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 Months Ended
March 31, 2004
Logansport, Indiana (April 22, 2004) Logansport Financial Corp., (NASDAQ Small
Cap Market, LOGN), parent company of Logansport Savings Bank, reported net
earnings for the three months ended March 31, 2004.
Net earnings for the three months ended March 31, 2004 totaled $263,000,
compared to $364,000 for the three months ended March 31, 2003, a $101,000
decrease. Diluted earnings per share were $.29 for the quarter ending March 31,
2004 and $.41 for the quarter ending March 31, 2003. The decrease in earnings
per share resulted from decreased net interest income due to a declining net
interest margin. Logansport Financial Corp reported total assets at March 31,
2004 of $153.9 million, total deposits of $98.4 million and stockholders' equity
of $16.6 million. Total loans increased slightly from December 31, 2003, from
$102.4 million to $103.1 million. The company has commitments outstanding to
purchase $6.5 million of adjustable rate multi-family loans in April, 2004.
The Annual Meeting of Shareholders of Logansport Financial Corp. was held on
April 13, 2004. Brian Morrill and Susanne Ridlen were re-elected Directors. Also
serving as Directors are Dr. Todd Weinstein, Charles Evans, William Tincher,
Jr., James Bauer and David Wihebrink.
LOGANSPORT FINANCIAL CORP.
SELECTED FINANCIAL DATA (Unaudited)
(Dollars in thousands,except for share data)
3/31/04 12/31/03
Total assets $ 153,868 $156,824
Loans receivable, net 103,079 102,353
Allowance for loan losses 1,772 1,751
Cash and cash equivalents 13,581 14,403
Securities, available for sale 29,739 32,549
Federal Home Loan Bank Stock 2,139 2,080
Equity Investment 938 950
Deposits 98,440 103,757
Borrowings 37,955 35,946
Shareholders' equity 16,634 16,356
Shares Outstanding 876,193 877,444
Nonperforming loans 1,324 1,515
Real Estate Owned 34 -
Quarter ended 3/31 Quarter ended 3/31
2004 2003
Interest income $2,022 $2,195
Interest expense 1,085 1,117
Net interest income 937 1,078
Provision for loan losses 60 90
Net interest income after provision 877 988
Gain on sale of investments 39 81
Gain on sale of loans 10 5
Total other income 97 79
Loss on equity investment (23) (24)
Total general, admin. & other expense 656 620
Earnings before income taxes 344 509
Income tax expense 81 145
Net earnings 263 364
Basic earnings per share $.30 $.43
Diluted earnings per share $.29 $.41
Weighted average shares o/s 876,537 850,333