Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2014

LOGANSPORT, Ind.--()--Logansport Financial Corp., (OTCBB- LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and twelve months ended December 31, 2014.

Net earnings for the three months ended December 31, 2014 totaled $445,000, compared to the $412,000 in net earnings reported for the three months ended December 31, 2013.

Net earnings for the year ended December 31, 2014 totaled $1,818,000, compared to the $1,686,000 reported for the year ended December 31, 2013. Earnings per share were $2.78 for December 31, 2014, compared to $2.58 for December 31, 2013.

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 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)

 
     

12/31/14

     

12/31/13

 
Total assets $ 159,697 $ 165,994
 
Loans receivable, net 110,455 113,697
Allowance for loan losses 1,818 1,919
Cash and cash equivalents 3,237 3,710
Securities available for sale 37,961 39,848
Federal Home Loan Bank stock 1,233 1,640
Equity Investment 192 252
Deposits 136,640 134,365
FHLB borrowings and note payable 1,000 12,000
Shareholders’ equity 20,976 18,527
Shares O/S end of period 653,677 654,408
Nonperforming loans 1,391 824
Real Estate Owned 173 203
 

 

     

Quarter ended 12/31

     

Year ended 12/31

2014

     

2013

2014

     

2013

 
Interest income $ 1,691 $ 1,740 $ 6,794 $ 7,023
Interest expense 169 225 782 979
Net interest income 1,522 1,515 6,012 6,044
Provision for loan losses 45 45 75 300
Net interest income after provision 1,477 1,470 5,937 5,744
Gain on sale of investment/assets 16 - 16 27
Gain/Loss on sale of REO - - 3 18
Gain on sale of loans 43 76 115 146
Loss on equity investment (15) (6) (60) (24)
Other income 155 71 618 514
Total general, admin & other expense 1,006 954 3,887 3,885
Earnings before income taxes 670 657 2,742 2,540
Income tax expense 225 245 924 854
Net earnings $ 445 $ 412 $ 1,818 $ 1,686

Contacts

Logansport Financial Corp.
Chad Higgins, Chief Financial Officer
Phone - 574-722-3855
Fax - 574-722-3857

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