Exhibit 99.1
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Press Release
For Immediate Release
Contact: Dottye Robeson
Chief Financial Officer
Phone-574-722-3855
Fax-574-722-3857
Logansport Financial Corp. Reports Earnings for the Three Months Ended
March 31, 2003
Logansport, Indiana (April 22, 2003) Logansport Financial Corp., (NASDAQ Small
Cap Market, LOGN), parent company of Logansport Savings Bank, reported net
earnings for the three months ended March 31, 2003.
Net earnings for the three months ended March 31, 2003 totaled $364,000,
compared to $320,000 for the three months ended March 31, 2002, a $44,000, or
13.7% increase. Diluted earnings per share were $.41 for the quarter ending
March 31, 2003 and $.31 for the quarter ending March 31, 2002. The increase in
earnings per share resulted from increased earnings as well as the effects of
the Company's share repurchases year to year. The increase in earnings reflects
a $23,000, or 2.2% increase in net interest income and a $90,000 increase in
other income, including an $81,000 gain on the sale of mortgage-backed
securities, which was partially offset by a $45,000, or 7.8%, increase in
general, administrative and other expense. Logansport Financial Corp reported
total assets at March 31, 2003 of $146.0 million, total deposits of $93.7
million and stockholders' equity of $15.6 million.
The Annual Meeting of Shareholders of Logansport Financial Corp. was held on
April 8, 2003. James Bauer and William Tincher, Jr. were re-elected Directors.
Also serving as Directors are Brian Morrill, Susanne Ridlen, Dr. Todd Weinstein,
Thomas Williams, Charles Evans, and David Wihebrink.
LOGANSPORT FINANCIAL CORP.
SELECTED FINANCIAL DATA (Unaudited)
(Dollars in thousands, except for share data)
3/31/03 12/31/02
Total assets $145,962 $150,099
Loans receivable, net 109,586 110,386
Allowance for loan losses 1,498 1,458
Cash and cash equivalents 9,646 13,517
Securities, available for sale 19,447 19,069
Federal Home Loan Bank Stock 2,003 2,003
Equity Investment 1,015 1,026
Deposits 93,690 98,325
Borrowings 33,836 33,836
Shareholders' equity 15,609 15,373
Shares Outstanding 851,672 848,958
Nonperforming loans 1,420 1,484
Real Estate Owned 153 -
Quarter ended 3/31 Quarter ended 3/31
2003 2002
Interest income $2,195 $2,302
Interest expense 1,117 1,247
Net interest income 1,078 1,055
Provision for loan losses 90 90
Net interest income after provision 988 965
Gain on sale of investments 81 -
Gain on sale of loans 5 -
Total other income 79 87
Loss on equity investment (24) (36)
Total general, admin. & other expense 620 575
Earnings before income taxes 509 441
Income tax expense 145 121
Net earnings 364 320
Basic earnings per share $.43 $.32
Diluted earnings per share $.41 $.31
Weighted average shares o/s 850,333 1,013,176