Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2021
October 20, 2021 at 09:55 am EDT
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LOGANSPORT, Ind., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2021 of $766,000 or $1.26 per diluted share, compared to earnings in 2020 of $1,534,000 or $2.51 per diluted share. Year to date the company reported net earnings of $2,364,000 for 2021 compared to $3,026,000 for 2020. Diluted earnings per share for the nine months ended September 30, 2021 were $3.89 compared to $4.95 for the nine months ended September 30, 2020. Total assets for September 30, 2021 were $250.1 million compared to total assets for September 30, 2020 of $223.3 million. Cash dividends to shareholders Year to Date in 2021 total $3.20 compared to $1.05 in 2020, due in large part to the special dividend of $2.00 paid to shareholders in February of 2021.
Note: Earnings in the 3rd Quarter of 2020 include a Bank Owned Life Insurance Settlement of $722,000 which is an extraordinary item.
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)
9/30/21
9/30/20
Total assets
$ 250,120
$223,261
Loans receivable, net
135,721
140,077
Allowance for loan losses
1,949
1,870
Cash and cash equivalents
28,833
26,786
Securities available for sale
34,396
24,888
Investment in Logansport Investments, Inc.
42,997
25,719
Federal Home Loan Bank stock
1,691
731
Equity Investment
-
-
Deposits
219,590
193,743
FHLB Borrowings and note payable
-
-
Shareholders’ equity
28,319
27,618
Shares O/S end of period
607,487
611,863
Non-accrual loans
275
516
Real Estate Owned
-
-
Quarter ended 9/30
Nine months ended 9/30
2021
2020
2021
2020
Interest income
$1,947
$1,877
$5,733
$5,752
Interest expense
131
205
421
744
Net interest income
1,816
1,672
5,312
5,008
Provision for loan losses
-
(50)
(74)
(109)
Net interest income after provision
1,816
1,622
5,238
4,899
Gain on sale of loans
159
407
771
934
Gain on sale of REO
-
-
6
-
Total other income
287
303
836
776
Gain(loss) on Logansport Investments, Inc.
212
157
589
446
Gain on BOLI Settlement
-
722
45
722
Total general, admin. & other expense
1,573
1,496
4,655
4,260
Earnings before income taxes
901
1,715
2,830
3,517
Income tax expense
135
181
466
491
Net earnings
$766
$1,534
$2,364
$3,026
Basic earnings per share
$1.26
$2.51
$3.89
$4.95
Diluted earnings per share
$1.26
$2.51
$3.89
$4.95
Weighted average shares o/s diluted
607,487
611,863
607,487
611,863
Contact: Chad Higgins President & CEO Phone-574-722-3855 Fax-574-722-3857
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.