Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2021

Rhea-AI Summary

Logansport Financial Corp (LOGN) reported Q4 net earnings of $843,000, a decrease from $889,000 in Q4 2020. For the full year 2021, net earnings were $3,207,000, down from $3,915,000 in 2020. Earnings per share fell to $5.26 from $6.40. The return on assets was 1.30%, a decline from 1.78%, while return on equity decreased to 11.27% from 13.76%. Total assets increased to $247,706,000, up from $220,365,000 year-over-year.

Positive

• Total assets increased to $247,706,000 from $220,365,000 year-over-year.
• Loans receivable rose to $139,480,000 from $134,996,000 year-over-year.

Negative

• Net income decreased to $843,000 from $889,000 year-over-year.
• Earnings per share fell to $5.26 from $6.40 year-over-year.
• Return on assets declined to 1.30% from 1.78% year-over-year.
• Return on equity decreased to 11.27% from 13.76% year-over-year.

LOGANSPORT FINANCIAL CORP.
SELECTED FINANCIAL DATA
(Dollars in thousands except for share data)

	12/31/21	12/31/20
Total assets	$247,706	$220,365
Loans receivable, net	139,480	134,996
Allowance for loan losses	2,018	1,872
Cash and cash equivalents	11,644	12,430
Interest Bearing Time Deposits in banks	5,000	5,000
Securities available for sale	82,080	59,127
Federal Home Loan Bank stock	1,969	731
Deposits	216,560	189,476
FHLB borrowings and note payable	-	-
Accrued Interest and other liabilities	2,686	2,438
Shareholders’ equity	28,460	28,451
Shares Issued and Outstanding	607,487	611,863
Nonperforming loans	325	451
Real Estate Owned	-	-

	Quarter ended 12/31		Year ended 12/31
	2021	2020	2021	2020
Interest income	$3,114	$2,911	$8,847	$8,663
Interest expense	127	172	548	916
Net interest income	2,987	2739	8,299	7,747
Provision for loan losses	-	88	74	197
Net interest income after provision	2,987	2,651	8,225	7,550
Gain on sale of investment/assets	-	-	-	-
Gain/Loss on sale of REO	6	-	6	-
Gain on sale of loans	146	525	917	1,459
Gain on BOLI Settlement	-	-	45	1,182
Other income	135	70	977	832
Total general, admin & other expense	1,624	1,671	6,279	6,391
Earnings before income taxes	1,055	1,115	3,885	4,632
Income tax expense	212	226	678	717
Net Income	$843	$889	$3,207	$3,915
Earnings Per share			$5.26	$6.40
Shares Outstanding			608,940	609,359

LOGANSPORT, Ind., Feb. 11, 2022 (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, 2021.

Net earnings for the three months ended December 31, 2021 totaled $843,000, compared to the $889,000 in net earnings reported for the three months ended December 31, 2020.

Net earnings for the year ended December 31, 2021 totaled $3,207,000, compared to the $3,915,000 reported for the year ended December 31, 2020. Earnings per share was $5.26 for December 31, 2021, compared to $6.40 for December 31, 2020. Return on Assets finished the year at 1.30% for 2021 compared to 1.78% for 2020. The Return on Equity finished the year at 11.27% for December 31, 2021, compared to 13.76% for December 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 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.

Contact: Kristie Richey
Chief Financial Officer
Phone-574-722-3855
Fax-574-722-3857

FAQ

What were Logansport Financial Corp's Q4 earnings for 2021?

Logansport Financial Corp reported Q4 earnings of $843,000.

How much did Logansport Financial earn in 2021?

Logansport Financial earned $3,207,000 in 2021.

What was the earnings per share for Logansport Financial in 2021?

The earnings per share for Logansport Financial in 2021 was $5.26.

How did Logansport Financial's total assets change year-over-year?

Total assets increased to $247,706,000 from $220,365,000 year-over-year.

What was the return on assets for Logansport Financial in 2021?

The return on assets was 1.30% for Logansport Financial in 2021.