Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2017

LOGANSPORT, Ind., Jan. 31, 2018 (GLOBE NEWSWIRE) -- Logansport Financial Corp., (OTCBB:LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and twelve months ended December 31, 2017.

Net earnings for the three months ended December 31, 2017 totaled $503,000, compared to the $512,000 in net earnings reported for the three months ended December 31, 2016.

Net earnings for the year ended December 31, 2017 totaled $1,990,000, compared to the $2,051,000 reported for the year ended December 31, 2016. Earnings per share were $3.21 for December 31, 2017, compared to $3.27 for December 31, 2016. Return on Assets finished the year at 1.18% for 2017 compared to 1.21% for 2016. Logansport Financial Corp. also paid out $1,958,413 in dividends to shareholders in 2017, compared to $629,333 in 2016. This represents a $3.18 per share dividend for shareholders compared to $1.00 per share in 2016. This total includes the special dividend of $2.00 which was paid to shareholders in February of 2017. These Financial Statements are fully representative of the change in the valuation of Deferred Tax Assets per the Tax Cuts and Jobs Act 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 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.

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

LOGANSPORT FINANCIAL CORP.
SELECTED FINANCIAL DATA
(Dollars in thousands except for share data)
12/31/17 12/31/16
Total assets $168,500 $170,388
Loans receivable, net 107,897 118,792
Allowance for loan losses 1,646 1,672
Cash and cash equivalents 6,431 6,732
Securities available for sale 46,448 37,489
Federal Home Loan Bank stock 731 731
Equity Investment - -
Deposits 141,028 144,170
FHLB borrowings and note payable 3,000 2,000
Accrued Interest and other liabilities 1,671 1,840
Shareholders’ equity 22,801 22,378
Shares O/S end of period 619,773 619,525
Nonperforming loans 262 868
Real Estate Owned - -

Quarter ended 12/31
Year ended 12/31
2017 2016 2017 2016
Interest income $1,872 $1,723 $7,021 $6,963
Interest expense 184 130 676 517
Net interest income 1,688 1,593 6,345 6,446
Provision for loan losses - - (21)-
Net interest income after provision 1,688 1,593 6,324 6,446
Gain on sale of investment/assets - - 26 21
Gain/Loss on sale of REO (10)- (7)(2)
Gain on sale of loans 55 29 161 160
Loss on equity investment - - - (82)
Other income 137 158 657 553
Total general, admin & other expense 1,137 1,051 4,354 4,165
Earnings before income taxes 733 729 2,807 2,931
Income tax expense 230 217 817 880
Net earnings $503 $512 $1,990 $2,051

Source:Logansport Financial Corp.