-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Fjghp6GEO4z5x7rYybvSjFLez5Lqm7LRs8xc08EDE2lcbS8cHBDGwKOfbm1fLSpH 5k+tKUTIiHhnLTu53kC25g== 0001046386-99-000086.txt : 19990514 0001046386-99-000086.hdr.sgml : 19990514 ACCESSION NUMBER: 0001046386-99-000086 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOGANSPORT FINANCIAL CORP CENTRAL INDEX KEY: 0000939928 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 351945736 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-25910 FILM NUMBER: 99619947 BUSINESS ADDRESS: STREET 1: 723 E BROADWAY STREET 2: PO BOX 569 CITY: LOGANSPORT STATE: IN ZIP: 46947 BUSINESS PHONE: 2197223855 MAIL ADDRESS: STREET 1: 723 EAST BROADWAY STREET 2: P O BOX 569 CITY: LOGANSPORT STATE: IN ZIP: 46947 10-Q 1 LOGANSPORT FINANCIAL QUARTERLY FINANCIALS SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________ TO _____________________. Commission file number: 0-25910 LOGANSPORT FINANCIAL CORP. (Exact name of registrant specified in its charter) Indiana 35-1945736 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 723 East Broadway P.O. Box 569 Logansport, Indiana 46947 (Address of principal executive offices including Zip Code) (219) 722-3855 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such report), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] The number of shares of the Registrant's common stock, without par value, as of May 1, 1999 was 1,199,091. Page 1 of 15 Logansport Financial Corp. Form 10-Q Index Page No. PART 1. FINANCIAL INFORMATION Item 1. Financial Statements 3 Consolidated Statements of Financial Condition as of March 31, 1999 (Unaudited) and December 31, 1998 Consolidated Statements of Earnings for the three months ended March 31, 1999 and 1998 (Unaudited) Consolidated Statements of Shareholders' Equity for the three months ended March 31, 1999 and 1998 (Unaudited) Consolidated Statements of Cash Flows for the three months ended March 31, 1999 and 1998 (Unaudited) Notes to Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Item 3. Quantitative and Qualitative Disclosures About Market Risk 11 PART II. OTHER INFORMATION Item 1. Legal Proceedings 14 Item 6. Exhibits and Reports of Form 8-K 14 SIGNATURES 15 2
LOGANSPORT FINANCIAL CORP. Consolidated Statements of Financial Condition (Unaudited) (In thousands, except share data) March 31, December 31, 1999 1998 ASSETS Cash and due from banks $ 741 $ 363 Interest-bearing deposits in other financial institutions 3,666 3,965 ------ ------ Cash and cash equivalents 4,407 4,328 Investment securities available for sale-at market 5,645 5,033 Mortgage-backed securities available for sale-at market 7,431 8,129 Loans receivable-net 76,425 73,073 Office premises and equipment-at depreciated cost 1,801 1,528 Federal Home Loan Bank stock- at cost 624 568 Investment in real estate partnership 1,587 1,566 Accrued interest receivable on loans 335 337 Accrued interest receivable on mortgage-backed securities 57 66 Accrued interest receivable on investments 92 62 Prepaid expenses and other assets 41 36 Cash surrender value of life insurance 1,146 1,135 Prepaid income tax - 29 Deferred income tax asset 228 195 ------ ------ Total assets $99,819 $96,085 ====== ====== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $70,833 $70,011 Advances from the Federal Home Loan Bank 10,000 7,000 Notes payable 1,307 1,375 Accrued interest and other liabilities 981 1,211 Accrued income taxes 92 - ------ ------ Total liabilities 83,213 79,597 Shareholders' equity Common stock 6,670 6,670 Retained earnings-restricted 10,181 10,031 Less shares acquired by stock benefit plan (335) (368) Unrealized gains on securities designated as available for sale, net of related tax effects 90 155 ------ ------ Total shareholders' equity 16,606 16,488 ------ ------ Total liabilities and shareholders' equity $99,819 $96,085 ====== ======
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LOGANSPORT FINANCIAL CORP. Consolidated Statements of Earnings (Unaudited) (In thousands, except share data) Three months ended March 31, 1999 1998 Interest income Loans $1,486 $1,316 Mortgage-backed securities 112 152 Investment securities 73 75 Interest-bearing deposits and other 59 45 ----- ----- Total interest income 1,730 1,588 Interest expense Deposits 773 732 Borrowings 102 94 ----- ----- Total interest expense 875 826 ----- ----- Net interest income 855 762 Provision for losses on loans 41 9 ----- ----- Net interest income after provision for losses on loans 814 753 Other income Service charges on deposit accounts 30 19 Other operating 36 33 ----- ----- Total other income 66 52 General, administrative and other expense Employee compensation and benefits 219 175 Occupancy and equipment 32 19 Federal deposit insurance premiums 10 10 Data processing 36 26 Other operating 129 87 ----- ----- Total general, administrative and other expense 426 317 ----- ----- Earnings before income taxes 454 488 Income tax expense 172 184 ----- ----- NET EARNINGS $ 282 $ 304 ===== ===== Other comprehensive income, net of tax: Unrealized gains (losses) on securities available for sale (65) 31 ----- ----- COMPREHENSIVE INCOME $ 217 $ 335 ===== ===== EARNINGS PER SHARE Basic (based on net earnings) $.24 $.24 === === Diluted (based on net earnings) $.23 $.23 === ===
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LOGANSPORT FINANCIAL CORP. Consolidated Statements of Shareholders' Equity (Unaudited) (In thousands, except share data) Three months ended March 31, 1999 1998 Balance at January 1 $16,488 $16,542 Issuance of shares under stock option plan - 2 Amortization of stock benefit plan 33 31 Cash dividends of $.10 per share (132) (126) Unrealized gains (losses) on securities designated as available for sale, net of related tax effects (65) 31 Net earnings 282 304 ------ ------ Balance at March 31 $16,606 $16,784 ====== ====== Accumulated other comprehensive income $ 90 $ 91 ====== ======
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LOGANSPORT FINANCIAL CORP. Consolidated Statements of Cash Flows (Unaudited) (In thousands) Three months ended March 31, 1999 1998 Cash flows from operating activities: Net earnings for the period $ 282 $ 304 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization 14 9 Amortization of premiums on investments and mortgage-backed securities 34 42 Amortization expense of stock benefit plan 33 31 Provision for losses on loans 41 9 Increase (decrease) in cash, due to changes in: Accrued interest receivable on loans 2 23 Accrued interest receivable on mortgage-backed securities 9 3 Accrued interest receivable on investments (30) 72 Prepaid expenses and other assets (5) (3) Accrued interest and other liabilities (230) 12 Federal income taxes Current 121 (30) Deferred - 8 ----- ----- Net cash provided by operating activities 271 480 Cash flows provided by (used in) investing activities: Purchase of investment securities (800) (100) Maturities/calls of investment securities 100 1,255 Purchase of Federal Home Loan Bank stock (56) - Proceeds from sale of mortgage-backed securities - 297 Purchase of mortgage-backed securities - (1,084) Principal repayments on mortgage-backed securities 654 725 Loan disbursements (8,744) (6,029) Investment in real estate partnership (21) (7) Principal repayments on loans 5,351 4,210 Purchases and additions to office premises and equipment (287) (16) Increase in cash surrender value of life insurance policy (11) (11) ----- ----- Net cash used in investing activities (3,814) (760)
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LOGANSPORT FINANCIAL CORP. Consolidated Statements of Cash Flows (Unaudited) (In thousands) Three months ended March 31, 1999 1998 Cash flows provided by (used in) financing activities: Net increase in deposit accounts $ 822 $2,735 Proceeds from Federal Home Loan Bank advances 3,000 - Repayment of note payable (68) (75) Proceeds from the exercise of stock options - 2 Dividends on common stock (132) (126) ----- ----- Net cash provided by financing activities 3,622 2,536 ----- ----- Net increase in cash and cash equivalents 79 2,256 Cash and cash equivalents, beginning of period 4,328 2,269 ----- ----- Cash and cash equivalents, end of period $4,407 $4,525 ===== ===== Supplemental disclosure of cash flow information: Cash paid during the year for: Interest on deposits and borrowings $ 865 $ 810 ===== ===== Income taxes $ 50 $ 214 ===== ===== Dividends payable at end of period $ 132 $ 126 ===== ===== Foreclosed mortgage loans transferred to real estate acquired through foreclosure $ - $ 54 ===== ===== Unrealized gains (losses) on securities designated as available for sale, net of related tax effects $ (65) $ 31 ===== =====
7 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS NOTE A: Basis of Presentation The unaudited interim consolidated financial statements include the accounts of Logansport Financial Corp. (the "Company") and its subsidiary, Logansport Savings Bank, FSB, (the "Bank"). The unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and disclosures required by generally accepted accounting principles for complete financial statements. Accordingly, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 1998. In the opinion of management, the financial statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Company's financial position as of March 31, 1999, results of operations for the three month periods ended March 31, 1999 and 1998 and cash flows for the three month periods ended March 31, 1999 and 1998. NOTE B: Earnings Per Share and Dividends Per Share Basic earnings per share is computed based upon the weighted-average shares outstanding during the period. Weighted-average common shares outstanding totaled 1,198,710 and 1,261,072 for the three month periods ended March 31, 1999 and 1998, respectively. Diluted earnings per share is computed taking into consideration common shares outstanding and dilutive potential common shares to be issued under the Company's stock option plan. Weighted-average common shares deemed outstanding for purposes of computing diluted earnings per share totaled 1,223,706 and 1,308,043 for the three months ended March 31, 1999 and 1998, respectively. A cash dividend of $.11 per common share was declared on March 9, 1999, payable on April 9, 1999, to stockholders of record as of March 19, 1999. NOTE C: Recent Accounting Pronouncements In June 1998, the Financial Accounting Standards Board (the "FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative Instruments and Hedging Activities," which requires entities to recognize all derivatives in their financial statements as either assets or liabilities measured at fair value. SFAS No. 133 also specifies new methods of accounting for hedging transactions, prescribes the items and transactions that may be hedged, and specifies detailed criteria to be met to qualify for hedge accounting. The definition of a derivative financial instrument is complex, but in general, it is an instrument with one or more underlyings, such as an interest rate or foreign exchange rate, that is applied to a notional amount, such as an amount of currency, to determine the settlement amount(s). It generally requires no significant initial investment and can be settled net or by delivery of an asset that is readily convertible to cash. SFAS No. 133 applies to derivatives embedded in other contracts, unless the underlying of the embedded derivative is clearly and closely related to the host contract. SFAS No. 133 is effective for fiscal years beginning after June 15, 1999. On adoption, entities are permitted to transfer held-to-maturity debt securities to the available-for-sale or trading category without calling into question their intent to hold other debt securities to maturity in the future. SFAS No. 133 is not expected to have a material impact on the Company's financial statements. 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation. Forward Looking Statements In addition to historical information contained herein, the following discussion contains forward-looking statements that involve risks and uncertainties. Economic circumstances, the Company's operations and the Company's actual results could differ significantly from those discussed in the forward-looking statements. Some of the factors that could cause or contribute to such differences are discussed herein but also include changes in the economy and interest rates in the nation and the Company's market area generally. Some of the forward-looking statements included herein are the statements regarding management's determination of the amount and adequacy of the allowance for losses on loans, the effect of the year 2000 on information technology systems and the effect of certain recent accounting pronouncements. Financial Condition Total assets were $99.8 million at March 31, 1999 compared to $96.1 million at December 31, 1998, an increase of $3.7 million or 3.9%. This increase was funded primarily from additional FHLB borrowings and growth in deposits of $822,000. Cash and cash equivalents increased by $79,000, from $4.3 million at December 31, 1998 to $4.4 million at March 31, 1999. The growth in assets was reinvested in new loans. Mortgage-backed securities experienced accelerated pay backs which resulted in a decrease in the yield in the investment portfolio. Paybacks were reinvested in investment securities and the total amount of investments remained comparable to the total at December 31, 1998. Net loans increased $3.4 million, or 4.6%, to $76.4 million at March 31, 1999. Loan originations amounted to $8.7 million for the three months ended March 31, 1999, with payoffs equaling $5.4 million. Loan demand continued to be strong. Deposits were $70.8 million at March 31, 1999 compared to $70.0 million at December 31, 1998, an increase of $822,000, or 1.2%, in the first three months of 1999. Borrowings consisted of $10.0 million of FHLB advances and a $1.3 million note payable related to an equity investment in low income housing. Shareholders' equity was $16.6 million at March 31, 1999 and $16.5 million at December 31, 1998. The payment of dividends combined with a decrease in the market value of available for sale securities resulted in a decrease in equity of $197,000. Equity was increased by $315,000 from net earnings coupled with the effects of amortization of the stock benefit plan. Results of Operations Comparison of the Three Months Ended March 31, 1999 and March 31, 1998 Net earnings for the Company for the three months ended March 31, 1999 were $282,000 compared with $304,000 for three months ended March 31, 1998, a decrease of $22,000 or 7.2%. Net interest income increased $93,000 while general, administrative and other expenses increased $109,000 and taxes decreased $12,000. The major contributor to the increase in net interest income was the growth in the loan portfolio during the past twelve months. Loans were $76.4 million at March 31, 1999 compared to $65.4 million at March 31, 1998. However, the impact of such growth was off-set by a decline in the yield on the loan portfolio. 9 The provision for loan losses was $41,000 for the three months ended March 31, 1999 and $9,000 for the three months ended March 31, 1998. Additional provisions were made due to growth in the loan portfolio coupled with the development of a commercial loan portfolio. Non-performing loans increased to $529,000, or .69% of loans at March 31, 1999 from $315,000, or .42% of loans at December 31, 1998. Loan loss reserves amounted to $326,000 or .42% of total loans at March 31, 1999 compared to $285,000, or .38% at December 31, 1998. Although management believes that it uses the best information available in providing for possible loan losses and believes that the allowance is adequate at March 31, 1999, future adjustments to the allowance could be necessary and net earnings could be affected if circumstances and/or economic conditions differ substantially from the assumptions used in making the initial determinations. Total other income increased by $14,000, or 26.9%, during the three months ended March 31, 1999. Service charges on deposit accounts increased $11,000 and other operating income increased $3,000. Total general, administrative and other expenses increased $109,000, or 34.4%, in the three months ended March 31, 1999 compared to March 31, 1998. Data processing fees increased $10,000, or 38.5%, due to loan and deposit growth and occupancy and equipment expense increased $13,000, or 68.4%, mainly because of increased depreciation related to the purchase of new computer equipment and the completion of a new banking facility. Other operating expenses increased by $42,000, or 48.3%, primarily due to a one time non-recurring charge of $35,000 related to deposit operations. The Company's effective tax rate for the three months ended March 31, 1999 was 37.9% and was 37.7% for the three months ended March 31, 1998. Capital Resources Pursuant to OTS capital regulations, savings associations must currently meet a 1.5% tangible capital requirement, a 4% leverage ratio (or core capital) requirement, and a total risk-based capital to risk-weighted assets ratio of 8%. At March 31, 1999, the Bank's tangible capital ratio was 16.22%, its leverage ratio was 16.22%, and its risk-based capital to risk-weighted assets ratio was 28.21%. Therefore, the Bank's capital significantly exceeded all of the capital requirements currently in effect. The following table provides the minimum regulatory capital requirements and the Bank's capital ratios as of March 31, 1999.
Capital Standard Required Bank's Excess - ---------------- -------- ------ ------ Tangible (1.5%) $1,488,000 16,091,000 14,603,000 Core (4.0%) 3,969,000 16,091,000 12,122,000 Risk-based (8.0%) 4,655,000 16,416,000 11,761,000
Liquidity The standard measure of liquidity for savings associations is the ratio of cash and eligible investments to a certain percentage of net withdrawable savings accounts and borrowings due within one year. The minimum required ratio is currently set by the Office of Thrift Supervision at 4%. At March 31, 1999 the Bank's regulatory liquidity ratio was 34.3%. 10 Year 2000 Compliance Matters As with all providers of financial services, the Company's operations are heavily dependent on information technology systems. The Bank is addressing the potential problems associated with the possibility that the computers that control or operate the Bank's information technology systems and infrastructure may not be programmed to read four-digit date codes and, upon arrival of the year 2000, may recognize the two-digit code "00" as the year 1900, causing systems to fail to function or to generate erroneous data. The Bank is working with the companies that supply or service its information technology systems to identify and remedy any year 2000 related problems. Management and the Board of Directors recognize and understand year 2000 ("Y2K") risks, are active in overseeing corrective efforts, and are ensuring that all necessary resources are available to address the problem. The awareness, assessment, and testing phases of the Company's year 2000 plan have been completed. The Company's business and its Y2K readiness are dependent on the readiness of its vendors. The Company is currently preparing a contingency plan and continuing testing to validate its readiness. The Company's data processing is performed primarily by a third party servicer. The Company also uses software and hardware which are covered under maintenance agreements with third party vendors. The Company has contacted each vendor to request time tables for such vendor's year 2000 compliance and the expected costs, if any, to be passed along to the Company. The Company has been informed that its primary service provider is on schedule and testing has been completed. The Company has replaced or upgraded all equipment to be year 2000 compliant at a cost of less than $40,000. As of March 31, 1999, management has developed an estimate of expenses that are reasonably likely to be incurred by the Bank in connection with the Y2K issue; however, the Company does not expect to incur any significant additional expenses to implement necessary corrective measures, and additional costs related to the Y2K issues are not expected to have a material impact on the Company's 1999 financial statements. Should the Company's data center become unable to provide the necessary services upon arrival of the year 2000, the Company will have the capability to account for transactions on a manual basis until the data center returns to normal operations, or the Company will consider the need to contract with an alternate service provider. In addition to possible expenses related to its own systems, the Bank could incur losses if loan payments are delayed due to year 2000 problems affecting any major borrowers in the Bank's primary market area. Because the Bank's loan portfolio is highly diversified with regard to individual borrowers and types of businesses, and the Bank's primary market areas are not significantly dependent upon any one employer or industry, the Bank does not expect any significant or prolonged difficulties that will affect net earnings or cash flow. 11 Item 3. Quantitative and Qualitative Disclosures About Market Risk The Bank, like other savings associations, is subject to interest rate risk to the degree that its interest-bearing liabilities, primarily deposits with short and medium-term maturities, mature or reprice at different rates than its interest-earning assets. Management of the Bank believes it is critical to manage the relationship between interest rates and the effect on the Bank's net portfolio value ("NPV"). Generally, NPV is the discounted present value of the difference between incoming cash flows on interest-earning and other assets and outgoing cash flows on interest-bearing liabilities. Management of the Bank's assets and liabilities is done within the context of the marketplace, regulatory limitations and within limits established by the Board of Directors on the amount of change in NPV which is acceptable given certain interest rate changes. The Office of Thrift Supervision ("OTS") issued a regulation, effective January 1, 1994, which uses a net market value methodology to measure the interest rate risk exposure of thrift institutions. Under OTS regulations, an institution's "normal" level of interest rate risk in the event of an assumed change in interest rates, is a decrease in the institution's NPV in an amount not exceeding 2% of the present value of its assets. Thrift institutions with over $300 million in assets or less than a 12% risk-based capital ratio are required to file OTS Schedule CMR. Data from schedule CMR is used by the OTS to calculate changes in NPV and the related "normal" level of interest rate risk based upon certain interest rate changes (discussed below). Institutions which do not meet either of the filing requirements are not required to file OTS Schedule CMR, but may do so voluntarily. The Bank does not currently meet either of these requirements, but it does voluntarily file Schedule CMR. Presented below, as of December 31, 1998, the latest available date, is an analysis performed by the OTS of the Bank's interest rate risk as measured by changes in NPV for instantaneous and sustained parallel shifts in the yield curve, in 100 basis point increments, up and down 400 basis points and in accordance with OTS regulations. As illustrated in the table, the Bank's NPV is more sensitive to rising rates than declining rates. This occurs principally because, as rates rise, the market value of the Bank's investments, adjustable-rate mortgage loans (many of which have maximum per year adjustments of 1%), fixed-rate loans and mortgage-backed securities declines due to the rate increase. The value of the Bank's deposits and borrowings change in approximately the same proportion in rising and falling rate scenarios.
Change Net Portfolio Value NPV as % of PV of Assets In Rates $ Amount $ Change % Change NPV Ratio Change - -------- -------- -------- -------- --------- ------ (Dollars in thousands) +400bp 12,294 -5,394 -30% 13.56% -457bp +300bp 14,054 -3,633 -21% 15.15% -298bp +200bp 15,596 -2,092 -12% 16.47% -166bp +100bp 16,808 -880 -5% 17.46% -67bp 0bp 17,688 - - 18.13% - - - 100bp 18,471 784 +4% 18.71% +57bp - - 200bp 19,413 1,725 +10% 19.39% +126bp - - 300bp 20,713 3,026 +17% 20.34% +221bp - - 400bp 22,082 4,394 +25% 21.31% +317bp
Interest Rate Risk Measures: 200 Basis Point (bp) Rate Shock Pre-shock NPV Ratio: NPV as % of PV of Assets 18.13% Exposure Measure: Post-Shock NPV Ratio 16.47% Sensitivity Measure: Change in NPV Ratio 166bp 12 As with any method of measuring interest rate risk, certain shortcomings are inherent in the method of analysis presented in the foregoing table. For example, although certain assets and liabilities may have similar maturities or periods to repricing, they may react in different degrees to changes in market interest rates. Also, the interest rates on certain types of assets and liabilities may fluctuate in advance of changes in market interest rates, while interest rates on other types may lag behind changes in market rates. Additionally, certain assets, such as adjustable-rate loans, have features which restrict changes in interest rates on a short-term basis and over the life of the asset. Further, in the event of a change in interest rates, expected rates of prepayments on loans and early withdrawals from certificates could likely deviate significantly from those assumed in calculating the table. 13 Part II. OTHER INFORMATION Item 1. Legal Proceedings Neither the Bank nor the Company were, during the three-month period ended March 31, 1999, or are as of the date hereof involved in any legal proceeding of a material nature. From time to time, the Bank is a party to legal proceedings wherein it enforces its security interests in connection with its mortgage and other loans. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits. The following exhibits are attached to this report on Form 10-Q: 3.1 The Articles of Incorporation of the Registrant are incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 (Registration No. 33-89788). 3.2 The Code of By-Laws of the Registrant is incorporated by reference to Exhibit 3.2 to the Form 10-Q for the period ended June 30, 1997, filed with the Commission on August 13, 1997. 27 Financial Data Schedule for the three month period ended March 31, 1999. (b) Reports on Form 8-K The Registrant filed no reports on Form 8-K during the fiscal quarter ended March 31, 1999. 14 Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on behalf of the undersigned thereto duly authorized. Logansport Financial Corp. Date: May 12, 1999 By:/s/ Thomas G. Williams ----------------- --------------------------------- Thomas G. Williams, President and Chief Executive Officer Date: May 12, 1999 By:/s/ Dottye Robeson ----------------- --------------------------------- Dottye Robeson, Secretary and Treasurer 15 EX-27 2 FINANCIAL DATA SCHEDULE
9 1,000 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 741 3,666 0 0 13,076 0 0 76,425 325 99,819 70,833 0 2,380 10,000 0 0 6,670 9,936 99,819 1,486 185 59 1,730 773 875 855 41 0 426 454 282 0 0 282 .24 .23 3.71 0 529 0 0 285 0 0 326 0 0 325
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