Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2012 and Continues Stock Repurchase Program

LOGANSPORT, Ind.--(BUSINESS WIRE)--Logansport Financial Corp., (OTCBB: LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2012 of $417,000 or $.53 per diluted share, compared to earnings in 2011 of $411,000 or $.52 per diluted share. Year to date the company reported net earnings of $1,181,000 for 2012 compared to $1,117,000 for 2011. Diluted earnings per share for the nine months ended September 30, 2012 were $1.50 compared to $1.42 for the nine months ended September 30, 2011. Total assets at September 30, 2012 were $179.5 million compared to total assets at December 31, 2011 of $174.8 million. Total loans increased from $107.8 million at December 31, 2011 to $111.8 million at September 30, 2012.

Logansport Financial Corp. (the “Corporation”) also announced today that the Board of Directors will continue its Stock Repurchase Plan, which was initiated on July 19, 2012. The Corporation proposes to purchase up to 78,600 of the Corporation’s outstanding shares of common stock, without par value (“Common Stock”), or approximately 10% of its outstanding shares. Such purchases will be made subject to market conditions in open market or block transactions.

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)
					9/30/12		12/31/11
Total assets					$ 179,557		$174,860
Loans receivable, net					111,769		107,794
Allowance for loan losses					1,861		1,802
Cash and cash equivalents					7,496		9,727
Securities available for sale					52,447		49,582
Federal Home Loan Bank stock					1,640		1,640
Equity Investment					327		348
Deposits					145,856		137,353
FHLB Borrowings and note payable					11,000		15,123
Shareholders’ equity					21,613		20,786
Shares O/S end of period					785,817		785,817
Non-accrual loans					685		1,331
Real Estate Owned					459		282
	Quarter ended 9/30				Nine months ended 9/30
	2012		2011		2012		2011
Interest income	$1,834		$1,891		$5,545		$5,714
Interest expense	323		459		1,057		1,437
Net interest income	1,511		1,432		4,488		4,277
Provision for loan losses	120		120		420		480
Net interest income after provision	1,391		1,312		4,068		3,797
Gain on sale of loans	66		66		159		102
Gain on sale of REO	35		0		27		(1	)
Total other income	131		165		383		417
Gain (loss) on equity investment	(28	)	(4	)	(21	)	14
Total general, admin. & other expense	991		921		2,889		2,654
Earnings before income taxes	604		618		1,727		1,675
Income tax expense	187		207		546		558
Net earnings	$417		$411		$1,181		$1,117
Basic earnings per share	$.53		$.52		$1.50		$1.42
Diluted earnings per share	$.53		$.52		$1.50		$1.42
Weighted average shares o/s diluted	785,766		785,766		785,766		785,766