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CST: 23/08/2019 00:28:36   

Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2019

127 Days ago

LOGANSPORT, Ind., April 17, 2019 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB,  LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2019 of $500,000 or $.81 per diluted share, compared to earnings in 2018 of $537,000 or $.87 per diluted share.

Total loans were $109.4 million at March 31, 2019 compared to $108.4 million at December 31, 2018. Deposits were $155.8 million at March 31, 2019 compared to $148.0 million at December 31, 2018.  Total assets at March 31, 2019 were $179.7 million. Total Shareholders’ Equity at March 31, 2019 was $22.6 million compared to $23.7 million at December 31, 2018.  The Corporation paid out a Special Dividend to its shareholders of $2.75 per share in the first quarter of 2019 as well as a normal quarterly dividend of $.35 per share.   

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.

(Dollars in thousands, except for share data) 
   03/31/19   12/31/2018
Total assets $179,679   $173,245
Loans receivable, net 109,464   108,372
Allowance for loan losses 1,739   1,735
Cash and cash equivalents 15,370   10,058
Securities available for sale 29,738   30,117
Investment in Logansport Investments, Inc. 18,628   17,634
Federal Home Loan Bank stock 731   731
Equity investment   -     -
Deposits 155,775   148,049
Borrowings   -     -
Shareholders’ equity 22,588   23,709
Shares O/S end of period 616,668   621,022
Nonperforming loans 245   293
Real estate owned   -     - 

    Three months ended 03/31
  2019   2018
Interest income      
(including Logansport Investments, Inc.) $1,897   $1,722
Interest expense 371   218
Net interest income 1,526   1,504
Provision for loan losses -   -
Net interest income after provision 1,526   1,504
Gain (Loss) on sale of investments -   -
Gain on sale of loans 21   26
Gain (Loss) on equity investment -   -
Gain (Loss) on sale of REO (6)   -
Total other income 165   175
General, admin. & other expense 1,117   1,053
Earnings before income taxes 589   652
Income tax expense 89   115
Net earnings $ 500   $ 537
Basic earnings per share $.81   $.87
Diluted earnings per share $.81   $.87
Weighted avg. shares o/s-diluted 618,969   620,662

Contact: Chad Higgins
Chief Financial Officer

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