Niklas Bjorkman wrote: Firstly I agree with your conclusion. NewSQL takes the best of the traditional databases and NoSQL databases to combine the benefits of both worlds. I do not agree that NewSQL vendors focus on giving scale-out features to transactional data. The NewSQL market is focusing on giving true ACID support combined with extreme performance, stepping away from the traditional relational structures in databases. A lot of developers appreciate the ease of accessing data using SQL and I think we will see more and more databases supporting standard SQL.
As you said - NewSQL databases often maintain the...
LAFAYETTE, Ind., Nov. 7, 2012 /PRNewswire/ -- LSB Financial Corp. (NASDAQ:LSBI), the parent company of Lafayette Savings Bank, FSB, today reported year-to-date earnings of $2.0 million or $1.28 diluted earnings per share compared to $1.1 million or $0.73 diluted earnings per share a year earlier. This equates to an annualized return on equity of 7.11% and return on assets of 0.72%. Earnings for the quarter were $879,000 or $0.56 diluted earnings per share compared to $457,000 or $0.29 diluted earnings per share a year earlier. The major contributors to the Bank's year-to-date performance were a $1,136,000 decrease in the provision for loan losses, a 41.5% improvement over last year; and an $878,000 increase in the gain on the sale of mortgage loans over the first nine months of last year. These were offset by a $520,000 or 5.18% decrease in net interest income for the nine months compared to the same period in 2011, primarily because of slower loan growth.
Randolph F. Williams, president and CEO stated, "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."
Williams continued, "Despite the extended low interest rate environment, we have maintained a strong net interest margin, showing only a slight decrease of nine basis points in the last twelve months. As a community bank, our success depends greatly on actively managing this number. We focus more on our customers' total relationships and try to meet all of their financial needs: from checking accounts to mortgages to business loans to financial advice.
"The Bank continues to maintain a strong capital base with a capital-to-asset ratio at September 30, 2012 of 10.82% and a risk-based capital ratio of 15.23%, both of which are well above the current definition of 'well-capitalized' as defined by bank regulation, although the new BASEL III capital requirements, which are still being discussed, could change that. In the meantime we will try to determine the potential effect on the Bank of a fully implemented BASEL III capital calculation and plan our capital strategies accordingly."
The closing market price of LSB stock on November 6, 2012 was $21.19 per share as reported by the NASDAQ Global Market. This represents an increase of 46.8% 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:
Three months ended
September 30, 2012
(Unaudited)
Year ended
December 31, 2011
Cash and due from banks
$9,761
$18,552
Interest bearing deposits
5,251
3,156
Interest bearing time deposits
1,490
0
Securities available-for-sale
25,906
13,845
Loans held for sale
2,873
3,120
Net portfolio loans
287,312
302,510
Allowance for loan losses
5,482
5,331
Premises and equipment, net
6,010
6,146
Federal Home Loan Bank stock, at cost
3,185
3,185
Bank owned life insurance
6,555
6,434
Other assets
6,504
7,342
Total assets
354,847
364,290
Deposits
299,597
308,433
Advances from Federal Home Loan Bank
15,000
18,000
Other liabilities
1,867
1,683
Total liabilities
316,464
328,116
Shareholders' equity
38,383
36,174
Book value per share
$24.67
$23.26
Equity / assets
10.82%
9.93%
Total shares outstanding
1,555,972
1,555,222
Asset quality data:
Total non-accruing loans
$9,405
$12,059
Non-accruing loans 90 or more days past due
5,651
6,764
Non-accruing loans less than 90 days past due
3,754
5,295
Other real estate / assets owned
1,150
1,746
Total non-performing assets
10,555
13,805
Non-performing loans / total loans
3.24%
3.95%
Non-performing assets / total assets
2.97%
3.79%
Allowance for loan losses / non-performing loans
58.29%
44.21%
Allowance for loan losses / non-performing assets
51.94%
38.62%
Allowance for loan losses / total loans
1.89%
1.74%
Loans charged off (nine and twelve months respectively)
$1,588
$5,440
Recoveries on loans previously charged off (nine and twelve months respectively)
138
67
Three months ended September 30, (Unaudited)
Nine months ended September 30, (Unaudited)
2012
2011
2012
2011
Selected operating data:
Total interest income
$3,901
$4,399
$12,045
$13,233
Total interest expense
769
1,041
2,530
3,198
Net interest income
3,132
3,358
9,515
10,035
Provision for loan losses
500
885
1,600
2,736
Net interest income after provision for loan losses
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