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CST: 23/08/2019 00:28:49   

Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2018

206 Days ago

LOGANSPORT, Ind., Jan. 28, 2019 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB- LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and twelve months ended December 31, 2018. 

Net earnings for the three months ended December 31, 2018 totaled $560,000, compared to the $503,000 in net earnings reported for the three months ended December 31, 2017.   

Net earnings for the year ended December 31, 2018 totaled $2,231,000, compared to the $1,990,000 reported for the year ended December 31, 2017.  Earnings per share were $3.59 for December 31, 2018, compared to $3.21 for December 31, 2017.  Return on Assets finished the year at 1.29% for 2018 compared to 1.18% for 2017.  The Return on Equity finished the year at 9.41% for December 31, 2018, compared to 8.71% for December 31, 2017.    

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
(Dollars in thousands except for share data)
 
  12/31/18   12/31/17  
       
Total assets             $173,245   $168,500  
                   
Loans receivable, net             108,372   107,897  
Allowance for loan losses             1,735   1,646  
Cash and cash equivalents             10,058   6,431  
Securities available for sale             47,751   46,448  
Federal Home Loan Bank stock             731   731  
Equity Investment             -   -  
Deposits             148,049   141,028  
FHLB borrowings and note payable             -   3,000  
Accrued Interest and other liabilities             1,487   1,671  
Shareholders’ equity             23,709   22,801  
Shares Issued and Outstanding             621,022   619,773  
Nonperforming loans             293   524  
Real Estate Owned             20   -  
 
  Quarter ended 12/31   Year ended 12/31
  2018   2017     2018   2017  
 
Interest income   $2,040   $1,872     $7,445   $7,021  
Interest expense   351   184     1,151   676  
Net interest income   1,689   1,688     6,294   6,345  
Provision for loan losses   -   -     -   (21 )
Net interest income after provision   1,689   1,688     6,294   6,324  
Gain on sale of investment/assets   5   26     5   26  
Gain/Loss on sale of REO   -   (10 )   -   (7 )
Gain on sale of loans   35   55     126   161  
Other income   139   111     754   657  
Total general, admin & other expense   1,163   1,137     4,440   4,354  
Earnings before income taxes   705   733     2,739   2,807  
Income tax expense   145   230     508   817  
Net Income   $560   $503     $2,231   $1,990  
                     

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

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