Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2023
LOGANSPORT, Ind., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB: LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and twelve months ended December 31, 2023.
Net earnings for the three months ended December 31, 2023 totaled $295,000, compared to the $735,000 in net earnings reported for the three months ended December 31, 2022.
Net earnings for the year ended December 31, 2023 totaled $1,791,000, compared to the $3,163,000 reported for the year ended December 31, 2022. Earnings per share was $2.93 for December 31, 2023, compared to $5.19 for December 31, 2022. Return on Assets finished the year at 0.723% for 2023 compared to 1.24% for 2022. The Return on Equity finished the year at 8.65% for December 31, 2023, compared to 15.47% for December 31, 2022.
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 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.
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LOGANSPORT FINANCIAL CORP. |
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SELECTED FINANCIAL DATA |
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(Dollars in thousands except for share data) |
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| 12/31/23 | 12/31/22 |
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Total assets |
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| $247,713 |
| $255,048 |
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Loans receivable, net |
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| 168,672 |
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| 159,195 |
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Allowance for loan losses |
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| 2,553 |
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| 1,969 |
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Cash and cash equivalents |
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| 4,810 |
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| 6,753 |
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Interest Bearing Time Deposits in banks |
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| - |
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| 3,000 |
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Securities available for sale |
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| 59,404 |
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| 71,922 |
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Federal Home Loan Bank stock |
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| 3,082 |
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| 3,082 |
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Deposits |
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| 207,779 |
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| 216,675 |
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FHLB borrowings and note payable |
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| 15,000 |
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| 16,000 |
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Accrued Interest and other liabilities |
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| 2,266 |
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| 1,932 |
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Shareholders’ equity |
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| 20,717 |
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| 20,441 |
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Shares Issued and Outstanding |
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| 611,334 |
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| 609,742 |
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Nonperforming loans |
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| 504 |
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| 646 |
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Real Estate Owned |
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| - | - |
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| Quarter ended 12/31 |
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| Year ended 12/31 |
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| 2023 |
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| 2022 |
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| 2023 |
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| 2022 |
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Interest income | $3,254 |
| $2,863 |
| $11,967 |
| $9,730 |
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Interest expense |
| 1,554 |
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| 586 |
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| 4,897 |
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| 1,226 |
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Net interest income |
| 1,700 |
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| 2,277 |
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| 7,070 |
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| 8,504 |
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Provision for loan losses |
| - |
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| - |
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| - |
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| - |
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Net interest income after provision |
| 1,700 |
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| 2,277 |
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| 7,070 |
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| 8,504 |
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Gain/Loss on sale of REO |
| - |
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| - |
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| - |
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| 4 |
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Gain on sale of loans |
| 36 |
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| 9 |
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| 170 |
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| 225 |
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Gain on BOLI Settlement |
| - |
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| - |
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| - |
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| - |
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Other income |
| 179 |
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| 215 |
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| 1,018 |
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| 1,006 |
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Total general, admin & other expense |
| 1,580 |
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| 1,636 |
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| 6,247 |
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| 6,125 |
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Earnings before income taxes |
| 335 |
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| 865 |
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| 2,011 |
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| 3,614 |
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Income tax expense |
| 40 |
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| 130 |
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| 220 |
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| 451 |
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Net Income | $295 |
| $735 |
| $1,791 |
| $3,163 |
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Earnings Per share |
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| $2.93 |
| $5.19 |
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Weighted-Average Shares Outstanding |
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| 608,272 |
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| 608,940 |
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Contact: Kristie Richey
Chief Financial Officer
Phone-574-722-3855
Fax-574-722-3857
