Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2021

Logansport Financial Corp.
·3 min read

LOGANSPORT, Ind., April 14, 2021 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2021 of $934,000 or $1.52 per diluted share, compared to earnings in 2020 of $613,000 or $1.00 per diluted share. The Dividends paid to shareholders were $0.40 per share in the first quarter of 2021.

Total loans were $137.7 million on March 31, 2021 compared to $135.0 million on December 31, 2020. Deposits were $213.0 million on March 31, 2021 compared to $189.5 million on December 31, 2020. Total assets on March 31, 2021 were $243.0 million compared to $220.4 million on December 31, 2020. Total Shareholders’ Equity on March 31, 2021 was $28.5 million compared to $25.1 million on March 31, 2020.

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
(Dollars in thousands, except for share data)

03/31/21

12/31/20

Total assets

$243,020

$220,365

Loans receivable, net

137,827

134,996

Allowance for loan losses

1,946

1,872

Cash and cash equivalents

37,510

17,430

Securities available for sale

29,402

29,388

Investment in Logansport Investments, Inc.

31,724

29,739

Federal Home Loan Bank stock

1,247

731

Deposits

213,052

189,476

Borrowings

-

-

Shareholders’ equity

28,462

28,451

Shares O/S end of period

612,887

611,863

Nonperforming loans

165

451

Real estate owned

233

-


Three months ended 03/31

2021

2020

Interest income

(including Logansport Investments, Inc.)

$2,111

$2,035

Interest expense

151

311

Net interest income

1,782

1,724

Provision for loan losses

64

-

Net interest income after provision

1,896

1,724

Gain (Loss) on sale of investments

-

-

Gain on sale of loans

440

51

Gain (Loss) on sale of REO

-

-

Total other income

282

214

General, admin. & other expense

1,478

1,265

Earnings before income taxes

1,140

724

Income tax expense

206

111

Net earnings

$934

$613

Basic earnings per share

$1.52

$1.00

Diluted earnings per share

$1.52

$1.00

Weighted avg. shares o/s-diluted

612,887

611,863

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