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Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2023

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

LOGANSPORT, Ind., Feb. 15, 2024 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCBB: LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and twelve months ended December 31, 2023.

Net earnings for the three months ended December 31, 2023 totaled $295,000, compared to the $735,000 in net earnings reported for the three months ended December 31, 2022.

Net earnings for the year ended December 31, 2023 totaled $1,791,000, compared to the $3,163,000 reported for the year ended December 31, 2022. Earnings per share was $2.93 for December 31, 2023, compared to $5.19 for December 31, 2022. Return on Assets finished the year at 0.723% for 2023 compared to 1.24% for 2022. The Return on Equity finished the year at 8.65% for December 31, 2023, compared to 15.47% for December 31, 2022.

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 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) 
      
   12/31/2312/31/22
 
      
Total assets   $247,713 $255,048 
      
Loans receivable, net    168,672  159,195 
Allowance for loan losses    2,553  1,969 
Cash and cash equivalents    4,810  6,753 
Interest Bearing Time Deposits in banks    –  3,000 
Securities available for sale    59,404  71,922 
Federal Home Loan Bank stock    3,082  3,082 
Deposits    207,779  216,675 
FHLB borrowings and note payable    15,000  16,000 
Accrued Interest and other liabilities    2,266  1,932 
Shareholders’ equity    20,717  20,441 
Shares Issued and Outstanding    611,334  609,742 
Nonperforming loans    504  646 
Real Estate Owned  –– 
      
  Quarter ended 12/31    
  Year ended 12/31    
 
  2023  2022  2023  2022 
      
Interest income$3,254 $2,863 $11,967 $9,730 
Interest expense 1,554  586  4,897  1,226 
Net interest income 1,700  2,277  7,070  8,504 
Provision for loan losses –  –  –  – 
Net interest income after provision 1,700  2,277  7,070  8,504 
Gain/Loss on sale of REO –  –  –  4 
Gain on sale of loans 36  9  170  225 
Gain on BOLI Settlement –  –  –  – 
Other income 179  215  1,018  1,006 
Total general, admin & other expense 1,580  1,636  6,247  6,125 
Earnings before income taxes 335  865  2,011  3,614 
Income tax expense 40  130  220  451 
Net Income$295 $735 $1,791 $3,163 
      
Earnings Per share   $2.93 $5.19 
Weighted-Average Shares Outstanding    608,272  608,940 
      

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

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