<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)
February 4, 1998
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 (765) 742-1064
- -----------------------------------------------------------------
N/A
- -----------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
- ---------------------
On February 4, 1998, LSB Financial Corp. issued the
attached press release announcing fourth quarter results, the payment of
a cash dividend and its intention to repurchase up to 5% of its outstanding
stock.
The Exhibits referred to in Item 5 of this Report and listed on the
accompanying Exhibit Index are filed as part of this Report and are
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
- --------------------------------------------------------------
(c) Exhibits:
Exhibit 99 - Press release dated February 4, 1998
<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: February 10, 1998 By: /S/JOHN W. COREY
----------------- ------------------------------
John W. Corey
President and Chief Executive
Officer
<PAGE>
NEWS RELEASE
FOR IMMEDIATE RELEASE Contact John W. Corey
President
(765) 742-1064
LSB Financial Corp. Announces Record Year-End Results,
An Increase in Cash Dividend and a 5% Stock Buy-Back
-------------------------------------------------------
LSB Financial Corp. (NASDAQ:LSBI), the parent company of Lafayette
Savings Bank, FSB, today reported earnings for the year and quarter ending
December 31, 1997. Earnings per share for the fourth quarter of 1997 were
$0.49 or a 28.9% increase over the $0.38 per share reported for the same
quarter in 1996. Net income for the fourth quarter of 1997 was $434,000, up
$91,000 or 26.5% over the same period in 1996. Diluted earnings per share for
the year ended December 31, 1997 were $1.77, compared to $0.95 for 1996. Per
share data for 1996 has been restated for the effect of the 5% stock dividend
distributed on June 30, 1997. Net income for the year ended December 31, 1997
was $1.6 million, up $690,000 over net income for 1996, although this
comparison is skewed by an $800,000 provision for loan losses taken in the
second quarter of 1996 to proactively address the potential impact on the Bank
of the filing for Chapter 11 Bankruptcy protection by the Bennett Funding
Group, Inc. Net interest income increased by $824,000 or 14.4% for the year
ended December 31, 1997 compared to the same period in 1996. Other factors
affecting the change in net income included a $119,000 increase in deposit
account service charges and a $59,000 increase in net gains on the sale of
mortgage loans, offset by a $491,000 increase in income tax expense and by a
$600,000 increase in non-interest expenses due largely to the opening of a new
branch. LSB's total assets grew to $207 million, an increase of $22 million
or 11.9% from December 31, 1996. Net loans increased $19.3 million or 12.1%
for the year funded entirely by deposits which increased by $20.7 million, or
17.7% over the same period.
The Company announced today that it will pay a quarterly cash dividend of
10 cents per share on March 6, 1998, to shareholders of record as of February
16, 1998, representing a 17.6% increase over the 8.5 cents per share dividend
paid last quarter. Further, the company announced that it will continue its
share repurchase program by reacquiring up to 5% of its outstanding stock.
LSB President and CEO John W. Corey stated, "We are pleased with the
results of our third year as a stock company and especially pleased with the
28.9% increase in earnings per share for the fourth quarter of 1997, as with
the 17.7% deposit growth. We continue to successfully execute our strategic
plan to make effective use of our additional capital by prudently growing the
Bank, focusing on growing our loan portfolio while increasing both residential
and commercial market share, and growing our retail deposit base. An
indication of this success can be seen in our capital ratio which has
decreased from 11.4% at December 31, 1995, the year of our stock conversion,
to 8.58% at December 31, 1997. This, along with the increase in our cash
dividend payment to $0.10 per share and the announcement of our latest
repurchase plan show that our focus and plans for the sustained increase of
shareholder value continue to be on pace."
The closing price of LSB stock on December 31, 1997, was $28.50 per share
as reported by the NASDAQ National Market.<PAGE>
<PAGE>
(Dollars in thousands, except per share data)
SELECTED FINANCIAL CONDITION DATA
LSB FINANCIAL CORP.
December 31, December 31,
----------- ------------
Dollars in thousands 1997 1996
--------- --------
Total Assets $206,584 $184,607
Loans Receivable, net 178,532 159,215
Available-for-Sale Securities 7,863 6,546
Short-term Investments 5,580 5,410
Deposits 137,686 116,949
Total Borrowings 50,189 50,220
Shareholders' Equity (net) 17,734 16,795
SELECTED OPERATIONS DATA
Three months ended Year ended
December 31: December 31:
------------------ -------------
1997 1996 1997 1996
------- ------ ------ ------
Total Interest Income $4,029 $3,546 $15,249 $13,247
Total Interest Expense 2,293 2,040 8,708 7,530
------ ------ ------- -------
Net Interest Income 1,736 1,506 6,541 5,717
Provision for Loan Losses 0 0 72 800
------ ------ ------- -------
Net Interest Income after
provision 1,736 1,506 6,469 4,917
Deposit Account Service Charges 136 83 445 326
Gain on Sale of Securities 0 (1) 0 7
Gain on Mortgage Loans
Originated for Sale 75 76 243 184
Other Non-interest Income 70 69 236 178
------ ------ ------- -------
Total Non-Interest Income 281 227 924 695
Total Non-Interest Expense 1,278 1,148 4,787 4,187
------ ------ ------- -------
Income before Income Taxes 739 585 2,606 1,425
Income Tax Expense 305 242 1,040 549
------ ------ ------- -------
Net Income $434 $343 $1,566 $876
====== ====== ======= =======
Diluted Earnings per Share $0.49 $0.38 $1.77 $0.95
===== ===== ===== =====
Book value per share $20.64 $19.10 $20.64 $19.10
====== ====== ====== ======
