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Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2024

LOGANSPORT, Ind., Oct. 16, 2024 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2024 of $192,000 or $0.31 per diluted share, compared to earnings in 2023 of $371,000 or $0.61 per diluted share. Year to date the company reported net earnings of $808,000 for 2024 compared to $1,501,000 for 2023. Diluted earnings per share for the nine months ended September 30, 2024 were $1.32 compared to $2.46 for the nine months ended September 30, 2023. Total assets at September 30, 2024 were $256.9 million compared to total assets at September 30, 2023 of $244.3 million. Total Deposits at September 30, 2024 were $216.6 million compared to total deposits of $219.4 million at September 30, 2023. The company paid a total of $1.35 per share in dividends in the first nine months of 2024 compared to $3.85 in 2023. This included a special dividend of $2.50 per share in 2023.

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)
9/30/2024 9/30/2023
Total assets $256,930 $244,277
Loans receivable, net 172,097 168,710
Allowance for loan losses 2,859 2,941
Cash and cash equivalents 11,384 4,749
Securities available for sale 26,783 28,524
Investment in Logansport Investments, Inc. 29,859 27,237
Federal Home Loan Bank stock 3,150 3,150
Equity Investment
Deposits 216,600 219,371
FHLB Borrowings and note payable 15,000 5,000
Shareholders’ equity 21,918 17,678
Unrealized gain (loss) on securities (5,756) (9,914)
Shares O/S end of period 611,597 611,334
Non-accrual loans 3,288 572
Real Estate Owned
Quarter ended 9/30
Nine months ended 9/30
2024 2023 2024 2023
Interest income $2,852 $2,814 $8,894 $8,058
Interest expense 1,570 1,420 4,657 3,343
Net interest income 1,282 1,394 4,237 4,715
Provision for loan losses -30 -79
Net interest income after provision 1,312 1,394 4,316 4,715
Gain on sale of Investments
Gain on sale of loans 99 87 260 135
Gain on sale of REO
Total other income 257 293 889 840
Gain (loss) on Logansport Investments, Inc. 175 172 527 658
Gain on BOLI Settlement
Total general, admin. & other expense 1,732 1,537 5,171 4,667
Earnings before income taxes 111 409 721 1,681
Income tax expense -81 38 -87 180
Net earnings $192 $371 $808 $1,501
Basic earnings per share $0.31 $0.61 $1.32 $2.46
Diluted earnings per share $0.31 $0.61 $1.32 $2.46
Weighted average shares o/s diluted 611,597 611,334 611,597 611,334

Contact: Kristie Richey
Chief Financial Officer
Phone-574-722-3855
Fax-574-722-3857

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