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Logansport Financial Corp. Reports Net Earnings for the Quarter Ended June 30, 2022

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

LOGANSPORT, Ind., July 13, 2022 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended June 30, 2022 of $825,000 or $1.35 per diluted share, compared to earnings in 2021 of $665,000 or $1.09 per diluted share. Year to date the company reported net earnings of $1,608,000 for 2022 compared to $1,598,000 for 2021. Diluted earnings per share for the six months ended June 30, 2022 were $2.64 compared to $2.63 for the six months ended June 30, 2021. Total assets at June 30, 2022 were $242.3 million compared to total assets at June 30, 2021 of $243.4 million. Total Deposits at June 30, 2022 were $220.5 million compared to total deposits of $213.7 million at June 30, 2021. The company paid a total of $0.80 per share in dividends in the first half of 2022 compared to $2.80 in 2021. This included a special dividend of $2.00 per share in 2021.

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.

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

 
LOGANSPORT FINANCIAL CORP.    
SELECTED FINANCIAL DATA (Unaudited)    
(Dollars in thousands, except for share data)    
     
  06/30/22 06/30/21
     
Total assets $242,301  $243,400
     
Loans receivable, net  142,594  137,378
Allowance for loan losses  2,018  1,949
Cash and cash equivalents  12,649  31,504
Securities available for sale  31,841  30,780
Investment in Logansport Investments, Inc.  43,632  36,276
Federal Home Loan Bank stock  2,386  1,465
Equity Investment             –              –
Deposits  220,534  213,727
FHLB Borrowings and note payable             –             –
Shareholders’ equity  21,351  27,836
Unrealized gain (loss) on securities  (6,807) 2,008
Shares O/S end of period  609,742  607,487
Non-accrual loans  364  156
Real Estate Owned             –              –

 

  Quarter ended 6/30
 Six months ended 6/30
   2022  2021  2022  2021
             
Interest income $2,013 $1,852 $3,939 $3,785
Interest expense  176  139  292  290
Net interest income  1,837  1,713  3,647  3,495
Provision for loan losses  –  10  –  74
Net interest income after provision  1,837  1,703  3,647  3,421
Gain on sale of Investments  –  –  –  –
Gain on sale of loans  83  172  148  612
Gain on sale of REO  –  6  –  6
Total other income  268  267  503  548
Gain(loss) on Logansport Investments, Inc. 268  199  511  378
Gain on BOLI Settlement  –  45  –  45
Total general, admin. & other expense  1,515  1,604  2,976  3,081
Earnings before income taxes  941  788  1,833  1,929
Income tax expense  116  123  225  331
Net earnings $825 $665 $1,608 $1,598
Basic earnings per share $1.35 $1.09 $2.64 $2.63
Diluted earnings per share $1.35 $1.09 $2.64 $2.63
Weighted average shares o/s diluted  609,742  607,487  609,742  607,487

 

 

 

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