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CST: 23/08/2019 00:34:00   

Logansport Financial Corp. Reports Net Earnings for the Quarter Ended June 30, 2019

36 Days ago

LOGANSPORT, Ind., July 17, 2019 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB,  LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended June 30, 2019 of $561,000 or $.91 per diluted share, compared to earnings in 2018 of $578,000 or $.93 per diluted share. Year to date the company reported net earnings of $1,061,000 for 2019 compared to $1,115,000 for 2018. Diluted earnings per share for the six months ended June 30, 2019 were $1.72 compared to $1.80 for the six months ended June 30, 2018. Total assets at June 30, 2019 were $183.3 million compared to total assets at December 31, 2018 of $174.9 million. Dividends paid to shareholders at June 30, 2019 are $2,143,000 compared to dividends paid at June 30, 2018 of $404,000.  This year’s dividend amount includes the special dividend of $2.75 which was paid in the first quarter of 2019.

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)

         
    06/30/2019   06/30/2018
         
Total assets   $183,389   $174,993
             
Loans receivable, net     112,882     117,026
Allowance for loan losses     1,742     1,682
Cash and cash equivalents     17,759     7,386
Securities available for sale     27,057     27,315
Investment in Logansport Investments, Inc.     19,214     16,415
Federal Home Loan Bank stock     731     731
Equity Investment       -       -
Deposits     158,308     150,541
FHLB Borrowings and note payable       -       -
Shareholders’ equity     23,551     22,796
Shares O/S end of period     616,843     620,662
Non-accrual loans     282     290
Real Estate Owned       -        -


  Quarter ended 6/30 Six months ended 6/30
  2019 2018 2019 2018
         
Interest income $1,853 $1,693 $3,627 $3,303
Interest expense 413 279 784 497
Net interest income 1,440 1,414 2,843 2,806
Provision for loan losses - - - -
Net interest income after provision 1,440 1,414 2,843 2,806
Gain on sale of Investments 72 - 72 -
Gain on sale of loans 44 24 64 50
Loss on sale of REO - - (6) -
Total other income 206 258 370 434
Gain(loss) on Logansport Investments, Inc. 128 116 253 228
Gain (loss) on equity investment - - - -
Total general, admin. & other expense 1,215 1,106 2,332 2,160
Earnings before income taxes 675 706 1,264 1,358
Income tax expense 114 128 203 243
Net earnings $561 $578 $1,061 $1,115
Basic earnings per share $.91 $.93 $1.72 $1.80
Diluted earnings per share $.91 $.93 $1.72 $1.80
Weighted average shares o/s diluted 616,825 620,662 616,825 620,662

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

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