Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2017

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LOGANSPORT, Ind., Oct. 11, 2017 (GLOBE NEWSWIRE) -- Logansport Financial Corp., LOGN, parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2017 of $499,000 or $.81 per diluted share, compared to earnings in 2016 of $535,000 or $.86 per diluted share. Year to date the company reported net earnings of $1,487,000 for 2017 compared to $1,540,000 for 2016. Diluted earnings per share for the nine months ended September 30, 2017 were $2.40 compared to $2.49 for the nine months ended September 30, 2016. Total assets at September 30, 2017 were $167.9 million compared to total assets at September 30, 2016 of $170.1 million. Total shares outstanding of Logansport Financial Corp. stock at September 30, 2017 are 619,773.

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 evaluating 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)
                 
           9/30/17   9/30/16 
                 
Total assets         $167,939   $170,128 
                 
Loans receivable, net          113,730   119,750 
Allowance for loan losses          1,641   1,711 
Cash and cash equivalents          4,620   3,674 
Securities available for sale          27,570   27,576 
Investment in Logansport Investments, Inc.          14,682   12,266 
Federal Home Loan Bank stock          731   731 
Equity Investment          -   - 
Deposits          142,730   144,856 
FHLB Borrowings and note payable          1,000   1,000 
Shareholders' equity          22,546   22,928 
Shares O/S end of period          619,773   619,113 
Non-accrual loans          3,028   873 
Real Estate Owned          40   - 
                 
 Quarter ended 9/30    Nine months ended 9/30 
  2017   2016    2017   2016 
                 
Interest income$1,621  $1,646   $4,864  $4,909 
Interest expense 184   130    492   387 
Net interest income 1,437   1,516    4,373   4,522 
Provision for loan losses 21   -    21   - 
Net interest income after provision 1,416   1,516    4,352   4,522 
Gain on sale of loans 49   44    106   130 
Gain on sale of REO -   (2)   3   (2)
Total other income 216   172    545   475 
Gain(loss) on Logansport Investments, Inc. 99   78    285   229 
Gain (loss) on equity investment -   -    -   (82)
Total general, admin. & other expense 1,085   1,043    3,217   3,081 
Earnings before income taxes 695   765    2,074   2,191 
Income tax expense 196   230    587   651 
Net earnings$499  $535   $1,487  $1,540 
Basic earnings per share$0.81  $0.86   $2.40  $2.49 
Diluted earnings per share$0.81  $0.86   $2.40  $2.49 
Weighted average shares o/s diluted 619,773   619,113    619,773   619,113 
                 

Contact: Chad Higgins
Chief Financial Officer
Phone-574-722-3855
Fax-574-722-3857

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