Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2024

LOGANSPORT, Ind., April 17, 2024 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2024 of $268,000 or $0.44 per diluted share, compared to earnings in 2023 of $596,000 or $0.98 per diluted share. The Dividends paid to shareholders were $0.45 per share in the first quarter of 2024.

Total loans were $168.5 million on March 31, 2024 compared to loans in 2023 of $160.6 million. Deposits were $194.6 million on March 31, 2024 compared to deposits in 2023 of $209.3 million. Total assets on March 31, 2024 were $243.5 million compared to assets in 2023 of $253.8 million.

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 (Dollars in thousands, except for share data)
	03/31/24	03/31/23
Total assets	$243,484	$253,819
Loans receivable, net	168,491	160,583
Allowance for loan losses	2,934	2,947
Cash and cash equivalents	2,588	3,531
Interest Bearing Time Deposits in banks	0	3,000
Securities available for sale	57,318	73,149
Federal Home Loan Bank and AGM stock	3,150	3,148
Deposits	194,598	209,278
Borrowings	26,136	21,251
Shareholders’ equity	20,801	21,329
Shares O/S end of period	612,822	609,431
Nonperforming loans	545	609
Real estate owned	-	-
	Three months ended 03/31
	2024	2023
Interest income (including Logansport Investments, Inc.)	$3,088	$2,787
Interest expense	1,474	844
Net interest income	1,614	1,943
Provision for loan losses	-	-
Net interest income after provision	1,614	1,943
Gain on sale of loans	51	3
Total other income	240	259
General, admin. & other expense	1,653	1,539
Earnings before income taxes	252	666
Income tax expense	(16)	70
Net earnings	$268	$596
Basic earnings per share	$0.44	$0.98
Diluted earnings per share	$0.44	$0.98
Weighted avg. shares o/s-diluted	612,822	609,431

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