Logansport Financial Corp. Reports Net Earnings for the Quarter Ended June 30, 2014

LOGANSPORT, Ind.--()--Logansport Financial Corp. (OTCBB: LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended June 30, 2014 of $485,000 or $.74 per diluted share, compared to earnings in 2013 of $418,000 or $.64 per diluted share. Year to date the company reported net earnings of $911,000 for 2014 compared to $892,000 for 2013. Diluted earnings per share for the six months ended June 30, 2014 were $1.39 compared to $1.37 for the six months ended June 30, 2013. Total assets at June 30, 2014 were $165.1 million compared to total assets at December 31, 2013 of $165.9 million. Total shareholder’s equity at June 30, 2014 was $19.9 million compared to $18.5 million at 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 (Unaudited)
(Dollars in thousands, except for share data)

       

6/30/14

12/31/13

 
Total assets $165,149 $165,994
 
Loans receivable, net 114,330 113,697
Allowance for loan losses 1,863 1,919
Cash and cash equivalents 4,836 3,710
Securities available for sale 37,598 39,848
Federal Home Loan Bank stock 1,640 1,640
Equity Investment 222 252
Deposits 140,279 134,365
FHLB Borrowings and note payable 4,000 12,000
Shareholders’ equity 19,913 18,527
Shares O/S end of period 654,408 653,408
Non-accrual loans 701 824
Real Estate Owned 268 203
 
 

Quarter ended 6/30

     

Six months ended 6/30

2014

 

2013

2014

 

2013

 
Interest income $1,711 $1,771 $3,335 $3,575
Interest expense 203 253 416 522
Net interest income 1,508 1,518 2,919 3,053
Provision for loan losses 0 75 0 165
Net interest income after provision 1,508 1,443

2,919

2,888

Gain on sale of Investments 0 0 0 27
Gain on sale of loans 27 44 46 112
Loss on sale of REO (4) 0 3 19
Total other income 185 135 324 240
Gain (loss) on equity investment (15) (6) (30) (12)
Total general, admin. & other expense 974

994

1,892 1,956
Earnings before income taxes 727 622 1,370 1,318
Income tax expense 242 204 459 426
Net earnings

$485

$418

$911

$892

Basic earnings per share $.74 $.64 $1.39 $1.37
Diluted earnings per share $.74 $.64 $1.39 $1.37
Weighted average shares o/s diluted 654,408 653,408 654,408 653,408
 

Contacts

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

Logansport Financial Corp.