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

Rhea-AI Summary

Logansport Financial Corp. (LOGN) reported a net earnings of $665,000 or $1.09 diluted earnings per share (EPS) for Q2 2021, down from $879,000 or $1.44 EPS in 2020. Year-to-date earnings reached $1,598,000 in 2021 compared to $1,492,000 in 2020, with a 6% increase in diluted EPS for the first six months. Total assets rose to $243.4 million, and total deposits increased to $213.7 million. The company paid $2.80 in dividends per share in the first half of 2021, including a special dividend of $2.00.

Positive

• Year-to-date net earnings increased to $1,598,000 compared to $1,492,000 in 2020.
• Diluted EPS for six months rose to $2.63 from $2.44 in 2020.
• Total assets increased to $243.4 million from $221.6 million year-over-year.
• Total deposits grew to $213.7 million from $193.3 million year-over-year.
• Dividends per share increased significantly to $2.80 from $0.70 in 2020, including a special dividend of $2.00.

Negative

• Net earnings for Q2 2021 decreased to $665,000 from $879,000 in 2020.
• Diluted EPS dropped to $1.09 from $1.44 in Q2 2020.
• Loans receivable decreased to $137.4 million compared to $144.1 million in 2020.
• The allowance for loan losses increased to $1.949 million from $1.813 million year-over-year.

LOGANSPORT, Ind., July 14, 2021 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended June 30, 2021 of $665,000 or $1.09 per diluted share, compared to earnings in 2020 of $879,000 or $1.44 per diluted share. Year to date the company reported net earnings of $1,598,000 for 2021 compared to $1,492,000 for 2020. Diluted earnings per share for the six months ended June 30, 2021 were $2.63 compared to $2.44 for the six months ended June 30, 2020. Total assets at June 30, 2021 were $243.4 million compared to total assets at June 30, 2020 of $221.6 million. Total Deposits at June 30, 2021 were $213.7 million compared to total deposits of $193.3 million at June 30, 2020. The company paid a total of $2.80 per share in dividends in the first half of 2021 compared to $0.70 in 2020. This included a special dividend of $2.00 per share. The company also recently joined the OTCQB exchange in June.

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)
	6/30/2021	6/30/2020
Total assets	$ 243,400	$221,611
Loans receivable, net	137,378	144,134
Allowance for loan losses	1,949	1,813
Cash and cash equivalents	31,504	19,698
Securities available for sale	30,780	26,350
Investment in Logansport Investments, Inc.	36,276	25,194
Federal Home Loan Bank stock	1,465	731
Equity Investment	-	-
Deposits	213,727	193,278
FHLB Borrowings and note payable	-	-
Shareholders’ equity	27,836	26,191
Shares O/S end of period	607,487	611,863
Non-accrual loans	156	448
Real Estate Owned	-	-

		Quarter ended 6/30				Six months ended 6/30
		2021		2020		2021		2020
Interest income		$1,852		$1,982		$3,785		$3,875
Interest expense		139		227		290		539
Net interest income		1,713		1,755		3,495		3,336
Provision for loan losses		10		59		74		59
Net interest income after provision		1,703		1,696		3,421		3,277
Gain on sale of Investments		-		-		-		-
Gain on sale of loans		172		475		612		526
Gain on sale of REO		6		-		6		-
Total other income		267		260		548		474
Gain(loss) on Logansport Investments, Inc.		199		146		378		289
Gain on BOLI Settlement		45		-		45		-
Total general, admin. & other expense		1,604		1,498		3,081		2,763
Earnings before income taxes		788		1,079		1,929		1,803
Income tax expense		123		200		331		311
Net earnings		$665		$879		$1,598		$1,492
Basic earnings per share		$1.09		$1.44		$2.63		$2.44
Diluted earnings per share		$1.09		$1.44		$2.63		$2.44
Weighted average shares o/s diluted		607,487		611,863		607,487		611,863

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

FAQ

What were the earnings results for Logansport Financial Corp. (LOGN) for Q2 2021?

Logansport Financial Corp. reported net earnings of $665,000 or $1.09 per diluted share for Q2 2021.

How did the earnings of Logansport Financial Corp. for the first half of 2021 compare to 2020?

For the first half of 2021, Logansport Financial Corp. reported earnings of $1,598,000 compared to $1,492,000 in 2020.

What is the total asset value of Logansport Financial Corp. as of June 30, 2021?

As of June 30, 2021, Logansport Financial Corp. reported total assets of $243.4 million.

What were the dividends paid by Logansport Financial Corp. in the first half of 2021?

In the first half of 2021, Logansport Financial Corp. paid a total of $2.80 per share in dividends.

What was the total deposit amount for Logansport Financial Corp. at the end of Q2 2021?

Logansport Financial Corp. reported total deposits of $213.7 million at the end of Q2 2021.