EX-99.1 3 ex991_0203.txt EARNINGS 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 Net Earnings for the Three and Twelve Months Ended December 31, 2003 Logansport, Indiana (February 3, 2004) Logansport Financial Corp., (NASDAQ Small Cap Market, LOGN), parent company of Logansport Savings Bank, reported net earnings for the year ended December 31, 2003 of $1.5 million , a decrease of $28,000 or 1.8%, compared to the year ended December 31, 2002. Diluted earnings per share amounted to $1.68 compared to $1.58 for the year ended December 31, 2002, a 6.3% increase. The decrease in net earnings was primarily attributable to a $339,000 decrease in net interest income, and a $55,000, or 2.4% increase in general, administrative and other expense, which were partially offset by an increase of $185,000 in gain on sale of securities and a $118,000 gain on sale of loans The decrease in net interest income was due primarily to the overall industry trend toward compressed net interest margins, and the decline in the balance of the loan portfolio. Net earnings for the three months ended December 31, 2003 was $365,000 compared to the $448,000 in net earnings reported for the three months ended December 31, 2002. Diluted earnings per share for the three months ended December 31, 2002 amounted to $.41, compared to diluted earnings per share of $.50 in the quarter ending December 31, 2002. During 2003, the loan portfolio decreased by $8.0 million, to a total of $102.4 million at December 31, 2003, while deposits increased by $5.4 million to a total of $103.8 million at December 31, 2003. Total assets increased from $150.1 million at December 31, 2002 to $156.8 million at December 31, 2003. LOGANSPORT FINANCIAL CORP. SELECTED FINANCIAL DATA (Unaudited) (Dollars in thousands, except for share data)
12/31/03 12/31/02 Total assets $ 156,824 $150,099 Loans receivable, net 102,353 110,386 Allowance for loan losses 1,751 1,458 Cash and cash equivalents 14,403 13,517 Securities available for sale 32,549 19,069 Federal Home Loan Bank stock 2,080 2,003 Equity investment 950 1,026 Deposits 103,757 98,325 Borrowings 35,946 35,629 Shareholders' equity 16,356 15,373 Shares O/S end of period 877,444 848,958 Nonperforming loans 1,515 1,484 Real estate owned - -
Quarter ended 12/31 Twelve months ended 12/31 2003 2002 2003 2002 Interest income $2,087 $2,326 $8,602 $9,326 Interest expense 1,099 1,196 4,492 4,877 Net interest income 988 1,130 4,110 4,449 Provision for loan losses 90 90 360 360 Net interest income after provision 898 1,040 3,750 4,089 Gain on sale of investments 54 84 286 101 Gain on sale of loans 12 - 118 - Loss on equity investment (20) (30) (96) (107) Total other income 116 107 353 358 Total general, admin. & other expense 591 561 2,373 2,318 Earnings before income taxes 469 640 2,038 2,123 Income tax expense 104 192 552 609 Net earnings $365 $448 $1,486 $1,514 ---- ---- ------ ------ Basic earnings per share $.42 $.51 $ 1.72 $1.63 Diluted earnings per share $.41 $.50 $1.68 $1.58 Weighted average shares o/s 877,444 851,338 864,026 929,488