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 JUNE 30, 2003 OR

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

         Commission file number: 0-25910

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


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


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

                                 (574) 722-3855
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  report),  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days.

                  Yes [X]                   No [  ]

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

                  Yes [  ]                  No [X]

The number of shares outstanding of the Registrant's  common stock,  without par
value, as of August 1, 2003 was 876,968.

<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 June 30, 2003
             and December 31, 2002                                        3

           Consolidated Statements of Earnings
             for the three and six months ended June 30,
             2003 and 2002                                                4

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

           Consolidated Statements of Cash Flows
             for the six months ended
             June 30, 2003 and 2002                                       6

           Notes to Consolidated Condensed Financial
             Statements                                                   8

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

Item 3.     Quantitative and Qualitative Disclosures About Market Risk    16

Item 4.    Controls and Procedures                                        17

PART II. OTHER INFORMATION

Item 1.    Legal Proceedings                                              18

Item 2.    Changes in Securities and Use of Proceeds                      18

Item 3.    Defaults Upon Senior Securities                                18

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

Item 5.    Other Information                                              18

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

SIGNATURES                                                                19

CERTIFICATIONS                                                            20

<PAGE>

<TABLE>
<CAPTION>
                                                      LOGANSPORT FINANCIAL CORP.

                                            Consolidated Statements of Financial Condition

                                                   (In thousands, except share data)


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

<S>                                                                                        <C>                  <C>
Cash and due from banks                                                                    $    1,153           $     778
Interest-bearing deposits in other financial institutions                                      17,393              12,739
                                                                                           ----------           ---------
         Cash and cash equivalents                                                             18,546              13,517

Investment securities designated as available for sale - at market                              7,965               8,060
Mortgage-backed securities designated as available for sale - at market                        17,034              11,009
Loans receivable - net                                                                        109,008             110,386
Office premises and equipment - at depreciated cost                                             1,743               1,767
Real estate acquired through foreclosure                                                           25                  -
Federal Home Loan Bank stock - at cost                                                          2,029               2,003
Investment in real estate partnership                                                             993               1,026
Accrued interest receivable on loans                                                              391                 410
Accrued interest receivable on mortgage-backed securities                                          63                  49
Accrued interest receivable on investments and interest-bearing deposits                          115                 107
Prepaid expenses and other assets                                                                 605                  80
Cash surrender value of life insurance                                                          1,317               1,317
Deferred income tax asset                                                                         384                 364
Prepaid income taxes                                                                               31                   4
                                                                                           ----------           ---------
         Total assets                                                                        $160,249            $150,099
                                                                                           ==========           =========
         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                                     $106,466           $  98,325
Advances from the Federal Home Loan Bank                                                       35,156              33,836
Notes payable                                                                                   1,843               1,793
Accrued interest and other liabilities                                                            801                 772
         Total liabilities                                                                    144,266             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; 858,672
    and 848,958 shares at aggregate value issued and outstanding at
    June 30, 2003 and December 31, 2002, respectively                                           1,548               1,446
  Retained earnings - restricted                                                               14,005              13,444
  Less shares acquired by stock benefit plan                                                      (32)                (44)
  Accumulated comprehensive income, unrealized gains on securities
    designated as available for sale, net of related tax effects                                  462                 527
                                                                                           ----------           ---------
         Total shareholders' equity                                                            15,983              15,373
                                                                                           ----------           ---------
         Total liabilities and shareholders' equity                                          $160,249            $150,099
                                                                                           ==========           =========

</TABLE>
<PAGE>

<TABLE>
<CAPTION>

                                                      LOGANSPORT FINANCIAL CORP.

                                                  Consolidated Statements of Earnings

                                                   (In thousands, except share data)

                                                             (unaudited)


                                                                        Three months ended            Six months ended
                                                                               June 30,                    June 30,
                                                                         2003         2002            2003         2002
Interest income
<S>                                                                    <C>          <C>             <C>          <C>
  Loans                                                                $1,889       $2,110          $3,810       $4,185
  Mortgage-backed securities                                              137           82             268          154
  Investment securities                                                    99           97             195          189
  Interest-bearing deposits and other                                      47           57              94          120
                                                                       ------       ------          ------       ------
         Total interest income                                          2,172        2,346           4,367        4,648

Interest expense
  Deposits                                                                652          743           1,292        1,515
  Borrowings                                                              484          476             961          951
                                                                       ------       ------          ------       ------
         Total interest expense                                         1,136        1,219           2,253        2,466
                                                                       ------       ------          ------       ------

         Net interest income                                            1,036        1,127           2,114        2,182
Provision for losses on loans                                              90           90             180          180
                                                                       ------       ------          ------       ------
         Net interest income after provision for
           losses on loans                                                946        1,037           1,934        2,002

Other income
  Service charges on deposit accounts                                      53           56             107          111
  Gain on sale of investment securities                                   171           17             252           17
  Gain on sale of loans                                                    45           -               50           -
  Loss on equity investment                                               (26)         (20)            (50)         (56)
  Other operating                                                          29           29              54           61
                                                                       ------       ------          ------       ------
         Total other income                                               272           82             413          133

General, administrative and other expense
  Employee compensation and benefits                                      349          336             702          630
  Occupancy and equipment                                                  58           61             119          126
  Data processing                                                          44           46              93           95
  Other operating                                                         139          160             296          327
                                                                       ------       ------          ------       ------
         Total general, administrative and other expense                  590          603           1,210        1,178
                                                                       ------       ------          ------       ------

         Earnings before income taxes                                     628          516           1,137          957
Income tax expense                                                        191          145             336          266

         NET EARNINGS                                                 $   437      $   371         $   801      $   691
                                                                      =======      =======         =======      =======
Other comprehensive income, net of tax:
  Unrealized gains (losses) on securities available for sale              (22)         151             (65)          98
                                                                       ------       ------          ------       ------

COMPREHENSIVE INCOME                                                  $   415      $   522         $   736      $   789
                                                                      =======      =======         =======      =======

EARNINGS PER SHARE
  Basic (based on net earnings)                                       $   .51      $   .39         $   .94      $   .71
                                                                      =======      =======         =======      =======

  Diluted (based on net earnings)                                     $   .50      $   .38         $   .91      $  .69
                                                                      =======      =======         =======      =======

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                                      LOGANSPORT FINANCIAL CORP.

                                            Consolidated Statements of Shareholders' Equity

                                                            (unaudited)

                                                   (In thousands, except share data)


                                                                                                    Six months ended
                                                                                                      June 30,
                                                                                             2003                  2002

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

Purchase of shares                                                                             -                 (2,466)

Issuance of shares under stock option plan                                                    102                   193

Amortization of stock benefit plan                                                             12                     8

Cash dividends of $.28 per share in 2003 and $.25 in 2002                                    (240)                 (239)

Unrealized gains (losses) on securities designated as
  available for sale, net of related tax effects                                              (65)                   98

Net earnings                                                                                  801                   691
                                                                                          -------               -------
Balance at June 30                                                                        $15,983               $15,687
                                                                                          =======               =======

Accumulated other comprehensive income                                                    $   462               $   353
                                                                                          =======               =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                                                          LOGANSPORT FINANCIAL CORP.

                                                     Consolidated Statements of Cash Flows

                                                       For the six months ended June 30,

                                                                 (unaudited)

                                                                (In thousands)

                                                                                             2003                  2002
Cash flows from operating activities:
<S>                                                                                      <C>                   <C>
  Net earnings for the period                                                            $    801              $    691
  Adjustments to reconcile net earnings to net cash
  provided by (used in) operating activities:
    Depreciation and amortization                                                              55                    54
    Amortization of premiums on investments and
      mortgage-backed securities                                                               14                    26
    Amortization expense of stock benefit plan                                                 12                     8
    Federal Home Loan Bank stock dividends                                                    (26)                   -
    Gain on sale of investment and mortgage-backed securities                                (252)                  (17)
    Loans originated for sale in the secondary market                                      (2,703)                   -
    Proceeds from sale of loans in the secondary market                                     2,730                    -
    Gain on sale of loans                                                                     (27)                   -
    Provision for losses on loans                                                             180                   180
    Loss on equity investment                                                                  50                    56
    Increase (decrease) in cash, due to changes in:
      Accrued interest receivable on loans                                                     19                   (33)
      Accrued interest receivable on mortgage-backed securities                               (14)                   (7)
      Accrued interest receivable on investments                                               (8)                  (14)
      Prepaid expenses and other assets                                                      (525)                    6
      Accrued interest and other liabilities                                                   29                    93
      Federal income taxes
        Current                                                                               (27)                  (22)
        Deferred                                                                               14                    15
                                                                                          --------              --------
         Net cash provided by operating activities                                            322                 1,036

Cash flows provided by (used in) investing activities:
  Proceeds from sale of investment securities                                               1,008                   269
  Purchase of investment securities                                                        (4,207)               (3,463)
  Proceeds from maturities/calls of investment securities                                   3,375                 1,485
  Purchase of mortgage-backed securities                                                  (18,531)               (3,018)
  Proceeds from sale of mortgage-backed securities                                          9,896                    -
  Principal repayments on mortgage-backed securities                                        2,668                   700
  Purchase of Federal Home Loan Bank stock                                                     -                    (30)
  Loan disbursements                                                                      (27,116)              (21,402)
  Principal repayments on loans                                                            28,161                19,369
  Investment in real estate partnership                                                       (17)                  (19)
  Proceeds from sale of real estate acquired through foreclosure                              128                    65
  Purchases and additions to office premises and equipment                                    (31)                   (4)
                                                                                          --------              --------
         Net cash used in investing activities                                             (4,666)               (6,092)
                                                                                          --------              --------
         Net cash used in operating and investing activities
           (balance carried forward)                                                       (4,344)               (5,056)
                                                                                          --------              --------


</TABLE>


<PAGE>

<TABLE>
<CAPTION>


                                                      LOGANSPORT FINANCIAL CORP.

                                           Consolidated Statements of Cash Flows (continued)

                                                   For the six months ended June 30,

                                                              (unaudited)

                                                            (In thousands)

                                                                                             2003                  2002

         Net cash used in operating and investing activities
<S>                                                                                      <C>                   <C>
           (balance brought forward)                                                     $ (4,344)             $ (5,056)

Cash flows provided by (used in) financing activities:
  Net increase in deposit accounts                                                          8,141                11,110
  Proceeds from Federal Home Loan Bank advances                                             4,445                 6,850
  Repayment of Federal Home Loan Bank advances                                             (3,125)               (6,864)
  Proceeds from note payable                                                                  125                    -
  Repayment of note payable                                                                   (75)                  (72)
  Purchase of shares                                                                           -                 (2,466)
  Proceeds from the exercise of stock options                                                 102                   193
  Dividends on common stock                                                                  (240)                 (239)
                                                                                          --------              --------
         Net cash provided by financing activities                                          9,373                 8,512
                                                                                          --------              --------
Net increase in cash and cash equivalents                                                   5,029                 3,456

Cash and cash equivalents, beginning of period                                             13,517                 8,816
                                                                                          --------              --------
Cash and cash equivalents, end of period                                                 $ 18,546              $ 12,272
                                                                                         =========             =========

Supplemental disclosure of cash flow information:
  Cash paid during the period for:
    Interest on deposits and borrowings                                                  $  2,266              $  2,461
                                                                                         =========             =========
    Income taxes                                                                         $    350              $    272
                                                                                         =========             =========
  Dividends payable at end of period                                                     $    120              $    119
                                                                                         =========             =========

Supplemental disclosure of noncash investing activities:
  Recognition of mortgage servicing rights in accordance
    with SFAS No. 140                                                                    $     23              $     --
                                                                                         =========             =========
  Transfers from loans to real estate acquired through foreclosure                       $    153              $     --
                                                                                         =========             =========

Supplemental disclosure of noncash financing activities:
  Unrealized gains (losses) on securities designated as available for
    sale, net of related tax effects                                                     $    (65)             $     98
                                                                                         =========             =========

</TABLE>
<PAGE>

                           Logansport Financial Corp.

              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

        For the six and three month periods ended June 30, 2003 and 2002


NOTE A:  Basis of Presentation

The unaudited  interim  consolidated  condensed  financial  statements have been
prepared in accordance with the instructions to Form 10-Q and, therefore, do not
include  all  information  and  disclosures  required by  accounting  principles
generally  accepted  in the United  States of  America  for  complete  financial
statements.   Accordingly,   these  financial   statements  should  be  read  in
conjunction  with  the  consolidated  financial  statements  and  notes  thereto
included in the Annual Report on Form 10-K for the year ended December 31, 2002.
In the opinion of management,  the financial  statements reflect all adjustments
(consisting of only normal recurring  accruals)  necessary to present fairly the
Logansport  Financial Corp.'s (the "Company")  financial position as of June 30,
2003,  and its results of operations  and cash flows for the three and six month
periods ended June 30, 2003 and 2002.  The results of  operations  for the three
and six month periods ended June 30, 2003 are not necessarily  indicative of the
results which may be expected for the entire year.


NOTE B:  Principles of Consolidation

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


NOTE C:  Earnings Per Share and Dividends Per Share

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

                                                 For the three months ended                For the six months ended
                                                           June 30,                                June 30,
                                                      2003           2002                    2003           2002

Weighted-average common shares
<S>                                                <C>            <C>                     <C>            <C>
  outstanding (basic)                              855,479        937,216                 852,920        974,986
Dilutive effect of assumed exercise
  of stock options                                  28,018         34,510                  26,648         32,651
                                                   -------        -------                 -------      ---------
Weighted-average common shares
  outstanding (diluted)                            883,497        971,726                 879,568      1,007,637
                                                   =======        =======                 =======      =========

</TABLE>

A cash  dividend of $.14 per common share was declared on June 2, 2003,  payable
on July 10, 2003, to stockholders of record as of June 13, 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  six-month  periods  ended June 30, 2003
and 2002.

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

<TABLE>
<CAPTION>

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

<S>                                                   <C>       <C>          <C>        <C>          <C>        <C>
Outstanding at beginning of period                    79,136    $10.63       106,796    $10.61       125,915    $10.59
Granted                                                   --        --            --        --            --        --
Exercised                                             (9,714)   $10.53       (27,660)    10.53       (15,463)    10.53
Forfeited                                                 --        --            --        --        (3,656)    10.53
                                                      ------    ------       -------    ------       -------    -------
Outstanding at end of period                          69,422    $10.63        79,136    $10.63       106,796    $10.61
                                                      ======    ======       =======    ======       =======    ======
Options exercisable at period-end                     68,922    $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 June 30, 2003:

Number outstanding                                               69,422
Range of exercise prices                                  $10.53-$13.75
Weighted-average exercise price                                  $10.63
Weighted-average remaining contractual life                   2.4 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 June 30, 2003 is $3.2 million
and they expire through 2008. Amounts due under these letters of credit would be
reduced  by any  proceeds  that  the  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 does not
expect FIN 46 to have a material effect on its financial statements.

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

NOTE F:  Recent Accounting Pronouncements (continued)

The guidance in Statement  149 is effective  for new  contracts  entered into or
modified after June 30, 2003 and for hedging relationships designated after that
date, except for the following:

     o    guidance  incorporated from FASB Staff Implementation  Issues that was
          effective for periods beginning prior to June 15, 2003 should continue
          to be applied according to the effective dates in those issues

     o    guidance  relating to forward  purchase and sale agreements  involving
          when-issued  securities  should be applied to both existing  contracts
          and new contracts entered into after June 30, 2003.

Management  does  not  expect  SFAS No.  149 to have a  material  effect  on the
Corporation's financial position or results of operations.

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

SFAS No. 150 is effective  for  financial  instruments  entered into or modified
after May 31, 2003 and, with one exception, is effective at the beginning of the
first  interim  period  beginning  after  June 15,  2003 (July 1, 2003 as to the
Corporation).  The  effect of  adopting  SFAS No.  150 must be  recognized  as a
cumulative  effect of an accounting  change as of the beginning of the period of
adoption.  Restatement  of prior periods is not permitted.  Management  does not
expect  SFAS No. 150 to have a material  effect on the  Corporation's  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 June 30,
2003

The  Company  reported  total  assets of $160.2  million  at June 30,  2003,  an
increase of $10.2 million, or 6.8%, compared to December 31, 2002. This increase
was  funded  primarily  by the  addition  of $8.1  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  increased by $5.0 million, from $13.5
million at December 31, 2002, to $18.5 million at June 30, 2003.  Investment and
mortgage-backed  securities  totaled $25.0 million at June 30, 2003, an increase
of $5.9  million,  or 31.1%,  over  December 31, 2002.  Purchases of  securities
totaling $22.7 million were partially offset by repayments, calls and maturities
of $6.0 million and sales of $10.9 million.

Net loans  decreased  from $110.4 million at December 31, 2002 to $109.0 million
at June 30, 2003. Loan originations amounted to $29.8 million for the six months
ended June 30, 2003,  while principal  repayments  amounted to $28.2 million and
sales of  one-to-four  family  residential  real estate  loans  amounted to $2.7
million. Loan originations during 2003 were comprised primarily of loans secured
by  nonresidential  and commercial real estate,  other  commercial  property and
commercial  leases.  The commercial and  nonresidential  loan portfolios totaled
$40.9 million at June 30, 2003,  compared to $35.8 million at December 31, 2002.
Loans  secured by one- to  four-family  residential  real estate  totaled  $55.8
million at June 30, 2003, compared to $61.7 million at December 31, 2002. In the
first quarter of 2003,  the Company  initiated a program to sell certain one- to
four-family  loans in the secondary  market,  dealing with the Federal Home Loan
Bank of Indianapolis.

Deposits totaled $106.5 million at June 30, 2003, a increase of $8.1 million, or
8.3%, from the balance at December 31, 2002.  Borrowings increased slightly over
the six month period,  and at June 30, 2003,  were comprised of $35.2 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  $16.0  million at June 30, 2003,  an increase of
$610,000,  or 4.0%,  over the $15.4  million  total at December  31,  2002.  The
increase  resulted  from net earnings of $801,000 and proceeds  from exercise of
stock  options of $102,000,  which were  partially  offset by dividends  paid of
$240,000  and a  decrease  of  $65,000  in the  unrealized  gains on  securities
available for sale.
<PAGE>

Results of Operations

Comparison of the Six Months Ended June 30, 2003 and June 30, 2002

Net earnings for the six months ended June 30, 2003 totaled  $801,000,  compared
with  $691,000 for the six months ended June 30, 2002,  an increase of $110,000,
or 15.9%. Net interest income decreased by $68,000, total other income increased
by $280,000 and general,  administrative and other expense increased by $32,000,
while the  provision  for losses on loans  remained  constant  and income  taxes
increased by $70,000.

Interest  income on loans  decreased  by $375,000,  or 9.0%,  for the six months
ended June 30,  2003,  compared to the same period 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  $557,000  for the six
months ended June 30, 2003, a $94,000,  or 20.3%,  increase  over the six months
ended June 30,  2002.  The  increase  was due  primarily  to an  increase in the
average balance outstanding year to year. Interest expense on deposits decreased
by  $223,000,  or 14.7%,  as the average  cost of deposits  decreased.  Interest
expense on  borrowings  increased by $10,000 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 decreased
by $68,000, or 3.1%.

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  $180,000 for each of the
six month  periods  ended June 30, 2003 and 2002.  The  provision  for losses on
loans was  primarily  attributable  to the  increasing  percentage of commercial
loans in the  portfolio.  At June 30, 2003 and December 31, 2002,  the allowance
amounted  to $1.6  million  and $1.5  million,  respectively.  In both  periods,
$200,000 of the total allowance was allocated for a specific reserve.  The ratio
of the total  allowance  to total  loans was 1.43% at June 30, 2003 and 1.32% at
December 31, 2002. Non-performing loans totaled $1.4 million and $1.5 million at
June 30, 2003 and December 31, 2002,  respectively.  The ratio of the  allowance
for loan losses to non-performing  loans amounted to 116.9% at June 30, 2003 and
98.3% at December 31,  2002.  During the six months  ending June 30,  2003,  the
Company  took three  properties  into real  estate  owned and wrote off  $51,000
against the  allowance  to record them at a net  realizable  value of  $153,000.
During this period two of the three properties have been sold and one remains in
Real Estate  Owned.  Based on  management's  review of the loan  portfolio,  the
allowance  for loan  losses at June 30,  2003 is  considered  adequate  to cover
potential  losses  inherent  in the loan  portfolio.  However,  there  can be no
assurance  that  additions  to the  allowance  will not be  necessary  in future
periods, which could adversely affect the Company's results of operations.

Other  income  totaled  $413,000  for the six  months  ended  June 30,  2003,  a
$280,000,  or  210.5%,  increase  over the 2002  period.  The  increase  was due
primarily  to a  $235,000  increase  in the gain on the sale of  investment  and
mortgage-backed securities and a $50,000 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 $6,000.  Other operating  income  decreased by $7,000,  or
11.5%, due primarily to a decrease in loan service charges and fees.

General, administrative and other expense totaled $1.2 million for the six-month
period ended June 30, 2003, an increase of $32,000, or 2.7%, compared to the six
month period ended June 30, 2002.  Employee  compensation  and benefits  expense
increased  by $72,000,  or 11.4%,  due  primarily  to an increase in  management
staff, an increase in the cost of medical  insurance and normal merit increases.
In addition,  the resumption of the accrual for pension  expense  related to the
Bank's multi-employer  defined benefit pension plan accounted for $39,000 of the
increase.  Other operating expenses decreased by $31,000,  or 9.5%,  compared to
the six months  period  ended June 30,  2002,  due  primarily  to  decreases  in
advertising and professional fees.

Subsequent to June 30, 2003, routine internal audit procedures uncovered several
unauthorized  loan  transactions  by  an  employee  whose  employment  has  been
terminated.  At this time, the  Corporation  does not believe the amount of such
loans will exceed  $40,000.  The Corporation has filed a claim with its fidelity
bond carrier and is seeking  immediate  restitution  from the  employee.  In the
opinion of  management,  the final  resolution  of this  matter  will not have a
material adverse effect on the Corporation's  financial  condition or results of
operations.
<PAGE>


Comparison of the Six Months Ended June 30, 2003 and June 30, 2002 (continued)

The provision  for income taxes  totaled  $336,000 for the six months ended June
30, 2003, an increase of $70,000,  or 26.3%,  over the same period in 2002.  The
increase  was due to a $180,000,  or 18.8%,  increase in pre-tax  earnings.  The
Company's  effective tax rates for the six-month periods ended June 30, 2003 and
2002, were 29.6% and 27.8%, respectively. The effective tax rate remains low due
to the tax  credits  available  from the  Company's  investment  in a low income
housing partnership.

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

Net earnings for the three months ended June 30, 2003 totaled $437,000, compared
with  $371,000 for the three months ended June 30, 2002, an increase of $66,000,
or 17.8%. Net interest income decreased by $91,000, total other income increased
by $190,000 and general,  administrative and other expense decreased by $13,000,
while the  provision  for losses on loans  remained  constant  and income  taxes
increased by $46,000.

Interest income on loans decreased by $221,000,  or 10.5%,  for the three months
ended June 30, 2003,  compared to the same quarter in 2002,  due  primarily to a
decrease in the yield on loans and a slight decline in the outstanding  balance.
Interest   income  on   mortgage-backed   securities,   investments   and  other
interest-earning  assets  totaled  $283,000  for the three months ended June 30,
2003, a $47,000, or 19.9%,  increase over the 2002 quarter. The increase was due
primarily  to an  increase  in the  average  balance  outstanding  year to year.
Interest expense on deposits decreased by $91,000, or 12.2%, as the average cost
of deposits  decreased.  Interest expense on borrowings  increased by $8,000 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 decreased by $91,000, or 8.1%.

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

Other  income  totaled  $272,000  for the three  months  ended June 30,  2003, a
$190,000,  or 231.7%,  increase  over the 2002  quarter.  The  increase  was due
primarily  to a  $154,000  increase  in the gain on the sale of  investment  and
mortgage-backed securities and a $45,000 gain on the sale of loans.

General,  administrative  and other expense totaled $590,000 for the three-month
period  ended June 30,  2003,  a decrease of $13,000,  or 2.2%,  compared to the
three month period ended June 30, 2002.  Other operating  expenses  decreased by
$21,000, or 13.1%, compared to the quarter ended June 30, 2002, due primarily to
decreases in  advertising  and  professional  fees.  Employee  compensation  and
benefits expense increased by $13,000,  or 3.9%, due primarily to 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.

The provision for income taxes totaled  $191,000 for the three months ended June
30, 2003, an increase of $46,000,  or 31.7%,  over the same period in 2002.  The
increase  was due to a $112,000,  or 21.7%,  increase in pre-tax  earnings.  The
Company's  effective tax rates for the  three-month  periods ended June 30, 2003
and 2002, were 30.4% and 28.1%, respectively. The effective tax rate remains low
due to the tax credits  available from the Company's  investment in a low income
housing partnership.
<PAGE>


Comparison of the Three Months Ended June 30, 2003 and June 30, 2002 (continued)

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 June 30,  2003,  the Bank's  tangible and
leverage  capital  ratios  were  each  10.2%,  and  its  risk-based  capital  to
risk-weighted   assets   ratio  was  17.8%.   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 June 30, 2003.

Capital Standard                Required            Bank's            Excess
----------------                --------            ------            ------
                                                (In thousands)
Tangible (1.5%)                  $2,395           $16,322            $13,927
Core (4.0%)                       6,386            16,322              9,936
Risk-based (8.0%)                 7,880            17,555              9,675

Off-balance Sheet Arrangements

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

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

The Bank, like other financial institutions, is subject to interest rate risk to
the degree that its interest-bearing liabilities,  primarily deposits with short
and  medium-term  maturities,  mature or  reprice  at  different  rates than its
interest-earning  assets.  The Office of Thrift  Supervision  ("OTS") uses a net
market value  methodology  to measure the interest  rate risk exposure of thrift
institutions.  As a part of its efforts to monitor its interest  rate risk,  the
Bank  utilizes  the "net  portfolio  value"  ("NPV")  methodology  to assess its
exposure to interest rate risk.  Generally,  NPV is the discounted present value
of the  difference  between  incoming cash flows on  interest-earning  and other
assets and outgoing cash flows on  interest-bearing  liabilities.  Management of
the Bank's assets and liabilities is done within the context of the marketplace,
regulatory  limitations and within limits  established by the Board of Directors
on the amount of change in NPV which is acceptable  given certain  interest rate
changes.

Presented below, as of March 31, 2003 (the latest available date) is an analysis
performed by the OTS of the Bank's  interest rate risk as measured by changes in
NPV for instantaneous  and sustained  parallel shifts in the yield curve, in 100
basis point increments in accordance with OTS regulations. As illustrated in the
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.

<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>
+300bp          $15,267         $(1,643)             (10)%           10.49%             (60)bp
+200bp           16,304            (606)              (4)%           11.01%              (8)bp
+100bp           16,966              56                0%            11.27%              18bp
     -           16,910              --                -             11.09%              --
-100bp           16,058            (852)              (5)%           10.43%             (66)bp
</TABLE>


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

Pre-shock NPV Ratio: NPV as % of PV of Assets               11.09%
Exposure Measure: Post-Shock NPV Ratio                      10.43%
Sensitivity Measure: Change in NPV Ratio                       66bp

As with any method of measuring  interest rate risk,  certain  shortcomings  are
inherent  in the  method of  analysis  presented  in the  foregoing  table.  For
example,  although certain assets and liabilities may have similar maturities or
periods to repricing,  they may react in different  degrees to changes in market
interest  rates.  Also,  the  interest  rates on  certain  types of  assets  and
liabilities may fluctuate in advance of changes in market interest rates,  while
interest  rates  on  other  types  may  lag  behind  changes  in  market  rates.
Additionally, certain assets, such as adjustable-rate loans, have features which
restrict  changes in interest  rates on a short-term  basis and over the life of
the asset.  Further, in the event of a change in interest rates,  expected rates
of prepayments on loans and early  withdrawals  from  certificates  could likely
deviate significantly from those assumed in calculating the table.
<PAGE>

Item 4.  Controls and Procedures

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

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

<PAGE>

Part II.  OTHER INFORMATION

Item 1.  Legal Proceedings

Neither the Bank nor the Company were,  during the  six-month  period ended June
30, 2003,  or are as of the date hereof,  involved in any legal  proceeding of a
material  nature.  From time to time,  the Bank is a party to legal  proceedings
wherein it enforces its security  interests in connection  with its mortgage and
other loans.

Item 2.  Changes in Securities and Use of Proceeds

None.

Item 3.  Defaults Upon Senior Securities

None.

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

On April 8, 2003,  the Company held its 2003 annual meeting of  shareholders.  A
total of 767,662  shares or 90.21% of the  Company's  shares  outstanding,  were
represented at the meeting either in person or by proxy.

Two directors  were  nominated by the Company's  Board of Directors to serve new
three year terms. The nominees, and the voting results are listed below.

                              For           Against          Withheld

James P. Bauer              741,155          26,507               0
William Tincher, Jr.        741,155          26,507               0

The other  directors  continuing  in office  are Brian J.  Morrill,  Susanne  S.
Ridlen, Charles J. Evans, Todd S. Weinstein,  David G. Wihebrink,  and Thomas G.
Williams.

Item 5.  Other Information

None.

Item 6.  Exhibits and Reports on Form 8-K

         (a)      Exhibits.

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

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

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

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

         (b)      Reports on Form 8-K.

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

          Date of Report: April 22, 2003

          Items Reported:  Press release dated April 22, 2003 announcing results
          of operations for the quarter ended March 31, 2003.
<PAGE>

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the  Registrant  has duly  caused  this  report  to be  signed  on behalf of the
undersigned thereto duly authorized.

                                        Logansport Financial Corp.



Date: August 13, 2003                   By: /s/ David G. Wihebrink
                                            ------------------------------------
                                            David G. Wihebrink, President and
                                            Chief Executive Officer


Date: August 13, 2003                   By: /s/ Dottye Robeson
                                            ------------------------------------
                                            Dottye Robeson, Secretary and
                                            Treasurer