Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2022

Rhea-AI Summary

Logansport Financial Corp. (LOGN) reported a net earnings decrease in Q1 2022, with net earnings of $783,000 or $1.28 per diluted share compared to $934,000 or $1.52 per diluted share in Q1 2021. Total loans increased to $143.4 million from $139.5 million, while total deposits rose to $218.7 million from $216.6 million. Total assets fell to $244.9 million, down from $247.7 million. The company declared a dividend of $0.40 per share for the first quarter.

Positive

• Total loans increased to $143.4 million, up from $139.5 million.
• Total deposits rose to $218.7 million, compared to $216.6 million.
• Declared a dividend of $0.40 per share.

Negative

• Net earnings decreased from $934,000 in Q1 2021 to $783,000 in Q1 2022.
• Diluted earnings per share fell from $1.52 to $1.28.
• Total assets declined to $244.9 million from $247.7 million.
• Nonperforming loans increased from $325,000 to $379,000.

LOGANSPORT, Ind., April 13, 2022 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2022 of $783,000 or $1.28 per diluted share, compared to earnings in 2021 of $934,000 or $1.52 per diluted share. The Dividends paid to shareholders were $0.40 per share in the first quarter of 2022.

Total loans were $143.4 million on March 31, 2022 compared to $139.5 million on December 31, 2021. Deposits were $218.7 million on March 31, 2022 compared to $216.6 million on December 31, 2021. Total assets on March 31, 2022 were $244.9 million compared to $247.7 million on December 31, 2021.

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.

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

LOGANSPORT FINANCIAL CORP.
SELECTED FINANCIAL DATA
(Dollars in thousands, except for share data)
		03/31/22			12/31/21
Total assets		$	244,908		$	247,706
Loans receivable, net			143,396			139,480
Allowance for loan losses			2,018			2,018
Cash and cash equivalents			7,480			11,644
Interest Bearing Time Deposits in banks			5,000			5,000
Securities available for sale			78,977			82,080
Federal Home Loan Bank stock			2,177			1,969
Deposits			218,673			216,560
Borrowings			-			-
Shareholders’ equity			24,581			28,460
Shares O/S end of period			609,870			607,487
Nonperforming loans			379			325
Real estate owned			-			-

		Three months ended 03/31
		2022			2021
Interest income
(including Logansport Investments, Inc.)		$	2,167		$	2,111
Interest expense			116			151
Net interest income			1,809			1,782
Provision for loan losses			-			64
Net interest income after provision			2,051			1,896
Gain on sale of loans			65			440
Total other income			235			282
General, admin. & other expense			1,459			1,478
Earnings before income taxes			892			1,140
Income tax expense			109			206
Net earnings		$	783		$	934
Basic earnings per share		$	1.28		$	1.52
Diluted earnings per share		$	1.28		$	1.52
Weighted avg. shares o/s-diluted			609,870			612,887

FAQ

What were the Q1 2022 earnings for Logansport Financial Corp (LOGN)?

Logansport Financial Corp reported net earnings of $783,000 or $1.28 per diluted share for Q1 2022.

How did total loans perform in Q1 2022 for LOGN?

Total loans increased to $143.4 million in Q1 2022 from $139.5 million in the previous quarter.

What was the total asset value for Logansport Financial Corp at the end of Q1 2022?

Total assets decreased to $244.9 million at the end of Q1 2022.

What dividend did Logansport Financial Corp announce for Q1 2022?

Logansport Financial Corp announced a dividend of $0.40 per share for the first quarter of 2022.

How did the earnings per share change from Q1 2021 to Q1 2022 for LOGN?

Diluted earnings per share decreased from $1.52 in Q1 2021 to $1.28 in Q1 2022.