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Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2021

Written by Customer Service on . Posted in Public Companies.

LOGANSPORT, Ind., Oct. 20, 2021 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2021 of $766,000 or $1.26 per diluted share, compared to earnings in 2020 of $1,534,000 or $2.51 per diluted share. Year to date the company reported net earnings of $2,364,000 for 2021 compared to $3,026,000 for 2020. Diluted earnings per share for the nine months ended September 30, 2021 were $3.89 compared to $4.95 for the nine months ended September 30, 2020. Total assets for September 30, 2021 were $250.1 million compared to total assets for September 30, 2020 of $223.3 million. Cash dividends to shareholders Year to Date in 2021 total $3.20 compared to $1.05 in 2020, due in large part to the special dividend of $2.00 paid to shareholders in February of 2021.  

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)    
     
   9/30/21 9/30/20
     
Total assets $ 250,120 $223,261
     
Loans receivable, net 135,721 140,077
Allowance for loan losses 1,949 1,870
Cash and cash equivalents 28,833 26,786
Securities available for sale 34,396 24,888
Investment in Logansport Investments, Inc. 42,997 25,719
Federal Home Loan Bank stock 1,691 731
Equity Investment – –
Deposits 219,590 193,743
FHLB Borrowings and note payable – –
Shareholders’ equity 28,319 27,618
Shares O/S end of period 607,487 611,863
Non-accrual loans 275 516
Real Estate Owned – –

  Quarter ended 9/30     Nine months ended 9/30  
  2021 2020 2021 2020
         
Interest income $1,947 $1,877 $5,733 $5,752
Interest expense 131 205 421 744
Net interest income 1,816 1,672 5,312 5,008
Provision for loan losses – (50) (74) (109)
Net interest income after provision 1,816 1,622 5,238 4,899
Gain on sale of loans 159 407 771 934
Gain on sale of REO – – 6 –
Total other income 287 303 836 776
Gain(loss) on Logansport Investments, Inc. 212 157 589 446
Gain on BOLI Settlement – 722 45 722
Total general, admin. & other expense 1,573 1,496 4,655 4,260
Earnings before income taxes 901 1,715 2,830 3,517
Income tax expense 135 181 466 491
Net earnings $766 $1,534 $2,364 $3,026
Basic earnings per share $1.26 $2.51 $3.89 $4.95
Diluted earnings per share $1.26 $2.51 $3.89 $4.95
Weighted average shares o/s diluted 607,487 611,863 607,487 611,863

 

Contact: Chad Higgins
President & CEO
Phone-574-722-3855
Fax-574-722-3857

 

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