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Press Release: Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2020

· 02/05/2021 08:46
12/31/2020 12/31/2019 Total assets $220,365 $188,251 Loans receivable, net 134,996 124,238 Allowance for loan losses 1,872 1,762 Cash and cash equivalents 12,430 5,630 Interest Bearing Time Deposits in banks 5,000 5,000 Securities available for sale 59,127 46,298 Federal Home Loan Bank stock 731 731 Deposits 189,476 160,588 FHLB borrowings and note payable - - Accrued Interest and other liabilities 2,438 3,418 Shareholders' equity 28,451 24,245 Shares Issued and Outstanding 611,863 610,681 Nonperforming loans 451 250 Real Estate Owned - - Quarter ended 12/31 Year ended 12/31 2020 2019 2020 2019 Interest income $2,911 $2,178 $8,663 $8,090 Interest expense 172 352 916 1,532 ---------- ---------- ---------- ---------- Net interest income 2,739 1,826 7,747 6,558 Provision for loan losses 88 - 197 - Net interest income after provision 2,651 1,826 7,550 6,558 Gain on sale of investment/assets - 3 - 75 Gain/Loss on sale of REO - - - (6) Gain on sale of loans 525 74 1,459 228 Gain on BOLI Settlement - - 722 - Other income 70 196 832 788 Total general, admin & other expense 2,131 1,367 5,931 4,915 ---------- ---------- ---------- ---------- Earnings before income taxes 1,115 732 4,632 2,728 Income tax expense 226 146 717 479 ---------- ---------- ---------- ---------- Net Income $889 $586 $3,915 $2,249 ---------- ---------- ---------- ---------- Earnings Per share $6.40 $3.65 Shares Outstanding 611,863 610,681

Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2020

LOGANSPORT, Ind., Feb. 05, 2021 (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, 2020.

Net earnings for the three months ended December 31, 2020 totaled $889,000, compared to the $586,000 in net earnings reported for the three months ended December 31, 2019.

Net earnings for the year ended December 31, 2020 totaled $3,915,000, compared to the $2,249,000 reported for the year ended December 31, 2019. Earnings per share was $6.40 for December 31, 2020, compared to $3.65 for December 31, 2019. Return on Assets finished the year at 1.78% for 2020 compared to 1.21% for 2019. The Return on Equity finished the year at 13.76% for December 31, 2020, compared to 9.28% for December 31, 2019.

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)

Contact: Chad Higgins

Chief Financial Officer

Phone-574-722-3855

Fax-574-722-3857

(END) Dow Jones Newswires

February 05, 2021 08:46 ET (13:46 GMT)