Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2021

Logansport, Indiana, UNITED STATES

LOGANSPORT, Ind., April 14, 2021 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2021 of $934,000 or $1.52 per diluted share, compared to earnings in 2020 of $613,000 or $1.00 per diluted share. The Dividends paid to shareholders were $0.40 per share in the first quarter of 2021.

Total loans were $137.7 million on March 31, 2021 compared to $135.0 million on December 31, 2020. Deposits were $213.0 million on March 31, 2021 compared to $189.5 million on December 31, 2020. Total assets on March 31, 2021 were $243.0 million compared to $220.4 million on December 31, 2020. Total Shareholders’ Equity on March 31, 2021 was $28.5 million compared to $25.1 million on March 31, 2020.

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 of 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.

(Dollars in thousands, except for share data)

Total assets     $243,020  $220,365
Loans receivable, net    137,827  134,996
Allowance for loan losses   1,946  1,872
Cash and cash equivalents   37,510  17,430
Securities available for sale   29,402  29,388
Investment in Logansport Investments, Inc. 31,724  29,739
Federal Home Loan Bank stock   1,247  731
Deposits     213,052  189,476
Borrowings     -  -
Shareholders’ equity    28,462  28,451
Shares O/S end of period   612,887  611,863
Nonperforming loans   165  451
Real estate owned    233  -

         Three months ended 03/31
   2021  2020
Interest income   
(including Logansport Investments, Inc.)  $2,111  $2,035
Interest expense 151  311
Net interest income  1,782  1,724
Provision for loan losses  64  -
Net interest income after provision  1,896  1,724
Gain (Loss) on sale of investments  -  -
Gain on sale of loans  440  51
Gain (Loss) on sale of REO  -  -
Total other income  282  214
General, admin. & other expense  1,478  1,265
Earnings before income taxes  1,140  724
Income tax expense  206  111
Net earnings $934  $613
Basic earnings per share  $1.52  $1.00
Diluted earnings per share  $1.52  $1.00
Weighted avg. shares o/s-diluted  612,887  611,863

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