Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2020

LOGANSPORT, Ind., Feb. 05, 2021 (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, 2020.

Net earnings for the three months ended December 31, 2020 totaled $889,000, compared to the $586,000 in net earnings reported for the three months ended December 31, 2019.

Net earnings for the year ended December 31, 2020 totaled $3,915,000, compared to the $2,249,000 reported for the year ended December 31, 2019. Earnings per share was $6.40 for December 31, 2020, compared to $3.65 for December 31, 2019. Return on Assets finished the year at 1.78% for 2020 compared to 1.21% for 2019. The Return on Equity finished the year at 13.76% for December 31, 2020, compared to 9.28% for December 31, 2019.

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)

			12/31/2020	12/31/2019
Total assets			$220,365	$188,251
Loans receivable, net			134,996	124,238
Allowance for loan losses			1,872	1,762
Cash and cash equivalents			12,430	5,630
Interest Bearing Time Deposits in banks			5,000	5,000
Securities available for sale			59,127	46,298
Federal Home Loan Bank stock			731	731
Deposits			189,476	160,588
FHLB borrowings and note payable			-	-
Accrued Interest and other liabilities			2,438	3,418
Shareholders’ equity			28,451	24,245
Shares Issued and Outstanding			611,863	610,681
Nonperforming loans			451	250
Real Estate Owned			-	-
	Quarter ended 12/31		Year ended 12/31
	2020	2019	2020	2019
Interest income	$2,911	$2,178	$8,663	$8,090
Interest expense	172	352	916	1,532
Net interest income	2,739	1,826	7,747	6,558
Provision for loan losses	88	-	197	-
Net interest income after provision	2,651	1,826	7,550	6,558
Gain on sale of investment/assets	-	3	-	75
Gain/Loss on sale of REO	-	-	-	(6	)
Gain on sale of loans	525	74	1,459	228
Gain on BOLI Settlement	-	-	722	-
Other income	70	196	832	788
Total general, admin & other expense	2,131	1,367	5,931	4,915
Earnings before income taxes	1,115	732	4,632	2,728
Income tax expense	226	146	717	479
Net Income	$889	$586	$3,915	$2,249
Earnings Per share			$6.40	$3.65
Shares Outstanding			611,863	610,681

Contact: Chad Higgins
Chief Financial Officer
Phone-574-722-3855
Fax-574-722-3857