Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2024

Rhea-AI Summary

Logansport Financial Corp. (OTCQB: LOGN), parent of Logansport Savings Bank, reported its financial results for Q3 2024. The company's net earnings for the quarter were $192,000 or $0.31 per diluted share, down from $371,000 or $0.61 per diluted share in Q3 2023. Year-to-date net earnings for 2024 were $808,000, compared to $1,501,000 in 2023. Diluted earnings per share for the first nine months of 2024 were $1.32, down from $2.46 in the same period of 2023.

Total assets as of September 30, 2024, stood at $256.9 million, an increase from $244.3 million a year earlier. Total deposits slightly decreased to $216.6 million from $219.4 million in the previous year. The company paid $1.35 per share in dividends during the first nine months of 2024, compared to $3.85 in 2023, which included a special dividend of $2.50 per share.

Positive

• Total assets increased to $256.9 million, up 5.2% year-over-year
• Company maintained dividend payments, distributing $1.35 per share in the first nine months of 2024

Negative

• Q3 2024 net earnings decreased by 48.2% year-over-year to $192,000
• Diluted EPS for Q3 2024 fell to $0.31 from $0.61 in Q3 2023
• Year-to-date net earnings for 2024 declined by 46.2% compared to 2023
• Total deposits decreased slightly to $216.6 million from $219.4 million year-over-year
• Dividend payments in 2024 were significantly lower compared to 2023, which included a special dividend

LOGANSPORT, Ind., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2024 of $192,000 or $0.31 per diluted share, compared to earnings in 2023 of $371,000 or $0.61 per diluted share. Year to date the company reported net earnings of $808,000 for 2024 compared to $1,501,000 for 2023. Diluted earnings per share for the nine months ended September 30, 2024 were $1.32 compared to $2.46 for the nine months ended September 30, 2023. Total assets at September 30, 2024 were $256.9 million compared to total assets at September 30, 2023 of $244.3 million. Total Deposits at September 30, 2024 were $216.6 million compared to total deposits of $219.4 million at September 30, 2023. The company paid a total of $1.35 per share in dividends in the first nine months of 2024 compared to $3.85 in 2023. This included a special dividend of $2.50 per share in 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 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)
					9/30/2024		9/30/2023
Total assets					$256,930		$244,277
Loans receivable, net					172,097		168,710
Allowance for loan losses					2,859		2,941
Cash and cash equivalents					11,384		4,749
Securities available for sale					26,783		28,524
Investment in Logansport Investments, Inc.					29,859		27,237
Federal Home Loan Bank stock					3,150		3,150
Equity Investment					-		-
Deposits					216,600		219,371
FHLB Borrowings and note payable					15,000		5,000
Shareholders’ equity					21,918		17,678
Unrealized gain (loss) on securities					(5,756)		(9,914)
Shares O/S end of period					611,597		611,334
Non-accrual loans					3,288		572
Real Estate Owned					-		-
	Quarter ended 9/30				Nine months ended 9/30
	2024		2023		2024		2023
Interest income	$2,852		$2,814		$8,894		$8,058
Interest expense	1,570		1,420		4,657		3,343
Net interest income	1,282		1,394		4,237		4,715
Provision for loan losses	-30		-		-79		-
Net interest income after provision	1,312		1,394		4,316		4,715
Gain on sale of Investments	-		-		-		-
Gain on sale of loans	99		87		260		135
Gain on sale of REO	-		-		-		-
Total other income	257		293		889		840
Gain (loss) on Logansport Investments, Inc.	175		172		527		658
Gain on BOLI Settlement	-		-		-		-
Total general, admin. & other expense	1,732		1,537		5,171		4,667
Earnings before income taxes	111		409		721		1,681
Income tax expense	-81		38		-87		180
Net earnings	$192		$371		$808		$1,501
Basic earnings per share	$0.31		$0.61		$1.32		$2.46
Diluted earnings per share	$0.31		$0.61		$1.32		$2.46
Weighted average shares o/s diluted	611,597		611,334		611,597		611,334

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

FAQ

What were Logansport Financial Corp's (LOGN) Q3 2024 earnings?

Logansport Financial Corp. reported net earnings of $192,000 or $0.31 per diluted share for the quarter ended September 30, 2024.

How did LOGN's Q3 2024 earnings compare to the same period in 2023?

LOGN's Q3 2024 earnings of $192,000 were lower compared to $371,000 in Q3 2023, representing a 48.2% decrease year-over-year.

What was Logansport Financial Corp's (LOGN) total asset value as of September 30, 2024?

Logansport Financial Corp's total assets were $256.9 million as of September 30, 2024, up from $244.3 million a year earlier.

How much did Logansport Financial Corp (LOGN) pay in dividends during the first nine months of 2024?

Logansport Financial Corp paid $1.35 per share in dividends during the first nine months of 2024.