<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
October 24, 1996
LSB FINANCIAL CORP.
- -----------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Indiana 0 - 25070 35-1934975
- -----------------------------------------------------------------
(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) No.)
101 Main Street, Lafayette, Indiana 47902
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (317) 742-1064
- -----------------------------------------------------------------
N/A
- -----------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
<PAGE>
Item 5. Other Events
- ---------------------
On October 24, 1996, LSB Financial Corp. ("LSB") issued the
attached press release announcing third quarter results, the payment of
a cash dividend and its intention to repurchase 5% of its outstanding
stock.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
- --------------------------------------------------------------
(c) Exhibits:
Exhibit 99 - Press release dated October 24, 1996
<PAGE>
<PAGE>
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 hereunto duly authorized.
LSB FINANCIAL CORP.
Date: October 28, 1996 By: /S/MARY JO DAVID
----------------- ------------------------------
Mary Jo David
Vice President, Chief Financial
Officer and Secretary-Treasurer
<PAGE>
<PAGE>
NEWS RELEASE
FOR IMMEDIATE RELEASE Contact: John W. Corey
October 24, 1996 President
(317) 742-1064
LSB Financial Corp. Announces Third Quarter Results,
Payment of Cash Dividend and Intention to Repurchase 5% of Outstanding Stock
- ----------------------------------------------------------------------------
LSB Financial Corp. (NASDAQ:LSBI), the parent company of Lafayette
Savings Bank, FSB, today reported for the quarter and nine month periods
ending September 30, 1996. Net income for the third quarter of 1996 was
$345,000, compared to $335,000 for the comparable period in 1995. Earnings
per share for the third quarter of 1996 were $0.41 compared to $0.35 for the
comparable period in 1995, an increase of 17.14%. Net income for the nine
month period was $532,000, as compared to $947,000 for the first nine months
of 1995. The nine month comparison is skewed by an unusual $800,000 provision
for loan losses taken in the second quarter of 1996, and by the receipt of a
$165,000 non-recurring state tax refund during this period in 1995. Net
interest income, a cleaner comparative measure of the Company's progress,
increased $182,000 or 14.75% during the third quarter of 1996 compared to the
same period in 1995. Net interest income for the first nine months of 1996
increased $725,000 or 20.79% over the first nine months of 1995. Net income
per share was $0.60 for the nine month period ending June 30, 1996. Further,
the Company announced today that it will pay a quarterly cash dividend of
$0.08 per share to shareholders of record as of November 11, 1996, with a
payment date of December 2, 1996. In addition, the Company announced its
intention to begin to repurchase 5% of its outstanding stock in the open
market.
LSB's total assets grew $18.9 million, from $159.0 at December 31, 1995
to $177.8 million at September 30, 1996 driven largely by an $23.6 million
increase in net loans over the same period.
Since the Bank, unlike most savings associations, is insured by the Bank
Insurance Fund (BIF) of the FDIC, it will not be subject to the one-time
assessment recently levied on members of the Savings Association Insurance
Fund (SAIF).
LSB President and CEO John W. Corey stated, "We are pleased with the
continued growth in earnings per share. This growth together with the
announced cash dividend and pending stock repurchase are parts of our
continuing efforts to maximize long-term shareholder value."
The closing market price of LSB stock on October 23, 1996, was $17.25
per share as reported by the NASDAQ stock market.
<PAGE>
<PAGE>
LSB FINANCIAL CORP.
(Dollars in thousands, except per share data)
SELECTED FINANCIAL CONDITION DATA
December 31, September 30,
Dollars in thousands 1995 1996
------------ -------------
Total Assets $158,973 $177,840
Loans Receivable, net 132,433 156,080
Available-for-Sale Securities 12,295 7,226
Short-term Investments 3,595 2,309
Deposits 109,977 116,305
Total Borrowings 29,614 44,228
Shareholders' Equity (net) 18,068 16,716
SELECTED OPERATIONS DATA
Three months ended Nine months ended
September 30, September 30,
------------------- -------------------
1995 1996 1995 1996
-------- ------- -------- -------
Total Interest Income $2,810 $3,360 $7,724 $9,702
Total Interest Expense 1,576 1,944 4,237 5,491
------ ------ ------ ------
Net Interest Income 1,234 1,416 3,487 4,211
Provision for Loan Losses 0 0 0 800
------ ------ ------ ------
Net Interest Income
after provision 1,234 1,416 3,487 3,411
Deposit Account Service Charges 62 79 168 243
Gain(loss) on Sale of Securities 0 0 0 9
Net Gain(loss) on Mortgage Loans
Originated for Sale 33 46 44 83
Other Non-interest Income 41 47 272 134
------ ------ ------ ------
Total Non-Interest Income 136 172 484 469
Total Non-Interest Expense 850 1,034 2,497 3,040
------ ------ ------ ------
Income before Income Taxes 520 554 1,474 840
Income Tax Expense 185 209 527 308
------ ------ ------ ------
Net Income $ 335 $ 345 $ 947 $ 532
====== ====== ====== ======
Earnings per Share $ 0.35 $ 0.41 $ 1.00 $ 0.60
====== ====== ====== ======
Book value per share $19.07 $19.66 $19.07 $19.66
====== ====== ====== ======
