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 Net Earnings for the Three
and Twelve Months Ended December 31, 2003
Logansport, Indiana (February 3, 2004) Logansport Financial Corp., (NASDAQ Small
Cap Market, LOGN), parent company of Logansport Savings Bank, reported net
earnings for the year ended December 31, 2003 of $1.5 million , a decrease of
$28,000 or 1.8%, compared to the year ended December 31, 2002. Diluted earnings
per share amounted to $1.68 compared to $1.58 for the year ended December 31,
2002, a 6.3% increase. The decrease in net earnings was primarily attributable
to a $339,000 decrease in net interest income, and a $55,000, or 2.4% increase
in general, administrative and other expense, which were partially offset by an
increase of $185,000 in gain on sale of securities and a $118,000 gain on sale
of loans The decrease in net interest income was due primarily to the overall
industry trend toward compressed net interest margins, and the decline in the
balance of the loan portfolio.
Net earnings for the three months ended December 31, 2003 was $365,000 compared
to the $448,000 in net earnings reported for the three months ended December 31,
2002. Diluted earnings per share for the three months ended December 31, 2002
amounted to $.41, compared to diluted earnings per share of $.50 in the quarter
ending December 31, 2002.
During 2003, the loan portfolio decreased by $8.0 million, to a total of $102.4
million at December 31, 2003, while deposits increased by $5.4 million to a
total of $103.8 million at December 31, 2003. Total assets increased from $150.1
million at December 31, 2002 to $156.8 million at December 31, 2003.
LOGANSPORT FINANCIAL CORP.
SELECTED FINANCIAL DATA (Unaudited)
(Dollars in thousands, except for share data)
12/31/03 12/31/02
Total assets $ 156,824 $150,099
Loans receivable, net 102,353 110,386
Allowance for loan losses 1,751 1,458
Cash and cash equivalents 14,403 13,517
Securities available for sale 32,549 19,069
Federal Home Loan Bank stock 2,080 2,003
Equity investment 950 1,026
Deposits 103,757 98,325
Borrowings 35,946 35,629
Shareholders' equity 16,356 15,373
Shares O/S end of period 877,444 848,958
Nonperforming loans 1,515 1,484
Real estate owned - -
Quarter ended 12/31 Twelve months ended 12/31
2003 2002 2003 2002
Interest income $2,087 $2,326 $8,602 $9,326
Interest expense 1,099 1,196 4,492 4,877
Net interest income 988 1,130 4,110 4,449
Provision for loan losses 90 90 360 360
Net interest income after provision 898 1,040 3,750 4,089
Gain on sale of investments 54 84 286 101
Gain on sale of loans 12 - 118 -
Loss on equity investment (20) (30) (96) (107)
Total other income 116 107 353 358
Total general, admin. & other expense 591 561 2,373 2,318
Earnings before income taxes 469 640 2,038 2,123
Income tax expense 104 192 552 609
Net earnings $365 $448 $1,486 $1,514
---- ---- ------ ------
Basic earnings per share $.42 $.51 $ 1.72 $1.63
Diluted earnings per share $.41 $.50 $1.68 $1.58
Weighted average shares o/s 877,444 851,338 864,026 929,488