Logansport Financial Corp. Reports Net Earnings for the Quarter Ended June 30, 2023
07/12/2023 - 09:47 AM
LOGANSPORT, Ind., July 12, 2023 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended June 30, 2023 of $529,000 or $0.86 per diluted share, compared to earnings in 2022 of $825,000 or $1.35 per diluted share. Year to date the company reported net earnings of $1,127,000 for 2023 compared to $1,608,000 for 2022. Diluted earnings per share for the six months ended June 30, 2023 were $1.84 compared to $2.64 for the six months ended June 30, 2022. Total assets at June 30, 2023 were $253.2 million compared to total assets at June 30, 2022 of $243.5 million . Total Deposits at June 30, 2023 were $215.4 million compared to total deposits of $220.5 million at June 30, 2022. The company paid a total of $3.40 per share in dividends in the first half of 2023 compared to $0.80 in 2022. 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) 6/30/23 6/30/22 Total assets $253,185 $243,511 Loans receivable, net 167,465 143,804 Allowance for loan losses 2,947 2,018 Cash and cash equivalents 7,967 12,649 Securities available for sale 30,047 31,841 Investment in Logansport Investments, Inc. 32,487 43,632 Federal Home Loan Bank stock 3,148 2,386 Equity Investment - - Deposits 215,364 220,534 FHLB Borrowings and note payable - - Shareholders’ equity 19,309 21,351 Unrealized gain (loss) on securities (8,159) (6,807) Shares O/S end of period 613,381 609,742 Non-accrual loans 603 364 Real Estate Owned - -
Quarter ended 6/30 Six months ended 6/30 2023 2022 2023 2022 Interest income $2,725 $2,013 $5,241 $3,939 Interest expense 1,079 176 1,923 292 Net interest income 1,646 1,837 3,319 3,647 Provision for loan losses - - - - Net interest income after provision 1,646 1,837 3,319 3,647 Gain on sale of Investments - - - - Gain on sale of loans 44 83 47 148 Gain on sale of REO - - - - Total other income 287 268 547 503 Gain(loss) on Logansport Investments, Inc. 215 268 486 511 Gain on BOLI Settlement - - - - Total general, admin. & other expense 1,591 1,515 3,130 2,976 Earnings before income taxes 601 941 1,269 1,833 Income tax expense 72 116 142 225 Net earnings $ 529 $ 825 $ 1,127 $ 1,608 Basic earnings per share $0.86 $1.35 $1.84 $2.64 Diluted earnings per share $0.86 $1.35 $1.84 $2.64 Weighted average shares o/s diluted 613,381 609,742 613,381 609,742
Contact: Kristie Richey Chief Financial Officer Phone-574-722-3855 Fax-574-722-3857
Logansport Financial Corp.
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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