Attached files
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| 8-K - EARNINGS RELEASE - LSB FINANCIAL CORP | lsb_8k0509.htm |
Exhibit 99.1
101 Main St.
P.O. Box 1628
Lafayette, IN 47902
(765) 742-1064
www.LSBANK.com
lsbmail@LSBANK.com
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FOR IMMEDIATE RELEASE
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For further information contact:
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Randolph F. Williams
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President/CEO
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(765) 742-1064
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Fax: (765) 429-5932
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LSB Financial Corp. Announces First Quarter Results Up 9.8%
May 9, 2013, Lafayette, IN - 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 $20.50 per share as reported by the Nasdaq Global Market.
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LSB FINANCIAL CORP.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands except share and per share amounts)
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Selected balance sheet data:
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Three months ended
March 31, 2013
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Year ended
December 31, 2012
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Cash and due from banks
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$ | 1,249 | $ | 25,643 | ||||
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Interest bearing deposits
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22,838 | 5.778 | ||||||
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Interest bearing Time Deposits
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1,747 | 1,740 | ||||||
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Securities available-for-sale
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37,998 | 28,004 | ||||||
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Loans held for sale
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2,296 | 1,363 | ||||||
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Net portfolio loans
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273,062 | 280,257 | ||||||
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Allowance for loan losses
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6,062 | 5,900 | ||||||
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Premises and equipment, net
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7,157 | 7,069 | ||||||
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Federal Home Loan Bank stock, at cost
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3,185 | 3,185 | ||||||
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Bank owned life insurance
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6,633 | 6,595 | ||||||
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Other assets
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5,025 | 4,976 | ||||||
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Total assets
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361,190 | 364,610 | ||||||
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Deposits
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309,357 | 308,637 | ||||||
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Advances from Federal Home Loan Bank
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10,000 | 15,000 | ||||||
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Other liabilities
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2,279 | 2,018 | ||||||
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Total liabilities
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321,636 | 325,655 | ||||||
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Shareholders’ equity
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39,554 | 38,955 | ||||||
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Book value per share
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$ | 25.41 | $ | 25.04 | ||||
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Equity / assets
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10.95 | % | 10.68 | % | ||||
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Total shares outstanding
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1,556,782 | 1,555,972 | ||||||
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Asset quality data:
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Total non-accruing loans
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$ | 3,845 | $ | 6,443 | ||||
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Non-accruing loans 90 or more days past due
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1,834 | 2,907 | ||||||
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Loans past due 90 days still on accrual
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--- | --- | ||||||
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Non-accruing loans less than 90 days past due
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2,011 | 3,536 | ||||||
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Other real estate / assets owned
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162 | 256 | ||||||
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Total non-performing assets
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4,007 | 6,699 | ||||||
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Non-performing loans / total loans
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1.40 | % | 2.29 | % | ||||
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Non-performing assets / total assets
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1.11 | % | 1.84 | % | ||||
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Allowance for loan losses / non-performing loans
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157.66 | % | 91.57 | % | ||||
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Allowance for loan losses / non-performing assets
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151.29 | % | 88.07 | % | ||||
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Allowance for loan losses / total loans
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2.17 | % | 2.06 | % | ||||
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Loans charged off (quarter-to-date and year-to-date, respectively)
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$ | 321 | $ | 1,710 | ||||
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Recoveries on loans previously charged off
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83 | 179 | ||||||
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Three months ended March 31,
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Selected operating data:
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2013
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2012
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Total interest income
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$ | 3,642 | $ | 4,194 | ||||
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Total interest expense
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647 | 910 | ||||||
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Net interest income
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2,995 | 3,284 | ||||||
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Provision for loan losses
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400 | 600 | ||||||
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Net interest income after provision for loan losses
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2,595 | 2,684 | ||||||
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Non-interest income:
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Deposit account service charges
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272 | 325 | ||||||
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Gain on sale of mortgage loans
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430 | 406 | ||||||
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Net (loss) on sale of real estate owned
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(2 | ) | (83 | ) | ||||
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Other non-interest income
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418 | 260 | ||||||
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Total non-interest income
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1,118 | 908 | ||||||
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Non-interest expense:
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Salaries and benefits
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1,527 | 1,519 | ||||||
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Occupancy and equipment, net
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319 | 318 | ||||||
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Computer service
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142 | 148 | ||||||
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Advertising
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115 | 88 | ||||||
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Other
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572 | 587 | ||||||
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Total non-interest expense
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2,675 | 2,660 | ||||||
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Income before income taxes
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1,038 | 932 | ||||||
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Income tax expense
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385 | 337 | ||||||
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Net income
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653 | 595 | ||||||
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Other comprehensive income (loss)
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11 | (19 | ) | |||||
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Comprehensive income
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$ | 664 | $ | 576 | ||||
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Weighted average number of diluted shares
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1,563,664 | 1,556,001 | ||||||
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Diluted earnings per share
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$ | 0.42 | $ | 0.38 | ||||
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Return on average equity
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6.65 | % | 6.51 | % | ||||
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Return on average assets
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0.72 | % | 0.65 | % | ||||
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Average earning assets
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$ | 342,613 | $ | 347,250 | ||||
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Net interest margin
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3.50 | % | 3.78 | % | ||||
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Efficiency ratio
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72.04 | % | 74.05 | % | ||||