Logansport Financial Corp. Reports Net Earnings for the Quarter Ended June 30, 2018

LOGANSPORT, Ind., July 18, 2018 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCBB:LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended June 30, 2018 of $578,000 or $.93 per diluted share, compared to earnings in 2017 of $515,000 or $.83 per diluted share. Year to date the company reported net earnings of $1,115,000 for 2018 compared to $988,000 for 2017. Diluted earnings per share for the six months ended June 30, 2018 were $1.80 compared to $1.59 for the six months ended June 30, 2017. Total assets at June 30, 2018 were $174.9 million compared to total assets at December 31, 2017 of $168.5 million. Dividends paid to shareholders at June 30, 2018 are $404,000 compared to dividends paid at June 30, 2017 of $1,586,000.  Last year’s dividend amount includes the special dividend of $2.00 which was paid in the first quarter of 2017.

Logansport Financial Corp. also is pleased to report the appointment of J. Anthony Firmani to its board of directors and to the board of its subsidiary, Logansport Savings Bank. Mr. Firmani is the Executive Vice President & Chief Financial Officer, Treasurer, and Corporate Secretary of MPI Corporation, where he has been employed since 2002. Tony is a graduate of Purdue University and is a CPA.  MPI Corporation is the holding company for three Logansport Employers, Small Parts Inc., ABC Metals, Inc., and HTI.  These companies collectively provide a major source of employment for Logansport and Cass County with extensive leadership provided to the community.     

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.

(Dollars in thousands, except for share data)
         06/30/18   06/30/17
Total assets           $174,993   $170,764
Loans receivable, net           117,026   116,418
Allowance for loan losses           1,682   1,620
Cash and cash equivalents           7,386   4,103
Securities available for sale           27,315   28,769
Investment in Logansport Investments, Inc.           16,415   14,639
Federal Home Loan Bank stock           731   731
Equity Investment            
Deposits           150,541   144,134
FHLB Borrowings and note payable             3,000
Shareholders’ equity           22,796   22,289
Shares O/S end of period           620,662   619,773
Non-accrual loans           290   825
Real Estate Owned            
    Quarter ended 6/30 
  Six months ended 6/30
    2018   2017   2018   2017
Interest income   $1,693   $1,635   $3,303   $3,244
Interest expense   279   164   497   308
Net interest income   1,414   1,471   2,806   2,936
Provision for loan losses        
Net interest income after provision   1,414   1,471   2,806   2,936
Gain on sale of Investments        
Gain on sale of loans   24   38   50   57
Loss on sale of REO     2     2
Total other income   258   179   434   330
Gain (loss) on Logansport Investments, Inc.   116   96   228   186
Gain (loss) on equity investment        
Total general, admin. & other expense   1,106   1,065   2,160   2,132
Earnings before income taxes   706   721   1,358   1,379
Income tax expense   128   206   243   391
Net earnings   $578   $515   $1,115   $988
Basic earnings per share   $.93   $.83   $1.80   $1.59
Diluted earnings per share   $.93   $.83   $1.80   $1.59
Weighted average shares o/s diluted   620,662   619,773   620,662   619,773

Contact: Chad Higgins
Chief Financial Officer