Logansport Financial Corp. Reports Net Earnings for the Quarter Ended June 30, 2024
Logansport Financial Corp. (OTCQB: LOGN) reported its Q2 2024 financial results. The company's net earnings for the quarter were $349,000 or $0.57 per diluted share, down from $529,000 or $0.86 per diluted share in Q2 2023. For the first half of 2024, net earnings were $617,000 ($1.01 per diluted share), compared to $1,127,000 ($1.84 per diluted share) in the same period of 2023.
Total assets decreased to $249.6 million as of June 30, 2024, from $253.2 million a year earlier. Total deposits also declined to $211.7 million from $216.2 million. The company paid $0.90 per share in dividends during H1 2024, compared to $3.40 in H1 2023, which included a special dividend of $2.50 per share.
- Maintained profitability with $349,000 net earnings in Q2 2024
- Paid $0.90 per share in dividends during H1 2024
- Net earnings decreased by 34% in Q2 2024 compared to Q2 2023
- Year-to-date net earnings declined by 45.3% in 2024 compared to 2023
- Total assets decreased by 1.4% year-over-year
- Total deposits declined by 2.1% compared to June 30, 2023
- Dividend payments reduced significantly compared to H1 2023
LOGANSPORT, Ind., July 17, 2024 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended June 30, 2024 of
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) | |||
06/30/24 | 06/30/23 | ||
Total assets | |||
Loans receivable, net | 107,147 | 167,465 | |
Allowance for loan losses | 2,885 | 2,947 | |
Cash and cash equivalents | 7,203 | 7,967 | |
Securities available for sale | 26,851 | 30,047 | |
Investment in Logansport Investments, Inc. | 29,419 | 32,487 | |
Federal Home Loan Bank stock | 3,150 | 3,148 | |
Equity Investment | - | - | |
Deposits | 211,739 | 216,364 | |
FHLB Borrowings and note payable | 15,000 | 15,471 | |
Shareholders’ equity | 20,870 | 19,309 | |
Unrealized gain (loss) on securities | (6,893) | (8,159) | |
Shares O/S end of period | 611,822 | 613,381 | |
Non-accrual loans | 392 | 603 | |
Real Estate Owned | - | - |
Quarter ended 6/30 | Six months ended 6/30 | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Interest income | |||||||
Interest expense | 1,613 | 1,079 | 3,087 | 1,923 | |||
Net interest income | 1,517 | 1,646 | 2,955 | 3,319 | |||
Provision for loan losses | -49 | - | -49 | - | |||
Net interest income after provision | 1,566 | 1,646 | 3,004 | 3,319 | |||
Gain on sale of Investments | - | - | - | - | |||
Gain on sale of loans | 110 | 44 | 161 | 47 | |||
Gain on sale of REO | - | - | - | - | |||
Total other income | 291 | 287 | 532 | 547 | |||
Gain (loss) on Logansport Investments, Inc. | 177 | 215 | 353 | 486 | |||
Gain on BOLI Settlement | - | - | - | - | |||
Total general, admin. & other expense | 1,786 | 1,591 | 3,440 | 3,130 | |||
Earnings before income taxes | 358 | 601 | 610 | 1,269 | |||
Income tax expense | 9 | 72 | -7 | 142 | |||
Net earnings | |||||||
Basic earnings per share | |||||||
Diluted earnings per share | |||||||
Weighted average shares o/s diluted | 611,822 | 613,381 | 611,822 | 613,381 |
Contact: Kristie Richey
Chief Financial Officer
Phone-574-722-3855
Fax-574-722-3857
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