EX-99.1 3 ex991_0423.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, 2004 Logansport, Indiana (April 22, 2004) Logansport Financial Corp., (NASDAQ Small Cap Market, LOGN), parent company of Logansport Savings Bank, reported net earnings for the three months ended March 31, 2004. Net earnings for the three months ended March 31, 2004 totaled $263,000, compared to $364,000 for the three months ended March 31, 2003, a $101,000 decrease. Diluted earnings per share were $.29 for the quarter ending March 31, 2004 and $.41 for the quarter ending March 31, 2003. The decrease in earnings per share resulted from decreased net interest income due to a declining net interest margin. Logansport Financial Corp reported total assets at March 31, 2004 of $153.9 million, total deposits of $98.4 million and stockholders' equity of $16.6 million. Total loans increased slightly from December 31, 2003, from $102.4 million to $103.1 million. The company has commitments outstanding to purchase $6.5 million of adjustable rate multi-family loans in April, 2004. The Annual Meeting of Shareholders of Logansport Financial Corp. was held on April 13, 2004. Brian Morrill and Susanne Ridlen were re-elected Directors. Also serving as Directors are Dr. Todd Weinstein, Charles Evans, William Tincher, Jr., James Bauer and David Wihebrink. LOGANSPORT FINANCIAL CORP. SELECTED FINANCIAL DATA (Unaudited) (Dollars in thousands,except for share data)
3/31/04 12/31/03 Total assets $ 153,868 $156,824 Loans receivable, net 103,079 102,353 Allowance for loan losses 1,772 1,751 Cash and cash equivalents 13,581 14,403 Securities, available for sale 29,739 32,549 Federal Home Loan Bank Stock 2,139 2,080 Equity Investment 938 950 Deposits 98,440 103,757 Borrowings 37,955 35,946 Shareholders' equity 16,634 16,356 Shares Outstanding 876,193 877,444 Nonperforming loans 1,324 1,515 Real Estate Owned 34 -
Quarter ended 3/31 Quarter ended 3/31 2004 2003 Interest income $2,022 $2,195 Interest expense 1,085 1,117 Net interest income 937 1,078 Provision for loan losses 60 90 Net interest income after provision 877 988 Gain on sale of investments 39 81 Gain on sale of loans 10 5 Total other income 97 79 Loss on equity investment (23) (24) Total general, admin. & other expense 656 620 Earnings before income taxes 344 509 Income tax expense 81 145 Net earnings 263 364 Basic earnings per share $.30 $.43 Diluted earnings per share $.29 $.41 Weighted average shares o/s 876,537 850,333