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Logansport Financial Corp. Reports Net Earnings for the Quarter Ended June 30, 2024

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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.

Positive
  • Maintained profitability with $349,000 net earnings in Q2 2024
  • Paid $0.90 per share in dividends during H1 2024
Negative
  • 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 $349,000 or $0.57 per diluted share, compared to earnings in 2023 of $529,000 or $0.86 per diluted share. Year to date the company reported net earnings of $617,000 for 2024 compared to $1,127,000 for 2023. Diluted earnings per share for the six months ended June 30, 2024 were $1.01 compared to $1.84 for the six months ended June 30, 2023. Total assets at June 30, 2024 were $249.6 million compared to total assets at June 30, 2023 of $253.2 million. Total Deposits at June 30, 2024 were $211.7 million compared to total deposits of $216.2 million at June 30, 2023. The company paid a total of $0.90 per share in dividends in the first half of 2024 compared to $3.40 in 2023. This included a special dividend of $2.50 per share in 2023.

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$249,611  $253,185
    
Loans receivable, net 107,147  167,465
Allowance for loan losses2,885 2,947
Cash and cash equivalents7,203 7,967
Securities available for sale  26,851 30,047
Investment in Logansport Investments, Inc.29,419 32,487
Federal Home Loan Bank stock3,150  3,148
Equity Investment- -
Deposits211,739 216,364
FHLB Borrowings and note payable15,000 15,471
Shareholders’ equity20,870 19,309
Unrealized gain (loss) on securities(6,893) (8,159)
Shares O/S end of period611,822  613,381
Non-accrual loans392 603
Real Estate Owned- -


 Quarter ended 6/30 Six months ended 6/30
 2024 2023 2024 2023
        
Interest income$3,130 $2,725 $6,042 $5,241
Interest expense1,613 1,079 3,087 1,923
Net interest income1,517 1,646 2,955 3,319
Provision for loan losses-49 - -49 -
Net interest income after provision1,566 1,646 3,004 3,319
Gain on sale of Investments- - - -
Gain on sale of loans110 44 161 47
Gain on sale of REO- - - -
Total other income291 287 532 547
Gain (loss) on Logansport Investments, Inc.177 215 353 486
Gain on BOLI Settlement- - - -
Total general, admin. & other expense1,786 1,591 3,440 3,130
Earnings before income taxes358 601 610 1,269
Income tax expense9 72 -7 142
Net earnings$349 $529 $617 $1,127
Basic earnings per share$0.57 $0.86 $1.01 $1.84
Diluted earnings per share$0.57 $0.86 $1.01 $1.84
Weighted average shares o/s diluted611,822 613,381 611,822 613,381

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


FAQ

What were Logansport Financial Corp's (LOGN) Q2 2024 earnings?

Logansport Financial Corp. reported net earnings of $349,000 or $0.57 per diluted share for Q2 2024.

How did LOGN's Q2 2024 earnings compare to Q2 2023?

LOGN's Q2 2024 earnings of $349,000 were lower compared to $529,000 in Q2 2023, representing a 34% decrease.

What were Logansport Financial Corp's (LOGN) total assets as of June 30, 2024?

Logansport Financial Corp's total assets were $249.6 million as of June 30, 2024.

How much did Logansport Financial Corp (LOGN) pay in dividends during H1 2024?

Logansport Financial Corp paid $0.90 per share in dividends during the first half of 2024.

LOGANSPORT FINCL CORP

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18.08M
Banks - Regional
Financial Services
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United States of America
Logansport