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

/EIN News/ -- LOGANSPORT, Ind., Oct. 23, 2019 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2019 of $602,000 or $.98 per diluted share, compared to earnings in 2018 of $556,000 or $.90 per diluted share. Year to date the company reported net earnings of $1,662,000 for 2019 compared to $1,671,000 for 2018. Diluted earnings per share for the nine months ended September 30, 2019 were $2.71 compared to $2.69 for the nine months ended September 30, 2018. Total assets at September 30, 2019 were $186.1 million compared to total assets at September 30, 2018 of $173.9 million. Cash dividends to shareholders Year to Date in 2019 total $3.80 compared to $1.00 in 2018, due in large part to the special dividend of $2.75 paid to shareholders in February 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)

	9/30/19	9/30/18
Total assets	$186,183	$173,882
Loans receivable, net	122,081	113,701
Allowance for loan losses	1,756	1,717
Cash and cash equivalents	12,891	9,965
Securities available for sale	24,655	26,767
Investment in Logansport Investments, Inc.	20,021	16,416
Federal Home Loan Bank stock	731	731
Equity Investment	-	-
Deposits	160,430	149,438
FHLB Borrowings and note payable	-	-
Shareholders’ equity	24,058	23,000
Shares O/S end of period	612,989	621,022
Non-accrual loans	337	325
Real Estate Owned	-	-

	Quarter ended 9/30		Nine months ended 9/30
	2019	2018	2019		2018
Interest income	$1,893	$1,765	$5,520		$5,068
Interest expense	396	303	1,180		800
Net interest income	1,497	1,462	4,340		4,268
Provision for loan losses	-	-	-		-
Net interest income after provision	1,497	1,462	4,340		4,268
Gain on sale of loans	89	41	153		91
Gain on sale of REO	-	-	(6	)	-
Total other income	234	180	677		615
Gain(loss) on Logansport Investments, Inc.	128	109	381		337
Gain (loss) on equity investment	-	-	-		-
Total general, admin. & other expense	1,216	1,116	3,549		3,277
Earnings before income taxes	732	676	1,996		2,034
Income tax expense	130	120	334		363
Net earnings	$602	$556	$1,662		$1,671
Basic earnings per share	$.98	$.90	$2.71		$2.69
Diluted earnings per share	$.98	$.90	$2.71		$2.69
Weighted average shares o/s diluted	612,989	621,022	612,989		621,022

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