Logansport Financial Corp. : Reports Earnings for the Three and Twelve Months Ended December 31, 2019
January 31, 2020 at 06:01 pm
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LOGANSPORT, Ind., Jan. 31, 2020 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB- LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and twelve months ended December 31, 2019.
Net earnings for the three months ended December 31, 2019 totaled $586,000, compared to the $560,000 in net earnings reported for the three months ended December 31, 2018.
Net earnings for the year ended December 31, 2019 totaled $2,249,000, compared to the $2,231,000 reported for the year ended December 31, 2018. Earnings per share was $3.65 for December 31, 2019, compared to $3.59 for December 31, 2018. Return on Assets finished the year at 1.21% for 2019 compared to 1.29% for 2018. The Return on Equity finished the year at 9.28% for December 31, 2019, compared to 9.41% for December 31, 2018.
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 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)
12/31/2019
12/31/2018
Total assets
$
188,251
$
173,245
Loans receivable, net
124,238
108,372
Allowance for loan losses
1,762
1,735
Cash and cash equivalents
5,630
10,058
Interest Bearing Time Deposits in banks
5,000
-
Securities available for sale
46,298
47,751
Federal Home Loan Bank stock
731
731
Deposits
160,588
148,049
FHLB borrowings and note payable
-
-
Accrued Interest and other liabilities
3,418
1,487
Shareholders’ equity
24,245
23,709
Shares Issued and Outstanding
610,681
621,022
Nonperforming loans
250
293
Real Estate Owned
-
20
Quarter ended 12/31
Year ended 12/31
2019
2018
2019
2018
Interest income
$
2,178
$
2,040
$
8,090
$
7,445
Interest expense
352
351
1,532
1,151
Net interest income
1,826
1,689
6,558
6,294
Provision for loan losses
-
-
-
-
Net interest income after provision
1,826
1,689
6,558
6,294
Gain on sale of investment/assets
3
5
75
5
Gain/Loss on sale of REO
-
-
(6)
-
Gain on sale of loans
74
35
228
126
Other income
196
139
788
754
Total general, admin & other expense
1,367
1,163
4,915
4,440
Earnings before income taxes
732
705
2,728
2,739
Income tax expense
146
145
479
508
$
586
$
560
$
2,249
$
2,231
Contact: Chad Higgins Chief Financial Officer Phone-574-722-3855 Fax-574-722-3857
Logansport Financial Corp. is the holding company for Loganport Savings Bank (Bank). The Bank is engaged in providing a full range of banking and financial services to individual and corporate customers in Cass County, Indiana, and surrounding counties. The Bankâs primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential mortgage, commercial and installment loans. The Bank's personal banking includes Zelle, Internet and mobile banking, checking services, savings, and certificates of deposits (CD) services, savings and CD rates, savings calculator, health savings accounts, reorder checks, college savings plan, and Federal Deposit Insurance Corporation (FDIC) insurance. Its personal lending includes home loans, community reinvestment, vehicle/personal loan, mortgage center and free credit report. Its business banking includes business Internet banking, business checking, business lending and agricultural lending.
LOGANSPORT FINANCIAL CORP. 
