4 1 NASD 0001185269 Director LSB BANCSHARES, INC. 0000714530 56-1348147 01/28/03 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. 1. Name and Address of Reporting Person(s) WALTER, JR. LLOYD G. 4985 Shady Maple Lane Winston-Salem, NC 27106 2. Issuer Name and Ticker or Trading Symbol LSB BANCSHARES, INC. (LXBK) 3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary) 4. Statement for Month/Day/Year 1/28/03 5. If Amendment, Date of Original (Month/Day/Year) 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) [X] Director [ ] 10% Owner [ ] Officer (give title below) [X] Other (specify below) DIRECTOR 7. Individual or Joint/Group Filing (Check Applicable Line) [X] Form filed by One Reporting Person [ ] Form filed by More than One Reporting Person

SIGNATURE OF REPORTING PERSON /S/ By: Monty J. Oliver For: Lloyd G. Walter, Jr. DATE 01/28/03

LSB BANCSHARES INC /NC/ 4