EX-99 3 log_8k07ex.txt EXHIBIT 99.1 - 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 and Six Months Ended June 30, 2003 Logansport, Indiana (July 17, 2003) Logansport Financial Corp., (NASDAQ Small Cap Market, LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and six months ended June 30, 2003. Additional information about the Bank and the Holding Company is available at www.logansportsavings.com. Net earnings for the three months ended June 30, 2003 totaled $437,000, an increase of $66,000, or 17.8%, compared to the $371,000 in net earnings reported for the three months ended June 30, 2002. Diluted earnings per share for the three months ended June 30, 2003 amounted to $.50, compared to diluted earnings per share of $.38 in the quarter ended June 30, 2002. The increase in earnings per share was attributable to both the increase in net earnings, as well as the effects of the Corporation's share repurchase program. Net earnings for the six months ended June 30, 2003 totaled $801,000, an increase of $110,000, or 15.9%, compared to the $691,000 reported for the six months ended June 30, 2002. Diluted earnings per share for the six months ended June 30, 2003 amounted to $.91 compared to $.69 for the six months ended June 30, 2002. The increase in net earnings was due primarily to a $235,000 increase on sale of securities and a $50,000 gain on sale of loans, partially offset by a $68,000 decline in net interest income, a $32,000 increase in operating expenses and a $70,000 increase in income taxes. Loans decreased slightly over the six month period by $1.4 million to a total of $109.0 million at June 30, 2003, and deposits increased by $8.1 million to a total of $106.5 million at June 30, 2003. Currently, $8.1 million of deposits are short-term governmental deposits which are subject to frequent re-bidding.
LOGANSPORT FINANCIAL CORP. SELECTED FINANCIAL DATA (Unaudited) (Dollars in thousands, except for share data) 6/30/03 12/31/02 Total assets $ 160,249 $ 150,099 Loans receivable, net 109,008 110,386 Allowance for loan losses 1,581 1,458 Cash and cash equivalents 18,546 13,517 Securities available for sale 24,999 19,069 Federal Home Loan Bank stock 2,029 2,003 Equity Investment 993 1,026 Deposits 106,466 98,325 FHLB Borrowings and note payable 36,999 35,629 Shareholders' equity 15,983 15,373 Shares O/S end of period 858,672 848,958 Nonperforming loans 1,352 1,484 Real Estate Owned 25 -- Quarter ended 6/30 Six months ended 6/30 2003 2002 2003 2002 Interest income $ 2,172 $ 2,346 $ 4,367 $ 4,648 Interest expense 1,136 1,219 2,253 2,466 Net interest income 1,036 1,127 2,114 2,182 Provision for loan losses 90 90 180 180 Net interest income after provision 946 1,037 1,934 2,002 Gain on sale of investment securities 171 17 252 17 Gain on sale of loans 45 -- 50 -- Total other income 82 85 161 172 Loss on equity investment (26) (20) (50) (56) Total general, admin. & other expense 590 603 1,210 1,178 Earnings before income taxes 628 516 1,137 957 Income tax expense 191 145 336 266 Net earnings $ 437 $ 371 $ 801 $ 691 --------- --------- --------- --------- Basic earnings per share $ .51 $ .39 $ .94 $ .71 Diluted earnings per share $ .50 $ .38 $ .91 $ .69 Weighted average shares o/s 855,479 937,216 852,920 974,986