Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2015

LOGANSPORT, Ind.--()--Logansport Financial Corp., (OTCBB: LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2015 of $423,000 or $.64 per diluted share, compared to earnings in 2014 of $426,000 or $.65 per diluted share.

Total loans were $112.4 million at March 31, 2015 compared to $110.5 million at December 31, 2014. Deposits increased by $7.2 million during the quarter. Total assets at March 31, 2015 were $167.1 million. Total Shareholder’s Equity at March 31, 2015 was $21.3 million compared to $21.0 million at December 31, 2014.

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)

 
 

03/31/15

 

12/31/14

 
Total assets $ 167,058 $ 159,697
 
Loans receivable, net 112,370 110,455
Allowance for loan losses 1,818 1,864
Cash and cash equivalents 11,397 3,237
Securities available for sale 36,038 37,961
Federal Home Loan Bank stock 1,233 1,233
Equity investment 177 192
Deposits 143,801 136,640
Borrowings 1,000 1,000
Shareholders’ equity 21,326 20,976
Shares O/S end of period 656,427 653,677
Nonperforming loans 1,441 1,391
Real estate owned 3 173
 

Three months ended 03/31

2015

2014

 
Interest income $ 1,624 $ 1,624
Interest expense 150 213
Net interest income 1,474 1,411

Provision for loan losses

-

-

Net interest income after provision

1,474

1,411

Gain (Loss) on sale of investments - -
Gain on sale of loans 20 19
Gain (Loss) on equity investment

(15

)

(15

)

Gain (Loss) on sale of REO (39 ) 7
Total other income 153 139
General, admin. & other expense 963 918
Earnings before income taxes 630 643
Income tax expense 207 217
Net earnings $ 423 $ 426
Basic earnings per share $ .64 $ .65
Diluted earnings per share $ .64 $ .65
Weighted aver shares o/s-diluted 656,427 653,408

Contacts

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

Contacts

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