109 0 Kommentare Logansport Financial Corp. Reports Net Earnings for the Quarter Ended June 30, 2020

LOGANSPORT, Ind., July 15, 2020 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended June 30, 2020 of $879,000 or $1.44 per diluted share, compared to earnings in 2019 of $561,000 or $.91 per diluted share. Year to date the company reported net earnings of $1,492,000 for 2020 compared to $1,061,000 for 2019. Diluted earnings per share for the six months ended June 30, 2020 were $2.44 compared to $1.72 for the six months ended June 30, 2019. Total assets at June 30, 2020 were $221.6 million compared to total assets at June 30, 2019 of $183.4 million. Total Deposits at June 30, 2020 were $193.3 million compared to total deposits of $158.3 million at June 30, 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)

	6/30/20		6/30/19

Total assets	$	221,611	$	183,389

Loans receivable, net		144,134		112,882
Allowance for loan losses		1,813		1,742
Cash and cash equivalents		19,698		17,759
Securities available for sale		26,350		27,057
Investment in Logansport Investments, Inc.		25,194		19,214
Federal Home Loan Bank stock		731		731
Equity Investment		-		-
Deposits		193,278		158,308
FHLB Borrowings and note payable		-		-
Shareholders’ equity		26,191		23,551
Shares O/S end of period		611,863		616,843
Non-accrual loans		448		282
Real Estate Owned		-		-

	Quarter ended 6/30				Six months ended 6/30
	2020		2019		2020		2019

Interest income	$	1,982	$	1,853	$	3,875	$	3,627
Interest expense		227		413		539		784
Net interest income		1,755		1,440		3,336		2,843
Provision for loan losses		59		-		59		-
Net interest income after provision		1,696		1,440		3,277		2,843
Gain on sale of Investments		-		72		-		72
Gain on sale of loans		475		44		526		64
Loss on sale of REO		-		-		-		(6)
Total other income		260		206		474		370
Gain(loss) on Logansport Investments, Inc.		146		128		289		253
Gain (loss) on equity investment		-		-		-		-
Total general, admin. & other expense		1,498		1,215		2,763		2,332
Earnings before income taxes		1,079		675		1,803		1,264
Income tax expense		200		114		311		203
Net earnings	$	879	$	561	$	1,492	$	1,061
Basic earnings per share	$	1.44	$	.91	$	2.44	$	1.72
Diluted earnings per share	$	1.44	$	.91	$	2.44	$	1.72
Weighted average shares o/s diluted		611,863		616,825		611,863		616,825