Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2023
04/12/2023 - 02:02 PM
LOGANSPORT, Ind., April 12, 2023 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2023 of $596,000 or $0.98 per diluted share, compared to earnings in 2022 of $783,000 or $1.28 per diluted share. The Dividends paid to shareholders were $0.45 per share in the first quarter of 2023.
Total loans were $160.6 million on March 31, 2023 compared to $159.2 million on December 31, 2022. Deposits were $209.3 million on March 31, 2023 compared to $216.7 million on December 31, 2022. Total assets on March 31, 2023 were $253.8 million compared to $255.0 million on 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 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) 03/31/23 12/31/22 Total assets $253,820 $255,048 Loans receivable, net 160,583 159,195 Allowance for loan losses 2,947 1,969 Cash and cash equivalents 3,531 6,753 Interest Bearing Time Deposits in banks 3,000 3,000 Securities available for sale 73,149 71,922 Federal Home Loan Bank and AGM stock 3,148 3,148 Deposits 209,278 216,675 Borrowings 21,251 16,000 Shareholders’ equity 21,329 20,441 Shares O/S end of period 609,431 609,742 Nonperforming loans 609 646 Real estate owned - -
Three months ended 03/31 2023 2022 Interest income (including Logansport Investments, Inc.) $2,787 $2,167 Interest expense 844 116 Net interest income 1,943 2,051 Provision for loan losses - - Net interest income after provision 1,943 2,051 Gain on sale of loans 3 65 Total other income 259 235 General, admin. & other expense 1,539 1,459 Earnings before income taxes 666 892 Income tax expense 70 109 Net earnings $ 596 $ 783 Basic earnings per share $0.98 $1.28 Diluted earnings per share $0.10 $1.28 Weighted avg. shares o/s-diluted 609,431 609,870
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