Logansport Financial : 2021 Audited Financial Statements

Logansport Financial Corp.

Independent Auditor's Report and Consolidated Financial Statements

December 31, 2021 and 2020

Logansport Financial Corp.

December 31, 2021 and 2020

Contents

Independent Auditor's Report ............................................................................................... 1

Consolidated Financial Statements

Balance Sheets .................................................................................................................................... 3

Statements of Income ......................................................................................................................... 4

Statements of Comprehensive Income ............................................................................................... 5

Statements of Stockholders' Equity ................................................................................................... 6

Statements of Cash Flows .................................................................................................................. 7

Notes to Financial Statements ............................................................................................................ 8

Independent Auditor's Report

Board of Directors and Stockholders

Logansport Financial Corp. Logansport, Indiana

Opinion

We have audited the consolidated financial statements of Logansport Financial Corp. and its subsidiary, which comprise the consolidated balance sheets as of December 31, 2021 and 2020, and the related consolidated statements of income, comprehensive income, stockholders' equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Logansport Financial Corp. and its subsidiary as of December 31, 2021 and 2020, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's

Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of Logansport Financial Corp. and its subsidiary and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Logansport Financial Corp.'s ability to continue as a going concern within one year after the date that these consolidated financial statements are available to be issued.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and, therefore, is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

•  Exercise professional judgment and maintain professional skepticism throughout the audit

•  Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements

•  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Logansport Financial Corp.'s internal control. Accordingly, no such opinion is expressed

•  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements

•  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Logansport Financial Corp.'s ability to continue as a going concern for a reasonable period of time

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Fort Wayne, Indiana

February 9, 2022

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Logansport Financial Corp.

Consolidated Balance Sheets December 31, 2021 and 2020 (In Thousands, Except Share Data)

Assets

Cash and due from banks Federal funds sold

Interest-bearing demand deposits in banks

Cash and cash equivalents Interest-bearing time deposits in banks Available-for-sale debt securities

Loans receivable, net of allowance for loan losses of $2,018 and $1,872 at December 31, 2021 and 2020, respectively

Loans held for sale

Premises and equipment, net Federal Home Loan Bank stock Accrued interest receivable

Cash surrender value of life insurance Other assets

2021

2020

$

1,603 $ 1,387

5,706 5,453

4,335 5,590

11,644 12,430

5,000 5,000

82,080 59,127

139,480 134,996

315 2,298

1,195 1,287

1,969 731

1,569 1,569

3,347 2,099

1,107 828

Total assets

Liabilities and Stockholders' Equity

Liabilities

Deposits

Accrued interest and other liabilities

Total liabilities

Stockholders' Equity

Common stock, no par, $7.00 stated value; 5,000,000 shares authorized; issued and outstanding 2021 - 607,487 and 2020 - 611,863 shares

Retained earnings

Accumulated other comprehensive income

Total stockholders' equity

$

247,706

$

220,365

$

216,560 $ 189,476

2,686 2,438

219,246

191,914

4,252 4,283

22,596 21,761

1,612 2,407

28,460

28,451

Total liabilities and stockholders' equity

$

247,706

$

220,365

See Notes to Consolidated Financial Statements

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