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Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2020

Logansport Financial Corp.
·3 min read

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