SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 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 May 1, 2003 was 851,672.
<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 March 31, 2003
             and December 31, 2002                                             3

           Consolidated Statements of Earnings
             for the three months ended March 31,
             2003 and 2002                                                     4

           Consolidated Statements of Shareholders'
             Equity for the three months ended
             March 31, 2003 and 2002                                           5

           Consolidated Statements of Cash Flows
             for the three months ended
             March 31, 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                              11

Item 3.    Quantitative and Qualitative Disclosures About Market Risk         14

Item 4.    Controls and Procedures                                            15

PART II. OTHER INFORMATION

Item 1.    Legal Proceedings                                                  16

Item 6.    Exhibits and Reports on Form 8-K                                   16

SIGNATURES                                                                    17

CERTIFICATION                                                                 18
<PAGE>
<TABLE>
<CAPTION>

                                    LOGANSPORT FINANCIAL CORP.

                            Consolidated Statements of Financial Condition

                                 (In thousands, except share data)


                                                                                  March 31,    December 31,
         ASSETS                                                                     2003           2002

<S>                                                                                <C>           <C>
Cash and due from banks                                                            $  1,019       $    778
Interest-bearing deposits in other financial institutions                             8,627         12,739
                                                                                   --------       --------
         Cash and cash equivalents                                                    9,646         13,517

Investment securities designated as available for sale - at market                    9,381          8,060
Mortgage-backed securities designated as available for sale - at market              10,066         11,009
Loans receivable - net                                                              109,586        110,386
Office premises and equipment - at depreciated cost                                   1,742          1,767
Real estate acquired through foreclosure                                                153             -
Federal Home Loan Bank stock - at cost                                                2,003          2,003
Investment in real estate partnership                                                 1,015          1,026
Accrued interest receivable on loans                                                    443            410
Accrued interest receivable on mortgage-backed securities                                42             49
Accrued interest receivable on investments and interest-bearing deposits                109            107
Prepaid expenses and other assets                                                        79             80
Cash surrender value of life insurance                                                1,317          1,317
Deferred income tax asset                                                               380            364
Prepaid income taxes                                                                     -               4
                                                                                   --------       --------

         Total assets                                                              $145,962       $150,099
                                                                                   ========       ========

         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                           $ 93,690       $ 98,325
Advances from the Federal Home Loan Bank                                             33,836         33,836
Notes payable                                                                         1,843          1,793
Accrued interest and other liabilities                                                  850            772
Accrued income taxes                                                                    134             -
                                                                                   --------       --------
         Total liabilities                                                          130,353        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; 851,672
    and 848,958 shares at aggregate value issued and outstanding at
    March 31, 2003 and December 31, 2002, respectively                                1,475          1,446
  Retained earnings - restricted                                                     13,688         13,444
  Less shares acquired by stock benefit plan                                            (38)           (44)
  Accumulated comprehensive income, unrealized gains on securities
    designated as available for sale, net of related tax effects                        484            527
                                                                                   --------       --------
         Total shareholders' equity                                                  15,609         15,373
                                                                                   --------       --------
         Total liabilities and shareholders' equity                                $145,962       $150,099
                                                                                   ========       ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                                  LOGANSPORT FINANCIAL CORP.

                              Consolidated Statements of Earnings

                               (In thousands, except share data)

                                                                              Three months ended
                                                                                    March 31,
                                                                              2003             2002
<S>                                                                         <C>              <C>
Interest income
  Loans                                                                     $1,921           $2,075
  Mortgage-backed securities                                                   131               72
  Investment securities                                                         96               92
  Interest-bearing deposits and other                                           47               63
                                                                            ------           ------
         Total interest income                                               2,195            2,302

Interest expense
  Deposits                                                                     640              772
  Borrowings                                                                   477              475
                                                                            ------           ------
         Total interest expense                                              1,117            1,247
                                                                            ------           ------

         Net interest income                                                 1,078            1,055

Provision for losses on loans                                                   90               90
                                                                            ------           ------

         Net interest income after provision for
           losses on loans                                                     988              965

Other income
  Service charges on deposit accounts                                           54               55
  Gain on sale of mortgage-backed securities                                    81               -
  Gain on sale of loans                                                          5               -
  Loss on equity investment                                                    (24)             (36)
  Other operating                                                               25               32
                                                                            ------           ------
         Total other income                                                    141               51

General, administrative and other expense
  Employee compensation and benefits                                           353              294
  Occupancy and equipment                                                       61               65
  Data processing                                                               49               49
  Other operating                                                              157              167
                                                                            ------           ------
         Total general, administrative and other expense                       620              575
                                                                            ------           ------

         Earnings before income taxes                                          509              441

Income tax expense                                                             141              121
                                                                            ------           ------

         NET EARNINGS                                                       $  364           $  320
                                                                            ======           ======

Other comprehensive loss, net of tax - unrealized losses on securities         (43)             (53)
                                                                            ------           ------

COMPREHENSIVE INCOME                                                        $  321           $  267
                                                                            ======           ======

EARNINGS PER SHARE
  Basic (based on net earnings)                                             $ 0.43           $ 0.32
                                                                            ======           ======

  Diluted (based on net earnings)                                           $ 0.41           $ 0.31
                                                                            ======           ======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                                      LOGANSPORT FINANCIAL CORP.

                           Consolidated Statements of Shareholders' Equity

                                   (In thousands, except share data)


                                                                           Three months ended
                                                                                 March 31,
                                                                         2003                2002

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

Purchase of shares                                                         -                 (679)

Issuance of shares under stock option plan                                 29                  70

Amortization expense of stock benefit plan                                  6                   2

Cash dividends of $.14 and $.12 per share in 2003 and 2002               (120)               (120)

Unrealized losses on securities designated as available for sale,
  net of related tax effects                                              (43)                (53)

Net earnings                                                              364                 320
                                                                      -------             -------

Balance at March 31                                                   $15,609             $16,942
                                                                      =======             =======

Accumulated other comprehensive income                                $   484             $   202
                                                                      =======             =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                                           LOGANSPORT FINANCIAL CORP.

                                      Consolidated Statements of Cash Flows

                                                (In thousands)

                                                                                          Three months ended
                                                                                               March 31,
                                                                                      2003                2002

<S>                                                                               <C>                  <C>
Cash flows from operating activities:
  Net earnings for the period                                                     $    364             $   320
  Adjustments to reconcile net earnings to net cash
  provided by (used in) operating activities:
    Depreciation and amortization                                                       27                  27
    Amortization of premiums on investments and
      mortgage-backed securities                                                         7                  15
    Amortization expense of stock benefit plan                                           6                   2
    Gain on sale of mortgage-backed securities                                         (81)                 -
    Loans originated for sale in the secondary market                                 (190)                 -
    Proceeds from sale of loans in the secondary market                                193                  -
    Gain on sale of loans                                                               (3)                 -
    Provision for losses on loans                                                       90                  90
    Loss on equity investment                                                           24                  36
    Increase (decrease) in cash, due to changes in:
      Accrued interest receivable on loans                                             (33)                (28)
      Accrued interest receivable on mortgage-backed securities                          7                  (6)
      Accrued interest receivable on investments                                        (2)                 (2)
      Prepaid expenses and other assets                                                  1                  25
      Accrued interest and other liabilities                                            78                  13
      Federal income taxes
        Current                                                                        138                  72
        Deferred                                                                         7                   8
                                                                                  --------             -------
         Net cash provided by operating activities                                     633                 572

Cash flows provided by (used in) investing activities:
  Purchase of investment securities                                                 (2,159)             (2,314)
  Maturities/calls of investment securities                                            825                  30
  Purchases of mortgage-backed securities                                           (5,073)             (2,019)
  Proceeds from sale of mortgage-backed securities                                   5,025                  -
  Principal repayments on mortgage-backed securities                                 1,012                 324
  Loan disbursements                                                               (11,459)             (8,287)
  Principal repayments on loans                                                     12,016               8,998
  Investment in real estate partnership                                                (13)                (15)
  Proceeds from sale of real estate acquired through foreclosure                        -                   65
  Purchases and additions to office premises and equipment                              (2)                (31)
                                                                                  --------             -------
         Net cash provided by (used in) investing activities                           172              (3,249)
                                                                                  --------             -------

         Net cash provided by (used in) operating and investing activities
           (subtotal carried forward)                                                  805              (2,677)
                                                                                  --------             -------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                        LOGANSPORT FINANCIAL CORP.

                             Consolidated Statements of Cash Flows (Continued)

                                               (In thousands)


                                                                                          Three months ended
                                                                                             March 31,
                                                                                      2003                2002

<S>                                                                              <C>                   <C>
         Net cash provided by (used in) operating and investing activities
           (subtotal brought forward)                                            $     805             $(2,677)

Cash flows provided by (used in) financing activities:
  Net increase (decrease) in deposit accounts                                       (4,635)              5,018
  Proceeds from Federal Home Loan Bank advances                                      3,000               1,100
  Repayment of Federal Home Loan Bank advances                                      (3,000)             (2,000)
  Proceeds from note payable                                                           125                  -
  Repayment of note payable                                                            (75)                (72)
  Proceeds from exercise of stock options                                               29                  70
  Purchase of shares                                                                    -                 (679)
  Dividends on common stock                                                           (120)               (120)
                                                                                  --------             -------
         Net cash provided by (used in) financing activities                        (4,676)              3,317
                                                                                  --------             -------

Net increase (decrease) in cash and cash equivalents                                (3,871)                640

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

Cash and cash equivalents, end of period                                          $  9,646             $ 9,456
                                                                                  ========             =======


Supplemental disclosure of cash flow information: Cash paid during the period
  for:
    Interest on deposits and borrowings                                           $  1,110             $ 1,234
                                                                                  ========             =======

    Income taxes                                                                  $    -               $    60
                                                                                  ========             =======

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


Supplemental disclosure of noncash investing activities:
  Recognition of mortgage servicing rights
    in accordance with SFAS No. 140                                               $      2             $   -
                                                                                  ========             =======

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

Supplemental disclosure of noncash financing activities:
  Unrealized losses on securities designated as
    available for sale, net of related tax effects                                $    (43)            $   (53)
                                                                                  ========             =======
</TABLE>
<PAGE>
                           Logansport Financial Corp.

              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

            For the three month periods ended March 31, 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 March 31,
2003,  and its results of operations  and cash flows for the three month periods
ended March 31, 2003 and 2002.  The  results of  operations  for the three month
period ended March 31, 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 issuable under the Company's stock option plan. The  computations  are as
follows:

                                                 For the three months ended
                                                           March 31,
                                                   2003                    2002

Weighted-average common shares
  outstanding (basic)                           850,333               1,013,176
Dilutive effect of assumed exercise
  of stock options                               27,723                  34,712
                                                -------               ---------
Weighted-average common shares
  outstanding (diluted)                         878,056               1,047,888
                                                =======               =========

A cash  dividend of $.14 per common  share was  declared on February  27,  2003,
payable on April 10, 2003, to stockholders of record as of March 14, 2003.


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, in the performance
of the economy or in the financial  condition of borrowers.  Management believes
that its critical accounting policies include determining the allowance for loan
losses and determining the fair value
<PAGE>

NOTE D: Critical Accounting Policies (continued)

of securities and other financial instruments. 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" and "Investment and Mortgage-Backed  Securities." 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 loan losses decrease.
Fluctuations in the fair value of securities will affect the level of capital in
the case of securities  available  for sale or earnings  directly in the case of
trading securities.


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 Corporation  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  Corporation  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 Corporation'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  Corporation's  net
earnings and earnings per share for the three-month periods ended March 31, 2003
and 2002.

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

<TABLE>
<CAPTION>


                                           March 31,                          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                               (2,714)    10.53       (27,660)    10.53       (15,463)    10.53
Forfeited                                   -         -             -         -         (3,656)    10.53
                                        ------    ------       -------    ------       -------    ------

Outstanding at end of period            76,422    $10.63        79,136    $10.63       106,796    $10.61
                                        ======    ======       =======    ======       =======    ======

Options exercisable at period-end       75,922    $10.61        78,636    $10.61       105,796    $10.58
                                        ======    ======       =======    ======       =======    ======
</TABLE>
<PAGE>

NOTE E: Stock Option Plans (continued)

The following information applies to options outstanding at March 31, 2003:

Number outstanding                                             76,422
Range of exercise prices                              $10.53 - $13.75
Weighted-average exercise price                                $10.63
Weighted-average remaining contractual life                 2.7 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  Corporation'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 Corporation  has financial  letters of
credit which require the Corporation to make payment if the customer's financial
condition  deteriorates,  as  defined in the  agreements.  FIN 45  requires  the
Corporation 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 Corporation issues or modifies subsequent
to December 31, 2002.

The Corporation 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 March 31, 2003 is $3.0 million
and they expire through 2008. Amounts due under these letters of credit would be
reduced  by any  proceeds  that  the  Corporation  would  be able to  obtain  in
liquidating  the  collateral  for  the  loans,  which  varies  depending  on the
customer.

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  Corporation  has not  established  any
variable  interest  entities  subsequent  to January  31,  2003.  Management  is
continuing  to evaluate the effect of the  provisions of FIN 46 on its financial
statements.
<PAGE>



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

Forward Looking Statements

In addition to historical information contained herein, the following discussion
contains  forward-looking  statements  that  involve  risks  and  uncertainties.
Economic  circumstances,  the  Company's  operations  and the  Company's  actual
results could differ  significantly from those discussed in the  forward-looking
statements.  Some  of the  factors  that  could  cause  or  contribute  to  such
differences  are  discussed  herein but also include  changes in the economy and
interest rates in the nation and the Company's market area generally.

Some of the  forward-looking  statements  included  herein  are  the  statements
regarding management's determination of the amount and adequacy of the allowance
for 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 March 31,
2003

The  Company  reported  total  assets of $146.0  million  at March 31,  2003,  a
decrease of $4.1 million,  or 2.8%, compared to December 31, 2002. This decrease
was primarily a result of the  withdrawal  of $4.0 million in  short-term  local
government  deposits  which are subject to bid every 60 to 90 days.  The Company
bids to retain the funds  when it has a use for the  proceeds  but local  market
competition  for the funds  varies and the  outcome  of  bidding  is  frequently
unpredictable.  Cash and cash equivalents  decreased by $3.9 million, from $13.5
million at December 31, 2002, to $9.6 million at March 31, 2003.  Investment and
mortgage-backed  securities totaled $19.4 million at March 31, 2003, an increase
of $378,000  over  December 31,  2002.  Purchases of  securities  totaling  $7.2
million  were  partially  offset by  repayments,  calls and  maturities  of $1.8
million and sales of $5.0 million.

Net loans  decreased  from $110.4 million at December 31, 2002 to $109.6 million
at March 31, 2003.  Loan  originations  amounted to $11.6  million for the three
months  ended  March 31,  2003,  while  principal  repayments  amounted to $12.0
million  and sales  amounted to  $190,000.  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 $37.2 million at March 31, 2003, compared
to $35.8  million at December 31,  2002.  Loans  secured by one- to  four-family
residential  real estate  totaled $59.7  million at March 31, 2003,  compared to
$61.7 million at December 31, 2002.  In the first  quarter of 2003,  the Company
initiated a program to sell  certain 1-4 family loans in the  secondary  market,
dealing with the Federal Home Loan Bank of Indianapolis.

Deposits totaled $93.7 million at March 31, 2003, a decrease of $4.6 million, or
4.7%, from the balance at December 31, 2002.  Borrowings increased slightly over
the three month period,  and at March 31, 2003,  were comprised of $33.8 million
of FHLB advances, a $1.0 million note payable related to an equity investment in
low income housing, and an $825,000 line of credit.

Shareholders'  equity  totaled  $15.6  million at March 31, 2003, an increase of
$236,000,  or 1.5%,  over the $15.4  million  total at December  31,  2002.  The
increase  resulted  from net earnings of $364,000 and proceeds  from exercise of
stock  options of $29,000,  which were  partially  offset by  dividends  paid of
$120,000  and a  decrease  of  $43,000  in the  unrealized  gains on  securities
available for sale.
<PAGE>

Results of Operations

Comparison of the Three Months Ended March 31, 2003 and March 31, 2002

Net  earnings  for the three  months  ended  March 31,  2003  totaled  $364,000,
compared with $320,000 for the three months ended March 31, 2002, an increase of
$44,000, or 13.8%. Net interest income increased by $23,000,  total other income
increased by $90,000 and general,  administrative and other expense increased by
$45,000,  while the provision for losses on loans  remained  constant and income
taxes increased by $20,000.

Interest  income on loans  decreased by $154,000,  or 7.4%, for the three months
ended March 31, 2003,  compared to the same quarter in 2002,  due primarily to a
decrease in the yield on loans.  Interest income on mortgage-backed  securities,
investments  and other  interest-earning  assets totaled  $274,000 for the three
months  ended  March 31,  2003,  a  $47,000,  or 20.7%,  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 $132,000, or
17.1%, as the average cost of deposits decreased. Interest expense on borrowings
increased  by $2,000 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 increased by $23,000, or 2.4%.

The Company  maintains  a general  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 March 31, 2003 and 2002.  The provision for losses on
loans was  primarily  attributable  to the  increasing  percentage of commercial
loans in the portfolio and in the level of nonperforming  loans year to year. At
March 31, 2003 and December 31, 2002,  the allowance  amounted to $1.498 million
and  $1.458  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 1.37% at March 31,  2003 and  1.32% at  December  31,  2002.
Non-performing loans totaled $1.4 million and $1.5 million at March 31, 2003 and
December 31, 2002,  respectively.  The ratio of the allowance for loan losses to
non-performing  loans amounted to 105.5% at March 31, 2003 and 98.3% at December
31,  2002.  During the quarter  ending  March 31,  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.  Based on management's review
of the loan  portfolio,  the  allowance  for loan  losses at March  31,  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  $141,000  for the three  months  ended March 31, 2003, a
$90,000,  or  176.5%,  increase  over the 2002  quarter.  The  increase  was due
primarily to an $81,000  gain on the sale of  mortgage-backed  securities  and a
$5,000 gain on the sale of loans. The increase in other income was also impacted
by a decrease in the pre-tax  loss on the equity  investment  of $12,000.  Other
operating income  decreased by $7,000,  or 21.9%, due primarily to a decrease in
loan service charges and fees.

General,  administrative  and other expense totaled $620,000 for the three-month
period ended March 31, 2003,  an increase of $45,000,  or 7.8%,  compared to the
three month  period  ended March 31, 2002.  Employee  compensation  and benefits
expense  increased  by  $59,000,  or 20.1%,  due  primarily  to an  increase  in
management staff, an increase in the cost of medical  insurance  compared to the
prior period,  normal merit increases,  as well as the resumption of the accrual
for pension expense.  Other operating  expenses  decreased by $10,000,  or 6.0%,
compared to the quarter  ended March 31,  2002,  due  primarily  to decreases in
advertising and professional fees.
<PAGE>

Comparison  of the  Three  Months  Ended  March  31,  2003 and  March  31,  2002
(continued)

The provision for income taxes totaled $141,000 for the three months ended March
31, 2003, an increase of $20,000,  or 16.5%,  over the same period in 2002.  The
increase  was due to a $68,000,  or 15.4%,  increase  in pre-tax  earnings.  The
Company's  effective tax rates for the three-month  periods ended March 31, 2003
and 2002, were 27.7% and 27.4%, respectively. The effective tax rate remains low
due to the tax credits  available from the Company's  investment in a low income
housing partnership.


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 March 31, 2003,  the Bank's  tangible and
leverage  capital  ratios  were  each  10.9%,  and  its  risk-based  capital  to
risk-weighted   assets   ratio  was  17.9%.   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 March 31, 2003.


Capital Standard        Required          Bank's            Excess
----------------        --------          ------            ------
                                       (In thousands)

Tangible (1.5%)           $2,181         $15,862           $13,681
Core (4.0%)                5,816          15,862            10,046
Risk-based (8.0%)          7,625          17,055             9,430
<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.  Management  of the Bank  believes  it is  critical to
manage the relationship  between interest rates and the effect on the Bank's net
portfolio value ("NPV").  Generally,  NPV is the discounted present value of the
difference between incoming cash flows on interest-earning  and other assets and
outgoing cash flows on  interest-bearing  liabilities.  Management of the Bank's
assets and liabilities is done within the context of the marketplace, regulatory
limitations  and within  limits  established  by the Board of  Directors  on the
amount of change in NPV which is acceptable given certain interest rate changes.

The Office of Thrift Supervision  ("OTS") 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.  Presented below, as of December 31, 2002 (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  tables,  the Bank's NPV is more
sensitive to rising rates than declining rates. This occurs principally because,
as rates  rise,  the  market  value of the Bank's  investments,  adjustable-rate
mortgage  loans  (many of  which  have  maximum  per  year  adjustments  of 1%),
fixed-rate  loans  and  mortgage-backed  securities  decline  due  to  the  rate
increases.   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       $15,152       $(840)          (5)%             10.09%        (15)bp
+200bp        15,921         (71)           0%              10.44%         20 bp
+100bp        16,332         340            2%              10.57%         33 bp
     -        15,992                                        10.24%
-100bp        15,036        (956)          (6)%              9.55%        (69)bp


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

Pre-shock NPV Ratio: NPV as % of PV of Assets        10.24%
Exposure Measure: Post-Shock NPV Ratio                9.55%
Sensitivity Measure: Change in NPV Ratio                69bp


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

Within the 90-day period prior to the filing date of this report,  an evaluation
was  carried  out  under  the  supervision  and  with the  participation  of the
Company's   management,   including  our  President   and   Treasurer,   of  the
effectiveness of our disclosure  controls and procedures (as defined in Exchange
Act Rules  13a-14(c) and 15d-14(c)  under the Securities  Exchange Act of 1934).
Based on their  evaluation,  our President and Treasurer have concluded that the
Company's  disclosure  controls  and  procedures  are,  to  the  best  of  their
knowledge,  effective to ensure that information required to be disclosed by the
Company in reports that it files or submits  under the Exchange Act is recorded,
processed,  summarized  and  reported  within  the  time  periods  specified  in
Securities and Exchange Commission rules and forms.

Our President and Treasurer have concluded that, subsequent to the date of their
evaluation,  there have been no  significant  changes in the Company's  internal
controls  or in other  factors  that could  significantly  affect  its  internal
controls,   including  any   corrective   actions  with  regard  to  significant
deficiencies and material weaknesses.
<PAGE>

Part II. OTHER INFORMATION

Item 1. Legal Proceedings

Neither the Bank nor the Company were, during the three-month period ended March
31, 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 6.  Exhibits and Reports on Form 8-K

         (a)   Exhibits.

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

               99.1   Certification of Chief Executive Officer and Treasurer

         (b)   Reports on Form 8-K.

         The Registrant filed no reports on Form 8-K during the quarter.
<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:      May 13, 2003              By:  /s/ David G. Wihebrink
      ---------------------               --------------------------------------
                                          David G. Wihebrink, President and
                                          Chief Executive Officer


Date:      May 13, 2003              By:  /s/ Dottye Robeson
      ---------------------               --------------------------------------
                                          Dottye Robeson, Secretary and
                                          Treasurer
<PAGE>

                                  CERTIFICATION


I, David G. Wihebrink, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of Logansport  Financial
     Corp.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report; and

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report.

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officer and I have  indicated in this
     quarterly  report  whether  there  were  significant  changes  in  internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date:    May 13, 2003
      ------------------

                                       /s/ David G. Wihebrink
                                       -----------------------------------------
                                       David G. Wihebrink
                                       President and Chief Executive Officer
<PAGE>

                                  CERTIFICATION

I, Dottye Robeson, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of Logansport  Financial
     Corp.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report; and

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report.

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date ;

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officer and I have  indicated in this
     quarterly  report  whether  there  were  significant  changes  in  internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date:    May 13, 2003
      ------------------

                                       /s/Dottye Robeson
                                       -----------------------------------------
                                       Dottye Robeson
                                       Secretary and Treasurer