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 SEPTEMBER 30,
1996 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
November 5, 1996 was 1,310,000.
<PAGE>
Logansport Financial Corp.
Form 10-Q
Index
Page No.
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements 3
Consolidated Condensed Statement of Financial
Condition as of September 30, 1996 (Unaudited) and
December 31, 1995
Consolidated Condensed Statement of Income for the
three and nine months ended September 30, 1996 and
1995 (Unaudited)
Consolidated Condensed Statement of Changes in
Shareholders' Equity for the nine months ended
September 30, 1996 and 1995 (Unaudited)
Consolidated Condensed Statement of Cash Flows for
the nine months ended September 30, 1996 and 1995
(Unaudited)
Notes to Consolidated Financial Statements 8
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 10
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 14
Item 5. Other information 14
Item 6. Exhibits and Reports of Form 8-K 14
SIGNATURES
2
<PAGE>
<TABLE>
<CAPTION>
LOGANSPORT FINANCIAL CORP.
Consolidated Condensed Statement of Financial Condition
(Unaudited)
September 30, December 31,
1996 1995
------------- -----------
Assets
<S> <C> <C>
Cash $ 1,203,287 $ 1,267,791
Short-term interest bearing deposits 3,653,258 1,974,788
------------- -----------
Total cash and cash equivalents 4,856,545 3,242,579
Interest bearing deposits 100,000 100,000
Securities available for sale 16,460,700 18,753,096
Loans 55,859,412 49,930,050
Allowance for loan losses (232,970) (222,700)
------------ -----------
Net loans 55,626,442 49,707,350
Premises and equipment 477,372 432,176
Federal Home Loan Bank stock, at cost 386,500 348,200
Cash value of life insurance 1,032,686 1,005,686
Other assets 785,937 1,058,221
----------- -----------
Total assets $ 79,726,182 $ 74,647,308
=========== ===========
Liabilities
Deposits $ 55,933,367 $ 52,460,980
Federal Home Loan Bank advances 3,000,000 1,000,000
Dividends payable 4,099,750 132,250
Other liabilities 766,572 599,808
----------- -----------
Total liabilities 63,799,689 54,193,038
----------- -----------
Shareholders' Equity
Common stock 8,411,556 12,670,006
Retained earnings-substantially restricted 8,306,318 7,774,213
Unearned compensation (553,111)
Net unrealized gain (loss) on securities
available for sale, net of tax (238,270) 10,051
----------- ------------
Total shareholders' equity 15,926,493 20,454,270
----------- -----------
Total liabilities and shareholders' equity $ 79,726,182 $ 74,647,308
=========== ===========
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
LOGANSPORT FINANCIAL CORP.
Consolidated Condensed Statement of Income
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------- -------------------------------
1996 1995 1996 1995
---- ---- ---- ----
Interest Income
<S> <C> <C> <C> <C>
Loan $1,142,036 $958,884 $3,250,330 $2,708,227
Investment Securities
Taxable 243,004 232,478 731,503 520,292
Tax-exempt 31,573 29,821 94,107 85,903
Other interest and
dividend income 36,511 43,616 119,198 133,621
----------- ---------- ------------ ------------
Total interest income 1,453,124 1,264,799 4,195,138 3,448,043
---------- --------- ---------- ----------
Interest Expense
Deposits 656,729 613,433 1,922,390 1,802,906
Federal Home Loan Bank
advances 27,303 56,102 31,728
----------- ----------- ----------- -----------
Total interest expense 684,032 613,433 1,978,492 1,834,634
----------- ---------- ---------- ----------
Net Interest Income 769,092 651,366 2,216,646 1,613,409
Provision for losses on loans 3,000 3,000 9,000 9,000
------------ ------------ ----------- ------------
Net Interest Income After Provision
for Losses on Loans 766,092 648,366 2,207,646 1,604,409
----------- ---------- ---------- -------------
Other Income
Service charges on deposit
accounts 19,553 12,562 48,639 31,559
Net realized gains (losses) on
security sales (34,392) 1,354 (26,516) 3,095
Recoveries on previously
written-off securities 17,291 23,779
Other income 13,007 15,343 35,717 32,993
------------ ------------ ---------- ------------
Total other income (1,832) 29,259 75,131 91,426
------------- ----------- ---------- ------------
Other Expenses
Salaries and employee benefits 172,932 129,233 478,489 361,452
Net occupancy expenses 9,435 8,643 29,505 25,157
Equipment expenses 8,722 10,624 29,107 33,388
Deposit insurance expense 368,955 29,289 428,553 87,240
Computer processing fees 24,512 22,329 68,526 63,333
Other expenses 72,924 62,264 255,264 175,188
---------- ----------- ---------- -----------
Total other expense 657,480 262,382 1,289,444 745,758
----------- ----------- ------------ -----------
Income Before Income Tax 106,780 415,243 993,333 950,077
Income tax expense 25,457 153,683 355,428 345,284
---------- ----------- ----------- ------------
Net Income $81,323 $261,560 $637,905 $604,793
========== =========== =========== ===========
Net Income per share $.06 $.48
========== ===========
Weighted average shares outstanding 1,322,500 1,322,500
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
LOGANSPORT FINANCIAL CORP.
Consolidated Condensed Statement of Shareholders' Equity
(Unaudited)
Nine Months Ended
September 30,
-----------------------------
1996 1995
---- ----
<S> <C> <C>
Beginning balance $ 20,454,270 $ 6,833,494
Net proceeds in conversion and sale of stock 12,673,850
Contribution for unearned compensation (614,567)
Amortization of unearned compensation expense 61,456
Dividends (4,364,250) (132,250)
Net change in unrealized gain (loss)
on securities available for sale (248,321) 88,439
Net income 637,905 604,793
----------- -----------
Ending balance $ 15,926,493 $ 20,068,326
=========== ===========
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
LOGANSPORT FINANCIAL CORP.
Consolidated Condensed Statement of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
-----------------------------
1996 1995
---------- ----------
Operating Activities
<S> <C> <C>
Net income $ 637,905 $ 604,793
Adjustments to reconcile net income to
net cash provided by operating activities
Provision for loan losses 9,000 9,000
Investment securities losses(gains) 26,516 (3,095)
Premium and discount amortization, net 31,697 379
Amortization of unearned compensation 61,457
Depreciation 28,082 33,006
Gain on real estate owned (869) (5,252)
Change in
Other assets 408,159 (49,802)
Other liabilities 166,764 204,260
---------- ----------
Net cash provided by operating activities 1,368,711 793,289
---------- ----------
Investing Activities
Purchase of securities available for sale (7,913,134) (11,772,462)
Proceeds from available for sale maturities 1,490,000 3,061,428
Proceeds from available for sale sales 5,750,174 349,566
Proceeds from held to maturity maturities 350,000
Payments on mortgage and asset-backed
securities 2,495,946 844,851
Purchase of Federal Home Loan Bank Stock (38,300) (40,900)
Net changes in loans (5,926,981) (4,631,427)
Proceeds from real estate owned 2,500
Investment in real estate owned (242) (9,264)
Purchase of premises and equipment (73,278) (11,641)
---------- ----------
Net cash used by investing activities (4,215,815) (11,857,349)
---------- ----------
</TABLE>
6
<PAGE>
LOGANSPORT FINANCIAL CORP.
Consolidated Condensed Statement of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
-----------------------------
1996 1995
---------- -----------
<S> <C> <C>
Financing Activities
Sale of common stock, net of costs 12,673,850
Net change in
Noninterest-bearing deposits, NOW,
passbook, and money market savings 1,085,549 1,338,290
Certificates of deposit 2,386,838 (343,894)
Payment of Federal Home Loan Bank Advances (1,000,000)
Proceeds from Federal Home Loan Bank
Advances 2,000,000
Contribution for unearned compensation (614,567)
Payment of dividends (396,750)
---------- -----------
Net cash provided by financing
activities 4,461,070 12,668,246
---------- -----------
Net Change in Cash and Cash Equivalents 1,613,966 1,604,186
Cash and Cash Equivalents, Beginning of Period 3,242,579 1,644,880
----------- -----------
Cash and Cash Equivalents, End of Period $ 4,856,545 $ 3,249,066
========== ==========
Additional Cash Flow and Supplementary
Information
Interest paid $1,967,831 $1,787,822
Income tax paid 552,329 250,500
Dividends payable 4,099,750 132,250
Transfer to real estate owned 17,889 71,046
New loan on real estate owned 19,000 40,500
</TABLE>
7
<PAGE>
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
NOTE A: Basis of Presentation
The unaudited interim consolidated condensed financial statements include the
accounts of Logansport Financial Corp. (the "Company") and its subsidiary,
Logansport Savings Bank, FSB (the "Bank").
The unaudited interim consolidated condensed 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. In the opinion of
management, the financial statements reflect all adjustments necessary to
present fairly the Company's financial position as of September 30, 1996,
results of operations for the three and nine month periods ended September 30,
1996 and 1995 and cash flows for the nine month periods ended September 30, 1996
and 1995.
NOTE B: Plan of Conversion and Other Matters
Effective June 13, 1995, the Bank completed its conversion from a federally
chartered mutual savings bank to a federally chartered stock savings bank (the
"Conversion"), and became a wholly-owned subsidiary of the Company. In the
Conversion, the Company sold 1,322,500 shares of Common Stock, with no par value
("Common Stock"), for $10.00 per share and used all proceeds except $3,982,500
to acquire complete ownership of the Bank. Net proceeds of the Company's stock
issuance, after costs, were $12,670,006.
At a meeting of the Company's shareholders on April 9, 1996, the Board of
Directors submitted for shareholder approval a stock option plan (the "Stock
Option Plan"), and at that time made certain awards pursuant to the Stock Option
Plan. The plan was approved by the Company's shareholders. Common Stock in an
aggregate amount of 10.0% of the shares issued in the Conversion (132,250
shares) were reserved for issuance upon the exercise of options granted under
the Stock Option Plan. Options were granted under the Stock Option Plan for
108,691 shares of common stock and have an exercise price per share equal to
$12.50, the fair market value of the shares on the date of grant.
Statement of Financial Accounting Standards No. 123, Stock-Based Compensation,
is effective for the Company for 1996. This statement establishes a fair value
based method of accounting for stock-based compensation plans. As provided by
the statement, the Company will account for stock-based compensation as
prescribed in Accounting Principles Board Opinion No. 25, Accounting for Stock
Issued to Employees, with appropriate proforma disclosures made in the notes to
its annual audited financial statements.
Additionally, at a meeting of the Company's shareholders held on April 9, 1996,
the Board of Directors submitted for shareholder approval a Management
Recognition and Retention Plan and Trust (the "RRP"). The RRP was approved by
the shareholders. The Bank contributed funds to the RRP to enable it to acquire
an aggregate amount of Common Stock equal to up to 4.0% of the shares issued in
the Conversion (52,900 shares), either directly from the Company or in the open
8
<PAGE>
market. Shares awarded under the RRP vest at a rate of 20% at the end of each
full twelve months of service with the Bank after the date of grant. As of April
9, 1996, the number of shares awarded under the RRP was 46,675. All of these
shares were acquired in the open market during the quarter ended June 30, 1996,
for an average price per share of $13.17.
NOTE C: Cash Dividends and Earnings Per Share
A cash dividend of $.10 per common share was declared on September 10, 1996,
payable on October 10, 1996, to shareholders of record as of September 23, 1996.
Earnings per share was computed based upon the weighted average common shares
outstanding during the period subsequent to the Bank's conversion to a stock
savings bank on June 13, 1995. Net income per share for the three and nine
months ended September 30, 1995 is not meaningful.
On September 10, 1996 the Board of Directors also declared a one-time special
cash distribution of $3.00 per share to the holders of the Company's common
stock. The special one-time cash distribution will be payable on December 10,
1996 to shareholders of record on November 25, 1996.
The Company has received a Private Letter Ruling from the Internal Revenue
Service which qualifies most of the 1996 cash distributions to shareholders,
including regular quarterly dividends and the one-time special cash distribution
totaling $4,364,250, or $3.30 per share, as a nontaxable return of capital.
Accordingly, as of September 30, 1996, $3.22 per share or $4,258,450 has been
charged to common stock and $.08 or $105,800 has been charged to retained
earnings.
NOTE D: Repurchase Program
On October 22, 1996 the Company announced its intent to repurchase, from time to
time, on the open market up to 5% of the Company's common stock, without par
value, or 66,125 such shares. Such purchases will be made subject to market
conditions in open market or block transactions and may begin as early as
October 28, 1996, since the required regulatory clearance has been received. As
of November 5, 1996, 12,500 shares had been purchased pursuant to this program
at an average price per share of $14.35.
9
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operation.
Financial Condition
Total assets were $79.7 million at September 30, 1996 compared to $74.6 million
at December 31, 1995, an increase of $5.1 million or 6.8%. This increase
resulted primarily from a growth in deposits of $3.4 million and an increase in
Federal Home Loan Bank advances of $2.0 million, both of which were reinvested
in loans. Securities decreased from $18.8 million at December 31, 1995 to $16.5
million at September 30, 1996. This decrease was due to investment maturities,
security sales and calls, and mortgage-backed securities pay-downs. In addition
to other securities sales, $2.7 million of structured notes were sold and
generally reinvested in mortgage-backed securities.
Loans increased $6.0 million, or 11.9%, from $49.9 million at December 31, 1995
to $55.9 million at September 30, 1996. Loan demand continues to be excellent.
No commercial paper was owned by the Company at September 30, 1996. Commercial
paper owned at December 31, 1995 and included in loan totals was $0.9 million.
Deposits were $55.9 million at September 30, 1996 compared to $52.5 million at
December 31, 1995, or an increase of $3.4 million in the first three quarters of
1996. During the nine months ended September 30, 1996, Federal Home Loan Bank
advances in the amount of $1.0 million were converted to a fixed rate with a one
year term from a variable rate with a three month maturity. An additional
advance of $1.0 million with a fixed rate and a three month maturity was
obtained during both the second and the third quarter resulting in total
outstanding advances of $3.0 million at September 30, 1996.
Shareholders' equity was $15.9 million at September 30, 1996 and $20.5 million
at December 31, 1995. Dividends, a change in the unrealized gain (loss) on
securities available for sale, from a gain of $10,051 at December 31, 1995 to a
loss of $238,270 at September 30, 1996, and the contribution to the RRP for the
purchase of Company stock in the open market combined to result in a decrease in
shareholders' equity for the nine months ended September 30, 1996.
On October 22, 1996 the Company announced its intent to repurchase, from time to
time, on the open market up to 5% of the Company's common stock, without par
value, or 66,125 such shares. Such purchases will be made subject to market
conditions in open market or block transactions and may begin as early as
October 28, 1996, since the required regulatory clearance has been received. As
of November 5, 1996, 12,500 shares had been purchased pursuant to this program
at an average price per share of $14.35.
10
<PAGE>
Results of Operations
Comparison of the Three Months Ended September 30, 1996 and September 30, 1995
Net income for the Company for the three months ended September 30, 1996 was $
81,323 compared with $261,560 for the three months ended September 30, 1995, or
a decrease of $180,237. This decrease is the result of the one-time assessment
to recapitalize the Savings Association Insurance Fund. The SAIF special
assessment was part of the omnibus appropriations bill to fund the Federal
Government which passed Congress on September 30, 1996. The pretax charge was
approximately $338,000 and the after tax effect was $204,000. The assessment is
payable on November 27, 1996. Without the assessment, net income would have been
$285,323 or an increase of 9.1% over net income at September 30, 1995. Interest
income increased $188,325 for the three months ended September 30, 1996 compared
to September 30, 1995. The major contributor to the increase in interest income
was the growth in the loan portfolio. In addition, increasing interest rates
have resulted in ARM loans repricing at higher rates and thus increasing
mortgage loan income. Interest expense increased $70,599 or 11.5% for the three
months ended September 30, 1996 compared to the three months ended September 30,
1995. Net interest income for the three months ended September 30, 1996 was
$769,092 compared to $651,366 at September 30, 1995, an increase of $117,726 or
18.1%.
The provision for loan losses was $3,000 for each of the three-month periods
ended September 30, 1996 and 1995. One property was taken into real estate owned
for the quarter ended September 30, 1996. It was sold during the quarter for a
gain of $869. Two properties were taken into real estate owned during the
quarter ended September 30, 1995. One was sold at a gain before the quarter
ended and the other was sold during the fourth quarter of 1995, also at a gain.
Non-performing loans decreased to $286,000, or 0.51% of loans, at September 30,
1996 from $311,000, or 0.63% of loans, at December 31, 1995. Loan loss reserves
amounted to $232,970, or 0.42% of total loans, at September 30, 1996 compared to
$222,700, or 0.45% at December 31, 1995.
Total other income decreased by $31,091, primarily because of $34,392 of
nonrecurring losses on the sale of securities in the quarter ending September
30, 1996. Service charges on deposit accounts increased by $6,991, or 55.7%,
from September 30, 1996 over September 30, 1995.
Total other expenses increased $395,098 of which $338,000 was related to the
SAIF assessment. Without considering the assessment the total increase was
$57,098 or 21.8% for the three months ending September 30, 1996 compared to
September 30, 1995. Salaries and employee benefits increase $43,699, or 33.8%.
This increase is a result of general and merit pay increases, the inclusion of
additional employees in various benefit plans due to length of service, and
amortization of the expense associated with the RRP. Other operating expenses
experienced an increase of $10,660 or 17.1%. Other expenses were $72,924 for the
three months ended September 30, 1996 compared to $62,264 for the three months
ended September 30, 1995. Approximately $5,000 of the increase was related to an
increase in legal expenses, accounting fees, exam fees, stock market listing
fees, transfer agent fees, and printing expenses. All of these additional
expenses are associated with doing business as a public company. The rest of the
increase is related to advertising increases, costs associated with increased
account volume and charges associated with offering an ATM card.
The Company's effective tax rate for the three months ended September 30, 1996
was 23.8% compared to 37.0% for the three months ended September 30, 1995.
11
<PAGE>
Comparison of the Nine Months Ended September 30,1996 and September 30, 1995
Net income for the Company for the nine months ended September 30, 1996 was
$637,905 compared with $604,793 for the nine months ended September 30, 1995.
This is an increase of $33,112 or 5.5%. Without the SAIF assessment, net income
would have increased $237,112 or 39.2%. Interest income increased $747,095 for
the nine months ended September 30, 1996 compared to September 30, 1995.
Interest expense increased $143,858 resulting in an improvement in net interest
income of $603,237 or 37.4%, when comparing the nine months ended September 30,
1996 to the nine months ended September 30, 1995.
The provision for loan losses was $9,000 for each of the nine month periods
ended September 30, 1996 and 1995. The growth in loans outstanding has not
resulted in a need for an additional loan loss provision or resulted in an
increase in nonperforming loans as discussed in the previous section.
Total other income decreased by $16,295 or 17.8% mainly because of the losses on
the sale of securities in the quarter ending September 30, 1996. Service charges
on deposit accounts increased $17,080, or 54.1%. This increase is a result of an
increase in the volume of transaction accounts and new service charges imposed.
There was a nonrecurring recovery on securities previously written off of
$17,291 in the nine months ended September 30, 1996 and $23,779 in the period
ending September 30, 1995.
Total other expenses increased $205,686, or 27.6%, for the nine months ending
September 30, 1996 compared to the nine months ended September 30, 1995 after
reducing other expenses for 1996 for the $338,000 charge related to the SAIF
assessment. The increases were concentrated in two areas, salaries and employee
benefits and other expenses. Salary and employee benefits increased $117,037, or
32.4%. This is a result of general and merit pay increases, the inclusion of
additional employees in various benefit plans due to length of service, and
amortization of the expense associated with the RRP which was approved April 9,
1996 at the shareholder's meeting. The plan was effective for six months of the
nine-month period ending September 30, 1996 and resulted in amortization expense
of $61,456 for the nine months ended September 30, 1996.
Other expenses increased $80,076 for the nine months ended September 30, 1996
compared to the nine months ended September 30, 1995. Approximately $8,000 of
the increase is costs associated with an increase in the volume of checking
accounts and the additional services connected with these accounts such as
issuing ATM cards. Advertising expense also increased by $6,000 as new and
additional means were used to promote the Company's products. The remaining
increases in other expenses of $66,000 were related to increases in legal
expenses, accounting fees, exam fees, stock market listing fees, transfer agent
fees, and printing expenses. All of these are associated with the additional
costs of doing business as a public company.
The Company's effective tax rate for the nine months ended September 30,1996 was
35.8% compared to 36.3% for the nine months ended September 30, 1995.
12
<PAGE>
Capital Resources
Pursuant to OTS capital regulations, savings associations must currently meet a
1.5% tangible capital requirement, a 3% leverage ratio (or core capital)
requirement, and total risk-based capital to risk-weighted assets ratio of 8%.
At September 30, 1996, the Bank's tangible capital ratio was 21.9%, its leverage
ratio was 21.9%, and its risk-based capital to risk-weighted assets ratio was
41.6%. 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 as of September 30, 1996.
Capital Standard Required Bank's Excess
- ---------------- -------- ------ ------
Tangible (1.5%) $1,148,000 $16,705,000 $15,557,000
Core (3.0%) 2,296,000 16,705,000 14,409,000
Risk-based (8.0%) 3,254,000 16,938,000 13,684,000
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
account and borrowings due within one year. The minimum required ratio is
currently set by the Office of Thrift Supervision at 5%, of which 1% must be
comprised of short-term investments. At September 30, 1996 the Company's ratio
was 17.7%, of which 8.4% was comprised of short-term investments.
13
<PAGE>
Part II. OTHER INFORMATION
Item 1. Legal Proceedings
Neither the Bank nor the Company were during the three-month period ended
September 30, 1996 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 5. Other Information
On October 11, 1994 the Board of Directors of the Bank adopted a Plan of
Conversion (the "Plan"), which was amended on February 14, 1995, providing for
the Conversion of the Bank from a federal mutual savings bank to a federal stock
savings bank, all the outstanding shares of which would be held by the Company.
The Plan was approved by the Office of Thrift Supervision, subject to approval
by the Bank's members. A special meeting was held on May 31, 1995, and the
members of the Bank approved the Plan by a vote of 364,854 votes for approval of
the Plan and 9,947 votes against approval of the Plan.
In a subscription offering, the Company sold 1,322,500 shares of Common Stock,
without par value, for $10.00 per share. The Company realized net proceeds of
approximately $12.7 million in connection with the Bank's Conversion and the
sale of 1,322,500 shares of the Common Stock. Of those proceeds, $3,982,500 were
retained at the holding company level by the Company. The remaining net proceeds
were used to acquire all of the capital stock of the Bank.
The Company's shares began trading on the National Association of Securities
Dealers Automated Quotation System, Small Cap Market, under the symbol "LOGN" on
June 14, 1995.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
The following exhibits are attached to this report on Form 10-Q:
(27) Financial Data Schedule
(b) Reports on Form 8-K.
The Registrant filed no reports on Form 8-K during the fiscal quarter
ended September 30, 1996.
14
<PAGE>
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: November 13, 1996 By:/s/ Thomas G. Williams
-----------------------
Thomas G. Williams, President and
Chief Executive Officer
Date: November 13, 1996 By:/s/ Dottye Robeson
-----------------------
Dottye Robeson, Secretary and
Treasurer
15
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000939928
<NAME> Logansport Financial Corp.
<MULTIPLIER> 1,000
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JUL-1-1996
<PERIOD-END> SEP-30-1996
<EXCHANGE-RATE> 1.000
<CASH> 4,857
<INT-BEARING-DEPOSITS> 100
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 16,461
<INVESTMENTS-CARRYING> 16,461
<INVESTMENTS-MARKET> 16,461
<LOANS> 55,859
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0
0
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<EPS-DILUTED> .06
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<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
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</TABLE>
