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Logansport Financial Corp. Reports Net Earnings for the Quarter Ended June 30, 2023

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

LOGANSPORT, Ind., July 12, 2023 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended June 30, 2023 of $529,000 or $0.86 per diluted share, compared to earnings in 2022 of $825,000 or $1.35 per diluted share. Year to date the company reported net earnings of $1,127,000 for 2023 compared to $1,608,000 for 2022. Diluted earnings per share for the six months ended June 30, 2023 were $1.84 compared to $2.64 for the six months ended June 30, 2022. Total assets at June 30, 2023 were $253.2 million compared to total assets at June 30, 2022 of $243.5 million. Total Deposits at June 30, 2023 were $215.4 million compared to total deposits of $220.5 million at June 30, 2022. The company paid a total of $3.40 per share in dividends in the first half of 2023 compared to $0.80 in 2022. 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)
    
 6/30/23 6/30/22
    
Total assets$253,185 $243,511
    
Loans receivable, net167,465 143,804
Allowance for loan losses2,947 2,018
Cash and cash equivalents7,967 12,649
Securities available for sale30,047 31,841
Investment in Logansport Investments, Inc.32,487 43,632
Federal Home Loan Bank stock3,148 2,386
Equity Investment– –
Deposits215,364 220,534
FHLB Borrowings and note payable– –
Shareholders’ equity19,309 21,351
Unrealized gain (loss) on securities(8,159) (6,807)
Shares O/S end of period613,381 609,742
Non-accrual loans603 364
Real Estate Owned– –

 Quarter ended 6/30Six months ended 6/30
  2023 2022 2023 2022
     
Interest income$2,725$2,013$5,241$3,939
Interest expense 1,079 176 1,923 292
Net interest income 1,646 1,837 3,319 3,647
Provision for loan losses – – – –
Net interest income after provision 1,646 1,837 3,319 3,647
Gain on sale of Investments – – – –
Gain on sale of loans 44 83 47 148
Gain on sale of REO – – – –
Total other income 287 268 547 503
Gain(loss) on Logansport Investments, Inc. 215 268 486 511
Gain on BOLI Settlement   – – – –
Total general, admin. & other expense 1,591 1,515 3,130 2,976
Earnings before income taxes 601 941 1,269 1,833
Income tax expense 72 116 142 225
Net earnings$529$825$1,127$1,608
Basic earnings per share$0.86$1.35$1.84$2.64
Diluted earnings per share$0.86$1.35$1.84$2.64
Weighted average shares o/s diluted 613,381 609,742 613,381 609,742

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

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