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

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