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, 1998 OR

[        ] TRANSITION  REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 FOR THE TRANSITION  PERIOD FROM  _____________  TO
         _____________________.

         Commission file number: 0-25910

                           LOGANSPORT FINANCIAL CORP.
               (Exact name of registrant specified in its charter)


         Indiana                                       35-1945736
(State or other jurisdiction of                    (I.R.S. Employer
incorporation or organization)                  Identification Number)


                                723 East Broadway
                                  P.O. Box 569
                            Logansport, Indiana 46947
                     (Address of principal executive offices
                               including Zip Code)

                                 (219) 722-3855
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  report),  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days.
                  Yes [X]    No [ ]
The number of shares of the Registrant's common stock,  without par value, as of
May 1, 1998 was 1,261,600.



<PAGE>



                                          
                           Logansport Financial Corp.
                                    Form 10-Q
                                      Index

                                                                      Page No.

PART 1.  FINANCIAL INFORMATION
Item 1.    Financial Statements                                             3

           Consolidated Statements of Financial
             Condition as of March 31, 1998
             (Unaudited) and December 31, 1997

           Consolidated  Statements of Earnings 
             for the three months ended March 31,
             1998 and 1997 (Unaudited )

           Consolidated  Statements of Shareholders'
             Equity for the three months ended
             March 31, 1998 and 1997 (Unaudited)

           Consolidated  Statements  of Cash  Flows
             for the three  months  ended
             March 31, 1998 and 1997 (Unaudited)

           Notes to Consolidated 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

PART II.  OTHER INFORMATION

Item 1.   Legal Proceedings                                                17

Item 6.   Exhibits and Reports of Form 8-K                                 17

SIGNATURES



                                      -2-
<PAGE>


                           LOGANSPORT FINANCIAL CORP.
<TABLE>
<CAPTION>
                 Consolidated Statements of Financial Condition
                                   (Unaudited)
                        (In thousands, except share data)

                                                                    March 31,               December 31,
                                                                         1998                       1997

       ASSETS
<S>                                                                      <C>                      <C>
Cash and due from banks                                             $     411                 $     589
Interest-bearing deposits in other financial institutions               4,114                     1,680
                                                                      -------                   -------
      Cash and cash equivalents                                         4,525                     2,269

Certificates of deposit in other financial institutions                   100                       100
Investment securities available for sale-at market                      4,628                     5,750
Mortgage-backed securities available for sale-at market                 9,959                     9,932
Loans receivable-net                                                   65,394                    63,635
Real estate acquired through foreclosure-net                              148                       106
Office premises and equipment-at depreciated cost                         472                       465
Federal Home Loan Bank stock- at cost                                     494                       494
Investment in real estate partnership                                   1,547                     1,540
Accrued interest receivable on loans                                      276                       299
Accrued interest receivable on mortgage-backed securities                  80                        83
Accrued interest receivable on investments                                 49                       121
Prepaid expenses and other assets                                          36                        33
Cash surrender value of life insurance                                  1,096                     1,085
Deferred income tax asset                                                 195                       203
                                                                     --------                  --------

      Total assets                                                    $88,999                   $86,115
                                                                       ======                    ======

      LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                              $63,330                   $60,595
Advances from the Federal Home Loan Bank                                6,500                     6,500
Notes payable                                                           1,450                     1,525
Accrued interest and other liabilities                                    873                       861
Accrued income taxes                                                       62                        92
                                                                      -------                   -------
      Total liabilities                                                72,215                    69,573

Shareholders' equity
 Common stock                                                          7,568                     7,566
 Retained earnings-restricted                                          9,494                     9,316
 Less shares acquired by stock benefit plan                             (369)                     (400)
 Unrealized gains on securities designated as
   available for sale, net of related tax effects                         91                        60
                                                                      ------                    ------
      Total shareholders' equity                                      16,784                    16,542
                                                                      ------                    ------

      Total liabilities and shareholders' equity                     $88,999                   $86,115
                                                                      ======                    ======
</TABLE>

                                      -3-
<PAGE>


                           LOGANSPORT FINANCIAL CORP.
<TABLE>
<CAPTION>
                       Consolidated Statements of Earnings
                                   (Unaudited)
                        (In thousands, except share data)
                                                                                   Three months ended
                                                                                         March 31,
                                                                                1998                  1997
<S>                                                                          <C>                      <C>
 Interest income
       Loans                                                                  $1,316                $1,162
       Mortgage-backed securities                                                152                   124
       Investment securities                                                      75                   100
       Interest-bearing deposits and other                                        45                    53
                                                                              ------                ------
              Total interest income                                            1,588                 1,439

Interest expense
       Deposits                                                                  732                   684
       Borrowings                                                                 94                    44
                                                                              ------                ------
              Total interest expense                                             826                   728
                                                                              ------                ------

       Net interest income                                                       762                   711
Provision for losses on loans                                                      9                     3
                                                                              ------                ------
       Net interest income after provision for
       losses on loans                                                           753                   708

Other income
       Service charges on deposit accounts                                        19                    18
       Loss on sale of investment and mortgage-backed securities                  -                    (32)
       Gain on sale of real estate acquired through foreclosure                   -                      1
       Other operating                                                            33                    32
                                                                              ------                ------
              Total other income                                                  52                    19

General, administrative and other expense
       Employee compensation and benefits                                        175                   164
       Occupancy and equipment                                                    19                    22
Federal deposit insurance premiums                                                10                     9
       Data processing                                                            26                    23
       Other operating                                                            87                    79
                                                                              ------                ------
              Total general, administrative and other expense                    317                   297
                                                                              ------                ------

Earnings before income taxes                                                     488                   430
Income tax expense                                                               184                   158
                                                                              ------                ------

NET EARNINGS                                                                 $   304               $   272
                                                                              ======                ======

Other comprehensive income, net of tax
       Unrealized gains (losses) on securities                                    31                   (19)
                                                                              ------                ------
COMPREHENSIVE INCOME                                                         $   335               $   253
                                                                              ======                ======

EARNINGS PER SHARE
Basic (based on net earnings)                                                   $.24                  $.22
                                                                                 ===                   ===

Diluted (based on net earnings)                                                 $.23                  $.21
                                                                                 ===                   ===
</TABLE>

                                      -4-
<PAGE>


                           LOGANSPORT FINANCIAL CORP.
<TABLE>
<CAPTION>
                 Consolidated Statements of Shareholders' Equity
                                   (Unaudited)
                        (In thousands, except share data)

                                                                      Three months ended
                                                                            March 31,
                                                                     1998              1997
                                                                                        
<S>                                                                  <C>             <C>
Balance at January 1                                              $16,542           $15,427

Issuance of shares under stock option plan                              2                -

Amortization of stock benefit plan                                     31                31

Cash dividends of $.10 per share                                     (126)             (126)

Unrealized gains (losses) on securities designated as
available for sale, net of related tax effects                         31               (19)

Net earnings                                                          304               272
                                                                   ------            ------

Balance at March 31                                               $16,784           $15,585
                                                                   ======            ======
</TABLE>
















                                      -5-
<PAGE>


                           LOGANSPORT FINANCIAL CORP.
<TABLE>
<CAPTION>
                      Consolidated Statements of Cash Flows
                                   (Unaudited)
                                 (In thousands)

                                                                                Three months ended
                                                                                       March 31,
                                                                               1998              1997
<S>                                                                             <C>             <C>
Cash flows from operating activities:
       Net earnings for the period                                          $   304           $   272
       Adjustments to reconcile net earnings to net cash
         provided by (used in) operating activities:
       Depreciation and amortization                                              9                10
       Amortization of premiums on investments and
         mortgage-backed securities                                              42                15
       Amortization expense of stock benefit plan                                31                31
       Loss of sale of investment and mortgage-backed securities                 -                 32
       Provision for losses on loans                                              9                 3
       Gain on sale of real estate acquired through foreclosure                  -                 (1)
       Increase (decrease) in cash, due to changes in:
         Accrued interest receivable on loans                                    23                34
         Accrued interest receivable on mortgage-backed securities                3               (14)
         Accrued interest receivable on investments                              72                46
         Prepaid expenses and other assets                                       (3)               22
         Accrued interest and other liabilities                                  12               (49)
         Federal income taxes
              Current                                                           (30)              127
              Deferred                                                            8               (12)
                                                                           --------           -------
       Net cash provided by operating activities                                480               516

Cash flows provided by (used in) investing activities:
       Proceeds from sale of investment securities                               -              1,068
       Purchase of investment securities                                       (100)             (301)
       Maturities/calls of investment securities                              1,255               150
       Proceeds from sale of mortgage-backed securities                         297                -
       Purchase of mortgage-backed securities                                (1,084)           (2,235)
       Principal repayments on mortgage-backed securities                       725               238
       Loan disbursements                                                    (6,029)           (3,239)
       Investment in real estate partnership                                     (7)               -
       Principal repayments on loans                                          4,210             3,131
       Purchases and additions to office premises and equipment                 (16)               (4)
       Proceeds from sale of real estate acquired through foreclosure            -                 14
       Increase in cash surrender value of life insurance policy                (11)               (9)
                                                                            -------          --------
       Net cash used in investing activities                                   (760)           (1,187)

</TABLE>



                                      -6-

<PAGE>


                           LOGANSPORT FINANCIAL CORP.
<TABLE>
<CAPTION>
                      Consolidated Statements of Cash Flows
                                   (Unaudited)
                                 (In thousands)
                                                                                 Three months ended
                                                                                       March 31,
                                                                               1998              1997
<S>                                                                             <C>              <C>
Cash provided by (used in) financing activities:
       Net increase in deposit accounts                                      $2,735            $1,993
       Proceeds from Federal Home Loan Bank advances                             -              3,500
       Proceeds from note payable                                                -                100
       Repayment of Federal Home Loan Bank advances                              -             (2,000)
       Repayment of note payable                                                (75)           (1,500)
       Proceeds from the exercise of stock options                                2                -
       Dividends on common stock                                               (126)             (126)
                                                                             ------            ------
       Net cash provided by financing activities                              2,536             1,967
                                                                              -----             -----

Net increase in cash and cash equivalents                                     2,256             1,296

Cash and cash equivalents, beginning of period                                2,269             3,759
                                                                              -----             -----

Cash and cash equivalents, end of period                                     $4,525            $5,055
                                                                              =====            ======






Supplemental disclosure of cash flow information:
     Cash paid during the year for:

              Interest on deposits and borrowings                           $   810           $   712
                                                                             ======            ======

              Income taxes                                                  $   214          $     31
                                                                             ======           =======

              Dividends payable at end of period                            $   126           $   126
                                                                             ======            ======

              Foreclosed mortgage loans transferred to
              real estate acquired through foreclosure                     $     54          $     13
                                                                            =======           =======
</TABLE>












                                      -7-
<PAGE>


              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS



NOTE A:  Basis of Presentation

The unaudited interim  consolidated  condensed financial  statements include the
accounts of Logansport  Financial  Corp.  (the  "Company")  and its  subsidiary,
Logansport Savings Bank, FSB, (the "Bank").

The unaudited interim  consolidated  financial  statements have been prepared in
accordance with the instructions to Form 10-Q and, therefore, do not include all
information and disclosures required by generally accepted accounting principles
for complete  financial  statements.  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,  1997.  In the opinion of  management,  the  financial  statements
reflect all adjustments (consisting of only normal recurring accruals) necessary
to present fairly the Company's financial position as of March 31, 1998, results
of operations for the three month periods ended March 31, 1998 and 1997 and cash
flows for the three month periods ended March 31, 1998 and 1997.


NOTE B: Earnings Per Share and Dividends Per Share

Basic  earnings  per share is computed  based upon the  weighted-average  shares
outstanding  during  the  period.  Weighted-average  common  shares  outstanding
totaled 1,261,072 and 1,256,375 for the three month periods ended March 31, 1998
and 1997,  respectively.  Diluted  earnings  per share is  computed  taking into
consideration  common shares outstanding and dilutive potential common shares to
be issued under the Company's stock option plan.  Weighted-average common shares
deemed  outstanding for purposes of computing diluted earnings per share totaled
1,308,043  and  1,279,435  for the three month  periods ended March 31, 1998 and
1997, respectively.

A cash dividend of $.10 per common share was declared on March 10, 1998, payable
on April 10, 1998, to stockholders of record as of March 25, 1998.


NOTE C: Recent Accounting Pronouncements

In June 1996,  The  Financial  Accounting  Standards  Board (the "FASB")  issued
Statement of Financial  Accounting  Standards ("SFAS") No. 125,  "Accounting for
Transfer and Servicing of Financial Assets and  Extinguishments of Liabilities",
that provides accounting guidance on transfers of financial assets, servicing of
financial assets, and extinguishment of liabilities.  SFAS No. 125 introduces an


                                      -8-
<PAGE>

approach to accounting  for transfers of financial  assets that provides a means
of dealing with more complex transactions in which the seller disposes of only a
partial  interest in the assets,  retains  rights or  obligations,  makes use of
special  purpose  entities  in the  transaction,  or  otherwise  has  continuing
involvement  with  the  transferred  assets.  The  new  accounting  method,  the
financial  components  approach,  provides  that  the  carrying  amount  of  the
financial assets transferred be allocated to components of the transaction based
on their  relative fair value.  SFAS No. 125 provides  criteria for  determining
whether control of assets has been relinquished and whether a sale has occurred.
If the transfer  does not qualify as a sale,  it is  accounted  for as a secured
borrowing. Transactions subject to the provisions of SFAS No. 125 include, among
others,  transfers involving repurchase agreements,  securitization of financial
assets,  loan   participations,   factoring   arrangements,   and  transfers  of
receivables with recourse.

An entity that undertakes an obligation to service  financial assets  recognizes
either a servicing asset or liability for the servicing contract (unless related
to a securitization of assets,  and all the securitized  assets are retained and
classified  as held  to  maturity).  A  servicing  asset  or  liability  that is
purchased or assumed is initially recognized at its fair value. Servicing assets
and  liabilities are amortized in proportion to and over the period of estimated
net  servicing  income  or net  servicing  loss and are  subject  to  subsequent
assessments for impairment based on fair value.

SFAS No. 125 provides that a liability is removed from the balance sheet only if
the debtor either pays the creditor and is relieved of its  obligations  for the
liability or is legally released from being the primary obligor.

SFAS No. 125 is effective for  transfers  and servicing of financial  assets and
extinguishment  of liabilities  occurring  after December 31, 1997, and is to be
applied  prospectively.  Earlier or  retroactive  application  is not permitted.
Management adopted SFAS No. 125 effective January 1, 1998, as required,  without
material effect on the Company's  consolidated  financial position or results of
operations.

In June 1997, the FASB issued SFAS No. 130,  "Reporting  Comprehensive  Income."
SFAS No. 130  establishes  standards for reporting and display of  comprehensive
income and its components (revenues,  expenses,  gains and losses) in a full set
of general-purpose  financial  statements.  SFAS No. 130 requires that all items
that are required to be recognized under  accounting  standards as components of
comprehensive income be reported in a financial statement that is displayed with
the same prominence as other financial statements. It does not require a special
format for that financial  statement but requires that an enterprise  display an
amount representing total comprehensive  income for the period in that financial
statement.

SFAS  No.  130  requires  that  an  enterprise   (a)  classify  items  of  other
comprehensive  income by their nature in a financial  statement  and (b) display
the accumulated balance of other  comprehensive  income separately from retained
earnings and additional  paid-in capital in the equity section of a statement of
financial  position.  SFAS No. 130 is effective for fiscal years beginning after
December 15, 1997.  Reclassification of financial statements for earlier periods
provided for comparative  purposes is required.  Management adopted SFAS No. 130


                                      -9-
<PAGE>

effective January 1, 1998, as required, without material impact on the Company's
financial statements.

In June 1997,  the FASB issued SFAS No. 131,  "Disclosures  about Segments of an
Enterprise and Related  Information." SFAS No. 131 significantly changes the way
that public business  enterprises report information about operating segments in
annual financial  statements and requires that those enterprises report selected
information  about reportable  segments in interim  financial  reports issued to
shareholders.  It also  establishes  standards  for  related  disclosures  about
products and services, geographic areas and major customers. SFAS No. 131 uses a
"management  approach" to disclose  financial and descriptive  information about
the way management  organizes the segments  within the enterprise for making the
operating  decisions  and  assessing  performance.  For  many  enterprises,  the
management  approach  will likely  result in more segments  being  reported.  In
addition,  SFAS No. 131 requires  significantly more information to be disclosed
for each reportable segment than is presently being reported in annual financial
statements  and also requires that selected  information  be reported in interim
financial statements. SFAS No. 131 is effective for fiscal years beginning after
December 15, 1997. SFAS No. 131 is not expected to have a material impact on the
Company's financial statements.

Note D: Other Matters

As with all  providers of  financial  services,  the  Company's  operations  are
heavily dependent on information  technology systems. The Bank is addressing the
potential  problems  associated  with the  possibility  that the computers  that
control or operate the Bank's information  technology systems and infrastructure
may not be  programmed  to read  four-digit  date codes and, upon arrival of the
year 2000,  may  recognize  the  two-digit  code "00" as the year 1900,  causing
systems to fail to function or to generate  erroneous  data. The Bank is working
with the companies that supply or service its information  technology systems to
identify and remedy any year 2000 related problems.

As of March 31, 1998,  management has developed an estimate of expenses that are
reasonably  likely to be  incurred  by the Bank in  connection  with this issue,
however does not expect to incur significant expenses to implement the necessary
corrective  measures.  No  assurance  can be given,  however,  that  significant
expense  will not be incurred in future  periods.  In the event that the Bank is
ultimately required to purchase replacement computer systems,  programs,  and/or
equipment,  or incur substantial  expense to make the Bank's systems,  programs,
and/or  equipment  year 2000  compliant,  the Bank's net earnings and  financial
condition could be adversely affected.

In addition to possible expense related to its own systems, the Bank could incur
losses if loan  payments  are delayed due to year 2000  problems  affecting  any
major  borrowers  in the Bank's  primary  market  area.  Because the Bank's loan
portfolio is highly diversified with regard to individual borrowers and types of
businesses,  and the Bank's primary market areas are not significantly dependent


                                      -10-
<PAGE>

upon any one employer or industry,  the Bank does not expect any  significant or
prolonged difficulties that will affect net earnings or cash flow.



























                                      -11-
<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  losses on loans,  the  effect  of the year 2000 on  information  technology
systems and the effect of certain recent accounting pronouncements.

Financial Condition

Total assets were $89.0  million at March 31, 1998  compared to $86.1 million at
December 31, 1997, an increase of $2.9 million or 3.3%. This increase was funded
primarily  from a  growth  in  deposits.  Cash and  cash  equivalents  increased
approximately  $2.2  million,  from $2.3  million at  December  31, 1997 to $4.5
million at March 31,  1998.  Efforts to  reinvest  the growth of deposits in new
loans and  investments  are on-going;  however,  the interest  rate  environment
contributed to the time required to obtain quality  investments  and resulted in
the  increase in cash  equivalents.  Securities  decreased  slightly  from $15.7
million at December 31, 1997 to $14.6 million at March 31, 1998.

Loans  increased $1.8 million,  or 2.8%, from $63.6 million at December 31, 1997
to $65.4  million at March 31, 1998.  Mortgage  loan  origination  exceeded $6.0
million for the quarter,  with payoffs equaling $4.2 million. Loan demand in the
first  quarter of 1998 was very strong  compared to the first quarter of 1997 in
which there was no growth in the loan portfolio.

Deposits  were $63.3  million at March 31,  1998  compared  to $60.6  million at
December  31, 1997,  an increase of $2.7  million in the first  quarter of 1998.
Borrowings  consisted of $6.5  million of FHLB  advances and a $1.5 million note
payable related to an equity investment in low income housing.

Shareholders'  equity was $16.8  million at March 31, 1998 and $16.5  million at
December 31, 1997. The payment of dividends,  an increase in the unrealized gain
on securities available for sale, the amortization of the stock benefit plan and
quarterly  net  earnings  combined to result in an increase of $242,000  for the
quarter.



                                      -12-
<PAGE>


Results of Operations

Comparison of the Three Months Ended March 31, 1998  and March 31, 1997
-----------------------------------------------------------------------

Net  earnings  for the  Company  for the three  months  ended March 31, 1998 was
$304,000  compared with $272,000 for three months ended March 31, 1997. This was
a increase of $32,000 or 11.8%.  Net interest  income  increased  $51,000  while
other  expenses  increased  $20,000  and  taxes  increased  $26,000.  The  major
contributor  to the increase in net  interest  income was the growth in the loan
portfolio  the past  calendar  year.  Loans were $65.4 million at March 31, 1998
compared to $57.1 million at March 31, 1997.

The  provision  for loan losses was $9,000 for the three  months ended March 31,
1998 and $3,000 for the three months ended March 31, 1997. Two  properties  were
taken into real estate owned in the quarter ended March 31, 1998 with a combined
book value of  $54,000.  One  property  was written  down from  $37,000 to a net
realizable value of $23,000.  Three properties  remained in real estate owned at
the end of the quarter  ending  March 31,  1998,  and all were sold during April
1998 resulting in a small gain for the Company. One property was taken into real
estate  owned in the period  ended  March 31, 1997 and was sold at a gain before
the quarter ended. Non-performing loans decreased to $363,000, or 0.56% of loans
at March 31, 1998 from  $431,000,  or 0.67% of loans at December 31, 1997.  Loan
loss  reserves  amounted  to  $240,000  or .37% of total loans at March 31, 1998
compared to $245,000, or 0.38% at December 31, 1997.

Other  income  increased by $33,000  primarily  because of a $32,000 loss on the
sale of  securities  available  for sale in the quarter  ended  March 31,  1997.
Service charges on deposit  accounts and other operating income showed virtually
no change compared to the prior year.

Total other  expenses  increased  $20,000 or 6.7% in the period ending March 31,
1998 compared to March 31, 1997.  Employee  compensation and benefits  increased
$11,000  or  6.7%.  This  increase  was a result  of the  salary  increases  and
additional  personnel  compared to a year ago. Data  processing  fees  increased
$3,000 and other  operating  expenses  increased  $8,000,  mainly in the area of
advertising,  charitable  contributions,  and service  fees.  Service  fees have
increased  due to changes in  handling  our daily  deposit  but are offset by an
increase in interest income due to better cash availability.

The  Company's  effective tax rate for the three months ended March 31, 1998 was
37.7% and was 36.7% for the three months ending March 31, 1997.




                                      -13-
<PAGE>


Capital Resources

Pursuant to 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, 1998,  the Bank's  tangible  capital ratio was 18.4%,  its leverage
ratio was 18.4%, and its risk-based  capital to  risk-weighted  assets ratio was
34.2%.  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 ratios as of March 31,
1998.

Capital Standard          Required           Bank's            Excess
----------------          --------           ------            ------
Tangible (1.5%)           $1,325,000       $16,257,000       $14,932,000
Core (4.0%)                3,535,000        16,257,000        12,722,000
Risk-based (8.0%)          3,857,000        16,497,000        12,640,000

Liquidity

The standard measure of liquidity for savings  associations is the ratio of cash
and eligible  investments to a certain  percentage of net  withdrawable  savings
account  and  borrowings  due within one year.  The  minimum  required  ratio is
currently set by the Office of Thrift  Supervision  at 4%. At March 31, 1998 the
Bank's regulatory liquidity ratio was 34.4%.























                                      -14-
<PAGE>


Item 3.  Quantitative and Qualitative Disclosures About Market Risk


The Bank, like other savings  associations,  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") issued a regulation,  effective January
1, 1994, which uses a net market value  methodology to measure the interest rate
risk exposure of thrift  institutions.  Under OTS regulations,  an institution's
"normal"  level of  interest  rate  risk in the  event of an  assumed  change in
interest  rates,  is a  decrease  in  the  institution's  NPV in an  amount  not
exceeding 2% of the present value of its assets.  Thrift  institutions with over
$300 million in assets or less than a 12% risk-based  capital ratio are required
to file OTS Schedule CMR. Data from schedule CMR is used by the OTS to calculate
changes in NPV (and the related  "normal" level of interest rate risk based upon
certain interest rate changes (discussed below).  Institutions which do not meet
either of the filing requirements are not required to file OTS Schedule CMR, but
may do so  voluntarily.  The  Bank  does  not  currently  meet  either  of these
requirements,  but it does voluntarily file Schedule CMR. Presented below, as of
December 31, 1997, 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,  up and down 400  basis  points  and in  accordance  with OTS
regulations.  As illustrated  in the table,  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 declines due to the rate increase.  The value of the
Bank's deposits and borrowings  change in  approximately  the same proportion in
rising and falling rate scenarios.










                                      -15-
<PAGE>

<TABLE>
<CAPTION>

Change                    Net Portfolio Value        NPV as % of PV of Assets
In Rates          $ Amount $ Change % Change         NPV Ratio         Change
--------          -------- -------- --------         ---------         ------
                (Dollars in thousands)
<S>                 <C>        <C>      <C>               <C>           <C>
 +400bp            11,904    -6,160    -34 %            14.85 %        -579bp
 +300bp            13,766    -4,298    -24 %            16.73          -391bp
 +200bp            15,512    -2,553    -14 %            18.40 %        -225bp
 +100bp            16,991    -1,074    - 6 %            19.73 %        - 91bp
    0bp            18,064                               20.64 %
- 100bp            18,830       766     +4 %            21.25 %        + 60bp
- 200bp            19,514     1,450     +8 %            21.76 %        +112bp
- 300bp            20,468     2,403    +13 %            22.49 %        +184bp
- 400bp            21,701     3,637    +20 %            23.43 %        +278bp
</TABLE>

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

Pre-shock NPV Ratio: NPV as % of PV of Assets                 20.64 %
Exposure Measure: Post-Shock NPV Ratio                        18.40 %
Sensitivity Measure: Change in NPV Ratio                      (225 bp)

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.

















                                      -16-
<PAGE>


Part II.  OTHER INFORMATION

Item 1.  Legal Proceedings

Neither the Bank nor the Company were, during the three-month period ended March
31, 1998,  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:

              3.1    The Articles of Incorporation of the Registrant are 
                     incorporated by reference to Exhibit 3.1 to the
                     Registration Statement on Form S-1 (Registration No.
                     33-89788).

              3.2    The Code of By-Laws of the Registrant is incorporated
                     by  reference to Exhibit 3.2 to the Form 10-Q for the
                     period ended June 30, 1997, filed with the Commission
                     on August 13, 1997.

             27.1    Financial Data Schedule for the three month period ended
                     March 31, 1998.

             27.2    Restated Financial Data Schedule for the three month period
                     ended March 31, 1997.

         (b)      Reports on Form 8-K.

         The  Registrant  filed no reports on Form 8-K during the fiscal quarter
ended March 31, 1998.












                                      -17-
<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 12, 1998                            By: /s/ Thomas G. Williams
      ---------------------------                        ----------------------
                                                         Thomas G. Williams
                                                         President and
                                                         Chief Executive Officer


Date:        May 12, 1998                           By: /s/ Dottye Robeson
      ---------------------------                       ------------------
                                                         Dottye Robeson
                                                         Secretary and
                                                         Treasurer

























                                      -18-