Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2020
LOGANSPORT, Ind., Oct. 14, 2020 (GLOBE NEWSWIRE) -- Logansport, Indiana (October 14, 2020) Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2020 of $1,534,000 or $2.51 per diluted share, compared to earnings in 2019 of $602,000 or $.98 per diluted share. Year to date the company reported net earnings of $3,026,000 for 2020 compared to $1,662,000 for 2019. Diluted earnings per share for the nine months ended September 30, 2020 were $4.95 compared to $2.71 for the nine months ended September 30, 2019. Total assets for September 30, 2020 were $223.3 million compared to total assets for September 30, 2019 of $186.2 million. Cash dividends to shareholders Year to Date in 2020 total $1.05 compared to $3.80 in 2019, due in large part to the special dividend of $2.75 paid to shareholders in February of 2019.
Note: Earnings in the 3rd Quarter of 2020 include a Bank Owned Life Insurance Settlement of $722,000 which is an extraordinary item.
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) | |||||
9/30/20 | 9/30/19 | ||||
Total assets | $223,261 | $186,183 | |||
Loans receivable, net | 140,077 | 122,081 | |||
Allowance for loan losses | 1,870 | 1,756 | |||
Cash and cash equivalents | 26,786 | 12,891 | |||
Securities available for sale | 24,888 | 24,655 | |||
Investment in Logansport Investments, Inc. | 25,719 | 20,021 | |||
Federal Home Loan Bank stock | 731 | 731 | |||
Equity Investment | - | - | |||
Deposits | 193,743 | 160,430 | |||
FHLB Borrowings and note payable | - | - | |||
Shareholders’ equity | 27,618 | 24,058 | |||
Shares O/S end of period | 611,863 | 612,989 | |||
Non-accrual loans | 516 | 337 | |||
Real Estate Owned | - | - | |||
Quarter ended 9/30 | Nine months ended 9/30 | |||
2020 | 2019 | 2020 | 2019 | |
Interest income | $1,877 | $1,893 | $5,752 | $5,520 |
Interest expense | 205 | 396 | 744 | 1,180 |
Net interest income | 1,672 | 1,497 | 5,008 | 4,340 |
Provision for loan losses | (50) | - | (109) | - |
Net interest income after provision | 1,622 | 1,497 | 4,899 | 4,340 |
Gain on sale of loans | 407 | 89 | 934 | 153 |
Gain on sale of REO | - | - | - | (6) |
Total other income | 303 | 234 | 776 | 677 |
Gain(loss) on Logansport Investments,Inc. | 157 | 128 | 446 | 381 |
Gain on BOLI Settlement | 722 | - | 722 | - |
Total general, admin. & other expense | 1,496 | 1,216 | 4,260 | 3,549 |
Earnings before income taxes | 1,715 | 732 | 3,517 | 1,996 |
Income tax expense | 181 | 130 | 491 | 334 |
Net earnings | $1,534 | $602 | $3,026 | $1,662 |
Basic earnings per share | $2.51 | $.98 | $4.95 | $2.71 |
Diluted earnings per share | $2.51 | $.98 | $4.95 | $2.71 |
Weighted average shares o/s diluted | 611,863 | 612,989 | 611,863 | 612,989 |
Contact: Chad Higgins
Chief Financial Officer
Phone-574-722-3855
Fax-574-722-3857
