LOGANSPORT FINANCIAL CORP.

Logansport financiaL corp.
2015 sharehoLder seLected consoLidated financiaL and other data
90 Years
estabLished 1925
to oUr sharehoLders:
On behalf of the employees and directors of Logansport Financial Corporation and its subsidiary
Logansport Savings Bank, we are again pleased to present the Annual Report to Shareholders for the year
ended December 31, 2015.
This past year, 2015, was another record year for Logansport Financial Corporation and its subsidiary
Logansport Savings Bank. The bank celebrated its 90th year of serving Logansport and Cass County and
plans to continue serving the community well into the future.
For the year ended 2015, Logansport Financial Corporation again produced record pre-tax earnings of
$2,784,000 as compared to $2,742,000 in 2014. This represents a 1.5% increase over the prior year. After
tax net income also increased to $1,878,000 as compared to $1,818,000 in 2014, which is an increase of
3.3%. Non-performing loans and real estate owned remain at modest levels as they have been for several
years. Loan quality remains a major focus of management strategy. The Bank’s risk based capital and
core capital ratios were 17.69% and 12.26% in 2015. Both capital components remain above regulatory
requirements for designation as a “well capitalized” institution. The company was pleased to pay out $.74 in
dividends in 2015 which is a $.10 increase from 2014.
As we look forward to 2016, we are operating from a position of strength. Our employees show
year after year how to serve our customers and our communities at an optimal level while providing
strong performance for our shareholders. We remain diligent in all areas of risk including cyber security.
Technology is changing our business and we work every day to meet those challenges and to provide our
customers all of the tools that they need to do banking in the 21st century.
We continue to plan to remain independent. We have provided a strong earnings platform over the
past several years that has enhanced shareholder value. While no one can predict the market or future
earnings, we continue to emphasize consistency in operations and core banking activities which should
create the same relative consistency that we are accustomed to experiencing. The success that Logansport
Financial Corp. and its subsidiary Logansport Savings Bank has experienced continues to be a direct
reflection of our employees, directors and customers, along with the great communities that we serve. We
also take this time to thank you, our shareholders, for your support and interest in this organization.
directors
David G. Wihebrink
Arden L. Cramer
Chairman
President/CEO
James P. Bauer
Arden L. Cramer
Gary L. Enders
Joyce A. Eshelman
Charles J. Evans
Brian J. Morrill
Thomas J .Steinberger
Dr. Todd S. Weinstein
David G. Wihebrink
Logansport
saVings banK
officers
ARDEN L. CRAMER- President/CEO
CHAD GEER- Executive Vice President/Chief Lending Officer
CHAD HIGGINS – CFO/Secretary/Treasurer
JEFF JONES - Senior Vice President/Lending
SHEILA WILDERMUTH – Senior Vice President/Operations
REX BETZNER- Vice President/Mortgage and Consumer Lending
JONI LAMBERT – Vice President/Operations
MIKE SHROPSHIRE – Vice President/Lending
SHARON LANTZ - Assistant Vice President
MICHAEL THOMPSON – InformationTechnology Officer
CHUCK NEWTON – Compliance Officer/Internal Audit Liason
DEE DEE SETTLEMYRE – Mortgage Loan Officer
JOSHUA HOPPER – Information Security Officer/Business Development Officer
if you would like a complete audit please contact us by mail, email, phone or fax and we will be happy
to send you one. our quarterly results are posted on our web site. You can check the stock price at
otcbb.com with the symbol Logn.
chad higgins, secretary/treasurer
Logansport financial corp.
723 east broadway
Logansport, indiana 46947
(574) 722-3855 extension 323
www.logansportsavings.com
email – [email protected]
fax - (574) 722-3857
Logansport financiaL corp.
seLected consoLidated financiaL and other data
the following tables set forth certain information concerning Logansport financial corp.’s consolidated
financial position, results of operations and other data at the dates and for the years indicated.
financial condition data:
Total assets
Loans receivable, net
Mortgage-backed securities
Cash and cash equivalents
Investment securities
Deposits
Borrowings
Shareholders’ equity
2015
$172,653
113,106
15,558
4,193
32,948
141,675
8,000
21,862
2014
$159,697
110,527
14,747
3,237
23,214
136,640
1,000
20,976
at december 31,
2013
(In thousands)
2012
$165,994
113,808
15,734
3,710
24,114
134,365
12,000
18,527
$172,903
113,541
19,815
4,182
27,518
136,475
16,000
19,064
2011
$174,860
107,794
12,811
9,727
36,771
137,353
15,123
20,786
2015
Interest income
Interest expense
$6,751
570
$6,794
782
$7,023
979
$7,370
1,350
$7,651
1,870
Net interest income
Provision for losses on loans
6,181
0
6,012
75
6,044
300
6,020
500
5,781
660
Net interest income after provision for
losses on loans
6,181
5,937
5,744
5,520
5,121
558
692
681
702
666
General, administrative and other expense 3,955
3,887
3,885
3,862
3,576
Earnings before income taxes
Income taxes
2,784
906
2,742
924
2,540
854
2,360
733
2,211
726
$1,878
$1,818
$1,686
$1,627
$1,485
$2.97
$2.97
$.74
$2.78
$2.78
$.64
$2.58
$2.58
$.62
$2.45
$2.45
$.60
$1.89
$1.89
$.60
Market Share Price at 12/31
$34.25
$28.50
$25.02
$22.65
$13.60
Outstanding Shares at 12/31
632,348
653,677
653,408
665,117
785,817
Basic earnings per share
Diluted earnings per share
Cash dividends per share
management and
staff of Logansport
Savings Bank
are dedicated to
serving the needs
of our customers,
providing them
with the best
summary of operating results:
Net earnings
“The Board
of Directors,
Year ended december 31,
2014
2013
2012
(In thousands, except share data)
Other income
Mission
stateMent
2011
possible service
in an efficient,
friendly, caring
atmosphere. As
a vital part of
this community,
Logansport
Savings Bank
seeks to continue
partnering with
local business
and individuals.
The customers,
employees, and
shareholders are
an integral part
of Logansport
Savings Bank and
are best served if
the Bank remains
an independent,
locally controlled
and operated,
profitable financial
institution.”
important notice regarding the availability of proxy Materials
for the annual Meeting of stockholders:
Logansport Financial Corp. Proxy Statement and 2015 Annual Report are available at:
www.edocumentview.com/LOGN
Shareholders are also encouraged to vote online by following the instructions on the Proxy Card.
Logansport financiaL corp.
seLected consoLidated financiaL and other data (continUed)
supplemental data:
2015
at or for the year ended december 31,
2014
2013
2012
2011
Return on average assets (1)
1.10%
1.08%
.98%
.91%
.85%
Return on average equity (2)
8.78
9.17
8.87
7.72
7.38
Interest rate spread (3)
3.66
3.47
3.40
3.32
3.22
Net yield on interest-earning assets (4)
General, administrative and other
expense to average assets
Net interest income to general,
administrative and other expense
Equity-to-assets (5)
Average interest-earning assets to
average interest-bearing liabilities
Non-performing assets to total assets
3.75
3.60
3.54
3.50
3.47
2.32
2.32
2.26
2.15
2.05
156.28
12.66
154.67
13.13
155.57
11.16
155.88
11.03
161.66
11.89
127.23
.60
127.29
.87
125.48
.62
121.88
.45
122.80
1.19
.93
1.50
1.39
1.62
.89
1.66
.67
1.63
1.90
1.64
161.25
24.92
.08
116.24
23.02
.16
186.85
24.03
.23
242.76
24.49
.38
86.47
31.75
.43
Non-performing loans to total loans
Loan loss allowance to total loans
Loan loss allowance to non-performing
loans
Dividend payout ratio
Net charge-offs to average loans
Net earnings divided by average total assets.
Net earnings divided by average total equity.
(3)
Interest rate spread is calculated by subtracting combined weighted-average interest rate cost from combined
weighted-average interest rate earned.
(4)
Net interest income divided by average interest-earning assets.
(5)
Total equity divided by total assets.
(1)
(2)
transfer agent - Computershare is the transfer agent and registrar for Logansport Financial Corp. and
maintains shareholder records for the Company. Your account may be managed online via the Investor Centre
Tab at www.computershare.com, a cost-free web tool for shareholders, where you will be able to view your
account details, update your account information and process various transactions. Shareholders requiring a
change of name, address or ownership of stock, as well as information about shareholder records, lost or stolen
certificates, dividend checks, or dividend direct deposit should use the cost-free web site or contact them at:
computershare
8742 Lucent Boulevard, Suite 225
Highlands Ranch, CO 80129
(800) 942-5909
www.Computershare.com
LSB
generaL coUnseL
Barnes & Thornburg
11 South Meridian Street
Indianapolis, Indiana 46204
independent aUditors
BKD LLP
200 E. Main Street, Suite 700
Fort Wayne, IN 46802