Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2023
Logansport Financial Corp. reports Q3 2023 net earnings of $371,000 or $0.61 per diluted share.
10/12/2023 - 10:30 AM
LOGANSPORT, Ind., Oct. 12, 2023 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2023 of $371,000 or $0.61 per diluted share, compared to earnings in 2022 of $820,000 or $1.34 per diluted share. Year to date the company reported net earnings of $1,501,000 for 2023 compared to $2,428,000 for 2022. Diluted earnings per share for the nine months ended September 30, 2023 were $2.46 compared to $3.98 for the nine months ended September 30, 2022. Total assets at September 30, 2023 were $244.3 million compared to total assets at September 30, 2022 of $241 million . Total Deposits at September 30, 2023 were $200.9 million compared to total deposits of $220.3 million at September 30, 2022. The company paid a total of $3.85 per share in dividends in the first nine months of 2023 compared to $1.20 in 2022. This included a special dividend of $2.50 per share in 2023.
“The current economic environment has presented all banks across the country with challenges, specifically maintaining margin and liquidity through the rapid rise in interest rates” commented Chad Higgins, President and CEO at Logansport Savings Bank. “Continued loan demand has positioned us to be profitable during this unprecedented period of time”.
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) 09/30/23 09/30/22 Total assets $244,277 $241,035 Loans receivable, net 168,710 147,477 Allowance for loan losses 2,941 1,968 Cash and cash equivalents 4,749 10,159 Securities available for sale 28,524 29,622 Investment in Logansport Investments, Inc. 27,237 40,615 Federal Home Loan Bank stock 3,150 2,516 Equity Investment - - Deposits 200,914 220,259 FHLB Borrowings and note payable - - Shareholders’ equity 17,678 19,058 Unrealized gain (loss) on securities (9,914) (9,686) Shares O/S end of period 611,334 609,742 Non-accrual loans 572 640 Real Estate Owned - -
Quarter ended 9/30 Six months ended 9/30 2023 2022 2023 2022 Interest income $2,814 $2,142 $8,058 $6,079 Interest expense 1,420 348 3,343 640 Net interest income 1,394 1,794 4,715 5,439 Provision for loan losses - - - - Net interest income after provision 1,394 1,794 4,715 5,439 Gain on sale of Investments - - - - Gain on sale of loans 87 69 135 216 Gain on sale of REO - 4 - 4 Total other income 293 288 840 791 Gain(loss) on Logansport Investments, Inc. 172 277 658 788 Gain on BOLI Settlement - - - - Total general, admin. & other expense 1,537 1,515 4,667 4,489 Earnings before income taxes 409 917 1,681 2,749 Income tax expense 38 97 180 321 Net earnings $ 371 $ 820 $ 1,501 $ 2,428 Basic earnings per share $0.61 $1.34 $2.46 $3.98 Diluted earnings per share $0.61 $1.34 $2.46 $3.98 Weighted average shares o/s diluted 611,334 609,742 611,334 609,742
Contact: Kristie Richey Chief Financial Officer Phone-574-722-3855 Fax-574-722-3857
What were Logansport Financial Corp.'s net earnings for Q3 2023?
Logansport Financial Corp. reported net earnings of $371,000 for Q3 2023.
What were Logansport Financial Corp.'s net earnings for Q3 2022?
Logansport Financial Corp. had net earnings of $820,000 for Q3 2022.
How much were Logansport Financial Corp.'s total assets at September 30, 2023?
Logansport Financial Corp.'s total assets were $244.3 million at September 30, 2023.
How much were Logansport Financial Corp.'s total assets at September 30, 2022?
Logansport Financial Corp.'s total assets were $241 million at September 30, 2022.
How much were Logansport Financial Corp.'s total deposits at September 30, 2023?
Logansport Financial Corp.'s total deposits were $200.9 million at September 30, 2023.
How much were Logansport Financial Corp.'s total deposits at September 30, 2022?
Logansport Financial Corp.'s total deposits were $220.3 million at September 30, 2022.
How much did Logansport Financial Corp. pay in dividends for the first nine months of 2023?
Logansport Financial Corp. paid a total of $3.85 per share in dividends for the first nine months of 2023.
How much did Logansport Financial Corp. pay in dividends in 2022?
Logansport Financial Corp. paid $1.20 per share in dividends in 2022.
Who is the President and CEO of Logansport Savings Bank?
Chad Higgins is the President and CEO of Logansport Savings Bank.
Logansport Financial Corp.
LOGN Rankings
N/A Ranked by Stock Gains
LOGN Stock Data
Industry
Savings Institutions
Sector
Finance and Insurance
Tags
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