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 and Six Months Ended
June 30, 2003
Logansport, Indiana (July 17, 2003) Logansport Financial Corp., (NASDAQ Small
Cap Market, LOGN), parent company of Logansport Savings Bank, reported net
earnings for the three and six months ended June 30, 2003. Additional
information about the Bank and the Holding Company is available at
www.logansportsavings.com.
Net earnings for the three months ended June 30, 2003 totaled $437,000, an
increase of $66,000, or 17.8%, compared to the $371,000 in net earnings reported
for the three months ended June 30, 2002. Diluted earnings per share for the
three months ended June 30, 2003 amounted to $.50, compared to diluted earnings
per share of $.38 in the quarter ended June 30, 2002. The increase in earnings
per share was attributable to both the increase in net earnings, as well as the
effects of the Corporation's share repurchase program.
Net earnings for the six months ended June 30, 2003 totaled $801,000, an
increase of $110,000, or 15.9%, compared to the $691,000 reported for the six
months ended June 30, 2002. Diluted earnings per share for the six months ended
June 30, 2003 amounted to $.91 compared to $.69 for the six months ended June
30, 2002. The increase in net earnings was due primarily to a $235,000 increase
on sale of securities and a $50,000 gain on sale of loans, partially offset by a
$68,000 decline in net interest income, a $32,000 increase in operating expenses
and a $70,000 increase in income taxes. Loans decreased slightly over the six
month period by $1.4 million to a total of $109.0 million at June 30, 2003, and
deposits increased by $8.1 million to a total of $106.5 million at June 30,
2003. Currently, $8.1 million of deposits are short-term governmental deposits
which are subject to frequent re-bidding.
LOGANSPORT FINANCIAL CORP.
SELECTED FINANCIAL DATA (Unaudited)
(Dollars in thousands, except for share data)
6/30/03 12/31/02
Total assets $ 160,249 $ 150,099
Loans receivable, net 109,008 110,386
Allowance for loan losses 1,581 1,458
Cash and cash equivalents 18,546 13,517
Securities available for sale 24,999 19,069
Federal Home Loan Bank stock 2,029 2,003
Equity Investment 993 1,026
Deposits 106,466 98,325
FHLB Borrowings and note payable 36,999 35,629
Shareholders' equity 15,983 15,373
Shares O/S end of period 858,672 848,958
Nonperforming loans 1,352 1,484
Real Estate Owned 25 --
Quarter ended 6/30 Six months ended 6/30
2003 2002 2003 2002
Interest income $ 2,172 $ 2,346 $ 4,367 $ 4,648
Interest expense 1,136 1,219 2,253 2,466
Net interest income 1,036 1,127 2,114 2,182
Provision for loan losses 90 90 180 180
Net interest income after provision 946 1,037 1,934 2,002
Gain on sale of investment securities 171 17 252 17
Gain on sale of loans 45 -- 50 --
Total other income 82 85 161 172
Loss on equity investment (26) (20) (50) (56)
Total general, admin. & other expense 590 603 1,210 1,178
Earnings before income taxes 628 516 1,137 957
Income tax expense 191 145 336 266
Net earnings $ 437 $ 371 $ 801 $ 691
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Basic earnings per share $ .51 $ .39 $ .94 $ .71
Diluted earnings per share $ .50 $ .38 $ .91 $ .69
Weighted average shares o/s 855,479 937,216 852,920 974,986