Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported) May 12, 2014
LSB Financial Corp.
(Exact Name of Registrant as Specified in Its Charter)


Indiana	0-25070	35-1934975
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


101 Main Street, Lafayette, Indiana		47901
(Address of Principal Executive Offices)		(Zip Code)


(765) 742-1064
(Registrant’s Telephone Number, Including Area Code)



(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

	¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

	¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On May 12, 2014, LSB Financial Corp. issued a press release reporting its results of operations and financial condition for the first quarter ended March 31, 2014.

A copy of the press release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by this reference. The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

	(d) Exhibits

	Exhibit No.		Description
	99.1		Press Release dated May 12, 2014

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.

Date: May 12, 2014	LSB Financial Corp.

	By:	/s/ Mary Jo David
		Mary Jo David, Treasurer (Principal Financial and Accounting Officer)

EXHIBIT INDEX

Exhibit Number	Exhibit Description	Location

99.1	Press Release, dated May 12, 2014	Attached

Exhibit 99.1

101 Main St.

P.O. Box 1628

Lafayette, IN 47902

(765) 742-1064

www.LSBANK.com

lsbmail@LSBANK.com

FOR IMMEDIATE RELEASE	For further information contact:
	Randolph F. Williams
	President/CEO
	(765) 742-1064
	Fax: (765) 429-5932

LSB Financial Corp. Announces First Quarter Results

May 12, 2014, Lafayette, IN - 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