Logansport Financial Corp. Reports Earnings for the Three and Nine Months Ended September 30, 2009

October 29, 2009 9:29 AM EDT

LOGANSPORT, Ind.--(BUSINESS WIRE)-- Logansport Financial Corp., (OTCBB: LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and nine months ended September 30, 2009.

Net earnings for the three months ended September 30, 2009 totaled $305,000, compared to the $266,000 in net earnings reported for the three months ended September 30, 2008. Diluted earnings per share for the three months ended September 30, 2009 amounted to $.39, compared to diluted earnings per share of $.32 in the quarter ending September 30, 2008.

Net earnings for the nine months ended September 30, 2009 totaled $916,000, compared to the $1.2 million reported for the nine months ended September 30, 2008. Diluted earnings per share for the nine months ended September 30, 2009 amounted to $1.17 compared to $1.34 for the nine months ended September 30, 2008.

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)

                                   09/30/09   12/31/08

Total assets                       $ 162,921  $172,890

Loans receivable, net              115,033    111,404

Allowance for loan losses          1,399      1,373

Cash and cash equivalents          8,175      14,921

Securities available for sale      32,768     39,220

Federal Home Loan Bank stock       2,053      2,053

Equity Investment                  416        455

Deposits                           115,712    116,368

FHLB borrowings and note payable   27,645     37,169

Shareholders' equity               18,652     17,805

Shares O/S end of period           783,701    783,701

Nonperforming loans                1,493      914

Real Estate Owned                  262        423

                                   Quarter ended 9/30    Nine months ended 9/30

                                   2009       2008       2009       2008

Interest income                    $2,107     $2,318     $6,478     $7,024

Interest expense                   1,001      1,167      3,070      3,650

Net interest income                1,106      1,151      3,408      3,374

Provision for loan losses          140        60         350        60

Net interest income after          966        1,091      3,058      3,314
provision

Gain on sale of investment/assets  40         -          40         91

Gain on sale of loans              21         1          84         10

Loss on equity investment          (14     )  (4      )  (39     )  (77     )

Loss on sale of REO                (2      )  (30     )  (6      )  (52     )

Total other income                 146        134        421        651

Total general, admin & other       773        783        2,408      2,312
expense

Earnings before income taxes       384        409        1,150      1,625

Income tax expense                 79         143        234        473

Net earnings                       $305       $266       $916       $1,152

Basic earnings per share           $.39       $.32       $ 1.17     $1.34

Diluted earnings per share         $.39       $.32       $1.17      $1.34

Weighted average shares o/s        783,701    831,184    783,701    856,687

    Source: Logansport Financial Corp.

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