EX-99.1 3 log_ex99.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 and Nine Months Ended September 30, 2003 Logansport, Indiana (October 20, 2003) Logansport Financial Corp., (NASDAQ Small Cap Market, LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and nine months ended September 30, 2003. Net earnings for the three months ended September 30, 2003 totaled $320,000, a decrease of $55,000, compared to the $375,000 in net earnings reported for the three months ended September 30, 2002. Diluted earnings per share for the three months ended September 30, 2003 amounted to $.36, compared to diluted earnings per share of $.39 in the quarter ending September 30, 2002. Net earnings for the nine months ended September 30, 2003 totaled $1,121,000, an increase of $55,000, or 5.2%, compared to the $1,066,000 reported for the nine months ended September 30, 2002. Diluted earnings per share for the nine months ended September 30, 2003 amounted to $1.27 compared to $1.08 for the nine months ended September 30, 2002, an increase of 17.6%. Our third quarter results reflected the overall industry trend toward compressed net interest margins, however, our share repurchase program more than provided an effective counter balance by increasing earnings per share 17.6% for the nine months ended September 30, 2003.
LOGANSPORT FINANCIAL CORP. SELECTED FINANCIAL DATA (Unaudited) (Dollars in thousands except for share data) 09/30/03 12/31/02 Total assets $ 151,752 $150,099 Loans receivable, net 106,720 110,386 Allowance for loan losses 1,672 1,458 Cash and cash equivalents 10,629 13,517 Securities available for sale 26,793 19,069 Federal Home Loan Bank stock 2,054 2,003 Equity Investment 968 1,026 Deposits 98,859 98,325 Borrowings 35,946 35,629 Shareholders' equity 16,088 15,373 Shares O/S end of period 877,444 848,958 Nonperforming loans 1,463 1,484 Real Estate Owned -- --
Quarter ended 9/30 Nine months ended 9/30 2003 2002 2003 2002 Interest income $2,148 $2,352 $6,515 $7,000 Interest expense 1,140 1,215 3,393 3,681 Net interest income 1,008 1,137 3,122 3,319 Provision for loan losses 90 90 270 270 Net interest income after provision 918 1,047 2,852 3,049 Gain(loss) on sale of investment (20) - 232 17 Gain on sale of loans 56 - 106 - Loss on equity investment (26) (21) (76) (77) Total other income 76 79 237 251 Total general, admin. & other expense 572 579 1,782 1,757 Earnings before income taxes 432 526 1,569 1,483 Income tax expense 112 151 448 417 Net earnings $320 $375 $1,121 $1,066 ---- ---- ------ ------ Basic earnings per share $.36 $.41 $ 1.30 $1.12 Diluted earnings per share $.36 $.39 $1.27 $1.08 Weighted average shares o/s 872,457 918,123 859,504 955,824