Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2018

LOGANSPORT, Ind., Oct. 24, 2018 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2018 of $556,000 or $.90 per diluted share, compared to earnings in 2017 of $499,000 or $.81 per diluted share. Year to date the company reported net earnings of $1,671,000 for 2018 compared to $1,487,000 for 2017. Diluted earnings per share for the nine months ended September 30, 2018 were $2.69 compared to $2.40 for the nine months ended September 30, 2017. Total assets at September 30, 2018 were $173.9 million compared to total assets at September 30, 2017 of $167.9 million.

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 evaluation of 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)
   
  9/30/2018 9/30/2017
   
Total assets   $173,882 $167,939
   
Loans receivable, net   113,701 113,730
Allowance for loan losses   1,717 1,641
Cash and cash equivalents   9,965 4,620
Securities available for sale   26,767 27,570
Investment in Logansport Investments, Inc.   16,416 14,682
Federal Home Loan Bank stock   731 731
Equity Investment  
Deposits   149,438 142,730
FHLB Borrowings and note payable   1,000
Shareholders’ equity   23,000 22,546
Shares O/S end of period   621,022 619,773
Non-accrual loans   325 3,028
Real Estate Owned   40
       
  Quarter ended 9/30 Nine months ended 9/30
  2018 2017 2018 2017
   
Interest income $1,765 $1,621 $5,068 $4,864
Interest expense 303 184 800 491
Net interest income 1,462 1,437 4,268 4,373
Provision for loan losses 21 21
Net interest income after provision 1,462 1,416 4,268 4,352
Gain on sale of loans 41 49 91 106
Gain on sale of REO 3
Total other income 180 216 615 545
Gain (loss) on Logansport Investments, Inc. 109 99 337 285
Gain (loss) on equity investment
Total general, admin. & other expense 1,116 1,085 3,277 3,217
Earnings before income taxes 676 695 2,034 2,074
Income tax expense 120 196 363 587
Net earnings $556 $499 $1,671 $1,487
Basic earnings per share $0.90 $0.81 $2.69 $2.40
Diluted earnings per share $0.90 $0.81 $2.69 $2.40
Weighted average shares o/s diluted 621,022 619,773 621,022 619,773
         

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

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