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Logansport Financial Corp. Reports Net Earnings for the Quarter Ended June 30, 2017

LOGANSPORT, Ind., July 12, 2017 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB:LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended June 30, 2017 of $515,000 or $.83 per diluted share, compared to earnings in 2016 of $502,000 or $.80 per diluted share. Year to date the company reported net earnings of $988,000 for 2017 compared to $1,005,000 for 2016. Diluted earnings per share for the six months ended June 30, 2017 were $1.59 compared to $1.60 for the six months ended June 30, 2016. Total assets at June 30, 2017 were $170.8 million compared to total assets at December 31, 2016 of $170.4 million. Total shareholders' equity at June 30, 2017 was $22.29 million compared to $22.38 million at December 31, 2016. Dividends paid to shareholders at June 30, 2017 are $1,586,000 compared to dividends paid at June 30, 2016 of $317,000. This is the result of both normal quarterly dividend increases and also the Special Dividend of $2.00, which was paid to shareholders in the first quarter of 2017.

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)
6/30/17 12/31/16
Total assets $170,764 $170,402
Loans receivable, net 116,418 118,399
Allowance for loan losses 1,620 1,702
Cash and cash equivalents 4,103 3,137
Securities available for sale 28,769 30,624
Investment in Logansport Investments, Inc. 14,639 12,158
Federal Home Loan Bank stock 731 731
Equity Investment - -
Deposits 144,134 143,285
FHLB Borrowings and note payable 3,000 3,000
Shareholders’ equity 22,289 23,168
Shares O/S end of period 619,773 627,598
Non-accrual loans 825 833
Real Estate Owned - 75
Quarter ended 6/30 Six months ended 6/30
2017 2016 2017 2016
Interest income $1,635 $1,628 $3,244 $3,263
Interest expense 164 130 308 256
Net interest income 1,471 1,498 2,936 3,007
Provision for loan losses 0 0 0 0
Net interest income after provision 1,471 1,498 2,936 3,007
Gain on sale of Investments 0 0 0 4
Gain on sale of loans 38 66 57 86
Loss on sale of REO 2 0 2 0
Total other income 179 161 330 300
Gain (loss) on Logansport Investments, Inc. 96 79 186 150
Gain (loss) on equity investment 0 (67) 0 (82)
Total general, admin. & other expense 1,065 1,027 2,132 2,039
Earnings before income taxes 721 710 1,379 1,426
Income tax expense 206 208 391 421
Net earnings $515 $502 $988 $1,005
Basic earnings per share $.83 $.80 $1.59 $1.60
Diluted earnings per share $.83 $.80 $1.59 $1.60
Weighted average shares o/s diluted 619,773 627,598 619,773 627,598

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

Source:Logansport Financial Corp.