Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2017

LOGANSPORT, Ind., Oct. 11, 2017 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCBB:LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2017 of $499,000 or $.81 per diluted share, compared to earnings in 2016 of $535,000 or $.86 per diluted share. Year to date the company reported net earnings of $1,487,000 for 2017 compared to $1,540,000 for 2016. Diluted earnings per share for the nine months ended September 30, 2017 were $2.40 compared to $2.49 for the nine months ended September 30, 2016. Total assets at September 30, 2017 were $167.9 million compared to total assets at September 30, 2016 of $170.1 million. Total shares outstanding of Logansport Financial Corp. stock at September 30, 2017 are 619,773.

The statements contained in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involves a number of risks and uncertainties. A number of factors could cause results to differ materially from the objectives and estimates expressed in such forward-looking statements. These factors include, but are not limited to, changes in the financial condition of issuers of the Company’s investments and borrowers, changes in economic conditions in the Company’s market area, changes in policies of regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area, changes in the position of banking regulators on the adequacy of our allowance for loan losses, and competition, all or some of which could cause actual results to differ materially from historical earnings and those presently anticipated or projected. These factors should be considered in evaluating any forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

 
LOGANSPORT FINANCIAL CORP.
SELECTED FINANCIAL DATA (Unaudited)
(Dollars in thousands, except for share data)
                                 
                      9/30/17       9/30/16  
                                 
Total assets                   $ 167,939       $170,128  
                                 
Loans receivable, net                     113,730       119,750  
Allowance for loan losses                     1,641       1,711  
Cash and cash equivalents                     4,620       3,674  
Securities available for sale                     27,570       27,576  
Investment in Logansport Investments, Inc.                     14,682       12,266  
Federal Home Loan Bank stock                     731       731  
Equity Investment                            
Deposits                     142,730       144,856  
FHLB Borrowings and note payable                     1,000       1,000  
Shareholders’ equity                     22,546       22,928  
Shares O/S end of period                     619,773       619,113  
Non-accrual loans                     3,028       873  
Real Estate Owned                     40        
                                 
  Quarter ended 9/30         Nine months ended 9/30  
    2017       2016         2017       2016  
                                 
Interest income $ 1,621     $ 1,646       $ 4,864     $ 4,909  
Interest expense   184       130         492       387  
Net interest income   1,437       1,516         4,373       4,522  
Provision for loan losses   21               21        
Net interest income after provision   1,416       1,516         4,352       4,522  
Gain on sale of loans   49       44         106       130  
Gain on sale of REO         (2 )       3       (2 )
Total other income   216       172         545       475  
Gain(loss) on Logansport Investments, Inc.   99       78         285       229  
Gain (loss) on equity investment                       (82 )
Total general, admin. & other expense   1,085       1,043         3,217       3,081  
Earnings before income taxes   695       765         2,074       2,191  
Income tax expense   196       230         587       651  
Net earnings $ 499     $ 535       $ 1,487     $ 1,540  
Basic earnings per share $ 0.81     $ 0.86       $ 2.40     $ 2.49  
Diluted earnings per share $ 0.81     $ 0.86       $ 2.40     $ 2.49  
Weighted average shares o/s diluted   619,773       619,113         619,773       619,113  
                                 

Contact: Chad Higgins
Chief Financial Officer
Phone-574-722-3855
Fax-574-722-3857