EXHIBIT 99.1
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 Nine Months Ended
September 30, 2003
Logansport, Indiana (October 20, 2003) Logansport Financial Corp., (NASDAQ Small
Cap Market, LOGN), parent company of Logansport Savings Bank, reported net
earnings for the three and nine months ended September 30, 2003.
Net earnings for the three months ended September 30, 2003 totaled $320,000, a
decrease of $55,000, compared to the $375,000 in net earnings reported for the
three months ended September 30, 2002. Diluted earnings per share for the three
months ended September 30, 2003 amounted to $.36, compared to diluted earnings
per share of $.39 in the quarter ending September 30, 2002.
Net earnings for the nine months ended September 30, 2003 totaled $1,121,000, an
increase of $55,000, or 5.2%, compared to the $1,066,000 reported for the nine
months ended September 30, 2002. Diluted earnings per share for the nine months
ended September 30, 2003 amounted to $1.27 compared to $1.08 for the nine months
ended September 30, 2002, an increase of 17.6%. Our third quarter results
reflected the overall industry trend toward compressed net interest margins,
however, our share repurchase program more than provided an effective counter
balance by increasing earnings per share 17.6% for the nine months ended
September 30, 2003.
LOGANSPORT FINANCIAL CORP.
SELECTED FINANCIAL DATA (Unaudited)
(Dollars in thousands except for share data)
09/30/03 12/31/02
Total assets $ 151,752 $150,099
Loans receivable, net 106,720 110,386
Allowance for loan losses 1,672 1,458
Cash and cash equivalents 10,629 13,517
Securities available for sale 26,793 19,069
Federal Home Loan Bank stock 2,054 2,003
Equity Investment 968 1,026
Deposits 98,859 98,325
Borrowings 35,946 35,629
Shareholders' equity 16,088 15,373
Shares O/S end of period 877,444 848,958
Nonperforming loans 1,463 1,484
Real Estate Owned -- --
Quarter ended 9/30 Nine months ended 9/30
2003 2002 2003 2002
Interest income $2,148 $2,352 $6,515 $7,000
Interest expense 1,140 1,215 3,393 3,681
Net interest income 1,008 1,137 3,122 3,319
Provision for loan losses 90 90 270 270
Net interest income after provision 918 1,047 2,852 3,049
Gain(loss) on sale of investment (20) - 232 17
Gain on sale of loans 56 - 106 -
Loss on equity investment (26) (21) (76) (77)
Total other income 76 79 237 251
Total general, admin. & other expense 572 579 1,782 1,757
Earnings before income taxes 432 526 1,569 1,483
Income tax expense 112 151 448 417
Net earnings $320 $375 $1,121 $1,066
---- ---- ------ ------
Basic earnings per share $.36 $.41 $ 1.30 $1.12
Diluted earnings per share $.36 $.39 $1.27 $1.08
Weighted average shares o/s 872,457 918,123 859,504 955,824