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

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

LOGANSPORT, Ind., July 14, 2021 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended June 30, 2021 of $665,000 or $1.09 per diluted share, compared to earnings in 2020 of $879,000 or $1.44 per diluted share. Year to date the company reported net earnings of $1,598,000 for 2021 compared to $1,492,000 for 2020. Diluted earnings per share for the six months ended June 30, 2021 were $2.63 compared to $2.44 for the six months ended June 30, 2020. Total assets at June 30, 2021 were $243.4 million compared to total assets at June 30, 2020 of $221.6 million. Total Deposits at June 30, 2021 were $213.7 million compared to total deposits of $193.3 million at June 30, 2020. The company paid a total of $2.80 per share in dividends in the first half of 2021 compared to $0.70 in 2020. This included a special dividend of $2.00 per share. The company also recently joined the OTCQB exchange in June.

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)
   
 6/30/20216/30/2020
   
Total assets$ 243,400$221,611
   
Loans receivable, net137,378144,134
Allowance for loan losses1,9491,813
Cash and cash equivalents31,50419,698
Securities available for sale30,78026,350
Investment in Logansport Investments, Inc.36,27625,194
Federal Home Loan Bank stock1,465731
Equity Investment––
Deposits213,727193,278
FHLB Borrowings and note payable––
Shareholders’ equity27,83626,191
Shares O/S end of period607,487611,863
Non-accrual loans156448
Real Estate Owned––

  Quarter ended 6/30 Six months ended 6/30
  2021 2020 2021 2020
         
Interest income $1,852 $1,982 $3,785 $3,875
Interest expense 139 227 290 539
Net interest income 1,713 1,755 3,495 3,336
Provision for loan losses 10 59 74 59
Net interest income after provision 1,703 1,696 3,421 3,277
Gain on sale of Investments – – – –
Gain on sale of loans 172 475 612 526
Gain on sale of REO 6 – 6 –
Total other income 267 260 548 474
Gain(loss) on Logansport Investments, Inc. 199 146 378 289
Gain on BOLI Settlement 45 – 45 –
Total general, admin. & other expense 1,604 1,498 3,081 2,763
Earnings before income taxes 788 1,079 1,929 1,803
Income tax expense 123 200 331 311
Net earnings $665 $879 $1,598 $1,492
Basic earnings per share $1.09 $1.44 $2.63 $2.44
Diluted earnings per share $1.09 $1.44 $2.63 $2.44
Weighted average shares o/s diluted 607,487 611,863 607,487 611,863

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

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