Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2020

February 5, 2021 8:45 AM EST

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LOGANSPORT, Ind., Feb. 05, 2021 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB- LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and twelve months ended December 31, 2020.

Net earnings for the three months ended December 31, 2020 totaled $889,000, compared to the $586,000 in net earnings reported for the three months ended December 31, 2019.

Net earnings for the year ended December 31, 2020 totaled $3,915,000, compared to the $2,249,000 reported for the year ended December 31, 2019. Earnings per share was $6.40 for December 31, 2020, compared to $3.65 for December 31, 2019. Return on Assets finished the year at 1.78% for 2020 compared to 1.21% for 2019. The Return on Equity finished the year at 13.76% for December 31, 2020, compared to 9.28% for December 31, 2019.

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)

   12/31/202012/31/2019 
      
Total assets  $220,365$188,251 
      
Loans receivable, net  134,996124,238 
Allowance for loan losses  1,8721,762 
Cash and cash equivalents  12,4305,630 
Interest Bearing Time Deposits in banks  5,0005,000 
Securities available for sale  59,12746,298 
Federal Home Loan Bank stock  731731 
Deposits  189,476160,588 
FHLB borrowings and note payable  -- 
Accrued Interest and other liabilities  2,4383,418 
Shareholders’ equity  28,45124,245 
Shares Issued and Outstanding  611,863610,681 
Nonperforming loans  451250 
Real Estate Owned  -- 
      
  Quarter ended 12/31 Year ended 12/31
 2020201920202019 
      
Interest income$2,911$2,178$8,663$8,090 
Interest expense1723529161,532 
Net interest income2,7391,8267,7476,558 
Provision for loan losses88-197- 
Net interest income after provision2,6511,8267,5506,558 
Gain on sale of investment/assets-3-75 
Gain/Loss on sale of REO---(6)
Gain on sale of loans525741,459228 
Gain on BOLI Settlement--722- 
Other income70196832788 
Total general, admin & other expense2,1311,3675,9314,915 
Earnings before income taxes1,1157324,6322,728 
Income tax expense226146717479 
Net Income$889$586$3,915$2,249 
      
      
Earnings Per share  $6.40$3.65 
Shares Outstanding  611,863610,681 
      

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

Source: Logansport Financial Corp.


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