Logansport Financial Corp. Reports Net Earnings for the Quarter Ended March 31, 2009
Apr 30, 2009 11:26:00 AM
Copyright Business Wire 2009
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View Additional ProfilesLOGANSPORT, Ind.--(BUSINESS WIRE)-- Logansport Financial Corp., (OTCBB: LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended March 31, 2009 of $300,000 or $.38 per diluted share, compared to earnings in 2008 of $538,000 or $.62 per diluted share.
Total loans were $110.7 million at March 31, 2009 compared to $111.4 million at December 31, 2008. Deposits increased by $1.7 million during the quarter. Total assets at March 31, 2009 were $163.9 million. Net interest income increased from $1.0 million in the first quarter of 2008 to $1.1 million during the first quarter of 2009. No provision for loan losses was needed in the first quarter of 2008 compared to a provision for $90,000 taken in the first quarter of 2009.
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.
LOGANSPORT FINANCIAL CORP.
SELECTED FINANCIAL DATA
(Dollars in thousands, except for share data)
03/31/09 12/31/08
Total assets $ 163,866 $172,890
Loans receivable, net 110,676 111,404
Allowance for loan losses 1,465 1,373
Cash and cash equivalents 6,103 14,921
Securities available for sale 39,924 39,220
Federal Home Loan Bank stock 2,053 2,053
Equity investment 436 455
Deposits 118,062 116,368
Borrowings 26,513 37,169
Shareholders' equity 18,132 17,805
Shares O/S end of period 783,701 783,701
Nonperforming loans 930 914
Real estate owned 499 423
Three months ended 03/31
2009 2008
Interest income $2,252 $2,344
Interest expense 1,049 1,297
Net interest income 1,203 1,047
Provision for loan losses 90 -
Net interest income after provision 1,113 1,047
Loss on equity investment (19) (54)
Gain (Loss) on sale of REO - (11)
Gain on sale of investments - 91
Total other income 151 396
General, admin. & other expense 796 798
Earnings before income taxes 449 671
Income tax expense 149 133
Net earnings $300 $538
Basic earnings per share $ .38 $.62
Diluted earnings per share $.38 $.62
Weighted aver shares o/s-diluted 785,505 871,445
Source: Logansport Financial Corp.
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Logansport Financial Corp.
Dottye Robeson
Chief Financial Officer
574-722-3855
Fax-574-722-3857
