Skip to main content

Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2024

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

LOGANSPORT, Ind., Oct. 16, 2024 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2024 of $192,000 or $0.31 per diluted share, compared to earnings in 2023 of $371,000 or $0.61 per diluted share. Year to date the company reported net earnings of $808,000 for 2024 compared to $1,501,000 for 2023. Diluted earnings per share for the nine months ended September 30, 2024 were $1.32 compared to $2.46 for the nine months ended September 30, 2023. Total assets at September 30, 2024 were $256.9 million compared to total assets at September 30, 2023 of $244.3 million. Total Deposits at September 30, 2024 were $216.6 million compared to total deposits of $219.4 million at September 30, 2023. The company paid a total of $1.35 per share in dividends in the first nine months of 2024 compared to $3.85 in 2023. This included a special dividend of $2.50 per share in 2023.

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)
 
     9/30/2024 9/30/2023
        
Total assets    $256,930 $244,277
        
Loans receivable, net    172,097 168,710
Allowance for loan losses    2,859 2,941
Cash and cash equivalents    11,384 4,749
Securities available for sale    26,783 28,524
Investment in Logansport Investments, Inc.    29,859 27,237
Federal Home Loan Bank stock    3,150 3,150
Equity Investment               –             –
Deposits    216,600 219,371
FHLB Borrowings and note payable    15,000 5,000
Shareholders’ equity    21,918 17,678
Unrealized gain (loss) on securities    (5,756) (9,914)
Shares O/S end of period    611,597 611,334
Non-accrual loans    3,288 572
Real Estate Owned               –             –
 Quarter ended 9/30
Nine months ended 9/30 
  2024  2023  2024  2023
        
Interest income$2,852 $2,814 $8,894 $8,058
Interest expense1,570 1,420 4,657 3,343
Net interest income1,282 1,394 4,237 4,715
Provision for loan losses-30 – -79 –
Net interest income after provision1,312 1,394 4,316 4,715
Gain on sale of Investments– – – –
Gain on sale of loans99 87 260 135
Gain on sale of REO– – – –
Total other income257 293 889 840
Gain (loss) on Logansport Investments, Inc.175 172 527 658
Gain on BOLI Settlement  – – – –
Total general, admin. & other expense1,732 1,537 5,171 4,667
Earnings before income taxes111 409 721 1,681
Income tax expense-81 38 -87 180
Net earnings$192 $371 $808 $1,501
Basic earnings per share$0.31 $0.61 $1.32 $2.46
Diluted earnings per share$0.31 $0.61 $1.32 $2.46
Weighted average shares o/s diluted611,597 611,334 611,597 611,334
        

Contact: Kristie Richey
Chief Financial Officer
Phone-574-722-3855
Fax-574-722-3857

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.