Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2018
January 28, 2019 at 03:01 pm
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LOGANSPORT, Ind., Jan. 28, 2019 (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, 2018.
Net earnings for the three months ended December 31, 2018 totaled $560,000, compared to the $503,000 in net earnings reported for the three months ended December 31, 2017.
Net earnings for the year ended December 31, 2018 totaled $2,231,000, compared to the $1,990,000 reported for the year ended December 31, 2017. Earnings per share were $3.59 for December 31, 2018, compared to $3.21 for December 31, 2017. Return on Assets finished the year at 1.29% for 2018 compared to 1.18% for 2017. The Return on Equity finished the year at 9.41% for December 31, 2018, compared to 8.71% for December 31, 2017.
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)
12/31/18
12/31/17
Total assets
$173,245
$168,500
Loans receivable, net
108,372
107,897
Allowance for loan losses
1,735
1,646
Cash and cash equivalents
10,058
6,431
Securities available for sale
47,751
46,448
Federal Home Loan Bank stock
731
731
Equity Investment
-
-
Deposits
148,049
141,028
FHLB borrowings and note payable
-
3,000
Accrued Interest and other liabilities
1,487
1,671
Shareholders’ equity
23,709
22,801
Shares Issued and Outstanding
621,022
619,773
Nonperforming loans
293
524
Real Estate Owned
20
-
Quarter ended 12/31
Year ended 12/31
2018
2017
2018
2017
Interest income
$2,040
$1,872
$7,445
$7,021
Interest expense
351
184
1,151
676
Net interest income
1,689
1,688
6,294
6,345
Provision for loan losses
-
-
-
(21
)
Net interest income after provision
1,689
1,688
6,294
6,324
Gain on sale of investment/assets
5
26
5
26
Gain/Loss on sale of REO
-
(10
)
-
(7
)
Gain on sale of loans
35
55
126
161
Other income
139
111
754
657
Total general, admin & other expense
1,163
1,137
4,440
4,354
Earnings before income taxes
705
733
2,739
2,807
Income tax expense
145
230
508
817
Net Income
$560
$503
$2,231
$1,990
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.