Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2023
Logansport Financial Corp., parent company of Logansport Savings Bank, reported a decrease in net earnings for the three and twelve months ended December 31, 2023, compared to the previous year. Earnings per share and return on assets and equity also saw a decline in 2023.
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Logansport Financial Corp. reported net earnings of $295,000 for the three months ended December 31, 2023, a decrease from $735,000 in the same period in 2022.
For the year ended December 31, 2023, net earnings were $1,791,000, down from $3,163,000 in 2022.
Earnings per share decreased to $2.93 for December 31, 2023, from $5.19 for December 31, 2022.
Return on Assets dropped to 0.723% in 2023 from 1.24% in 2022.
Return on Equity also decreased to 8.65% for December 31, 2023, from 15.47% for December 31, 2022.
02/15/2024 - 09:06 AM
LOGANSPORT, Ind., Feb. 15, 2024 (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, 2023.
Net earnings for the three months ended December 31, 2023 totaled $295,000 , compared to the $735,000 in net earnings reported for the three months ended December 31, 2022.
Net earnings for the year ended December 31, 2023 totaled $1,791,000 , compared to the $3,163,000 reported for the year ended December 31, 2022. Earnings per share was $2.93 for December 31, 2023, compared to $5.19 for December 31, 2022. Return on Assets finished the year at 0.723% for 2023 compared to 1.24% for 2022. The Return on Equity finished the year at 8.65% for December 31, 2023, compared to 15.47% for December 31, 2022.
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) 12/31/23 12/31/22 Total assets $247,713 $255,048 Loans receivable, net 168,672 159,195 Allowance for loan losses 2,553 1,969 Cash and cash equivalents 4,810 6,753 Interest Bearing Time Deposits in banks - 3,000 Securities available for sale 59,404 71,922 Federal Home Loan Bank stock 3,082 3,082 Deposits 207,779 216,675 FHLB borrowings and note payable 15,000 16,000 Accrued Interest and other liabilities 2,266 1,932 Shareholders’ equity 20,717 20,441 Shares Issued and Outstanding 611,334 609,742 Nonperforming loans 504 646 Real Estate Owned - - Quarter ended 12/31 Year ended 12/31 2023 2022 2023 2022 Interest income $3,254 $2,863 $11,967 $9,730 Interest expense 1,554 586 4,897 1,226 Net interest income 1,700 2,277 7,070 8,504 Provision for loan losses - - - - Net interest income after provision 1,700 2,277 7,070 8,504 Gain/Loss on sale of REO - - - 4 Gain on sale of loans 36 9 170 225 Gain on BOLI Settlement - - - - Other income 179 215 1,018 1,006 Total general, admin & other expense 1,580 1,636 6,247 6,125 Earnings before income taxes 335 865 2,011 3,614 Income tax expense 40 130 220 451 Net Income $ 295 $735 $1,791 $3,163 Earnings Per share $2.93 $5.19 Weighted-Average Shares Outstanding 608,272 608,940
Contact: Kristie Richey Chief Financial Officer Phone-574-722-3855 Fax-574-722-3857
What were the net earnings for Logansport Financial Corp. for the three months ended December 31, 2023?
Logansport Financial Corp. reported net earnings of $295,000 for the three months ended December 31, 2023.
How did the net earnings for the year ended December 31, 2023, compare to the previous year for Logansport Financial Corp.?
For the year ended December 31, 2023, net earnings were $1,791,000, down from $3,163,000 in 2022.
What was the earnings per share for Logansport Financial Corp. for December 31, 2023?
Earnings per share was $2.93 for December 31, 2023, compared to $5.19 for December 31, 2022.
How did the Return on Assets change for Logansport Financial Corp. from 2022 to 2023?
Return on Assets dropped to 0.723% in 2023 from 1.24% in 2022.
What was the Return on Equity for Logansport Financial Corp. for December 31, 2023?
Return on Equity finished the year at 8.65% for December 31, 2023, compared to 15.47% for December 31, 2022.
Logansport Financial Corp.
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Industry
Savings Institutions
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Finance and Insurance
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Savings Banks, Finance, Finance and Insurance, Savings Institutions
About LOGN
logansport financial corp. operates as the holding company for logansport savings bank that provides various banking products and services to individuals and businesses in cass county, indiana. its personal banking products and services include checking accounts, rite accounts, now accounts, savings accounts, health savings accounts, certificates of deposit, and individual retirement accounts; mortgage, home equity lines of credit, home improvement, construction, commercial buildings, farm, consumer, education, and car loans, as well as loans for single family and multi-family dwellings; and overdraft, and internet and mobile banking services. the company also provides business and commercial checking accounts, commercial savings accounts/certificates of deposit, money market accounts and certificates, commercial sweep accounts, ach debit/credit capabilities, electric federal tax payment systems, remote banking and merchant card services, wires, coin services, night deposit bags, and r