Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2023

Rhea-AI Summary

Logansport Financial Corp., parent company of Logansport Savings Bank, reported a decrease in net earnings for the three and twelve months ended December 31, 2023, compared to the previous year. Earnings per share and return on assets and equity also saw a decline in 2023.

Positive

• Logansport Financial Corp. reported net earnings of $295,000 for the three months ended December 31, 2023, a decrease from $735,000 in the same period in 2022.
• For the year ended December 31, 2023, net earnings were $1,791,000, down from $3,163,000 in 2022.
• Earnings per share decreased to $2.93 for December 31, 2023, from $5.19 for December 31, 2022.
• Return on Assets dropped to 0.723% in 2023 from 1.24% in 2022.
• Return on Equity also decreased to 8.65% for December 31, 2023, from 15.47% for December 31, 2022.

Negative

• None.

LOGANSPORT, Ind., Feb. 15, 2024 (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, 2023.

Net earnings for the three months ended December 31, 2023 totaled $295,000, compared to the $735,000 in net earnings reported for the three months ended December 31, 2022.

Net earnings for the year ended December 31, 2023 totaled $1,791,000, compared to the $3,163,000 reported for the year ended December 31, 2022. Earnings per share was $2.93 for December 31, 2023, compared to $5.19 for December 31, 2022. Return on Assets finished the year at 0.723% for 2023 compared to 1.24% for 2022. The Return on Equity finished the year at 8.65% for December 31, 2023, compared to 15.47% for December 31, 2022.

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 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)
						12/31/23			12/31/22
Total assets							$247,713			$255,048
Loans receivable, net								168,672			159,195
Allowance for loan losses								2,553			1,969
Cash and cash equivalents								4,810			6,753
Interest Bearing Time Deposits in banks								-			3,000
Securities available for sale								59,404			71,922
Federal Home Loan Bank stock								3,082			3,082
Deposits								207,779			216,675
FHLB borrowings and note payable								15,000			16,000
Accrued Interest and other liabilities								2,266			1,932
Shareholders’ equity								20,717			20,441
Shares Issued and Outstanding								611,334			609,742
Nonperforming loans								504			646
Real Estate Owned						-			-
		Quarter ended 12/31						Year ended 12/31
		2023			2022			2023			2022
Interest income	$3,254			$2,863			$11,967			$9,730
Interest expense		1,554			586			4,897			1,226
Net interest income		1,700			2,277			7,070			8,504
Provision for loan losses		-			-			-			-
Net interest income after provision		1,700			2,277			7,070			8,504
Gain/Loss on sale of REO		-			-			-			4
Gain on sale of loans		36			9			170			225
Gain on BOLI Settlement		-			-			-			-
Other income		179			215			1,018			1,006
Total general, admin & other expense		1,580			1,636			6,247			6,125
Earnings before income taxes		335			865			2,011			3,614
Income tax expense		40			130			220			451
Net Income	$295			$735			$1,791			$3,163
Earnings Per share							$2.93			$5.19
Weighted-Average Shares Outstanding								608,272			608,940

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

FAQ

What were the net earnings for Logansport Financial Corp. for the three months ended December 31, 2023?

Logansport Financial Corp. reported net earnings of $295,000 for the three months ended December 31, 2023.

How did the net earnings for the year ended December 31, 2023, compare to the previous year for Logansport Financial Corp.?

For the year ended December 31, 2023, net earnings were $1,791,000, down from $3,163,000 in 2022.

What was the earnings per share for Logansport Financial Corp. for December 31, 2023?

Earnings per share was $2.93 for December 31, 2023, compared to $5.19 for December 31, 2022.

How did the Return on Assets change for Logansport Financial Corp. from 2022 to 2023?

Return on Assets dropped to 0.723% in 2023 from 1.24% in 2022.

What was the Return on Equity for Logansport Financial Corp. for December 31, 2023?

Return on Equity finished the year at 8.65% for December 31, 2023, compared to 15.47% for December 31, 2022.