LSBI), the parent company of Lafayette Savings Bank, FSB, today
 reported earnings for the quarter ended March 31, 2001.  Net income for the
 first quarter of 2001 was $515,000, a decrease of $29,000, or 5.33%, from
 $544,000 for the first quarter of 2000, primarily due to non-recurring non-
 interest expenses related to the transition costs associated with the
 Company's search for and evaluation of a successor CEO to replace the current
 CEO, who has indicated his intent to retire upon the Company's successful
 completion of its search.  In addition, a change in the payroll process in
 2000 resulted in the first quarter of 2001 having an additional pay accrual of
 $60,000 compared to the first quarter of 2000, and staff increases in
 preparation for the opening of a new branch on April 23, 2001 also contributed
 to the higher expenses.  Diluted earnings per share for the first quarter of
 2001 were $0.39 compared to $0.41 for the first quarter of 2000, a decrease of
 7.32%.  The higher expenses associated with the CEO search and the payroll
 process change associated with the quarter ended March 31, 2001, were
 generally non-recurring in nature and affected the comparability of the
 periods.
     Further, the Company announced today that it will pay a quarterly cash
 dividend of $0.10 per share to shareholders of record as of the close of
 business on May 14, 2001, with a payment date of June 1, 2001.
     LSB President and CEO John W. Corey stated, "Allocating resources to
 future growth is an important part of our long term strategy.  Our goal is to
 make the appropriate investments in the future and, at the same time, provide
 year over year increases in earnings for our shareholders.  With the opening
 of our newest branch we believe we can offer the convenience of a branch
 office in all the major traffic areas of our market complemented by our
 Internet banking with access that never closes. With this infrastructure in
 place, and offering competitive and creative products, we believe we will meet
 our budget and growth targets for 2001."
     The closing market price of LSB stock on April 23, 2001, was $12.42 per
 share as reported by the Nasdaq National Market.
 
 
                       SELECTED FINANCIAL CONDITION DATA
                 (Dollars in thousands, except per share data)
 
                                                   March 31,       December 31,
                                                     2001              2000
 
     Total Assets                                  $292,142          $282,225
     Loans Receivable, net                          249,245           248,256
     Available-for-Sale Securities                   10,621            11,590
     Short-term Investments                          15,845             7,912
     Deposits                                       198,429           189,700
     Total Borrowings                                69,572            69,582
     Shareholders' Equity (net)                      22,245            21,766
 
 
                            SELECTED OPERATIONS DATA
                 (Dollars in thousands, except per share data)
 
                                                   Three months ended March 31:
                                                      2001              2000
 
     Total Interest Income                           $5,531            $4,860
     Total Interest Expense                           3,379             2,745
       Net Interest Income                            2,152             2,115
     Provision for Loan Losses                           36                36
     Net Interest Income after provision              2,116             2,079
 
     Deposit Account Service Charges                    183               142
     Gain (loss) on Sale of Securities                    0                 0
     Gain (loss) on Mortgage Loans
      Originated for Sale                                82                 3
     Other Non-interest Income                          117               118
       Total Non-Interest Income                        382               263
 
     Total Non-Interest Expense                       1,677             1,460
     Income before Income Taxes                         821               882
     Income Tax Expense                                 306               338
       Net Income                                      $515              $544
 
     Earnings per share                               $0.39             $0.41
     Diluted Earnings per Share                       $0.38             $0.41
     Book value per share                            $16.65            $16.32
 
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SOURCE LSB Financial Corp.
    LAFAYETTE, Ind., April 25 /PRNewswire/ -- LSB Financial Corp.
 (Nasdaq:   LSBI), the parent company of Lafayette Savings Bank, FSB, today
 reported earnings for the quarter ended March 31, 2001.  Net income for the
 first quarter of 2001 was $515,000, a decrease of $29,000, or 5.33%, from
 $544,000 for the first quarter of 2000, primarily due to non-recurring non-
 interest expenses related to the transition costs associated with the
 Company's search for and evaluation of a successor CEO to replace the current
 CEO, who has indicated his intent to retire upon the Company's successful
 completion of its search.  In addition, a change in the payroll process in
 2000 resulted in the first quarter of 2001 having an additional pay accrual of
 $60,000 compared to the first quarter of 2000, and staff increases in
 preparation for the opening of a new branch on April 23, 2001 also contributed
 to the higher expenses.  Diluted earnings per share for the first quarter of
 2001 were $0.39 compared to $0.41 for the first quarter of 2000, a decrease of
 7.32%.  The higher expenses associated with the CEO search and the payroll
 process change associated with the quarter ended March 31, 2001, were
 generally non-recurring in nature and affected the comparability of the
 periods.
     Further, the Company announced today that it will pay a quarterly cash
 dividend of $0.10 per share to shareholders of record as of the close of
 business on May 14, 2001, with a payment date of June 1, 2001.
     LSB President and CEO John W. Corey stated, "Allocating resources to
 future growth is an important part of our long term strategy.  Our goal is to
 make the appropriate investments in the future and, at the same time, provide
 year over year increases in earnings for our shareholders.  With the opening
 of our newest branch we believe we can offer the convenience of a branch
 office in all the major traffic areas of our market complemented by our
 Internet banking with access that never closes. With this infrastructure in
 place, and offering competitive and creative products, we believe we will meet
 our budget and growth targets for 2001."
     The closing market price of LSB stock on April 23, 2001, was $12.42 per
 share as reported by the Nasdaq National Market.
 
 
                       SELECTED FINANCIAL CONDITION DATA
                 (Dollars in thousands, except per share data)
 
                                                   March 31,       December 31,
                                                     2001              2000
 
     Total Assets                                  $292,142          $282,225
     Loans Receivable, net                          249,245           248,256
     Available-for-Sale Securities                   10,621            11,590
     Short-term Investments                          15,845             7,912
     Deposits                                       198,429           189,700
     Total Borrowings                                69,572            69,582
     Shareholders' Equity (net)                      22,245            21,766
 
 
                            SELECTED OPERATIONS DATA
                 (Dollars in thousands, except per share data)
 
                                                   Three months ended March 31:
                                                      2001              2000
 
     Total Interest Income                           $5,531            $4,860
     Total Interest Expense                           3,379             2,745
       Net Interest Income                            2,152             2,115
     Provision for Loan Losses                           36                36
     Net Interest Income after provision              2,116             2,079
 
     Deposit Account Service Charges                    183               142
     Gain (loss) on Sale of Securities                    0                 0
     Gain (loss) on Mortgage Loans
      Originated for Sale                                82                 3
     Other Non-interest Income                          117               118
       Total Non-Interest Income                        382               263
 
     Total Non-Interest Expense                       1,677             1,460
     Income before Income Taxes                         821               882
     Income Tax Expense                                 306               338
       Net Income                                      $515              $544
 
     Earnings per share                               $0.39             $0.41
     Diluted Earnings per Share                       $0.38             $0.41
     Book value per share                            $16.65            $16.32
 
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                  http://tbutton.prnewswire.com/prn/11690X88693171
 
 SOURCE  LSB Financial Corp.