LSB Financial Corp. Announces First Quarter Results Up 9.8%
LSB Financial Corp. Announces First Quarter Results Up 9.8%
LAFAYETTE, Ind., May 9, 2013 /PRNewswire/ -- LSB Financial Corp. (NASDAQ:LSBI), the parent company of Lafayette Savings Bank, FSB, today reported quarterly earnings of $653,000 or $0.42 diluted earnings per share compared to $595,000 or $0.38 diluted earnings per share a year earlier. The major contributor to the bank's performance was a $200,000 decrease in the provision for loan losses, a 33% improvement over last year. In addition, other income increased $158,000 led primarily by a $133,000 increase in wealth management income. These gains were offset by a $289,000 decrease in net interest income. Randolph F. Williams, president and CEO stated, "The core performance of the bank is solid."
A positive factor this quarter was the continuing improvement in loan quality. At quarter end, non-performing assets totaled $4.0 million or 1.11% of total assets, compared to $6.7 million or 1.84% of assets at the end of 2012 and $12.8 million or 3.44% one year ago. Williams continued, "Our loan loss reserve of $6.1 million represents 158% of non-performing loans and 2.17% of total loans. We have one OREO property. I believe we can say that the financial situation of the bank is sound."
The bank continues to maintain a firm capital base with a capital-to-asset ratio at March 31, 2013 of 10.95% compared to 9.90% for the same period in 2012, both of which are well above the current definition of "well-capitalized" as defined by the bank regulators. Once the new capital requirements mandated under the Dodd-Frank Act become known, we will be better able to set our longer term capital targets.
The closing market price of LSB stock on May 8, 2013 was $20.50 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: |
Three months ended March 31, 2013 |
Year ended December 31, 2012 |
|
| Cash and due from banks |
$1,249 |
$25,643 |
|
| Interest bearing deposits |
22,838 |
5.778 |
|
| Interest bearing Time Deposits |
1,747 |
1,740 |
|
| Securities available-for-sale |
37,998 |
28,004 |
|
| Loans held for sale |
2,296 |
1,363 |
|
| Net portfolio loans |
273,062 |
280,257 |
|
| Allowance for loan losses |
6,062 |
5,900 |
|
| Premises and equipment, net |
7,157 |
7,069 |
|
| Federal Home Loan Bank stock, at cost |
3,185 |
3,185 |
|
| Bank owned life insurance |
6,633 |
6,595 |
|
| Other assets |
5,025 |
4,976 |
|
| Total assets |
361,190 |
364,610 |
|
| Deposits |
309,357 |
308,637 |
|
| Advances from Federal Home Loan Bank |
10,000 |
15,000 |
|
| Other liabilities |
2,279 |
2,018 |
|
| Total liabilities |
321,636 |
325,655 |
|
| Shareholders' equity |
39,554 |
38,955 |
|
| Book value per share |
$25.41 |
$25.04 |
|
| Equity / assets |
10.95% |
10.68% |
|
| Total shares outstanding |
1,556,782 |
1,555,972 |
|
| Asset quality data: |
|||
| Total non-accruing loans |
$ 3,845 |
$6,443 |
|
| Non-accruing loans 90 or more days past due |
1,834 |
2,907 |
|
| Loans past due 90 days still on accrual |
--- |
--- |
|
| Non-accruing loans less than 90 days past due |
2,011 |
3,536 |
|
| Other real estate / assets owned |
162 |
256 |
|
| Total non-performing assets |
4,007 |
6,699 |
|
| Non-performing loans / total loans |
1.40% |
2.29% |
|
| Non-performing assets / total assets |
1.11% |
1.84% |
|
| Allowance for loan losses / non-performing loans |
157.66% |
91.57% |
|
| Allowance for loan losses / non-performing assets |
151.29% |
88.07% |
|
| Allowance for loan losses / total loans |
2.17% |
2.06% |
|
| Loans charged off (quarter-to-date and year-to-date, respectively) |
$321 |
$1,710 |
|
| Recoveries on loans previously charged off |
83 |
179 |
|
| Three months ended March 31, |
|||
| Selected operating data: |
2013 |
2012 |
|
| Total interest income |
$3,642 |
$4,194 |
|
| Total interest expense |
647 |
910 |
|
| Net interest income |
2,995 |
3,284 |
|
| Provision for loan losses |
400 |
600 |
|
| Net interest income after provision for loan losses |
2,595 |
2,684 |
|
| Non-interest income: |
|||
| Deposit account service charges |
272 |
325 |
|
| Gain on sale of mortgage loans |
430 |
406 |
|
| Net (loss) on sale of real estate owned |
(2) |
(83) |
|
| Other non-interest income |
418 |
260 |
|
| Total non-interest income |
1,118 |
908 |
|
| Non-interest expense: |
|||
| Salaries and benefits |
1,527 |
1,519 |
|
| Occupancy and equipment, net |
319 |
318 |
|
| Computer service |
142 |
148 |
|
| Advertising |
115 |
88 |
|
| Other |
572 |
587 |
|
| Total non-interest expense |
2,675 |
2,660 |
|
| Income before income taxes |
1,038 |
932 |
|
| Income tax expense |
385 |
337 |
|
| Net income |
653 |
595 |
|
| Other comprehensive income (loss) |
11 |
(19) |
|
| Comprehensive income |
$664 |
$576 |
|
| Weighted average number of diluted shares |
1,563,664 |
1,556,001 |
|
| Diluted earnings per share |
$0.42 |
$0.38 |
|
| Return on average equity |
6.65% |
6.51% |
|
| Return on average assets |
0.72% |
0.65% |
|
| Average earning assets |
$342,613 |
$347,250 |
|
| Net interest margin |
3.50% |
3.78% |
|
| Efficiency ratio |
72.04% |
74.05% |
|
SOURCE LSB Financial Corp
Share this article