LSB Financial Corp. Announces Year-end and Fourth Quarter Results and Payment of a Cash Dividend

LSB Financial Corp. (Nasdaq:LSBI – News), the parent company of Lafayette Savings Bank, FSB, today reported unaudited net income for 2009 of $460,000 or $0.30 per share, compared to net income of $1.74 million or $1.12 per share for 2008, a decrease in both earnings and earnings per share of 73.2%.  Net income was significantly impacted by asset-quality related issues, and the effect was primarily seen in our provision for loan losses for the year of $3.2 million compared to $1.1 million in 2008.  $1.4 million of that allocation was made in the fourth quarter due to credit concerns identified in that quarter which resulted in a net loss for the fourth quarter of $178,000 compared to income of $312,000 in the fourth quarter of 2008.  

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LSB President and CEO Randolph F. Williams stated, “Although this decrease in earnings is disappointing, I am pleased to end the year in a positive income position. [Read the full article]

BankAtlantic, Florida Most Convenient Bank announced today that Marianella Solis, BankAtlantic Senior Vice President and Regional Manager, has been elected to the Board of Directors of the Women Fund of Miami-Dade County.

The Women Fund is the only grant-making organization in Miami-Dade County entirely dedicated to funding programs that work to improve the lives of women and girls.

“Dozens of studies published in the last ten years have all concluded that so-called `universal’ programs do not help women and girls as significantly as gender-specific programs. The Women Fund of Miami-Dade County grant-making, along with advocacy, training and community building are the key elements used to help women and girls achieve their full potential,” commented Marianella Solis. [Read the full article]

BankFinancial Corporation (Nasdaq:BFIN – News) (“BankFinancial”) reported a net loss of $1.6 million and basic loss per share of $0.08 for the three months ended December 31, 2009, compared to net income of $7.9 million and basic earnings per share of $0.40 for the three months ended December 31, 2008.

BankFinancial’s operating results for the fourth quarter of 2009 included a $4.2 million provision for loan losses, a $412,000 increase in FDIC expense and $988,000 pre-tax loss we recorded in connection with the sale of our Freddie Mac preferred stocks. The impact of these items was partially offset by a $1.3 million gain recognized on BankFinancial’s sale of its merchant processing operations in the fourth quarter of 2009. [Read the full article]

BankFinancial Corp. on Monday reported a fourth-quarter loss due to a larger provision for loan losses, higher expenses and an investment loss. Last year’s quarter was inflated by a $10.1 million tax benefit.

The company lost $1.6 million, or 8 cents per share, compared to a profit of $7.9 million, or 40 cents per share, in the prior-year quarter.

BankFinancial set aside $4.2 million for loan losses, up from $3.5 million in the 2008 quarter. It also paid $412,000 more in FDIC expenses and suffered a $988,000 pretax loss on the sale of Freddie Mac preferred shares.

Net interest income, or money earned from deposits, fell to $9.3 million from $9.8 million, while noninterest income, or money earned from fees and charges, rose to $2.1 million from $1.9 million.

For the year, BankFinancial said it lost $738,000, or 4 cents per share, which included $8.8 million in loan loss provision. [Read the full article]

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