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

LOGN | 2 hours ago

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