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, 2003 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)

                          (574) 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 [ ]

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act).

                  Yes [ ]    No [X]

The number of shares outstanding of the Registrant's  common stock,  without par
value, as of November 1, 2003 was 877,444.
<PAGE>

                           Logansport Financial Corp.
                                    Form 10-Q
                                      Index

                                                                      Page No.

PART 1.  FINANCIAL INFORMATION
Item 1.    Financial Statements

           Consolidated Statements of Financial
             Condition as of September 30, 2003
             and December 31, 2002                                         3

           Consolidated Statements of Earnings
             for the three and nine months ended September 30,
             2003 and 2002                                                 4

           Consolidated Statements of Shareholders'
             Equity for the nine months ended
             September 30, 2003 and 2002                                   5

           Consolidated Statements of Cash Flows
             for the nine months ended
             September 30, 2003 and 2002                                   6

           Notes to Consolidated Condensed Financial
             Statements                                                    8

Item 2.    Management's Discussion and Analysis of Financial
             Condition and Results of Operations                           12

Item 3.     Quantitative and Qualitative Disclosures About Market Risk     16

Item 4.    Controls and Procedures                                         17

PART II. OTHER INFORMATION

Item 1.    Legal Proceedings                                               18

Item 2.    Changes in Securities and Use of Proceeds                       18

Item 3.    Defaults Upon Senior Securities                                 18

Item 4.    Submission of Matters to a Vote of Security Holders             18

Item 5.    Other Information                                               18

Item 6.    Exhibits and Reports on Form 8-K                                18

SIGNATURES                                                                 19
<PAGE>
<TABLE>
<CAPTION>
                                         LOGANSPORT FINANCIAL CORP.

                                Consolidated Statements of Financial Condition

                                       (In thousands, except share data)


                                                                          September 30,        December 31,
         ASSETS                                                                    2003                2002
                                                                            (unaudited)

<S>                                                                           <C>                 <C>
Cash and due from banks                                                       $     989           $     778
Interest-bearing deposits in other financial institutions                         9,640              12,739
                                                                              ---------           ---------
         Cash and cash equivalents                                               10,629              13,517

Investment securities designated as available for sale - at market               10,185               8,060
Mortgage-backed securities designated as available for sale - at market          16,608              11,009
Loans receivable - net                                                          106,720             110,386
Office premises and equipment - at depreciated cost                               1,722               1,767
Federal Home Loan Bank stock - at cost                                            2,054               2,003
Investment in real estate partnership                                               968               1,026
Accrued interest receivable on loans                                                482                 410
Accrued interest receivable on mortgage-backed securities                            59                  49
Accrued interest receivable on investments and interest-bearing deposits            109                 107
Prepaid expenses and other assets                                                   335                  80
Cash surrender value of life insurance                                            1,317               1,317
Deferred income tax asset                                                           533                 364
Prepaid income taxes                                                                 31                   4
                                                                              ---------           ---------

         Total assets                                                         $ 151,752           $ 150,099
                                                                              =========           =========

         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                      $  98,859           $  98,325
Advances from the Federal Home Loan Bank                                         34,027              33,836
Notes payable                                                                     1,918               1,793
Accrued interest and other liabilities                                              860                 772
                                                                              ---------           ---------
         Total liabilities                                                      135,664             134,726

Shareholders' equity
  Preferred stock - no par value, 2,000,000 shares authorized; none issued           -                   -
  Common stock - no par value, 5,000,000 shares authorized; 877,444
    and 848,958 shares at aggregate value issued and outstanding at
    September 30, 2003 and December 31, 2002, respectively                        1,752               1,446
  Retained earnings - restricted                                                 14,203              13,444
  Less shares acquired by stock benefit plan                                        (27)                (44)
  Accumulated comprehensive income, unrealized gains on securities
    designated as available for sale, net of related tax effects                    160                 527
                                                                              ---------           ---------
         Total shareholders' equity                                              16,088              15,373
                                                                              ---------           ---------

         Total liabilities and shareholders' equity                           $ 151,752           $ 150,099
                                                                              =========           =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                LOGANSPORT FINANCIAL CORP.

                                           Consolidated Statements of Earnings

                                            (In thousands, except share data)

                                                                       Three months ended             Nine months ended
                                                                          September 30,                  September 30,
                                                                    2003             2002            2003          2002
<S>                                                                <C>              <C>             <C>          <C>
Interest income
  Loans                                                            $1,819           $2,087          $5,629       $6,272
  Mortgage-backed securities                                          170              106             438          260
  Investment securities                                                97               93             292          282
  Interest-bearing deposits and other                                  62               66             156          186
                                                                   ------           ------          ------       ------
         Total interest income                                      2,148            2,352           6,515        7,000

Interest expense
  Deposits                                                            650              741           1,942        2,256
  Borrowings                                                          490              474           1,451        1,425
                                                                   ------           ------          ------       ------
         Total interest expense                                     1,140            1,215           3,393        3,681
                                                                   ------           ------          ------       ------

         Net interest income                                        1,008            1,137           3,122        3,319
Provision for losses on loans                                          90               90             270          270
                                                                   ------           ------          ------       ------
         Net interest income after provision for
           losses on loans                                            918            1,047           2,852        3,049

Other income (loss)
  Service charges on deposit accounts                                  54               54             161          165
  Gain (loss) on sale of investment and mortgage-backed securities    (20)              -              232           17
  Gain on sale of loans                                                56               -              106           -
  Loss on equity investment                                           (26)             (21)            (76)         (77)
  Other operating                                                      22               25              76           86
                                                                   ------           ------          ------       ------
         Total other income                                            86               58             499          191

General, administrative and other expense
  Employee compensation and benefits                                  345              341           1,047          971
  Occupancy and equipment                                              46               58             165          184
  Data processing                                                      49               49             142          144
  Other operating                                                     132              131             428          458
                                                                   ------           ------          ------       ------
         Total general, administrative and other expense              572              579           1,782        1,757
                                                                   ------           ------          ------       ------

         Earnings before income taxes                                 432              526           1,569        1,483
Income tax expense                                                    112              151             448          417
                                                                   ------           ------          ------       ------

         NET EARNINGS                                              $  320           $  375          $1,121       $1,066
                                                                   ======           ======          ======       ======

Other comprehensive income, net of tax:
  Unrealized gains (losses) on securities, net of tax              $ (315)          $  151         $  (214)     $   260
  Reclassification adjustment for realized (gains) losses
    included in earnings, net of taxes (benefits) of $(7), $79
    and $6 for the respective periods                                  13               -             (153)         (11)
                                                                   ------           ------          ------       ------
COMPREHENSIVE INCOME                                               $   18           $  526          $  754       $1,315
                                                                   ======           ======          ======       ======
EARNINGS PER SHARE
  Basic (based on net earnings)                                      $.36             $.41           $1.30        $1.12
                                                                      ===              ===            ====         ====
  Diluted (based on net earnings)                                    $.36             $.39           $1.27        $1.08
                                                                      ===              ===            ====         ====
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                           LOGANSPORT FINANCIAL CORP.

                 Consolidated Statements of Shareholders' Equity

                        (In thousands, except share data)

                                                            Nine months ended
                                                               September 30,
                                                           2003           2002

<S>                <C>                                   <C>            <C>
Balance at January 1                                     $15,373        $17,402

Purchase of shares                                            -          (2,466)

Issuance of shares under stock option plan                   306            291

Amortization of stock benefit plan                            17             13

Cash dividends of $.42 in 2003 and $.38 in 2002             (362)          (359)

Unrealized gains (losses) on securities designated as
  available for sale, net of related tax effects            (367)           249

Net earnings                                               1,121          1,066
                                                         -------        -------

Balance at September 30                                  $16,088        $16,196
                                                         =======        =======

Accumulated other comprehensive income                   $   160        $   504
                                                         =======        =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                 LOGANSPORT FINANCIAL CORP.
                                            Consolidated Statements of Cash Flows
                                                       (In thousands)

                                                                                                  Nine months ended
                                                                                                    September 30,
                                                                                             2003                  2002
Cash flows from operating activities:
<S>                                                                                      <C>                   <C>
  Net earnings for the period                                                            $  1,121              $  1,066
  Adjustments to reconcile net earnings to net cash
  provided by (used in) operating activities:
    Depreciation and amortization                                                              82                    80
    Amortization of premiums on investments and
      mortgage-backed securities                                                               48                    34
    Gain on sale of investment and mortgage-backed securities                                (232)                  (17)
    Amortization expense of stock benefit plan                                                 17                    13
    Federal Home Loan Bank stock dividends                                                    (51)                   -
    Loans originated for sale in the secondary market                                      (5,613)                   -
    Proceeds from the sale of loans in the secondary market                                 5,672                    -
    Gain on sale of loans                                                                     (59)                   -
    Provision for losses on loans                                                             270                   270
    Loss on equity investment                                                                  76                    77
    Increase (decrease) in cash, due to changes in:
      Accrued interest receivable on loans                                                    (72)                  (36)
      Accrued interest receivable on mortgage-backed securities                               (10)                  (23)
      Accrued interest receivable on investments                                               (2)                   13
      Prepaid expenses and other assets                                                      (255)                   18
      Accrued interest and other liabilities                                                   88                    69
      Federal income taxes
        Current                                                                               (27)                  (69)
        Deferred                                                                               21                    22
                                                                                         --------              --------
         Net cash provided by operating activities                                          1,074                 1,517

Cash flows provided by (used in) investing activities:
  Proceeds from sale of investment securities                                               1,531                   269
  Purchase of investment securities                                                        (7,713)               (3,712)
  Proceeds from maturities/calls of investment securities                                   3,925                 2,235
  Purchase of mortgage-backed securities                                                  (24,643)               (8,024)
  Proceeds from sale of mortgage-backed securities                                         14,568                    -
  Principal repayments on mortgage-backed securities                                        4,235                 1,118
  Purchase of Federal Home Loan Bank stock                                                     -                    (30)
  Loan disbursements                                                                      (43,403)              (33,518)
  Principal repayments on loans                                                            46,646                31,370
  Investment in real estate partnership                                                       (18)                  (21)
  Proceeds from sale of real estate acquired through foreclosure                              153                    65
  Purchases and additions to office premises and equipment                                    (37)                  (67)
                                                                                         --------              --------
         Net cash used in investing activities                                             (4,756)              (10,315)
                                                                                         --------              --------

         Net cash used in operating and investing activities
           (balance carried forward)                                                       (3,682)               (8,798)
                                                                                         --------              --------
<PAGE>
                                                  LOGANSPORT FINANCIAL CORP.

                                        Consolidated Statements of Cash Flows (Continued)

                                                        (In thousands)
                                                                                                  Nine months ended
                                                                                                    September 30,
                                                                                             2003                  2002

         Net cash used in operating and investing activities
           (balance brought forward)                                                     $ (3,682)             $ (8,798)

Cash flows provided by (used in) financing activities:
  Net increase in deposit accounts                                                            534                13,114
  Proceeds from Federal Home Loan Bank advances                                             4,445                 9,950
  Repayment of Federal Home Loan Bank advances                                             (4,254)               (8,864)
  Proceeds from note payable                                                                  200                    -
  Repayment of note payable                                                                   (75)                  (72)
  Proceeds from the exercise of stock options                                                 306                   291
  Purchase of shares                                                                           -                 (2,466)
  Dividends on common stock                                                                  (362)                 (359)
                                                                                         --------              --------
         Net cash provided by financing activities                                            794                11,594
                                                                                         --------              --------

Net increase (decrease) in cash and cash equivalents                                       (2,888)                2,796

Cash and cash equivalents, beginning of period                                             13,517                 8,816
                                                                                         --------              --------

Cash and cash equivalents, end of period                                                 $ 10,629              $ 11,612
                                                                                         ========              ========


Supplemental disclosure of cash flow information:
    Cash paid during the period for:
      Interest on deposits and borrowings                                                $  3,402              $  3,674
                                                                                         ========              ========

    Income taxes                                                                         $    455              $    464
                                                                                         ========              ========

    Dividends payable at end of period                                                   $    123              $    120
                                                                                         ========              ========

Supplemental disclosure of noncash financing activities:
  Recognition of mortgage servicing rights in accordance
     with SFAS No. 140                                                                   $     47              $     -
                                                                                         ========              ========

  Transfers from loans to real estate acquired through foreclosure                       $    153              $     -
                                                                                         ========              ========

  Unrealized gains (losses) on securities designated as available for sale,
    net of related tax effects                                                           $   (367)             $    249
                                                                                         ========              ========

</TABLE>
<PAGE>
                           Logansport Financial Corp.

              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

     For the nine and three month periods ended September 30, 2003 and 2002


NOTE A: Basis of Presentation

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  accounting  principles
generally  accepted  in the United  States of  America  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, 2002.
In the opinion of management,  the financial  statements reflect all adjustments
(consisting of only normal recurring  accruals)  necessary to present fairly the
Logansport  Financial Corp.'s (the "Company") financial position as of September
30, 2003,  and its results of  operations  and cash flows for the three and nine
month periods ended  September 30, 2003 and 2002.  The results of operations for
the three and nine month  periods ended  September 30, 2003 are not  necessarily
indicative of the results which may be expected for the entire year.


NOTE B: Principles of Consolidation

The unaudited interim  consolidated  condensed financial  statements include the
accounts of the Company and its  subsidiary,  Logansport  Savings Bank, FSB (the
"Bank"). All significant intercompany items have been eliminated.


NOTE C: Earnings Per Share and Dividends Per Share

Basic  earnings  per share is computed  based upon the  weighted-average  shares
outstanding  during the period.  Diluted  earnings per share is computed  taking
into  consideration  common shares  outstanding  and dilutive  potential  common
shares issued under the Company's  stock option plan.  The  computations  are as
follows:

<TABLE>
<CAPTION>


                                                  For the three months ended            For the nine months ended
                                                         September 30,                        September 30,
                                                      2003           2002                    2003           2002

<S>                                                <C>            <C>                     <C>            <C>
Weighted-average common shares
  outstanding (basic)                              872,457        918,123                 859,504        955,824
Dilutive effect of assumed exercise
  of stock options                                  22,261         30,121                  20,442         29,512
                                                   -------        -------                 -------        -------
Weighted-average common shares
  outstanding (diluted)                            894,718        948,244                 879,946        985,336
                                                   =======        =======                 =======        =======

</TABLE>


A cash  dividend of $.14 per common  share was  declared on  September  2, 2003,
payable on October 10, 2003, to stockholders of record as of September 15, 2003.
<PAGE>

NOTE D: Critical Accounting Policies

Certain of the Company's  accounting  policies are important to the portrayal of
the  Company's  financial  condition,  since  they  require  management  to make
difficult,  complex or subjective judgments, some of which may relate to matters
that are  inherently  uncertain.  Estimates  associated  with these policies are
susceptible   to  material   changes  as  a  result  of  changes  in  facts  and
circumstances.  Facts and  circumstances  which  could  affect  these  judgments
include,  but  without  limitation,  changes in interest  rates,  changes in the
performance  of the economy or changes in the financial  condition of borrowers.
Management  believes that its critical  accounting  policies include determining
the allowance  for loan losses and  determining  the carrying  value of mortgage
servicing rights.  The Company's critical  accounting  policies are discussed in
detail in its  Shareholder  Annual  Report for the year ended  December 31, 2002
(incorporated by reference into the Company's 10K filing) in Note A of the Notes
to the Consolidated  Financial  Statements under "Allowance for Loan Losses." If
management were to underestimate  the allowance for loan losses,  earnings could
be reduced in the future as a result of greater  than  expected net loan losses.
Overestimations  of the required  allowance could result in future  increases in
income,  as loan loss  recoveries  increase  or  provisions  for losses on loans
decrease. Mortgage servicing rights are accounted for pursuant to the provisions
of SFAS No. 140. "Accounting for Transfers and Servicing of Financial Assets and
Extinguishment  of  Liabilities,"  which requires that the Company  recognize as
separate assets, rights to service mortgage loans for others,  regardless of how
those  servicing  rights are acquired.  An  institution  that acquires  mortgage
servicing  rights  through  either the purchase or origination of mortgage loans
and sells those loans with servicing  rights  retained must allocate some of the
cost of the loans to the mortgage servicing rights.

SFAS No. 140 requires that capitalized mortgage servicing rights and capitalized
excess servicing receivables be assessed for impairment.  Impairment is measured
based on fair value.  The  mortgage  servicing  rights  recorded by the Company,
calculated in accordance  with the  provisions of SFAS No. 140, were  segregated
into pools for valuation  purposes,  using as pooling criteria the loan term and
coupon rate.  Once pooled,  each grouping of loans was evaluated on a discounted
earnings  basis to  determine  the  present  value  of  future  earnings  that a
purchaser could expect to realize from each  portfolio.  Earnings were projected
from a variety of sources  including loan  servicing  fees,  interest  earned on
float,  net  interest  earned on  escrows,  miscellaneous  income,  and costs to
service the loans.  The present value of future earnings is the "economic" value
of the pool,  i.e.,  the net  realizable  present  value to an  acquiror  of the
acquired servicing.  Fluctuations in the fair value of mortgage servicing rights
may affect net earnings, as this asset is carried at the lower of amortized cost
or fair value.


NOTE E: Stock Option Plans

During 1996,  the Board of Directors  adopted a Stock Option Plan that  provided
for the issuance of 132,250 shares of common stock at the fair value at the date
of grant. During 1999, the Board of Directors adopted a second Stock Option Plan
that  provided  for the  issuance of 115,000  shares of common stock at the fair
value at the date of grant.

The Company accounts for its stock option plans in accordance with SFAS No. 123,
"Accounting for  Stock-Based  Compensation,"  which contains a fair  value-based
method  for  valuing  stock-based  compensation  that  entities  may use,  which
measures  compensation  cost at the grant  date  based on the fair  value of the
award. Compensation is then recognized over the service period, which is usually
the vesting period. Alternatively,  SFAS No. 123 permits entities to continue to
account for stock  options  and  similar  equity  instruments  under  Accounting
Principles  Board  ("APB")  Opinion  No.  25,  "Accounting  for Stock  Issued to
Employees."  Entities  that  continue  to account  for stock  options  using APB
Opinion No. 25 are  required to make pro forma  disclosures  of net earnings and
earnings per share, as if the fair value-based  method of accounting  defined in
SFAS No. 123 had been applied.

The Company applies APB Opinion No. 25 and related Interpretations in accounting
for  its  stock  option  plans.  Accordingly,  no  compensation  cost  has  been
recognized for the plans. Had  compensation  cost for the Company's stock option
plans  been  determined  based on the fair  value at the grant  dates for awards
under the plans consistent with the accounting  method utilized in SFAS No. 123,
there would have been no  material  effect on the  Company's  net  earnings  and
earnings per share for the nine and three month periods ended September 30, 2003
and 2002.

<PAGE>

NOTE E:  Stock Option Plans (continued)

A summary of the status of the Company's  stock option plans as of September 30,
2003 and December 31, 2002 and 2001,  and changes  during the periods  ending on
those dates is presented below:

<TABLE>
<CAPTION>

                                        September 30,                        December 31,
                                            2003                    2002                    2001
                                               Weighted-               Weighted-               Weighted-
                                                 average                 average                 average
                                                exercise                exercise                exercise
                                       Shares      price       Shares      price       Shares      price

<S>                                    <C>       <C>          <C>        <C>          <C>        <C>
Outstanding at beginning of period     79,136    $10.63       106,796    $10.61       125,915     $10.59
Granted                                    -         -           -           -             -          -
Exercised                             (28,486)    10.76       (27,660)    10.53       (15,463)     10.53
Forfeited                                  -         -             -         -         (3,656)     10.53
                                       ------     -----        ------     -----       -------      -----

Outstanding at end of period           50,650    $10.56        79,136    $10.63       106,796     $10.61
                                       ======     =====        ======     =====       =======      =====

Options exercisable at period-end      50,150    $10.53        78,636    $10.61       105,796     $10.58
                                       ======     =====        ======     =====       =======      =====
</TABLE>


The following information applies to options outstanding at September 30, 2003:

Number outstanding                                                       50,650
Range of exercise prices                                          $10.53-$13.75
Weighted-average exercise price                                          $10.56
Weighted-average remaining contractual life                           2.5 years


NOTE F: Recent Accounting Pronouncements

In December 2002, the Financial  Accounting  Standards Board (the "FASB") issued
Statement of Financial  Accounting  Standards ("SFAS") No. 148,  "Accounting for
Stock-Based  Compensation - Transition and Disclosure." SFAS No. 148 amends SFAS
No. 123,  "Accounting  for  Stock-Based  Compensation,"  to provide  alternative
methods of transition  for a voluntary  change to the fair value based method of
accounting for  stock-based  employee  compensation.  In addition,  SFAS No. 148
amends  the  disclosure  requirements  of  SFAS  No.  123 to  require  prominent
disclosures in both annual and interim financial  statements about the method of
accounting for stock-based  employee  compensation  and the effect of the method
used on reported  results.  SFAS No. 148 is effective for fiscal years beginning
after December 15, 2002. The expanded  annual  disclosure  requirements  and the
transition  provisions  are effective for fiscal years ending after December 15,
2002.  The interim  disclosure  provisions  are effective for financial  reports
containing financial statements for interim periods beginning after December 15,
2002.  Management  adopted the  disclosure  provisions of SFAS No. 148 effective
December 31, 2002,  without material effect on the Company's  financial position
or results of operations.

In  November  2002,  the FASB  issued  FASB  Interpretation  No. 45 ("FIN  45"),
"Guarantor's  Accounting and Disclosure  Requirements for Guarantees,  Including
Indirect  Guarantees  of  Indebtedness  of Others."  FIN 45 requires a guarantor
entity, at the inception of a guarantee covered by the measurement provisions of
the  interpretation,  to record a liability for the fair value of the obligation
undertaken in issuing the guarantee. The Company has financial letters of credit
which require the Company to make payment if the customer's  financial condition
deteriorates,  as defined in the  agreements.  FIN 45  requires  the  Company to
record an initial  liability,  generally  equal to the fees  received  for these
letters of credit when guaranteeing obligations. FIN 45 applies prospectively to
letters of credit the Company  issues or  modifies  subsequent  to December  31,
2002.

The Company defines the initial fair value of these letters of credit as the fee
received from the customer.  The maximum potential undiscounted amount of future
payments of these letters of credit as of September 30, 2003 is $3.2 million and
they expire  through  2008.  Amounts due under these  letters of credit would be
reduced by any proceeds that the Company would be able to obtain in  liquidating
the collateral for the loans, which varies depending on the customer.
<PAGE>

NOTE F: Recent Accounting Pronouncements (continued)

In  January  2003,  the FASB  issued  FASB  Interpretation  No.  46 ("FIN  46"),
"Consolidation  of  Variable  Interest  Entities."  FIN 46  requires  a variable
interest  entity to be consolidated by a company if that company is subject to a
majority of the risk of loss from the variable interest  entity's  activities or
entitled to receive a majority of the entity's residual returns, or both. FIN 46
also requires disclosures about variable interest entities that a company is not
required to consolidate,  but in which it has a significant  variable  interest.
The consolidation  requirements of FIN 46 apply immediately to variable interest
entities created after January 31, 2003. The consolidation requirements apply to
existing  entities in the first fiscal year or interim  period  beginning  after
June 15, 2003.  Certain of the  disclosure  requirements  apply in all financial
statements  issued  after  January 31,  2003,  regardless  of when the  variable
interest  entity was  established.  The Company has not established any variable
interest  entities  subsequent  to January 31, 2003.  Management  adopted FIN 46
effective July 1, 2003, as required,  without  material  effect on the Company's
financial position or results of operations.

In April 2003,  the FASB issued SFAS No. 149,  "Amendment  of  Statement  133 on
Derivative   Instruments  and  Hedging   Activities,"  which  clarifies  certain
implementation   issues  raised  by  constituents   and  amends  SFAS  No.  133,
"Accounting for Derivative  Instruments and Hedging  Activities," to include the
conclusions  reached by the FASB on certain  FASB  Staff  Implementation  Issues
that, while  inconsistent with Statement 133's  conclusions,  were considered by
the Board to be  preferable;  amends  SFAS No.  133's  discussion  of  financial
guarantee   contracts  and  the   application  of  the  shortcut  method  to  an
interest-rate  swap agreement that includes an embedded  option and amends other
pronouncements.

The guidance in Statement  149 is effective  for new  contracts  entered into or
modified after June 30, 2003 and for hedging relationships designated after that
date.  Management  adopted  SFAS No. 149  effective  July 1, 2003,  as required,
without  material  effect on the  Company's  financial  position  or  results of
operations.

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with  Characteristics of both Liabilities and Equity," which changes
the  classification  in the  statement of financial  position of certain  common
financial   instruments   from  either  equity  or  mezzanine   presentation  to
liabilities  and requires an issuer of those  financial  statements to recognize
changes in fair value or redemption amount, as applicable, in earnings. SFAS No.
150 requires an issuer to classify certain financial instruments as liabilities,
including mandatorily redeemable preferred and common stocks.

SFAS No. 150 is effective  for  financial  instruments  entered into or modified
after May 31, 2003 and, with one exception, is effective at the beginning of the
first  interim  period  beginning  after  June 15,  2003 (July 1, 2003 as to the
Company). The effect of adopting SFAS No. 150 must be recognized as a cumulative
effect of an  accounting  change as of the  beginning of the period of adoption.
Restatement of prior periods is not permitted.  Management  adopted SFAS No. 150
effective July 1, 2003, as required,  without  material  effect on the Company's
financial position or results of operations.
<PAGE>

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations.

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 loan losses, management's assessment of the Company's interest rate risk and
the effect of recent accounting pronouncements.


Discussion  of Financial  Condition  Changes from December 31, 2002 to September
30, 2003

The Company  reported  total assets of $151.8  million at September 30, 2003, an
increase of $1.7 million,  or 1.1%, compared to December 31, 2002. Cash and cash
equivalents  decreased by $2.9 million, from $13.5 million at December 31, 2002,
to  $10.6  million  at  September  30,  2003.   Investment  and  mortgage-backed
securities  totaled  $26.8  million at September  30, 2003,  an increase of $7.7
million,  or 40.5%,  over December 31, 2002.  Purchases of  securities  totaling
$32.4 million were partially offset by repayments,  calls and maturities of $8.2
million and sales of $16.1 million.

Net loans  decreased  from $110.4 million at December 31, 2002 to $106.7 million
at September 30, 2003. Loan originations  amounted to $49.0 million for the nine
months ended September 30, 2003,  while principal  repayments  amounted to $46.6
million and sales of one- to four-family  residential real estate loans amounted
to $5.6 million. Loan originations during 2003 were comprised primarily of loans
secured by nonresidential and commercial real estate,  other commercial property
and commercial leases. The commercial and nonresidential loan portfolios totaled
$41.9 million at September  30, 2003,  compared to $35.8 million at December 31,
2002. Loans secured by one- to four-family residential real estate totaled $53.2
million at September  30, 2003,  compared to $61.7 million at December 31, 2002.
In the first  quarter of 2003,  the Company  initiated a program to sell certain
one- to four-family loans in the secondary market, dealing with the Federal Home
Loan Bank of Indianapolis.

Deposits  totaled  $98.9 million at September 30, 2003, an increase of $534,000,
or .5%,  from the balance at December 31, 2002.  Borrowings  increased  slightly
over the nine month period and at September  30, 2003,  were  comprised of $34.0
million of FHLB advances, a $1.0 note payable related to an equity investment in
low income housing, and a $900,000 line of credit.

Shareholders' equity totaled $16.1 million at September 30, 2003, an increase of
$715,000,  or 4.7%,  over the $15.4  million  total at December  31,  2002.  The
increase  resulted  from net earnings of $1.1 million and proceeds from exercise
of stock options of $306,000,  which were partially  offset by dividends paid of
$362,000  and a decrease  of  $367,000  in the  unrealized  gains on  securities
available for sale.


Results of Operations

Comparison of the Nine Months Ended September 30, 2003 and September 30, 2002

Net earnings for the nine months ended  September  30, 2003 totaled  $1,121,000,
compared  with  $1,066,000  for the nine months ended  September  30,  2002,  an
increase of $55,000,  or 5.2%. Net interest income decreased by $197,000,  total
other income increased by $308,000 and general, administrative and other expense
increased by $25,000,  while the provision for losses on loans remained constant
and income taxes increased by $31,000.
<PAGE>

Comparison  of the Nine Months Ended  September  30, 2003 and September 30, 2002
(continued)

Interest  income on loans decreased by $643,000,  or 10.3%,  for the nine months
ended September 30, 2003,  compared to the same period in 2002, due primarily to
a decrease in the yield on loans and a decline in the average balance.  Interest
income on  mortgage-backed  securities,  investments and other  interest-earning
assets  totaled  $886,000  for the nine  months  ended  September  30,  2003,  a
$158,000,  or 21.7%, increase over the nine months ended September 30, 2002. The
increase  was due  primarily to an increase in the average  balance  outstanding
year to year.  Interest expense on deposits decreased by $314,000,  or 13.9%, as
the average cost of deposits decreased. Interest expense on borrowings increased
by $26,000,  or 1.8%,  due  primarily to the  addition of a line of credit.  The
decreases in the level of yields on interest-earning assets and the average cost
of  interest-bearing  liabilities  were due primarily to the overall decrease in
interest rates in the economy.  As a result of the foregoing changes in interest
income and interest expense, net interest income decreased by $197,000, or 5.9%.

The Company  maintains an allowance for loan losses that reflects an estimate of
inherent  losses based upon the types and  categories of outstanding  loans,  as
well as problem loans and current  economic  conditions in the Company's  market
area.  The provision  for losses on loans totaled  $270,000 for each of the nine
month  periods ended  September  30, 2003 and 2002.  The provision for losses on
loans was  primarily  attributable  to the  increasing  percentage of commercial
loans in the  portfolio.  At  September  30, 2003 and  December  31,  2002,  the
allowance  amounted to $1.7  million  and $1.5  million,  respectively.  In both
periods,  $200,000 of the total allowance was allocated for a specific  reserve.
The ratio of the total  allowance to total loans was 1.54% at September 30, 2003
and 1.32% at December 31,  2002.  Non-performing  loans  totaled $1.5 million at
both  September  30, 2003 and December 31, 2002.  The ratio of the allowance for
loan losses to non-performing loans amounted to 114.3% at September 30, 2003 and
98.3% at December 31, 2002.  During the nine months  ending  September 30, 2003,
the Company took three  properties  into real estate owned and wrote off $51,000
against the  allowance  to record them at a net  realizable  value of  $153,000.
During  this  period  all  three of the  properties  have  been  sold.  Based on
management's  review of the loan  portfolio,  the  allowance  for loan losses at
September 30, 2003 is considered  adequate to cover potential losses inherent in
the loan  portfolio.  However,  there can be no assurance  that additions to the
allowance will not be necessary in future periods,  which could adversely affect
the Company's results of operations.

Other income  totaled  $499,000 for the nine months ended  September 30, 2003, a
$308,000,  or  161.3%,  increase  over the 2002  period.  The  increase  was due
primarily  to a  $215,000  increase  in the gain on the sale of  investment  and
mortgage-backed securities and a $106,000 gain on the sale of loans.

General,   administrative  and  other  expense  totaled  $1.8  million  for  the
nine-month  period ended  September 30, 2003,  an increase of $25,000,  or 1.4%,
compared  to  the  nine  month  period  ended   September  30,  2002.   Employee
compensation and benefits expense  increased by $76,000,  or 7.8%, due primarily
to the  resumption  of the  accrual for  pension  expense  related to the Bank's
multi-employer  defined benefit pension plan, which accounted for $51,000 of the
increase,  and an increase in management staff and normal merit  increases.  All
other operating  expenses  decreased by $51,000,  or 6.5%,  compared to the nine
month  period  ended   September  30,  2002,   due  primarily  to  decreases  in
advertising,  professional  fees,  property  taxes and  repair  and  maintenance
expenses.

During the current quarter,  routine internal audit procedures uncovered several
unauthorized  loan  transactions  by  an  employee  whose  employment  has  been
terminated. The Bank has received full restitution from the former employee.

The  provision  for income  taxes  totaled  $448,000  for the nine months  ended
September  30, 2003,  an increase of $31,000,  or 7.4%,  over the same period in
2002. The increase was due to an $86,000, or 5.8%, increase in pre-tax earnings.
The Company's effective tax rates for the nine-month periods ended September 30,
2003 and 2002,  were  28.6% and  28.1%,  respectively.  The  effective  tax rate
remains low due to the tax credits available from the Company's  investment in a
low-income housing partnership.
<PAGE>

Comparison of the Three Months Ended September 30, 2003 and September 30, 2002

Net earnings for the three months  ended  September  30, 2003 totaled  $320,000,
compared with $375,000 for the three months ended September 30, 2002, a decrease
of $55,000,  or 14.7%.  Net interest income  decreased by $129,000,  total other
income  increased  by $28,000  and  general,  administrative  and other  expense
decreased by $7,000,  while the provision for losses on loans remained  constant
and income taxes decreased by $39,000.

Interest income on loans decreased by $268,000,  or 12.8%,  for the three months
ended September 30, 2003, compared to the same quarter in 2002, due primarily to
a  decrease  in the  yield on loans and a decline  in the  outstanding  balance.
Interest   income  on   mortgage-backed   securities,   investments   and  other
interest-earning  assets totaled  $329,000 for the three months ended  September
30, 2003, a $64,000, or 24.2%,  increase over the 2002 quarter. The increase was
due primarily to an increase in the average  balance  outstanding  year to year.
Interest expense on deposits decreased by $91,000, or 12.3%, as the average cost
of deposits decreased.  Interest expense on borrowings  increased by $16,000, or
3.4%,  due  primarily to the addition of a line of credit.  The decreases in the
level  of  yields  on   interest-earning   assets  and  the   average   cost  of
interest-bearing  liabilities  were due  primarily  to the  overall  decrease in
interest rates in the economy.  As a result of the foregoing changes in interest
income and interest  expense,  net  interest  income  decreased by $129,000,  or
11.3%.

The Company  maintains an allowance for loan losses that reflects an estimate of
inherent  losses based upon the types and  categories of outstanding  loans,  as
well as problem loans and current  economic  conditions in the Company's  market
area.  The provision  for losses on loans totaled  $90,000 for each of the three
month  periods ended  September  30, 2003 and 2002.  The provision for losses on
loans was  primarily  attributable  to the  increasing  percentage of commercial
loans in the portfolio.  Based on management's review of the loan portfolio, the
allowance for loan losses at September 30, 2003 is considered  adequate to cover
potential  losses  inherent  in the loan  portfolio.  However,  there  can be no
assurance  that  additions  to the  allowance  will not be  necessary  in future
periods, which could adversely affect the Company's results of operations.

Other income  totaled  $86,000 for the three months ended  September 30, 2003, a
$28,000,  or  48.3%,  increase  over  the 2002  quarter.  The  increase  was due
primarily to a $56,000 gain on the sale of loans,  which was partially offset by
a $20,000 loss on the sale of investment and mortgage-backed securities.

General,  administrative  and other expense totaled $572,000 for the three-month
period ended September 30, 2003, a decrease of $7,000, or 1.2%,  compared to the
three month period ended  September 30, 2002.  Occupancy and equipment  expenses
declined by $12,000,  or 20.7%,  primarily as a result of the  adjustment of the
accrual for  property  taxes.  The State of Indiana has been in a  re-assessment
period and involved in the process of  converting  to a Fair Market Value system
for property taxes.  The resolution of this  conversion  resulted in lower taxes
than  anticipated  and  allowed for the  reversal  of the prior  accrual and the
elimination of the accrual for the balance of 2003.

The  provision  for income  taxes  totaled  $112,000  for the three months ended
September  30,  2003,  an decrease of  $39,000,  or 25.8%,  compared to the same
period in 2002. The decrease was due to a $94,000, or 17.9%, decrease in pre-tax
earnings.  The Company's  effective tax rates for the three-month  periods ended
September 30, 2003 and 2002, were 25.9% and 28.7%,  respectively.  The effective
tax  rate  remains  low due to the tax  credits  available  from  the  Company's
investment in a low income housing partnership.
<PAGE>

Capital Resources

Pursuant to Office of Thrift Supervision  ("OTS") capital  regulations,  savings
associations  must  currently  meet a 1.5% tangible  capital  requirement,  a 4%
leverage ratio (or core capital)  requirement,  and total risk-based  capital to
risk-weighted assets ratio of 8%. At September 30, 2003, the Bank's tangible and
leverage  capital  ratios  were  each  11.0%,  and  its  risk-based  capital  to
risk-weighted   assets   ratio  was  18.5%.   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 levels as of September 30, 2003.

Capital Standard                 Required          Bank's              Excess
                                                (In thousands)
Tangible (1.5%)                    $2,272         $16,662             $14,390
Core (4.0%)                         6,060          16,662              10,602
Risk-based (8.0%)                   7,743          17,875              10,132


Off-balance Sheet Arrangements

As of the date of this report,  the Company does not have any off-balance  sheet
arrangements  that have or are  reasonably  likely  to have a current  or future
effect on the  Company's  financial  condition,  change in financial  condition,
revenues or expenses, results of operations,  liquidity, capital expenditures or
capital resources that are material to investors.  The term  "off-balance  sheet
arrangement"  generally means any transaction,  agreement,  or other contractual
arrangement to which an entity  unconsolidated with the Company is a party under
which the Company has (i) any  obligation  arising  under a guarantee  contract,
derivative  instrument  or variable  interest;  or (ii) a retained or contingent
interest in assets transferred to such entity or similar arrangement that serves
as credit, liquidity or market risk support for such assets.
<PAGE>

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Bank, like other financial institutions, 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.  The Office of Thrift  Supervision  ("OTS") uses a net
market value  methodology  to measure the interest  rate risk exposure of thrift
institutions.  As a part of its efforts to monitor its interest  rate risk,  the
Bank  utilizes  the "net  portfolio  value"  ("NPV")  methodology  to assess its
exposure to interest rate risk.  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.

Presented  below, as of June 30, 2003 (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 in accordance with OTS regulations. As illustrated in the
table,  the Bank's NPV is more  sensitive to declining  rates than rising rates.
This occurs principally  because,  as rates rise, the market value of the Bank's
investments,  adjustable-rate  mortgage  loans  and  mortgage-backed  securities
increase due to the rate increases.  Conversely,  as interest rates decline, the
market value of these  adjustable-rate  assets will  decrease.  The value of the
Bank's deposits and borrowings  change in  approximately  the same proportion in
rising or falling rate scenarios.

Change                Net Portfolio Value              NPV as % of PV of Assets
In Rates  $ Amount         $ Change        % Change    NPV Ratio         Change
           (Dollars in thousands)

+300bp     $15,786         $   190            1%         9.87%              47bp
+200bp      16,254             658            4         10.02               62
+100bp      16,279             683            4          9.91               51
   -        15,596              -             -          9.40
-100bp      14,333          (1,263)          (8)         8.57              (83)



Interest Rate Risk Measures: 200 Basis Point (bp) Rate Shock

Pre-shock NPV Ratio: NPV as % of PV of Assets                         9.40%
Exposure Measure: Post-Shock NPV Ratio                                8.57%
Sensitivity Measure: Change in NPV Ratio                                83bp

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.
<PAGE>

Item 4.  Controls and Procedures

(a)  Evaluation  of disclosure  controls and  procedures.  The  Company's  Chief
     Executive  Officer  and  Chief  Financial  Officer,  after  evaluating  the
     effectiveness  of the  Company's  disclosure  controls and  procedures  (as
     defined in Sections 13a-15(e) and 15d-15(e) of the Securities  Exchange Act
     of 1934,  as  amended),  as of the end of the most  recent  fiscal  quarter
     covered by this quarterly  report (the "Evaluation  Date"),  have concluded
     that as of the  Evaluation  Date,  the  Company's  disclosure  controls and
     procedures   were  adequate  and  are  designed  to  ensure  that  material
     information relating to the Company would be made known to such officers by
     others within the Company on a timely basis.

(b)  Changes in  internal  controls.  There were no  significant  changes in the
     Company's   internal  control  over  financial   reporting   identified  in
     connection  with the Company's  evaluation of controls that occurred during
     the  Company's  last fiscal  quarter that has  materially  affected,  or is
     reasonably likely to materially affect, the Company's internal control over
     financial reporting.
<PAGE>

Part II.  OTHER INFORMATION

Item 1.  Legal Proceedings

Neither  the Bank nor the  Company  were,  during the  nine-month  period  ended
September  30,  2003,  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 2.  Changes in Securities and Use of Proceeds

None.


Item 3.  Defaults Upon Senior Securities

None.


Item 4.  Submission of Matters to a Vote of Security Holders

None.


Item 5.  Other Information

None.


Item 6.  Exhibits and Reports on Form 8-K

         (a) Exhibits.

         The following exhibits are attached to this report on Form 10-Q:

                31(1)  Certification required by 17 C.F.R. Section 240.13a-14(a)

                31(2)  Certification required by 17 C.F.R. Section 240.13a-14(a)

                32     Certification  pursuant  to  18 U.S.C.  Section  1350, as
                       adopted pursuant to Section 906 of the Sarbanes-Oxley Act
                       of 2002

         (b) Reports on Form 8-K.

         The  Registrant  filed one report on Form 8-K  filed during the quarter
         ended September 30, 2003.

             Date of Report:    July 17, 2003
             Items Reported:    Press  release  dated  July 17, 2003  announcing
                                results of operations for the quarter ended June
                                30, 2003.
<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 12, 2003         By:  /s/ David G. Wihebrink
         ----------------------          ---------------------------------------
                                         David G. Wihebrink, President and
                                         Chief Executive Officer


Date:     November 12, 2003         By:  /s/ Dottye Robeson
         ----------------------          ---------------------------------------
                                         Dottye Robeson, Secretary and
                                         Treasurer