Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2024

Rhea-AI Summary

Logansport Financial Corp. (LOGN) has reported its financial results for Q4 and full-year 2024. The company's Q4 net earnings increased to $445,000, up from $295,000 in Q4 2023. However, full-year net earnings decreased to $1,254,000 from $1,791,000 in 2023.

Key financial metrics show mixed performance: earnings per share declined to $2.05 from $2.93, Return on Assets decreased to 0.475% from 0.723%, and Return on Equity fell to 6.14% from 8.65%. Total assets grew to $263,860,000 from $247,713,000, while net loans increased to $175,742,000 from $168,672,000. Deposits rose to $225,904,000 from $207,779,000.

Notable concerns include an increase in nonperforming loans to $2,907,000 from $504,000, while the allowance for loan losses decreased to $1,954,000 from $2,553,000.

Positive

• Q4 2024 net earnings increased 50.8% to $445,000 from $295,000 in Q4 2023
• Total assets grew 6.5% to $263.9M from $247.7M
• Net loans increased 4.2% to $175.7M from $168.7M
• Deposits grew 8.7% to $225.9M from $207.8M
• Gain on sale of loans increased to $393,000 from $170,000 in 2023

Negative

• Full-year 2024 net earnings decreased 30% to $1.25M from $1.79M in 2023
• Earnings per share declined 30% to $2.05 from $2.93
• Return on Equity decreased to 6.14% from 8.65%
• Return on Assets fell to 0.475% from 0.723%
• Nonperforming loans increased significantly to $2.91M from $504,000
• Allowance for loan losses decreased to $1.95M from $2.55M despite higher nonperforming loans

LOGANSPORT, Ind., Feb. 12, 2025 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB: LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and twelve months ended December 31, 2024.

Net earnings for the three months ended December 31, 2024 totaled $445,000, compared to the $295,000 in net earnings reported for the three months ended December 31, 2023.

Net earnings for the year ended December 31, 2024 totaled $1,254,000, compared to the $1,791,000 reported for the year ended December 31, 2023. Earnings per share was $2.05 for December 31, 2024, compared to $2.93 for December 31, 2023. Return on Assets finished the year at 0.475% for 2024 compared to 0.723% for 2023. The Return on Equity finished the year at 6.14% for December 31, 2024, compared to 8.65% for December 31, 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 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)
		12/31/2024		12/31/2023
Total Assets		$263,860		$247,713
Loans receivable, net			175,742		168,672
Allowance for loan losses			1,954		2,553
Cash and cash equivalents			14,992		4,810
Interest Bearing Time Deposits in banks			-		-
Securities available for sale			54,567		59,404
Federal Home Loan Bank stock			3,082		3,082
Deposits			225,904		207,779
FHLB borrowings and note payable			15,000		15,000
Accrued Interest and other liabilities			2,525		2,266
Shareholders' equity			20,431		20,717
Shares Issued and Outstanding			611,597		611,334
Nonperforming loans			2,907		504
Real Estate Owned			-		-

 

		Three months ended 12/31					Year ended 12/31
			2024		2023			2024			2023
Interest income		$3,559		$3,254			$12,981			$11,967
Interest expense			1,552		1,554			6,209			4,897
Net interest income			2,007		1,700			6,772			7,070
Provision for loan losses			-		-			(79	)		-
Net interest income after provision			2,007		1,700			6,851			7,070
Gain on sale of loans			133		36			393			170
Other income			211		179			999			1,018
General, admin. & other expense			1,797		1,580			6,968			6,247
Earnings before income taxes			554		335			1,275			2,011
Income tax expense			109		40			21			220
Net earnings		$445		$295			$1,254			$1,791
Earnings per share							$2.05			$2.93
Weighted avg. shares o/s-diluted								608,124			608,272

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

FAQ

What were LOGN's Q4 2024 earnings compared to Q4 2023?

LOGN reported Q4 2024 net earnings of $445,000, compared to $295,000 in Q4 2023, showing a 50.8% increase.

How much did LOGN's full-year earnings decline in 2024?

LOGN's full-year net earnings declined by 30% to $1,254,000 in 2024 from $1,791,000 in 2023.

What was LOGN's earnings per share for 2024?

LOGN's earnings per share for 2024 was $2.05, down from $2.93 in 2023.

How much did LOGN's nonperforming loans increase in 2024?

LOGN's nonperforming loans increased to $2,907,000 in 2024 from $504,000 in 2023.

What was LOGN's Return on Equity (ROE) for 2024?

LOGN's Return on Equity for 2024 was 6.14%, down from 8.65% in 2023.