SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001 OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION
PERIOD FROM _____________ TO _____________________.
Commission file number: 0-25910
LOGANSPORT FINANCIAL CORP.
(Exact name of registrant specified in its charter)
Indiana 35-1945736
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
723 East Broadway
P.O. Box 569
Logansport, Indiana 46947
(Address of principal executive offices
including Zip Code)
(219) 722-3855
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such report), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
The number of shares of the Registrant's common stock, without par value, as of
April 27, 2001 was 1,083,510.
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Logansport Financial Corp.
Form 10-Q
Index
Page No.
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements 3
Consolidated Statements of Financial
Condition as of March 31, 2001
and December 31, 2000
Consolidated Statements of Earnings
for the three months ended March 31,
2001 and 2000
Consolidated Statements of Shareholders'
Equity for the three months ended
March 31, 2001 and 2000
Consolidated Statements of Cash Flows
for the three months ended
March 31, 2001 and 2000
Notes to Consolidated Condensed Financial
Statements 8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 10
Item 3. Quantitative and Qualitative Disclosures About Market Risk 13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 15
Item 6. Exhibits and Reports of Form 8-K 15
SIGNATURES 16
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LOGANSPORT FINANCIAL CORP.
Consolidated Statements of Financial Condition
(In thousands, except share data)
March 31, December 31,
ASSETS 2001 2000
Cash and due from banks $ 461 $ 576
Interest-bearing deposits in other financial institutions 10,394 8,634
------- -------
Cash and cash equivalents 10,855 9,210
Investment securities available for sale-at market 7,711 8,322
Mortgage-backed securities available for sale-at market 4,938 5,165
Loans receivable-net 104,012 102,418
Office premises and equipment-at depreciated cost 1,831 1,843
Federal Home Loan Bank stock - at cost 1,973 1,973
Investment in real estate partnership 1,241 1,284
Accrued interest receivable on loans 506 548
Accrued interest receivable on mortgage-backed securities 40 41
Accrued interest receivable on investments 122 107
Prepaid expenses and other assets 58 64
Cash surrender value of life insurance 1,244 1,234
Deferred income tax asset 323 403
------- -------
Total assets $134,854 $132,612
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 81,329 $ 79,454
Advances from the Federal Home Loan Bank 34,000 34,000
Notes payable 1,165 1,237
Accrued interest and other liabilities 956 906
Accrued income taxes 49 2
------- -------
Total liabilities 117,499 115,599
Shareholders' equity
Common stock 5,515 5,515
Retained earnings-restricted 11,697 11,526
Less shares acquired by stock benefit plan (69) (103)
Accumulated comprehensive income,
unrealized gains on securities designated
as available for sale, net of related tax effects 212 75
------- -------
Total shareholders' equity 17,355 17,013
------- -------
Total liabilities and shareholders' equity $134,854 $132,612
======= =======
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LOGANSPORT FINANCIAL CORP.
Consolidated Statements of Earnings
(In thousands, except share data)
Three months ended
March 31,
2001 2000
Interest income
Loans $2,148 $1,865
Mortgage-backed securities 83 98
Investment securities 125 163
Interest-bearing deposits and other 145 83
----- -----
Total interest income 2,501 2,209
Interest expense
Deposits 1,000 909
Borrowings 529 334
----- -----
Total interest expense 1,529 1,243
----- -----
Net interest income 972 966
Provision for losses on loans 86 71
----- -----
Net interest income after provision for
losses on loans 886 895
Other income
Service charges on deposit accounts 61 32
Loss on equity investment (61) (26)
Other operating 52 44
----- -----
Total other income 52 50
General, administrative and other expense
Employee compensation and benefits 294 296
Occupancy and equipment 58 45
Federal deposit insurance premiums 4 4
Data processing 47 39
Other operating 132 103
----- -----
Total general, administrative and other expense 535 487
----- -----
Earnings before income taxes 403 458
Income tax expense 102 151
----- -----
NET EARNINGS $ 301 $ 307
===== =====
Other comprehensive income (loss), net of tax -
unrealized gains (losses) on securities 137 (14)
----- -----
COMPREHENSIVE INCOME $ 438 $ 293
===== =====
EARNINGS PER SHARE
Basic (based on net earnings) $0.28 $0.28
==== ====
Diluted (based on net earnings) $0.27 $0.28
==== ====
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LOGANSPORT FINANCIAL CORP.
Consolidated Statements of Shareholders' Equity
(In thousands, except share data)
Three months ended
March 31,
2001 2000
Balance at January 1 $17,013 $16,146
Purchase of shares - (464)
Amortization of stock benefit plan 34 34
Cash dividends of $.12 per share in 2001 and $.11 per share in 2000 (130) (119)
Unrealized gains (losses) on securities designated as
available for sale, net of related tax effects 137 (14)
Net earnings 301 307
------ ------
Balance at March 31 $17,355 $15,890
====== ======
Accumulated other comprehensive income (losses) $ 212 $ (342)
====== ======
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LOGANSPORT FINANCIAL CORP.
Consolidated Statements of Cash Flows
(In thousands)
Three months ended
March 31,
2001 2000
Cash flows from operating activities:
Net earnings for the period $ 301 $ 307
Adjustments to reconcile net earnings to net cash
provided by (used in) operating activities:
Depreciation and amortization 29 27
Amortization of premiums on investments and
mortgage-backed securities 12 12
Amortization expense of stock benefit plan 34 34
Provision for losses on loans 86 71
Loss on equity investment 61 26
Increase (decrease) in cash, due to changes in:
Accrued interest receivable on loans 42 16
Accrued interest receivable on mortgage-backed securities 1 2
Accrued interest receivable on investments (15) (62)
Prepaid expenses and other assets 6 11
Accrued interest and other liabilities 50 15
Federal income taxes
Current 47 111
Deferred 9 6
------ ------
Net cash provided by operating activities 663 576
Cash flows provided by (used in) investing activities:
Purchase of investment securities (253) (1,779)
Maturities/calls of investment securities 1,025 -
Purchase of Federal Home Loan Bank stock - (150)
Principal repayments on mortgage-backed securities 262 246
Loan disbursements (12,257) (10,832)
Investment in real estate partnership (18) (21)
Principal repayments on loans 10,577 8,179
Purchases and additions to office premises and equipment (17) (22)
Increase in cash surrender value of life insurance policy (10) (11)
------ ------
Net cash used in investing activities (691) (4,390)
------ ------
Net cash used in operating and investing activities
(subtotal carried forward) (28) (3,814)
------ ------
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LOGANSPORT FINANCIAL CORP.
Consolidated Statements of Cash Flows (Continued)
(In thousands)
Three months ended
March 31,
2001 2000
Net cash used in operating and investing activities
(subtotal brought forward) $ (28) $(3,814)
Cash provided by (used in) financing activities:
Net increase in deposit accounts 1,875 5,037
Proceeds from Federal Home Loan Bank advances 2,000 5,000
Repayment of Federal Home Loan Bank advances (2,000) (2,000)
Repayment of note payable (72) (70)
Purchase of shares - (464)
Dividends on common stock (130) (119)
------ ------
Net cash provided by financing activities 1,673 7,384
------ ------
Net increase in cash and cash equivalents 1,645 3,570
Cash and cash equivalents, beginning of period 9,210 5,146
------ ------
Cash and cash equivalents, end of period $10,855 $ 8,716
====== ======
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest on deposits and borrowings $ 1,435 $ 1,210
====== ======
Income taxes $ 45 $ 35
====== ======
Dividends payable at end of period $ 130 $ 119
====== ======
Supplemental disclosure of noncash financing activities:
Unrealized gains (losses) on securities designated as
available for sale, net of related tax effects $ 137 $ (14)
====== ======
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NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
NOTE A: Basis of Presentation
The unaudited interim consolidated condensed financial statements include the
accounts of Logansport Financial Corp. (the "Company") and its subsidiary,
Logansport Savings Bank, FSB, (the "Bank").
The unaudited interim consolidated condensed financial statements have been
prepared in accordance with the instructions to Form 10-Q and, therefore, do not
include all information and disclosures required by accounting principles
generally accepted in the United States of America for complete financial
statements. Accordingly, these financial statements should be read in
conjunction with the consolidated financial statements and notes thereto
included in the Annual Report on Form 10-K for the year ended December 31, 2000.
In the opinion of management, the financial statements reflect all adjustments
(consisting of only normal recurring accruals) necessary to present fairly the
Company's financial position as of March 31, 2001, results of operations and
cash flows for the three month periods ended March 31, 2001 and 2000.
NOTE B: Earnings Per Share and Dividends Per Share
Basic earnings per share is computed based upon the weighted-average shares
outstanding during the period. Weighted-average common shares outstanding
totaled 1,083,510 and 1,112,829 for the three-month periods ended March 31, 2001
and 2000, respectively. Diluted earnings per share is computed taking into
consideration common shares outstanding and dilutive potential common shares
issued under the Company's stock option plan. Weighted-average common shares
deemed outstanding for purposes of computing diluted earnings per share totaled
1,096,918 and 1,112,829 for the three-month periods ended March 31, 2001 and
2000, respectively. Incremental shares related to the assumed exercise of stock
options included in the calculation of diluted earnings per share totaled 13,408
for the three month period ended March 31, 2001.
Options to purchase 125,915 shares of common stock with a weighted-average
exercise price of $10.59 were outstanding at March 31, 2000, but were excluded
from the computation of common share equivalents because their exercise prices
were greater than the average market price of the common shares.
A cash dividend of $.12 per common share was declared on March 1, 2001, payable
on April 10, 2001, to stockholders of record as of March 16, 2001.
-8-
NOTE C: Recent Accounting Pronouncements
In September 1998, the Financial Accounting Standards Board (the "FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 133 "Accounting for
Derivative Instruments and Hedging Activities" which requires entities to
recognize all derivatives in their financial statements as either assets or
liabilities measured at fair value. SFAS No. 133 also specifies new methods of
accounting for hedging transactions, prescribes the items and transactions that
may be hedged, and specifies detailed criteria to be met to qualify for hedge
accounting.
The definition of a derivative financial instrument is complex, but in general,
it is an instrument with one or more underlyings, such as an interest rate or
foreign exchange rate, that is applied to a notional amount, such as an amount
of currency, to determine the settlement amount(s). It generally requires no
significant initial investment and can be settled net or by delivery of an asset
that is readily convertible to cash. SFAS No. 133 applies to derivatives
embedded in other contracts, unless the underlying of the embedded derivative is
clearly and closely related to the host contract.
SFAS No. 133, as amended by SFAS No. 137, is effective for fiscal years
beginning after June 15, 2000. On adoption, entities are permitted to transfer
held-to-maturity debt securities to the available-for-sale or trading category
without calling into question their intent to hold other debt securities to
maturity in the future. Management adopted SFAS No. 133 effective January 1,
2001, as required, without material impact on the Company's financial position
or results of operations.
In September 2000, the FASB issued SFAS No. 140, "Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of Liabilities," which revises
the standards for accounting for securitizations and other transfers of
financial assets and collateral and requires certain disclosures, but carries
over most of the provisions of SFAS No. 125 without reconsideration. SFAS No.
140 is effective for transfers and servicing of financial assets and
extinguishments of liabilities occurring after March 31, 2001. The Statement is
effective for recognition and reclassification of collateral and for disclosures
relating to securitization transactions and collateral for fiscal years ending
after December 15, 2000. SFAS No. 140 is not expected to have a material effect
on the Company's financial position or results of operations.
The foregoing discussion of the effects of recent accounting pronouncements
contains forward-looking statements that involve risks and uncertainties.
Changes in economic circumstances or interest rates could cause the effects of
the accounting pronouncements to differ from management's foregoing assessment.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operation.
Forward Looking Statements
In addition to historical information contained herein, the following discussion
contains forward-looking statements that involve risks and uncertainties.
Economic circumstances, the Company's operations and the Company's actual
results could differ significantly from those discussed in the forward-looking
statements. Some of the factors that could cause or contribute to such
differences are discussed herein but also include changes in the economy and
interest rates in the nation and the Company's market area generally.
Some of the forward-looking statements included herein are the statements
regarding management's determination of the amount and adequacy of the allowance
for loan losses, management's assessment of the Company's interest rate risk and
the effect of recent accounting pronouncements.
Discussion of Financial Condition Changes from December 31, 2000 to March 31,
2001
The Company reported total assets of $134.9 million at March 31, 2001, compared
to $132.6 million at December 31, 2000, an increase of $2.3 million, or 1.7%.
This increase was funded by a growth in deposits of $1.9 million and
undistributed first quarter earnings. Cash and cash equivalents increased by
approximately $1.7 million from $9.2 million at December 31, 2000, to $10.9
million at March 31, 2001. Investment and mortgage-backed securities decreased
by $838,000, due primarily to maturities and calls of securities totaling $1.0
million, which were partially offset by securities purchased of $253,000.
Net loans increased by $1.6 million, or 1.6%, from $102.4 million at December
31, 2000 to $104.0 million at March 31, 2001. Loan originations amounted to
$12.3 million for the three months ended March 31, 2001, while principal
repayments amounted to $10.6 million. During the three months ended March 31,
2001, loan origination volume exceeded that of the comparable period in 2000 by
$1.4 million, or 13.2%. Loan originations during 2001 were comprised primarily
of nonresidential and commercial real estate, other commercial property and
commercial leases. The commercial and nonresidential loan portfolios totaled
$24.9 million at March 31, 2001, compared to $22.5 million at December 31, 2000.
Originations of one- to four-family residential loans totaled $2.5 million,
while repayments were $2.9 million. The one- to four-family residential loans
totaled $62.3 million at December 31, 2000 and $61.9 million at March 31, 2001.
Deposits totaled $81.3 million at March 31, 2001, an increase of $1.9 million,
or 2.4%, in the first three months of 2001. Proceeds from deposit growth were
generally used to fund new loan originations. Borrowings consisted of $34.0
million of FHLB advances and a $1.2 million note payable related to an equity
investment in low income housing.
Shareholders' equity was $17.4 million at March 31, 2001 and $17.0 million at
December 31, 2000. The payment of dividends decreased equity, while an increase
in the unrealized gains on securities available for sale, net earnings and the
effects of amortization of the stock benefit plan increased equity.
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Results of Operations
Comparison of the Three Months Ended March 31, 2001 and March 31, 2000
Net earnings for the three months ended March 31, 2001 totaled $301,000,
compared with $307,000 for the three months ended March 31, 2000, a decrease of
$6,000, or 2.0%. Net interest income increased by $6,000, while general,
administrative and other expense increased by $48,000 and taxes decreased by
$49,000. The major contributor to the increase in net interest income was the
growth in the loan portfolio the past calendar year. Interest income on loans
increased by $283,000, or 15.2%, for the three months ended March 31, 2001,
compared to the same quarter in 2000. This increase was due primarily to an
$11.2 million, or 12.0%, increase in the weighted-average balance of loans
outstanding, coupled with an increase in the average yield year to year.
Interest expense on deposits increased by $91,000, or 10.0%, due primarily to a
$1.2 million, or 1.5%, increase in the weighted-average balance of deposits
outstanding and an increase in the cost of deposits year to year. Interest
expense on borrowings increased by $195,000, or 58.4%, due primarily to a $10.3
million, or 43.2%, increase in the weighted-average balance of borrowings
outstanding and an increase in the cost of such borrowings. The interest rate
spread amounted to 2.96% and 2.87% at March 31, 2001 and 2000, respectively.
The provision for losses on loans totaled $86,000 for the three months ended
March 31, 2001 and $71,000 for the three months ended March 31, 2000. No
properties were in real estate owned for the quarter ended March 31, 2001 or
March 31, 2000. Nonperforming loans amounted to $371,000, or .36% of loans at
March 31, 2001, compared to $336,000, or .32% of loans at December 31, 2000.
Loan loss reserves amounted to $846,000, or .81% of total loans at March 31,
2001, compared to $760,000, or .73% of total loans at December 31, 2000. The
increase in the provision for losses on loans was primarily attributable to the
growth in the loan portfolio and the increasing percentage of commercial loans
in the portfolio. There can be no assurance that the Company's allowance for
loan losses will be adequate to cover losses on nonperforming assets in the
future.
Service charges on deposit accounts increased by $29,000, or 90.6%, and other
operating income increased by $8,000, or 18.2%, for the three month period ended
March 31, 2001, compared to the 2000 quarter. However, an increase in the
pre-tax loss on the equity investment of $35,000 resulted in an overall increase
of only $2,000 in the other income category.
Total general, administrative and other expense increased by $48,000, or 9.9%,
for the three-month period ended March 31, 2001, compared to the same period
ended March 31, 2000. Employee compensation and benefits decreased by $2,000
compared to the 2000 quarter, which contained additional expenses related to the
retirement of the Company's president. Data processing fees increased by $8,000,
or 20.5%, due to costs associated with loan and deposit growth. Other operating
expenses increased by $29,000, or 28.2%, compared to the quarter ended March 31,
2000, due primarily to the Company's overall growth year to year.
The provision for income taxes totaled $102,000 for the three months ended March
31, 2001, a decrease of $49,000, or 32.5%, from the same period in 2000. The
decrease was due to a $55,000, or 12.0%, decrease in pre-tax earnings and an
increase in tax credits available. The Company's effective tax rates for the
three-month periods ended March 31, 2001 and 2000, were 25.3% and 33.0%,
respectively. The decrease in the effective tax rate was primarily attributable
to tax credits available from the Company's investment in a low income housing
partnership.
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Capital Resources
Pursuant to Office of Thrift Supervision ("OTS") capital regulations, savings
associations must currently meet a 1.5% tangible capital requirement, a 4%
leverage ratio (or core capital) requirement, and total risk-based capital to
risk-weighted assets ratio of 8%. At March 31, 2001, the Bank's tangible and
leverage capital ratios were each 11.1%, and its risk-based capital to
risk-weighted assets ratio was 18.4%. Therefore, the Bank's capital
significantly exceeded all of the capital requirements currently in effect. The
following table provides the minimum regulatory capital requirements and the
Bank's capital ratios as of March 31, 2001.
Capital Standard Required Bank's Excess
- ---------------- -------- ------ ------
(In thousands)
Tangible (1.5%) $2,016 $14,939 $12,923
Core (4.0%) 5,375 14,939 9,564
Risk-based (8.0%) 6,854 15,785 8,931
Liquidity
The standard measure of liquidity for savings associations is the ratio of cash
and eligible investments to a certain percentage of net withdrawable savings
accounts and borrowings due within one year. The minimum required ratio is
currently set by the OTS at 4%. At March 31, 2001 the Bank's regulatory
liquidity ratio was 21.8%.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Bank, like other savings associations, is subject to interest rate risk to
the degree that its interest-bearing liabilities, primarily deposits with short
and medium-term maturities, mature or reprice at different rates than its
interest-earning assets. Management of the Bank believes it is critical to
manage the relationship between interest rates and the effect on the Bank's net
portfolio value ("NPV"). Generally, NPV is the discounted present value of the
difference between incoming cash flows on interest-earning and other assets and
outgoing cash flows on interest-bearing liabilities. Management of the Bank's
assets and liabilities is done within the context of the marketplace, regulatory
limitations and within limits established by the Board of Directors on the
amount of change in NPV which is acceptable given certain interest rate changes.
The OTS issued a regulation, effective January 1, 1994, which uses a net market
value methodology to measure the interest rate risk exposure of thrift
institutions. Under OTS regulations, an institution's "normal" level of interest
rate risk in the event of an assumed change in interest rates, is a decrease in
the institution's NPV in an amount not exceeding 2% of the present value of its
assets. Thrift institutions with over $300 million in assets or less than a 12%
risk-based capital ratio are required to file OTS Schedule CMR. Data from
schedule CMR is used by the OTS to calculate changes in NPV (and the related
"normal" level of interest rate risk based upon certain interest rate changes
(discussed below). Institutions which do not meet either of the filing
requirements are not required to file OTS Schedule CMR, but may do so
voluntarily. The Bank does not currently meet either of these requirements, but
it does voluntarily file Schedule CMR. Presented below, as of December 31, 2000,
the latest available date, is an analysis performed by the OTS of the Bank's
interest rate risk as measured by changes in NPV for instantaneous and sustained
parallel shifts in the yield curve, in 100 basis point increments, up and down
300 basis points and in accordance with OTS regulations. As illustrated in the
table, the Bank's NPV is more sensitive to rising rates than declining rates.
This occurs principally because, as rates rise, the market value of the Bank's
investments, adjustable-rate mortgage loans (many of which have maximum per year
adjustments of 1%), fixed-rate loans and mortgage-backed securities declines due
to the rate increase. The value of the Bank's deposits and borrowings change in
approximately the same proportion in rising and falling rate scenarios.
Change Net Portfolio Value NPV as % of PV of Assets
In Rates $ Amount $ Change % Change NPV Ratio Change
(Dollars in thousands)
+300bp $12,013 $(5,986) (33)% 9.49% -395bp
+200bp 14,618 (3,381) (19)% 11.27% -217bp
+100bp 16,476 (1,523) (8)% 12.49% -95bp
- 17,999 - - 13.44% -
- -100bp 19,081 1,082 6% 14.09% +65bp
- -200bp 20,210 2,211 12% 14.75% +131bp
- -300bp 21,696 3,697 21% 15.61% +217bp
-13-
Interest Rate Risk Measures: 200 Basis Point (bp) Rate Shock
Pre-shock NPV Ratio: NPV as % of PV of Assets 13.44%
Exposure Measure: Post-Shock NPV Ratio 11.27%
Sensitivity Measure: Change in NPV Ratio 217bp
As with any method of measuring interest rate risk, certain shortcomings are
inherent in the method of analysis presented in the foregoing table. For
example, although certain assets and liabilities may have similar maturities or
periods to repricing, they may react in different degrees to changes in market
interest rates. Also, the interest rates on certain types of assets and
liabilities may fluctuate in advance of changes in market interest rates, while
interest rates on other types may lag behind changes in market rates.
Additionally, certain assets, such as adjustable-rate loans, have features which
restrict changes in interest rates on a short-term basis and over the life of
the asset. Further, in the event of a change in interest rates, expected rates
of prepayments on loans and early withdrawals from certificates could likely
deviate significantly from those assumed in calculating the table.
-14-
Part II. OTHER INFORMATION
Item 1. Legal Proceedings
Neither the Bank nor the Company were, during the three-month period ended March
31, 2001, or are as of the date hereof involved in any legal proceeding of a
material nature. From time to time, the Bank is a party to legal proceedings
wherein it enforces its security interests in connection with its mortgage and
other loans.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
The following exhibits are attached to this report on Form 10-Q:
3.1 The Articles of Incorporation of the Registrant are
incorporated by reference to Exhibit 3.1 to the
Registration Statement on Form S-1 (Registration No.
33-89788).
3.2 The Code of By-Laws of the Registrant is incorporated
by reference to Exhibit 3.2 to the Form 10-Q for the
period ended March 31, 1997, filed with the
Commission on August 13, 1997.
10.1 Employment Agreement between Logansport Financial
Corp. and David G. Wihebrink.
(b) Reports on Form 8-K.
The Registrant filed no reports on Form 8-K during the fiscal quarter
ended March 31, 2001.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on behalf of the
undersigned thereto duly authorized.
Logansport Financial Corp.
Date: May 14, 2001 By:/s/ David G. Wihebrink
------------------ ---------------------------------
David G. Wihebrink, President and
Chief Executive Officer
Date: May 14, 2001 By:/s/ Dottye Robeson
------------------ ---------------------------------
Dottye Robeson, Secretary and
Treasurer
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