EX-99 3 log_8kex.txt PRESS RELEASE 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, 2003 Logansport, Indiana (April 22, 2003) Logansport Financial Corp., (NASDAQ Small Cap Market, LOGN), parent company of Logansport Savings Bank, reported net earnings for the three months ended March 31, 2003. Net earnings for the three months ended March 31, 2003 totaled $364,000, compared to $320,000 for the three months ended March 31, 2002, a $44,000, or 13.7% increase. Diluted earnings per share were $.41 for the quarter ending March 31, 2003 and $.31 for the quarter ending March 31, 2002. The increase in earnings per share resulted from increased earnings as well as the effects of the Company's share repurchases year to year. The increase in earnings reflects a $23,000, or 2.2% increase in net interest income and a $90,000 increase in other income, including an $81,000 gain on the sale of mortgage-backed securities, which was partially offset by a $45,000, or 7.8%, increase in general, administrative and other expense. Logansport Financial Corp reported total assets at March 31, 2003 of $146.0 million, total deposits of $93.7 million and stockholders' equity of $15.6 million. The Annual Meeting of Shareholders of Logansport Financial Corp. was held on April 8, 2003. James Bauer and William Tincher, Jr. were re-elected Directors. Also serving as Directors are Brian Morrill, Susanne Ridlen, Dr. Todd Weinstein, Thomas Williams, Charles Evans, and David Wihebrink. LOGANSPORT FINANCIAL CORP. SELECTED FINANCIAL DATA (Unaudited) (Dollars in thousands, except for share data) 3/31/03 12/31/02 Total assets $145,962 $150,099 Loans receivable, net 109,586 110,386 Allowance for loan losses 1,498 1,458 Cash and cash equivalents 9,646 13,517 Securities, available for sale 19,447 19,069 Federal Home Loan Bank Stock 2,003 2,003 Equity Investment 1,015 1,026 Deposits 93,690 98,325 Borrowings 33,836 33,836 Shareholders' equity 15,609 15,373 Shares Outstanding 851,672 848,958 Nonperforming loans 1,420 1,484 Real Estate Owned 153 - Quarter ended 3/31 Quarter ended 3/31 2003 2002 Interest income $2,195 $2,302 Interest expense 1,117 1,247 Net interest income 1,078 1,055 Provision for loan losses 90 90 Net interest income after provision 988 965 Gain on sale of investments 81 - Gain on sale of loans 5 - Total other income 79 87 Loss on equity investment (24) (36) Total general, admin. & other expense 620 575 Earnings before income taxes 509 441 Income tax expense 145 121 Net earnings 364 320 Basic earnings per share $.43 $.32 Diluted earnings per share $.41 $.31 Weighted average shares o/s 850,333 1,013,176