Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2024
April 17, 2024 at 04:22 pm EDT
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LOGANSPORT, Ind., April 17, 2024 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2024 of $268,000 or $0.44 per diluted share, compared to earnings in 2023 of $596,000 or $0.98 per diluted share. The Dividends paid to shareholders were $0.45 per share in the first quarter of 2024.
Total loans were $168.5 million on March 31, 2024 compared to loans in 2023 of $160.6 million. Deposits were $194.6 million on March 31, 2024 compared to deposits in 2023 of $209.3 million. Total assets on March 31, 2024 were $243.5 million compared to assets in 2023 of $253.8 million.
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)
03/31/24
03/31/23
Total assets
$243,484
$253,819
Loans receivable, net
168,491
160,583
Allowance for loan losses
2,934
2,947
Cash and cash equivalents
2,588
3,531
Interest Bearing Time Deposits in banks
0
3,000
Securities available for sale
57,318
73,149
Federal Home Loan Bank and AGM stock
3,150
3,148
Deposits
194,598
209,278
Borrowings
26,136
21,251
Shareholders’ equity
20,801
21,329
Shares O/S end of period
612,822
609,431
Nonperforming loans
545
609
Real estate owned
-
-
Three months ended 03/31
2024
2023
Interest income (including Logansport Investments, Inc.)
Logansport Financial Corp. is the holding company for Loganport Savings Bank (Bank). The Bank is engaged in providing a full range of banking and financial services to individual and corporate customers in Cass County, Indiana, and surrounding counties. The Bankâs primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential mortgage, commercial and installment loans. The Bank's personal banking includes Zelle, Internet and mobile banking, checking services, savings, and certificates of deposits (CD) services, savings and CD rates, savings calculator, health savings accounts, reorder checks, college savings plan, and Federal Deposit Insurance Corporation (FDIC) insurance. Its personal lending includes home loans, community reinvestment, vehicle/personal loan, mortgage center and free credit report. Its business banking includes business Internet banking, business checking, business lending and agricultural lending.
LOGANSPORT FINANCIAL CORP. 
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