Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2023

Rhea-AI Summary

Logansport Financial Corp. (LOGN) reported net earnings of $596,000 or $0.98 per diluted share for Q1 2023, a decline from $783,000 or $1.28 per diluted share in Q1 2022. The company paid dividends of $0.45 per share during the quarter. As of March 31, 2023, total loans increased to $160.6 million, while deposits decreased to $209.3 million. Total assets were reported at $253.8 million, down from $255.0 million at year-end 2022. The allowance for loan losses rose to $2.9 million, while cash and cash equivalents dropped to $3.5 million. The financial results reflect ongoing economic challenges and pressures on the banking sector, with interest expenses significantly increasing to $844,000 from $116,000 in the prior year.

Positive

• Total loans rose to $160.6 million from $159.2 million.
• Dividends paid to shareholders at $0.45 per share.

Negative

• Net earnings decreased from $783,000 in Q1 2022 to $596,000 in Q1 2023.
• Deposits declined from $216.7 million to $209.3 million.
• Total assets decreased from $255.0 million to $253.8 million.
• Cash and cash equivalents fell from $6.8 million to $3.5 million.
• Interest expenses surged from $116,000 to $844,000.

LOGANSPORT, Ind., April 12, 2023 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2023 of $596,000 or $0.98 per diluted share, compared to earnings in 2022 of $783,000 or $1.28 per diluted share. The Dividends paid to shareholders were $0.45 per share in the first quarter of 2023.

Total loans were $160.6 million on March 31, 2023 compared to $159.2 million on December 31, 2022. Deposits were $209.3 million on March 31, 2023 compared to $216.7 million on December 31, 2022. Total assets on March 31, 2023 were $253.8 million compared to $255.0 million on 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 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)
	03/31/23	12/31/22
Total assets	$253,820	$255,048
Loans receivable, net	160,583	159,195
Allowance for loan losses	2,947	1,969
Cash and cash equivalents	3,531	6,753
Interest Bearing Time Deposits in banks	3,000	3,000
Securities available for sale	73,149	71,922
Federal Home Loan Bank and AGM stock	3,148	3,148
Deposits	209,278	216,675
Borrowings	21,251	16,000
Shareholders’ equity	21,329	20,441
Shares O/S end of period	609,431	609,742
Nonperforming loans	609	646
Real estate owned	-	-

	Three months ended 03/31
	2023	2022
Interest income
(including Logansport Investments, Inc.)	$2,787	$2,167
Interest expense	844	116
Net interest income	1,943	2,051
Provision for loan losses	-	-
Net interest income after provision	1,943	2,051
Gain on sale of loans	3	65
Total other income	259	235
General, admin. & other expense	1,539	1,459
Earnings before income taxes	666	892
Income tax expense	70	109
Net earnings	$596	$783
Basic earnings per share	$0.98	$1.28
Diluted earnings per share	$0.10	$1.28
Weighted avg. shares o/s-diluted	609,431	609,870

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

FAQ

What were Logansport Financial Corp's earnings for Q1 2023?

Logansport Financial Corp. reported net earnings of $596,000 or $0.98 per diluted share for Q1 2023.

How did Logansport Financial's earnings compare to Q1 2022?

Earnings decreased from $783,000 or $1.28 per diluted share in Q1 2022 to $596,000 or $0.98 per diluted share in Q1 2023.

What is the current loan and deposit status for LOGN?

As of March 31, 2023, total loans amounted to $160.6 million, while deposits were $209.3 million.

What dividend was paid by Logansport Financial Corp in Q1 2023?

The company paid dividends of $0.45 per share in the first quarter of 2023.

What changes occurred in total assets for Logansport Financial Corp?

Total assets decreased from $255.0 million at the end of 2022 to $253.8 million as of March 31, 2023.