LSB Q3 net income increases

LSB Financial Corp., the parent company of Lafayette Savings Bank, has reported a net income of $879,000, or $0.56 per diluted share, for the third quarter ended September 30, 2012, compared to $457,000, or $0.29 per diluted share, for the same quarter ended September 30, 2011.

Net interest income for the third quarter ended September 30, 2012 was $3.13 million, compared to $3.36 million for the same quarter ended September 30, 2011.

Net income for the nine months ended September 30, 2012 was $1.98 million, or $1.28 per diluted share, compared to $1.14 million, or $0.73 per diluted share, for the same period ended September 30, 2011.

Net interest income for the nine months ended September 30, 2012 was $9.51 million, compared to $10.03 million for the same period ended September 30, 2011.

Randolph Williams, president and CEO said: "We are very pleased with the performance and earnings of the Company during the third quarter. We are particularly pleased that at quarter-end, non-performing assets had decreased to $10.6 million or 2.97% of total assets, compared to $13.8 million or 3.79%, at the end of 2011. Our team has done an outstanding job of improving asset quality, reducing non-performing loans by $11.8 million from a high point of $21.2 million at June 30, 2011 to $9.4 million at September 30, 2012. The allowance for loan losses at September 30, 2012 was at 1.89% of total loans and equal to 58.3% of non-performing loans. Over 40% of our non-performing loans are either paying as agreed or are 60 or fewer days past due."