Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2022

Rhea-AI Summary

Logansport Financial Corp. (LOGN) reported its earnings for the fiscal year ending December 31, 2022, showing a net income of $3,163,000, a decline from $3,207,000 in 2021. For Q4 2022, net earnings were $735,000, down from $843,000 year-over-year. Earnings per share (EPS) slightly decreased to $5.19 from $5.26. Return on Assets declined from 1.30% to 1.24%, while Return on Equity improved to 15.47% from 11.27%. The total assets increased to $255,048,000 compared to $247,706,000 in 2021. The company noted potential risks, including economic changes and regulatory factors, which could affect future performance.

Positive

• Return on Equity increased from 11.27% to 15.47%.
• Total assets rose from $247,706,000 to $255,048,000.

Negative

• Net income decreased from $3,207,000 to $3,163,000.
• Net earnings for Q4 2022 fell to $735,000 from $843,000.
• EPS declined from $5.26 to $5.19.
• Return on Assets dropped from 1.30% to 1.24%.

LOGANSPORT, Ind., Feb. 15, 2023 (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, 2022.

Net earnings for the three months ended December 31, 2022 totaled $735,000, compared to the $843,000 in net earnings reported for the three months ended December 31, 2021.

Net earnings for the year ended December 31, 2022 totaled $3,163,000, compared to the $3,207,000 reported for the year ended December 31, 2021. Earnings per share was $5.19 for December 31, 2022, compared to $5.26 for December 31, 2021. Return on Assets finished the year at 1.24% for 2022 compared to 1.30% for 2021. The Return on Equity finished the year at 15.47% for December 31, 2022, compared to 11.27% for December 31, 2021.

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.

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

LOGANSPORT FINANCIAL CORP. SELECTED FINANCIAL DATA (Dollars in thousands except for share data)
	12/31/22			12/31/21
Total assets	$	255,048		$	247,706
Loans receivable, net		159,195			139,480
Allowance for loan losses		1,969			2,018
Cash and cash equivalents		6,753			11,644
Interest Bearing Time Deposits in banks		3,000			5,000
Securities available for sale		71,922			82,080
Federal Home Loan Bank stock		3,082			1,969
Deposits		216,675			216,560
FHLB borrowings and note payable		16,000			-
Accrued Interest and other liabilities		1,932			2,686
Shareholders’ equity		20,441			28,460
Shares Issued and Outstanding		609,742			607,487
Nonperforming loans		646			325
Real Estate Owned		-			-

		Quarter ended 12/31					Year ended 12/31
		2022			2021			2022			2021
Interest income	$	2,863		$	3,114		$	9,730		$	8,847
Interest expense		586			127			1,226			548
Net interest income		2,277			2,987			8,504			8,299
Provision for loan losses		-			-			-			74
Net interest income after provision		2,277			2,987			8,504			8,225
Gain on sale of investment/assets		-			-			-			-
Gain/Loss on sale of REO		-			6			4			6
Gain on sale of loans		9			146			225			917
Gain on BOLI Settlement		-			-			-			45
Other income		215			135			1,006			977
Total general, admin & other expense		1,636			1,624			6,125			6,279
Earnings before income taxes		865			1,055			3,614			3,885
Income tax expense		130			212			451			678
Net Income	$	735		$	843		$	3,163		$	3,207
Earnings Per share							$	5.19		$	5.26
Shares Outstanding								608,504			608,940

 

FAQ

What were Logansport Financial Corp's earnings results for Q4 2022?

Logansport Financial Corp reported net earnings of $735,000 for Q4 2022, down from $843,000 in Q4 2021.

How did Logansport Financial Corp perform in the year 2022?

In 2022, Logansport Financial Corp reported a net income of $3,163,000, a decline from $3,207,000 in 2021.

What is the EPS for Logansport Financial Corp for 2022?

The earnings per share (EPS) for Logansport Financial Corp for 2022 was $5.19, down from $5.26 in 2021.

What is the current asset value of Logansport Financial Corp as of December 31, 2022?

As of December 31, 2022, Logansport Financial Corp reported total assets of $255,048,000.

What significant risks does Logansport Financial Corp face moving forward?

Logansport Financial Corp faces risks related to changes in economic conditions, regulatory policies, and fluctuations in interest rates.