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

LOGANSPORT, Ind., Oct. 11, 2017 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB:LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2017 of $499,000 or $.81 per diluted share, compared to earnings in 2016 of $535,000 or $.86 per diluted share. Year to date the company reported net earnings of $1,487,000 for 2017 compared to $1,540,000 for 2016. Diluted earnings per share for the nine months ended September 30, 2017 were $2.40 compared to $2.49 for the nine months ended September 30, 2016. Total assets at September 30, 2017 were $167.9 million compared to total assets at September 30, 2016 of $170.1 million. Total shares outstanding of Logansport Financial Corp. stock at September 30, 2017 are 619,773.

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 evaluating 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)
9/30/17 9/30/16
Total assets $167,939 $170,128
Loans receivable, net 113,730 119,750
Allowance for loan losses 1,641 1,711
Cash and cash equivalents 4,620 3,674
Securities available for sale 27,570 27,576
Investment in Logansport Investments, Inc. 14,682 12,266
Federal Home Loan Bank stock 731 731
Equity Investment - -
Deposits 142,730 144,856
FHLB Borrowings and note payable 1,000 1,000
Shareholders’ equity 22,546 22,928
Shares O/S end of period 619,773 619,113
Non-accrual loans 3,028 873
Real Estate Owned 40 -
Quarter ended 9/30 Nine months ended 9/30
2017 2016 2017 2016
Interest income$1,621 $1,646 $4,864 $4,909
Interest expense 184 130 492 387
Net interest income 1,437 1,516 4,373 4,522
Provision for loan losses 21 - 21 -
Net interest income after provision 1,416 1,516 4,352 4,522
Gain on sale of loans 49 44 106 130
Gain on sale of REO - (2) 3 (2)
Total other income 216 172 545 475
Gain(loss) on Logansport Investments, Inc. 99 78 285 229
Gain (loss) on equity investment - - - (82)
Total general, admin. & other expense 1,085 1,043 3,217 3,081
Earnings before income taxes 695 765 2,074 2,191
Income tax expense 196 230 587 651
Net earnings$499 $535 $1,487 $1,540
Basic earnings per share$0.81 $0.86 $2.40 $2.49
Diluted earnings per share$0.81 $0.86 $2.40 $2.49
Weighted average shares o/s diluted 619,773 619,113 619,773 619,113

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

Source:Logansport Financial Corp.