Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2021

Rhea-AI Summary

Logansport Financial Corp. (LOGN) reported a decline in net earnings for Q3 2021, with $766,000 or $1.26 per diluted share, down from $1,534,000 or $2.51 per diluted share in Q3 2020. Year-to-date earnings fell to $2,364,000 in 2021 from $3,026,000 in 2020. Despite the earnings drop, total assets grew to $250.1 million compared to $223.3 million in the previous year. Cash dividends increased substantially to $3.20 per share in 2021, driven by a special dividend of $2.00 in February 2021.

Positive

• Total assets increased to $250.1 million from $223.3 million year-over-year.
• Cash dividends to shareholders rose significantly to $3.20 in 2021 compared to $1.05 in 2020.

Negative

• Net earnings decreased from $1,534,000 in Q3 2020 to $766,000 in Q3 2021.
• Year-to-date net earnings fell to $2,364,000 in 2021 from $3,026,000 in 2020.
• Diluted earnings per share dropped from $2.51 in Q3 2020 to $1.26 in Q3 2021.

LOGANSPORT, Ind., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2021 of $766,000 or $1.26 per diluted share, compared to earnings in 2020 of $1,534,000 or $2.51 per diluted share. Year to date the company reported net earnings of $2,364,000 for 2021 compared to $3,026,000 for 2020. Diluted earnings per share for the nine months ended September 30, 2021 were $3.89 compared to $4.95 for the nine months ended September 30, 2020. Total assets for September 30, 2021 were $250.1 million compared to total assets for September 30, 2020 of $223.3 million. Cash dividends to shareholders Year to Date in 2021 total $3.20 compared to $1.05 in 2020, due in large part to the special dividend of $2.00 paid to shareholders in February of 2021.  

Note: Earnings in the 3^rd Quarter of 2020 include a Bank Owned Life Insurance Settlement of $722,000 which is an extraordinary item.

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 (Unaudited)
(Dollars in thousands, except for share data)
		9/30/21		9/30/20
Total assets		$ 250,120		$223,261
Loans receivable, net		135,721		140,077
Allowance for loan losses		1,949		1,870
Cash and cash equivalents		28,833		26,786
Securities available for sale		34,396		24,888
Investment in Logansport Investments, Inc.		42,997		25,719
Federal Home Loan Bank stock		1,691		731
Equity Investment		-		-
Deposits		219,590		193,743
FHLB Borrowings and note payable		-		-
Shareholders’ equity		28,319		27,618
Shares O/S end of period		607,487		611,863
Non-accrual loans		275		516
Real Estate Owned		-		-

		Quarter ended 9/30				Nine months ended 9/30
		2021		2020		2021		2020
Interest income		$1,947		$1,877		$5,733		$5,752
Interest expense		131		205		421		744
Net interest income		1,816		1,672		5,312		5,008
Provision for loan losses		-		(50)		(74)		(109)
Net interest income after provision		1,816		1,622		5,238		4,899
Gain on sale of loans		159		407		771		934
Gain on sale of REO		-		-		6		-
Total other income		287		303		836		776
Gain(loss) on Logansport Investments, Inc.		212		157		589		446
Gain on BOLI Settlement		-		722		45		722
Total general, admin. & other expense		1,573		1,496		4,655		4,260
Earnings before income taxes		901		1,715		2,830		3,517
Income tax expense		135		181		466		491
Net earnings		$766		$1,534		$2,364		$3,026
Basic earnings per share		$1.26		$2.51		$3.89		$4.95
Diluted earnings per share		$1.26		$2.51		$3.89		$4.95
Weighted average shares o/s diluted		607,487		611,863		607,487		611,863

 

Contact: Chad Higgins
President & CEO
Phone-574-722-3855
Fax-574-722-3857

 

FAQ

What are the Q3 earnings for Logansport Financial Corp. (LOGN) in 2021?

Logansport Financial Corp. reported Q3 2021 earnings of $766,000 or $1.26 per diluted share.

How did Logansport Financial Corp.'s year-to-date earnings compare between 2021 and 2020?

Year-to-date earnings for Logansport Financial Corp. dropped to $2,364,000 in 2021 from $3,026,000 in 2020.

What is the current total assets of Logansport Financial Corp. (LOGN)?

As of September 30, 2021, Logansport Financial Corp. reported total assets of $250.1 million.

How much were the cash dividends for Logansport Financial Corp. in 2021?

Cash dividends to shareholders totaled $3.20 per share in 2021.