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

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LOGANSPORT, Ind., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2021 of $766,000 or $1.26 per diluted share, compared to earnings in 2020 of $1,534,000 or $2.51 per diluted share. Year to date the company reported net earnings of $2,364,000 for 2021 compared to $3,026,000 for 2020. Diluted earnings per share for the nine months ended September 30, 2021 were $3.89 compared to $4.95 for the nine months ended September 30, 2020. Total assets for September 30, 2021 were $250.1 million compared to total assets for September 30, 2020 of $223.3 million. Cash dividends to shareholders Year to Date in 2021 total $3.20 compared to $1.05 in 2020, due in large part to the special dividend of $2.00 paid to shareholders in February of 2021.

Note: Earnings in the 3rd Quarter of 2020 include a Bank Owned Life Insurance Settlement of $722,000 which is an extraordinary item.

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)

9/30/21

9/30/20

Total assets

$ 250,120

$223,261

Loans receivable, net

135,721

140,077

Allowance for loan losses

1,949

1,870

Cash and cash equivalents

28,833

26,786

Securities available for sale

34,396

24,888

Investment in Logansport Investments, Inc.

42,997

25,719

Federal Home Loan Bank stock

1,691

731

Equity Investment

-

-

Deposits

219,590

193,743

FHLB Borrowings and note payable

-

-

Shareholders’ equity

28,319

27,618

Shares O/S end of period

607,487

611,863

Non-accrual loans

275

516

Real Estate Owned

-

-


Quarter ended 9/30

Nine months ended 9/30

2021

2020

2021

2020

Interest income

$1,947

$1,877

$5,733

$5,752

Interest expense

131

205

421

744

Net interest income

1,816

1,672

5,312

5,008

Provision for loan losses

-

(50)

(74)

(109)

Net interest income after provision

1,816

1,622

5,238

4,899

Gain on sale of loans

159

407

771

934

Gain on sale of REO

-

-

6

-

Total other income

287

303

836

776

Gain(loss) on Logansport Investments, Inc.

212

157

589

446

Gain on BOLI Settlement

-

722

45

722

Total general, admin. & other expense

1,573

1,496

4,655

4,260

Earnings before income taxes

901

1,715

2,830

3,517

Income tax expense

135

181

466

491

Net earnings

$766

$1,534

$2,364

$3,026

Basic earnings per share

$1.26

$2.51

$3.89

$4.95

Diluted earnings per share

$1.26

$2.51

$3.89

$4.95

Weighted average shares o/s diluted

607,487

611,863

607,487

611,863


Contact: Chad Higgins
President & CEO
Phone-574-722-3855
Fax-574-722-3857



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