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Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2024

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

LOGANSPORT, Ind., Feb. 12, 2025 (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, 2024.

Net earnings for the three months ended December 31, 2024 totaled $445,000, compared to the $295,000 in net earnings reported for the three months ended December 31, 2023.

Net earnings for the year ended December 31, 2024 totaled $1,254,000, compared to the $1,791,000 reported for the year ended December 31, 2023. Earnings per share was $2.05 for December 31, 2024, compared to $2.93 for December 31, 2023. Return on Assets finished the year at 0.475% for 2024 compared to 0.723% for 2023. The Return on Equity finished the year at 6.14% for December 31, 2024, compared to 8.65% for December 31, 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 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)
     
    
  12/31/202412/31/2023 
     
Total Assets $263,860$247,713 
     
Loans receivable, net  175,742 168,672 
Allowance for loan losses  1,954 2,553 
Cash and cash equivalents  14,992 4,810 
Interest Bearing Time Deposits in banks  – – 
Securities available for sale  54,567 59,404 
Federal Home Loan Bank stock  3,082 3,082 
Deposits  225,904 207,779 
FHLB borrowings and note payable  15,000 15,000 
Accrued Interest and other liabilities  2,525 2,266 
Shareholders’ equity  20,431 20,717 
Shares Issued and Outstanding  611,597 611,334 
Nonperforming loans  2,907 504 
Real Estate Owned  – – 
     

 

         Three months ended 12/31        Year ended 12/31 
   2024 2023  2024  2023 
        
Interest income $3,559$3,254 $12,981 $11,967 
Interest expense  1,552 1,554  6,209  4,897 
Net interest income  2,007 1,700  6,772  7,070 
Provision for loan losses  – –  (79) – 
Net interest income after provision  2,007 1,700  6,851  7,070 
Gain on sale of loans  133 36  393  170 
Other income  211 179  999  1,018 
General, admin. & other expense  1,797 1,580  6,968  6,247 
Earnings before income taxes  554 335  1,275  2,011 
Income tax expense  109 40  21  220 
Net earnings $445$295 $1,254 $1,791 
 
Earnings per share    $2.05 $2.93 
Weighted avg. shares o/s-diluted     608,124  608,272 
           

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

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