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

Rhea-AI Summary

Logansport Financial Corp. (OTCQB: LOGN) reported its financial results for Q2 2024. 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% YoY for Q2 2024
• Diluted EPS declined from $0.86 to $0.57 in Q2 2024
• Year-to-date net earnings dropped by 45.3% compared to 2023
• Total assets decreased by 1.4% YoY
• Total deposits declined by 2.1% YoY

LOGANSPORT, Ind., July 19, 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	170,147		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	$3,130		$2,725		$6,042		$5,241
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	$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 diluted	611,822		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 year-over-year.

What was Logansport Financial Corp's (LOGN) total assets value 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.