Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2020

Rhea-AI Summary

Logansport Financial Corp. (LOGN) reported a significant increase in net earnings for the quarter ended September 30, 2020, totaling $1,534,000 or $2.51 per diluted share, up from $602,000 or $0.98 per diluted share in 2019. Year-to-date net earnings reached $3,026,000, compared to $1,662,000 in the same period last year. Total assets rose to $223.3 million from $186.2 million in 2019. The earnings included a $722,000 gain from a Bank Owned Life Insurance Settlement. However, cash dividends decreased to $1.05 in 2020 from $3.80 in 2019.

Positive

• Net earnings increased by 154% YoY to $1,534,000 for Q3 2020.
• Year-to-date net earnings reached $3,026,000, up 82% from 2019.
• Total assets increased to $223.3 million from $186.2 million YoY.
• Diluted earnings per share rose to $2.51, compared to $0.98 in Q3 2019.

Negative

• Cash dividends to shareholders decreased from $3.80 in 2019 to $1.05 in 2020.

LOGANSPORT, Ind., Oct. 14, 2020 (GLOBE NEWSWIRE) -- Logansport, Indiana (October 14, 2020) Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2020 of $1,534,000 or $2.51 per diluted share, compared to earnings in 2019 of $602,000 or $.98 per diluted share. Year to date the company reported net earnings of $3,026,000 for 2020 compared to $1,662,000 for 2019. Diluted earnings per share for the nine months ended September 30, 2020 were $4.95 compared to $2.71 for the nine months ended September 30, 2019. Total assets for September 30, 2020 were $223.3 million compared to total assets for September 30, 2019 of $186.2 million. Cash dividends to shareholders Year to Date in 2020 total $1.05 compared to $3.80 in 2019, due in large part to the special dividend of $2.75 paid to shareholders in February of 2019.

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)
	9/30/20			9/30/19
Total assets	$223,261			$186,183
Loans receivable, net		140,077			122,081
Allowance for loan losses		1,870			1,756
Cash and cash equivalents		26,786			12,891
Securities available for sale		24,888			24,655
Investment in Logansport Investments, Inc.		25,719			20,021
Federal Home Loan Bank stock		731			731
Equity Investment		-			-
Deposits		193,743			160,430
FHLB Borrowings and note payable		-			-
Shareholders’ equity		27,618			24,058
Shares O/S end of period		611,863			612,989
Non-accrual loans		516			337
Real Estate Owned		-			-

	Quarter ended 9/30		Nine months ended 9/30
	2020	2019	2020	2019
Interest income	$1,877	$1,893	$5,752	$5,520
Interest expense	205	396	744	1,180
Net interest income	1,672	1,497	5,008	4,340
Provision for loan losses	(50)	-	(109)	-
Net interest income after provision	1,622	1,497	4,899	4,340
Gain on sale of loans	407	89	934	153
Gain on sale of REO	-	-	-	(6)
Total other income	303	234	776	677
Gain(loss) on Logansport Investments,Inc.	157	128	446	381
Gain on BOLI Settlement	722	-	722	-
Total general, admin. & other expense	1,496	1,216	4,260	3,549
Earnings before income taxes	1,715	732	3,517	1,996
Income tax expense	181	130	491	334
Net earnings	$1,534	$602	$3,026	$1,662
Basic earnings per share	$2.51	$.98	$4.95	$2.71
Diluted earnings per share	$2.51	$.98	$4.95	$2.71
Weighted average shares o/s diluted	611,863	612,989	611,863	612,989

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

FAQ

What were Logansport Financial Corp's earnings for Q3 2020?

Logansport Financial Corp. reported net earnings of $1,534,000 or $2.51 per diluted share for Q3 2020.

How did the total assets of Logansport Financial Corp change in 2020?

Total assets increased to $223.3 million as of September 30, 2020, compared to $186.2 million in 2019.

What is the year-to-date net earnings for Logansport Financial Corp in 2020?

Year-to-date net earnings for 2020 reached $3,026,000, compared to $1,662,000 in the same period of 2019.

What was the impact of the settlement on Logansport Financial Corp's earnings?

The earnings included a gain of $722,000 from a Bank Owned Life Insurance Settlement.

What is the change in cash dividends for Logansport Financial Corp from 2019 to 2020?

Cash dividends decreased from $3.80 in 2019 to $1.05 in 2020.