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Logansport Financial Corp. Reports Earnings For The Three And Twelve Months Ended December 31, 2012

Stocks in this article: LOGN

Logansport Financial Corp., (OTCBB: LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and twelve months ended December 31, 2012.

Net earnings for the three months ended December 31, 2012 totaled $446,000, compared to the $368,000 in net earnings reported for the three months ended December 31, 2011.

Net earnings for the year ended December 31, 2012 totaled $1,627,000, compared to the $1,485,000 reported for the year ended December 31, 2011.

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 (Unaudited)

(Dollars in thousands except for share data)

 

12/31/12

12/31/11

 
Total assets $ 172,903 $174,860
 
Loans receivable, net 113,541 107,794
Allowance for loan losses 1,879 1,802
Cash and cash equivalents 4,182 9,727
Securities available for sale 47,333 49,582
Federal Home Loan Bank stock 1,640 1,640
Equity Investment 276 348
Deposits 136,475 137,353
FHLB borrowings and note payable 16,000 15,123
Shareholders’ equity 19,064 20,786
Shares O/S end of period 665,117 785,817
Nonperforming loans 337 1,331
Real Estate Owned 425 282
 
 

Quarter ended 12/31

Year ended 12/31

2012

2011

2012

2011

 
Interest income $1,825 $1,937 $7,370 $7,651
Interest expense 293 432 1,350 1,870
Net interest income 1,532 1,505 6,020 5,781
Provision for loan losses 80 180 500 660
Net interest income after provision 1,452 1,325 5,520 5,121
Gain on sale of investment/assets - - 4 -
Gain on sale of REO - - 35 2
Gain on sale of loans 65 42 225 144
Loss on equity investment (50 ) (23 ) (71 ) (9 )
Loss on sale of REO (6 ) - (14 ) (1 )
Other income 144 114 523 530
Total general, admin & other expense 972 922 3,862 3,576
Earnings before income taxes 633 536 2,360 2,211
Income tax expense 187 168 733 726
Net earnings $446   $368   $1,627   $1,485  




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