Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2016

LOGANSPORT, Ind.--()--Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2016 of $535,000 or $.86 per diluted share, compared to earnings in 2015 of $516,000 or $.81 per diluted share. Year to date the company reported net earnings of $1,540,000 for 2016 compared to $1,371,000 for 2015. Diluted earnings per share for the nine months ended September 30, 2016 were $2.49 compared to $2.16 for the nine months ended September 30, 2015. Total assets at September 30, 2016 were $170.1 million compared to total assets at December 31, 2015 of $166.9 million. Total shares outstanding of Logansport Financial Corp. stock at September 30, 2016 are 619,113.

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 (Unaudited)
(Dollars in thousands, except for share data)
 

9/30/16

12/31/15

 
Total assets $ 170,128 $ 172,653
 
Loans receivable, net 119,750 113,106
Allowance for loan losses 1,711 1,727
Cash and cash equivalents 3,674 4,193
Securities available for sale 27,576 38,485
Investment in Logansport Investments, Inc. 12,266 10,372
Federal Home Loan Bank stock 731 731
Equity Investment

 

-

132
Deposits 144,856 141,675
FHLB Borrowings and note payable 1,000 8,000
Shareholders’ equity 22,928 21,862
Shares O/S end of period 619,113 632,348
Non-accrual loans 873 1,032
Real Estate Owned

 

-

39

 

Quarter ended 9/30

Nine months ended 9/30

2016

2015

2016

2015

 
Interest income $ 1,646 $ 1,696 $ 4,909 $ 4,963
Interest expense 130 136 387 438
Net interest income 1,516 1,560 4,522 4,525
Provision for loan losses

 

-

 

-

 

-

 

-

Net interest income after provision 1,516 1,560 4,522 4,525
Gain on sale of loans 44 11 130 58
Gain on sale of REO (2) 22 (2) (15)
Total other income 172 155 475 455
Gain(loss) on Logansport Investments,Inc. 78 25 229 22
Gain (loss) on equity investment

 

-

(15) (82) (45)
Total general, admin. & other expense 1,043 985 3,081 2,948
Earnings before income taxes 765 773 2,191 2,052
Income tax expense 230 257 651 681
Net earnings $ 535 $ 516 $ 1,540 $ 1,371
Basic earnings per share $ .86 $ .81 $ 2.49 $ 2.16
Diluted earnings per share $ .86 $ .81 $ 2.49 $ 2.16
Weighted average shares o/s diluted 619,113 632,348 619,113 632,348

Contacts

Logansport Financial Corp.
Chad Higgins
Chief Financial Officer
Phone 574-722-3855
Fax 574-722-3857

Contacts

Logansport Financial Corp.
Chad Higgins
Chief Financial Officer
Phone 574-722-3855
Fax 574-722-3857