• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • Sponsored Placement
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

LSB Financial Corp. Announces Year-end and Fourth Quarter Results


News provided by

LSB Financial Corp.

Mar 09, 2012, 10:45 ET

Share this article

Share this article


LAFAYETTE, Ind., March 9, 2012 /PRNewswire/ -- LSB Financial Corp. (NASDAQ: LSBI), the parent company of Lafayette Savings Bank, FSB, today reported net income for 2011 of $539,000 or $0.35 per share, compared to net income of $2.1 million or $1.36 per share for 2010.  The decrease in income was primarily due to a $2.6 million or 94% increase in the loan loss provision as a result of steps taken in 2011 to reduce non-performing loans, offset by a $625,000 increase in net interest income. During the year we charged off $5.4 million against loan loss reserves, while recovering $67,000 and replenishing the reserves by $5.4 million. Over $2.5 million of the charge-offs were the result of lowered appraisal values on commercial properties received in the fourth quarter.  A 33% improvement in non-performing loans from $18.0 million at December 31, 2010 to $12.1 million at December 31, 2011, resulted in a ratio of non-performing loans to total loans of 3.95% at December 31, 2011 compared to 5.59% in 2010.  The fourth quarter appraisal charge-offs resulted in a fourth quarter loss of $600,000 compared to net income of $602,000 in the fourth quarter of 2010.    

LSB President and CEO, Randolph F. Williams, stated, "The steps we took in 2011 to address non-performing loans resulted in an improvement in our loan loss reserve to non-performing loan ratio to 44.21%, up from 29.61% at the end of 2010.  Our loan loss reserve, as a percent of total loans, increased to 1.74% from 1.65%.  We believe that these steps position us well in 2012 and forward.  The loan loss reserve at both December 31, 2010 and December 31, 2011 was $5.3 million."

Mr. Williams continued, "The core profitability of the bank remains strong.  Our net interest margin remains high at 4.02%, up from 3.68% at the end of 2010.  As a community bank we generate our earnings primarily by gathering deposits and making loans. Our 98% 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.  By actively managing the balance sheet we have been able to pay competitive rates to depositors and reduce our reliance on funds from outside our market area.  We continue to deleverage, reducing loans by $18.3 million and increasing our capital ratio from 9.57% to 9.93%."

The bank continues to be a leading home lender in the market originating $ 61.0 million in residential loans and generating $1.1 million of fees from the sale of $52.7 million of these loans.  Mr. Williams added, "The recent announcement by the National Association of Home Builders that Lafayette now ranks as one of the Country's 76 'improving markets', information from the Federal Housing Finance Agency that Lafayette ranks in the top 10% in year-over-year housing appreciation and our December unemployment rate of 7.5% all bode well for our market."

While community bank stocks have been hard hit, we are proud to have been named to the Indianapolis Business Journal's top 25 performing Indiana stocks in 2011.

The closing price of LSB stock on March 8, 2012 was $16.81 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, 2011

December 31, 2010




Cash and due from banks

$18,552

$10,593

Interest bearing deposits

3,156

2,980

Securities available-for-sale

13,845

11,805

Loans held for sale

3,120

2,265

Net portfolio loans

302,510

320,810

Allowance for loan losses

5,331

5,343

Premises and equipment, net

6,146

6,116

Federal Home Loan Bank stock, at cost

3,185

3,583

Bank-owned life insurance

6,434

6,264

Other assets

7,342

7,431

Total assets

364,290

371,847




Deposits

308,433

311,458

Federal Home Loan Bank advances

18,000

22,500

Other liabilities

1,683

2,312

Total liabilities

328,116

336,270




Shareholders' equity

36,174

35,577

Book value per share

$23.26

$22.90

Equity / assets

9.93%

9.56%

Total shares outstanding

1,555,222

1,553,525




Asset quality data:



Non-accruing loans

$12,059

$18,046

Loans past due 90 days still on accrual

---

676

Other real estate / assets owned

1,746

1,214

Total non-performing assets

13,805

19,260

Non-performing assets / total assets

3.79%

5.18%

Allowance for loan losses / non-performing loans

44.21%

29.61%

Allowance for loan losses / non-performing assets

38.62%

27.67%

Allowance for loan losses / total loans

1.74%

1.65%

Loans charged off

$5,440

$1,382

Recoveries on loans previously charged off

67

229


Three months ended December 31,

Year ended December 31,


Selected operating data:

2011

2010

2011

2010

Total interest income

$4,362

$4,626

$17,594

$18,895

Total interest expense

991

1,331

4,189

6,115

Net interest income

3,371

3,295

13,405

12,780

Provision for loan losses

2,625

950

5,361

2,759

 Net interest income after provision

746

2,345

8,044

10,021

Non-interest income:





Deposit account service charges

405

365

1,397

1,522

Gain on sale of mortgage loans

357

477

1,080

1,019

Gain(loss) on sale of available-for-sale securities

47

---

54

---

Gain(loss) on sale OREO

(261)

8

(700)

(441)

Other non-interest income

226

174

1,077

980

 Total non-interest income

774

1,024

2,908

3,080

Non-interest expense:





Salaries and benefits

1,246

1,275

5,465

5,288

Occupancy and equipment, net

265

317

1,154

1,303

Computer service

142

147

576

569

Advertising

94

79

304

282

FDIC Insurance Premium

120

185

556

679

Other

700

450

2,204

1,811

 Total non-interest expense

2,567

2,453

10,259

9,932

Income before income taxes

(1,044)

916

693

3,169

Income tax expense

(444)

314

154

1,052

 Net income

(600)

602

539

2,117






Weighted average number of diluted shares

1,556,352

1,554,697

1,555,253

1,554,720

Diluted earnings per share

($0.39)

$0.39

$0.35

$1.36






Return on average equity

(6.52%)

6.77%

1.48%

6.09%

Return on average assets

(0.66%)

0.64%

0.15%

0.56%

Average earning assets

$330,144

$345,930

$333,278

$347,299

Net interest margin

4.09%

3.95%

4.02%

3.68%

Efficiency ratio

168.55%

72.81%

93.67%

75.81%


www.LSBANK.com

SOURCE LSB Financial Corp.

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.