Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2022

LOGANSPORT, Ind., April 13, 2022 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2022 of $783,000 or $1.28 per diluted share, compared to earnings in 2021 of $934,000 or $1.52 per diluted share. The Dividends paid to shareholders were $0.40 per share in the first quarter of 2022.

Total loans were $143.4 million on March 31, 2022 compared to $139.5 million on December 31, 2021. Deposits were $218.7 million on March 31, 2022 compared to $216.6 million on December 31, 2021. Total assets on March 31, 2022 were $244.9 million compared to $247.7 million on December 31, 2021.

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.

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

LOGANSPORT FINANCIAL CORP.
SELECTED FINANCIAL DATA
(Dollars in thousands, except for share data)
		03/31/22			12/31/21
Total assets		$	244,908		$	247,706
Loans receivable, net			143,396			139,480
Allowance for loan losses			2,018			2,018
Cash and cash equivalents			7,480			11,644
Interest Bearing Time Deposits in banks			5,000			5,000
Securities available for sale			78,977			82,080
Federal Home Loan Bank stock			2,177			1,969
Deposits			218,673			216,560
Borrowings			-			-
Shareholders’ equity			24,581			28,460
Shares O/S end of period			609,870			607,487
Nonperforming loans			379			325
Real estate owned			-			-

		Three months ended 03/31
		2022			2021
Interest income
(including Logansport Investments, Inc.)		$	2,167		$	2,111
Interest expense			116			151
Net interest income			1,809			1,782
Provision for loan losses			-			64
Net interest income after provision			2,051			1,896
Gain on sale of loans			65			440
Total other income			235			282
General, admin. & other expense			1,459			1,478
Earnings before income taxes			892			1,140
Income tax expense			109			206
Net earnings		$	783		$	934
Basic earnings per share		$	1.28		$	1.52
Diluted earnings per share		$	1.28		$	1.52
Weighted avg. shares o/s-diluted			609,870			612,887