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

Rhea-AI Summary

Logansport Financial Corp. (OTCBB: LOGN) reported a net income of $934,000 or $1.52 per diluted share for Q1 2021, a significant increase from $613,000 or $1.00 per diluted share in the same period of 2020. The company’s total loans increased to $137.7 million, up from $135.0 million, while deposits rose to $213.0 million from $189.5 million. Total assets also grew to $243.0 million from $220.4 million. Shareholder equity reached $28.5 million, up from $25.1 million year-on-year.

Positive

• Net earnings increased by 52% YoY to $934,000.
• Diluted EPS rose to $1.52 from $1.00 YoY.
• Total loans increased to $137.7 million from $135.0 million.
• Deposits grew to $213.0 million from $189.5 million.
• Total assets rose to $243.0 million from $220.4 million.
• Shareholders' equity improved to $28.5 million from $25.1 million.

Negative

• Potential risks mentioned include fluctuations in interest rates and competition.

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.

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

						03/31/21			12/31/20
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

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

FAQ

What were Logansport Financial Corp.'s Q1 earnings for 2021?

Logansport Financial Corp. reported net earnings of $934,000 or $1.52 per diluted share for Q1 2021.

How did Logansport Financial Corp.'s total loans perform in Q1 2021 compared to Q4 2020?

Total loans increased to $137.7 million in Q1 2021 from $135.0 million in Q4 2020.

What is the total asset value for Logansport Financial Corp. as of March 31, 2021?

Total assets were $243.0 million as of March 31, 2021.

How much did Logansport Financial Corp. pay in dividends to shareholders in Q1 2021?

Dividends paid to shareholders were $0.40 per share in Q1 2021.

What are the primary risks mentioned in Logansport Financial Corp.'s press release?

The risks include changes in economic conditions, interest rates, and competition.