Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2020

Nachrichtenquelle: globenewswire
15.04.2020, 16:27  |  101   |   |   

LOGANSPORT, Ind., April 15, 2020 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB,  LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2020 of $613,000 or $1.00 per diluted share, compared to earnings in 2019 of $500,000 or $.81 per diluted share. The Dividends paid to shareholders were $0.35 per share in the first quarter of 2020.

Total loans were $130.2 million at March 31, 2020 compared to $124.2 million at December 31, 2019. Deposits were $166.0 million at March 31, 2020 compared to $160.6 million at December 31, 2019.  Total assets at March 31, 2020 were $192.7 million compared to $188.3 million at December 31, 2019. Total Shareholders’ Equity at March 31, 2020 was $25.1 million compared to $24.2 million at December 31, 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.

(Dollars in thousands, except for share data) 
     03/31/20   12/31/19
Total assets   $192,744   $188,251  
Loans receivable, net     130,163     124,238  
Allowance for loan losses     1,759     1,762  
Cash and cash equivalents     10,634     10,630  
Securities available for sale     22,913     24,176  
Investment in Logansport Investments, Inc.     22,716     22,122  
Federal Home Loan Bank stock     731     731  
Deposits     166,063     160,588  
Borrowings       -       -  
Shareholders’ equity     25,157     24,245  
Shares O/S end of period     611,863     610,681  
Nonperforming loans     184     250  
Real estate owned     -     -  
      Three months ended 03/31
        2020     2019  
Interest income        
(including Logansport Investments, Inc.)   $2,035   $1,897  
Interest expense     311     371  
Net interest income     1,724     1,526  
Provision for loan losses     -     -  
Net interest income after provision     1,724     1,526  
Gain (Loss) on sale of investments     -     -  
Gain on sale of loans     51     21  
Gain (Loss) on sale of REO     -     (6)  
Total other income     214     165  
General, admin. & other expense     1,265     1,117  
Earnings before income taxes     724     589  
Income tax expense     111     89  
Net earnings   $613   $500  
Basic earnings per share   $1.00   $.81  
Diluted earnings per share   $1.00   $.81  
Weighted avg. shares o/s-diluted     611,863     618,969  

Contact: Chad Higgins
Chief Financial Officer


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