SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30,
         1996 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
November 5, 1996 was 1,310,000.


<PAGE>




                           Logansport Financial Corp.
                                    Form 10-Q
                                      Index

                                                                        Page No.

PART 1.  FINANCIAL INFORMATION
Item 1.    Financial Statements                                                3

                  Consolidated   Condensed   Statement   of  Financial
                  Condition as of September 30, 1996  (Unaudited)  and
                  December 31, 1995

                  Consolidated  Condensed  Statement of Income for the
                  three and nine months ended  September  30, 1996 and
                  1995 (Unaudited)

                  Consolidated   Condensed  Statement  of  Changes  in
                  Shareholders'  Equity  for  the  nine  months  ended
                  September 30, 1996 and 1995 (Unaudited)

                  Consolidated  Condensed  Statement of Cash Flows for
                  the nine months  ended  September  30, 1996 and 1995
                  (Unaudited)

                  Notes to Consolidated Financial Statements                  8

Item 2.           Management's Discussion and Analysis
                  of Financial Condition and Results
                  of Operations                                               10
             
PART II. OTHER INFORMATION

Item 1.    Legal Proceedings                                                  14

Item 5.    Other information                                                  14

Item 6.    Exhibits and Reports of Form 8-K                                   14

SIGNATURES

                                   2

<PAGE>



<TABLE>
<CAPTION>
                                      LOGANSPORT FINANCIAL CORP.
                        Consolidated Condensed Statement of Financial Condition
                                              (Unaudited)
                   
                                                                        September 30,             December 31,
                                                                             1996                      1995
                                                                       -------------               -----------
Assets
<S>                                                                      <C>                       <C>        
       Cash                                                              $ 1,203,287               $ 1,267,791
       Short-term interest bearing deposits                                3,653,258                 1,974,788
                                                                       -------------               -----------
              Total cash and cash equivalents                              4,856,545                 3,242,579
       Interest bearing deposits                                             100,000                   100,000
       Securities available for sale                                      16,460,700                18,753,096
       Loans                                                              55,859,412                49,930,050
       Allowance for loan losses                                            (232,970)                 (222,700)
                                                                        ------------               -----------
              Net loans                                                   55,626,442                49,707,350
       Premises and equipment                                                477,372                   432,176
       Federal Home Loan Bank stock, at cost                                 386,500                   348,200
       Cash value of life insurance                                        1,032,686                 1,005,686
       Other assets                                                          785,937                 1,058,221
                                                                         -----------               -----------

              Total assets                                              $ 79,726,182              $ 74,647,308
                                                                         ===========               ===========


Liabilities
       Deposits                                                         $ 55,933,367              $ 52,460,980
       Federal Home Loan Bank advances                                     3,000,000                 1,000,000
       Dividends payable                                                   4,099,750                   132,250
       Other liabilities                                                     766,572                   599,808
                                                                         -----------               -----------

              Total liabilities                                           63,799,689                54,193,038
                                                                         -----------               -----------

Shareholders' Equity
       Common stock                                                        8,411,556                12,670,006
       Retained earnings-substantially restricted                          8,306,318                 7,774,213
       Unearned compensation                                                (553,111)
       Net unrealized gain (loss) on securities
              available for sale, net of tax                                (238,270)                   10,051
                                                                         -----------              ------------
              Total shareholders' equity                                  15,926,493                20,454,270
                                                                         -----------               -----------
              Total liabilities and shareholders' equity                $ 79,726,182              $ 74,647,308
                                                                         ===========               ===========

</TABLE>



                                   3

<PAGE>

<TABLE>
<CAPTION>

                                      LOGANSPORT FINANCIAL CORP.
                              Consolidated Condensed Statement of Income
                                              (Unaudited)
           
                                                      Three Months Ended                   Nine Months Ended
                                                        September 30,                        September 30,
                                               ----------------------------        -------------------------------
                                                   1996             1995                1996               1995
                                                   ----             ----                ----               ----
Interest Income
<S>                                             <C>                <C>               <C>                <C>       
       Loan                                     $1,142,036         $958,884          $3,250,330         $2,708,227
       Investment Securities
              Taxable                              243,004          232,478             731,503            520,292
              Tax-exempt                            31,573           29,821              94,107             85,903
       Other interest and
               dividend income                      36,511           43,616             119,198            133,621
                                               -----------       ----------        ------------       ------------
              Total interest income              1,453,124        1,264,799           4,195,138          3,448,043
                                                ----------        ---------          ----------         ----------
Interest Expense
       Deposits                                    656,729          613,433           1,922,390          1,802,906
       Federal Home Loan Bank
               advances                             27,303                               56,102             31,728
                                               -----------      -----------         -----------        -----------
              Total interest expense               684,032          613,433           1,978,492          1,834,634
                                               -----------       ----------          ----------         ----------

Net Interest Income                                769,092          651,366           2,216,646          1,613,409
       Provision for losses on loans                 3,000            3,000               9,000              9,000
                                              ------------     ------------         -----------       ------------
Net Interest Income After Provision
       for Losses on Loans                         766,092          648,366           2,207,646          1,604,409
                                               -----------       ----------          ----------      -------------
Other Income
       Service charges on deposit
       accounts                                     19,553           12,562              48,639             31,559
       Net realized gains (losses) on
              security sales                       (34,392)           1,354             (26,516)             3,095
       Recoveries on previously
              written-off securities                                                     17,291             23,779
       Other income                                 13,007           15,343              35,717             32,993
                                              ------------     ------------          ----------       ------------
              Total other income                    (1,832)          29,259              75,131             91,426
                                             -------------      -----------          ----------       ------------
Other Expenses
       Salaries and employee benefits              172,932          129,233             478,489            361,452
       Net occupancy expenses                        9,435            8,643              29,505             25,157
       Equipment expenses                            8,722           10,624              29,107             33,388
       Deposit insurance expense                   368,955           29,289             428,553             87,240
       Computer processing fees                     24,512           22,329              68,526             63,333
       Other expenses                               72,924           62,264             255,264            175,188
                                                ----------      -----------          ----------        -----------
              Total other expense                  657,480          262,382           1,289,444            745,758
                                               -----------      -----------        ------------        -----------

Income Before Income Tax                           106,780          415,243             993,333            950,077
       Income tax expense                           25,457          153,683             355,428            345,284
                                                ----------      -----------         -----------       ------------
 Net Income                                        $81,323         $261,560            $637,905           $604,793
                                                ==========      ===========         ===========        ===========
 Net Income per share                                 $.06                                 $.48
                                                ==========                          ===========     
 Weighted average shares outstanding             1,322,500                            1,322,500
</TABLE>



                                        4

<PAGE>

<TABLE>
<CAPTION>

                                                      LOGANSPORT FINANCIAL CORP.
                                       Consolidated Condensed Statement of Shareholders' Equity
                                                              (Unaudited)

                                                         Nine  Months Ended
                                                             September 30,
                                                     -----------------------------
                                                         1996             1995
                                                         ----             ----

<S>                                                  <C>                <C>        
Beginning balance                                    $ 20,454,270       $ 6,833,494

Net proceeds in conversion and sale of stock                             12,673,850

Contribution for unearned compensation                   (614,567)

Amortization of unearned compensation expense              61,456

Dividends                                              (4,364,250)         (132,250)

Net change in unrealized gain (loss)
       on securities available for sale                  (248,321)           88,439

Net income                                                637,905           604,793
                                                      -----------       -----------

Ending balance                                       $ 15,926,493      $ 20,068,326
                                                      ===========       ===========
</TABLE>



                                        5

<PAGE>
<TABLE>
<CAPTION>

                                                                         LOGANSPORT FINANCIAL CORP.
                                                               Consolidated Condensed Statement of Cash Flows
                                                                                 (Unaudited)

                                                                              Nine  Months Ended
                                                                                September  30,
                                                                        -----------------------------
                                                                            1996               1995
                                                                         ----------        ----------
Operating Activities
<S>                                                                     <C>                 <C>      
       Net income                                                       $   637,905         $ 604,793
       Adjustments to reconcile net income to
         net cash provided by operating activities
            Provision for loan losses                                         9,000             9,000
            Investment securities losses(gains)                              26,516            (3,095)
            Premium and discount amortization, net                           31,697               379
            Amortization of unearned compensation                            61,457
            Depreciation                                                     28,082            33,006
            Gain on real estate owned                                          (869)           (5,252)
            Change in
              Other assets                                                  408,159           (49,802)
              Other liabilities                                             166,764           204,260
                                                                         ----------        ----------
              Net cash provided by operating activities                   1,368,711           793,289
                                                                         ----------        ----------

Investing Activities
       Purchase of securities available for sale                         (7,913,134)      (11,772,462)
       Proceeds from available for sale maturities                        1,490,000         3,061,428
       Proceeds from available for sale sales                             5,750,174           349,566
       Proceeds from held to maturity maturities                                              350,000
       Payments on mortgage and asset-backed
        securities                                                        2,495,946           844,851
       Purchase of Federal Home Loan Bank Stock                             (38,300)          (40,900)
         Net changes in loans                                            (5,926,981)       (4,631,427)
       Proceeds from real estate owned                                                          2,500
       Investment in real estate owned                                         (242)           (9,264)
       Purchase of premises and equipment                                   (73,278)          (11,641)
                                                                         ----------        ----------

              Net cash used by investing activities                      (4,215,815)      (11,857,349)
                                                                         ----------        ----------
</TABLE>



                                        6

<PAGE>



                                           LOGANSPORT FINANCIAL CORP.
                                 Consolidated Condensed Statement of Cash Flows
                                                 (Unaudited)
           
<TABLE>
<CAPTION>
                                                                             Nine  Months Ended
                                                                                September  30,
                                                                        -----------------------------
                                                                          1996              1995
                                                                        ----------       -----------
<S>                                                                       <C>               <C>      
Financing Activities
       Sale of common stock, net of costs                                                  12,673,850
       Net change in
              Noninterest-bearing deposits, NOW,
                 passbook, and money market savings                       1,085,549         1,338,290
              Certificates of deposit                                     2,386,838          (343,894)
       Payment of Federal Home Loan Bank Advances                                          (1,000,000)
       Proceeds from Federal Home Loan Bank
               Advances                                                   2,000,000
       Contribution for unearned compensation                              (614,567)
       Payment of dividends                                                (396,750)
                                                                         ----------       -----------

              Net cash provided by financing
                activities                                                4,461,070        12,668,246
                                                                         ----------       -----------

Net Change in Cash and Cash Equivalents                                   1,613,966         1,604,186

Cash and Cash Equivalents, Beginning of Period                            3,242,579         1,644,880
                                                                        -----------       -----------

Cash and Cash Equivalents, End of Period                                $ 4,856,545       $ 3,249,066
                                                                         ==========        ==========

Additional Cash Flow and Supplementary
       Information
              Interest paid                                              $1,967,831        $1,787,822
              Income tax paid                                               552,329           250,500
              Dividends payable                                           4,099,750           132,250
              Transfer to real estate owned                                  17,889            71,046
              New loan on real estate owned                                  19,000            40,500
</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  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  generally   accepted
accounting  principles  for  complete  financial  statements.  In the opinion of
management,  the  financial  statements  reflect all  adjustments  necessary  to
present  fairly the  Company's  financial  position as of  September  30,  1996,
results of operations  for the three and nine month periods ended  September 30,
1996 and 1995 and cash flows for the nine month periods ended September 30, 1996
and 1995.


NOTE B:  Plan of Conversion and Other Matters

Effective  June 13, 1995,  the Bank  completed its  conversion  from a federally
chartered  mutual savings bank to a federally  chartered stock savings bank (the
"Conversion"),  and became a  wholly-owned  subsidiary  of the  Company.  In the
Conversion, the Company sold 1,322,500 shares of Common Stock, with no par value
("Common  Stock"),  for $10.00 per share and used all proceeds except $3,982,500
to acquire  complete  ownership of the Bank. Net proceeds of the Company's stock
issuance, after costs, were $12,670,006.

At a  meeting  of the  Company's  shareholders  on April 9,  1996,  the Board of
Directors  submitted  for  shareholder  approval a stock option plan (the "Stock
Option Plan"), and at that time made certain awards pursuant to the Stock Option
Plan.  The plan was approved by the Company's  shareholders.  Common Stock in an
aggregate  amount  of 10.0% of the  shares  issued  in the  Conversion  (132,250
shares) were  reserved for issuance  upon the exercise of options  granted under
the Stock  Option Plan.  Options  were  granted  under the Stock Option Plan for
108,691  shares of common  stock and have an  exercise  price per share equal to
$12.50, the fair market value of the shares on the date of grant.

Statement of Financial Accounting  Standards No. 123, Stock-Based  Compensation,
is effective for the Company for 1996.  This statement  establishes a fair value
based method of accounting for  stock-based  compensation  plans. As provided by
the  statement,  the  Company  will  account  for  stock-based  compensation  as
prescribed in Accounting  Principles Board Opinion No. 25,  Accounting for Stock
Issued to Employees,  with appropriate proforma disclosures made in the notes to
its annual audited financial statements.

Additionally,  at a meeting of the Company's shareholders held on April 9, 1996,
the  Board  of  Directors  submitted  for  shareholder   approval  a  Management
Recognition  and Retention  Plan and Trust (the "RRP").  The RRP was approved by
the shareholders.  The Bank contributed funds to the RRP to enable it to acquire
an aggregate  amount of Common Stock equal to up to 4.0% of the shares issued in
the Conversion (52,900 shares), either directly from the Company or in the open

                                   8

<PAGE>

market.  Shares  awarded  under the RRP vest at a rate of 20% at the end of each
full twelve months of service with the Bank after the date of grant. As of April
9, 1996,  the number of shares  awarded  under the RRP was 46,675.  All of these
shares were  acquired in the open market during the quarter ended June 30, 1996,
for an average price per share of $13.17.

NOTE C: Cash Dividends and Earnings Per Share

A cash  dividend of $.10 per common share was  declared on  September  10, 1996,
payable on October 10, 1996, to shareholders of record as of September 23, 1996.
Earnings per share was computed  based upon the weighted  average  common shares
outstanding  during the period  subsequent  to the Bank's  conversion to a stock
savings  bank on June 13,  1995.  Net  income  per  share for the three and nine
months ended September 30, 1995 is not meaningful.

On September 10, 1996 the Board of Directors  also  declared a one-time  special
cash  distribution  of $3.00 per share to the  holders of the  Company's  common
stock.  The special one-time cash  distribution  will be payable on December 10,
1996 to shareholders of record on November 25, 1996.

The Company has  received a Private  Letter  Ruling  from the  Internal  Revenue
Service which  qualifies most of the 1996 cash  distributions  to  shareholders,
including regular quarterly dividends and the one-time special cash distribution
totaling  $4,364,250,  or $3.30 per share,  as a  nontaxable  return of capital.
Accordingly,  as of September 30, 1996,  $3.22 per share or $4,258,450  has been
charged  to common  stock and $.08 or  $105,800  has been  charged  to  retained
earnings.

NOTE D: Repurchase Program

On October 22, 1996 the Company announced its intent to repurchase, from time to
time,  on the open market up to 5% of the Company's  common  stock,  without par
value,  or 66,125 such  shares.  Such  purchases  will be made subject to market
conditions  in open  market  or  block  transactions  and may  begin as early as
October 28, 1996, since the required regulatory clearance has been received.  As
of November 5, 1996,  12,500 shares had been purchased  pursuant to this program
at an average price per share of $14.35.



                                   9

<PAGE>



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

Financial Condition

Total assets were $79.7  million at September 30, 1996 compared to $74.6 million
at  December  31,  1995,  an  increase of $5.1  million or 6.8%.  This  increase
resulted  primarily from a growth in deposits of $3.4 million and an increase in
Federal Home Loan Bank advances of $2.0 million,  both of which were  reinvested
in loans.  Securities decreased from $18.8 million at December 31, 1995 to $16.5
million at September 30, 1996.  This decrease was due to investment  maturities,
security sales and calls, and mortgage-backed  securities pay-downs. In addition
to other  securities  sales,  $2.7  million  of  structured  notes were sold and
generally reinvested in mortgage-backed securities.

Loans increased $6.0 million,  or 11.9%, from $49.9 million at December 31, 1995
to $55.9 million at September 30, 1996.  Loan demand  continues to be excellent.
No commercial  paper was owned by the Company at September 30, 1996.  Commercial
paper owned at December 31, 1995 and included in loan totals was $0.9 million.

Deposits  were $55.9  million at September 30, 1996 compared to $52.5 million at
December 31, 1995, or an increase of $3.4 million in the first three quarters of
1996.  During the nine months ended  September 30, 1996,  Federal Home Loan Bank
advances in the amount of $1.0 million were converted to a fixed rate with a one
year term  from a  variable  rate with a three  month  maturity.  An  additional
advance  of $1.0  million  with a fixed  rate  and a three  month  maturity  was
obtained  during  both the  second  and the  third  quarter  resulting  in total
outstanding advances of $3.0 million at September 30, 1996.

Shareholders'  equity was $15.9  million at September 30, 1996 and $20.5 million
at December  31,  1995.  Dividends,  a change in the  unrealized  gain (loss) on
securities  available for sale, from a gain of $10,051 at December 31, 1995 to a
loss of $238,270 at September 30, 1996, and the  contribution to the RRP for the
purchase of Company stock in the open market combined to result in a decrease in
shareholders' equity for the nine months ended September 30, 1996.

On October 22, 1996 the Company announced its intent to repurchase, from time to
time,  on the open market up to 5% of the Company's  common  stock,  without par
value,  or 66,125 such  shares.  Such  purchases  will be made subject to market
conditions  in open  market  or  block  transactions  and may  begin as early as
October 28, 1996, since the required regulatory clearance has been received.  As
of November 5, 1996,  12,500 shares had been purchased  pursuant to this program
at an average price per share of $14.35.



                                  10

<PAGE>



Results of Operations
Comparison of the Three Months Ended September 30, 1996 and September 30, 1995

Net income for the Company for the three months ended  September  30, 1996 was $
81,323  compared with $261,560 for the three months ended September 30, 1995, or
a decrease of $180,237.  This decrease is the result of the one-time  assessment
to  recapitalize  the  Savings  Association  Insurance  Fund.  The SAIF  special
assessment  was part of the  omnibus  appropriations  bill to fund  the  Federal
Government  which passed  Congress on September 30, 1996.  The pretax charge was
approximately  $338,000 and the after tax effect was $204,000. The assessment is
payable on November 27, 1996. Without the assessment, net income would have been
$285,323 or an increase of 9.1% over net income at September 30, 1995.  Interest
income increased $188,325 for the three months ended September 30, 1996 compared
to September 30, 1995. The major  contributor to the increase in interest income
was the growth in the loan  portfolio.  In addition,  increasing  interest rates
have  resulted  in ARM  loans  repricing  at higher  rates  and thus  increasing
mortgage loan income.  Interest expense increased $70,599 or 11.5% for the three
months ended September 30, 1996 compared to the three months ended September 30,
1995.  Net interest  income for the three months  ended  September  30, 1996 was
$769,092  compared to $651,366 at September 30, 1995, an increase of $117,726 or
18.1%.

The  provision  for loan losses was $3,000 for each of the  three-month  periods
ended September 30, 1996 and 1995. One property was taken into real estate owned
for the quarter  ended  September 30, 1996. It was sold during the quarter for a
gain of $869.  Two  properties  were taken  into real  estate  owned  during the
quarter  ended  September  30,  1995.  One was sold at a gain before the quarter
ended and the other was sold during the fourth quarter of 1995,  also at a gain.
Non-performing loans decreased to $286,000,  or 0.51% of loans, at September 30,
1996 from $311,000,  or 0.63% of loans, at December 31, 1995. Loan loss reserves
amounted to $232,970, or 0.42% of total loans, at September 30, 1996 compared to
$222,700, or 0.45% at December 31, 1995.

Total  other  income  decreased  by  $31,091,  primarily  because  of $34,392 of
nonrecurring  losses on the sale of securities in the quarter  ending  September
30, 1996.  Service charges on deposit  accounts  increased by $6,991,  or 55.7%,
from September 30, 1996 over September 30, 1995.

Total other  expenses  increased  $395,098 of which  $338,000 was related to the
SAIF  assessment.  Without  considering  the  assessment  the total increase was
$57,098 or 21.8% for the three  months  ending  September  30, 1996  compared to
September 30, 1995.  Salaries and employee benefits increase $43,699,  or 33.8%.
This increase is a result of general and merit pay  increases,  the inclusion of
additional  employees  in various  benefit  plans due to length of service,  and
amortization of the expense  associated  with the RRP. Other operating  expenses
experienced an increase of $10,660 or 17.1%. Other expenses were $72,924 for the
three months ended  September  30, 1996 compared to $62,264 for the three months
ended September 30, 1995. Approximately $5,000 of the increase was related to an
increase in legal expenses,  accounting  fees,  exam fees,  stock market listing
fees,  transfer  agent fees,  and  printing  expenses.  All of these  additional
expenses are associated with doing business as a public company. The rest of the
increase is related to advertising  increases,  costs  associated with increased
account volume and charges associated with offering an ATM card.

 The Company's  effective tax rate for the three months ended September 30, 1996
was 23.8% compared to 37.0% for the three months ended September 30, 1995.

                                  11

<PAGE>




Comparison of the Nine Months Ended September 30,1996 and September 30, 1995

Net income for the  Company  for the nine months  ended  September  30, 1996 was
$637,905  compared with  $604,793 for the nine months ended  September 30, 1995.
This is an increase of $33,112 or 5.5%. Without the SAIF assessment,  net income
would have increased  $237,112 or 39.2%.  Interest income increased $747,095 for
the nine months  ended  September  30,  1996  compared to  September  30,  1995.
Interest expense increased  $143,858 resulting in an improvement in net interest
income of $603,237 or 37.4%,  when comparing the nine months ended September 30,
1996 to the nine months ended September 30, 1995.

The  provision  for loan  losses was  $9,000 for each of the nine month  periods
ended  September  30,  1996 and 1995.  The growth in loans  outstanding  has not
resulted  in a need for an  additional  loan loss  provision  or  resulted in an
increase in nonperforming loans as discussed in the previous section.

Total other income decreased by $16,295 or 17.8% mainly because of the losses on
the sale of securities in the quarter ending September 30, 1996. Service charges
on deposit accounts increased $17,080, or 54.1%. This increase is a result of an
increase in the volume of transaction  accounts and new service charges imposed.
There was a  nonrecurring  recovery  on  securities  previously  written  off of
$17,291 in the nine months  ended  September  30, 1996 and $23,779 in the period
ending September 30, 1995.

Total other expenses  increased  $205,686,  or 27.6%, for the nine months ending
September  30, 1996  compared to the nine months ended  September 30, 1995 after
reducing  other  expenses for 1996 for the $338,000  charge  related to the SAIF
assessment.  The increases were concentrated in two areas, salaries and employee
benefits and other expenses. Salary and employee benefits increased $117,037, or
32.4%.  This is a result of general and merit pay  increases,  the  inclusion of
additional  employees  in various  benefit  plans due to length of service,  and
amortization of the expense  associated with the RRP which was approved April 9,
1996 at the shareholder's  meeting. The plan was effective for six months of the
nine-month period ending September 30, 1996 and resulted in amortization expense
of $61,456 for the nine months ended September 30, 1996.

Other expenses  increased  $80,076 for the nine months ended  September 30, 1996
compared to the nine months ended  September 30, 1995.  Approximately  $8,000 of
the  increase  is costs  associated  with an  increase in the volume of checking
accounts and the  additional  services  connected  with these  accounts  such as
issuing  ATM cards.  Advertising  expense  also  increased  by $6,000 as new and
additional  means were used to promote the  Company's  products.  The  remaining
increases  in other  expenses  of $66,000  were  related to  increases  in legal
expenses,  accounting fees, exam fees, stock market listing fees, transfer agent
fees, and printing  expenses.  All of these are  associated  with the additional
costs of doing business as a public company.

The Company's effective tax rate for the nine months ended September 30,1996 was
35.8% compared to 36.3% for the nine months ended September 30, 1995.



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<PAGE>



Capital Resources

Pursuant to OTS capital regulations,  savings associations must currently meet a
1.5%  tangible  capital  requirement,  a 3%  leverage  ratio  (or core  capital)
requirement,  and total risk-based capital to risk-weighted  assets ratio of 8%.
At September 30, 1996, the Bank's tangible capital ratio was 21.9%, its leverage
ratio was 21.9%, and its risk-based  capital to  risk-weighted  assets ratio was
41.6%.  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 as of September 30, 1996.

Capital Standard         Required           Bank's                  Excess
----------------         --------           ------                  ------
Tangible (1.5%)          $1,148,000         $16,705,000           $15,557,000
Core (3.0%)               2,296,000          16,705,000            14,409,000
Risk-based (8.0%)         3,254,000          16,938,000            13,684,000

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 5%, of which 1% must be
comprised of short-term  investments.  At September 30, 1996 the Company's ratio
was 17.7%, of which 8.4% was comprised of short-term investments.


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<PAGE>



Part II.  OTHER INFORMATION

Item 1.  Legal Proceedings

Neither  the Bank nor the  Company  were  during the  three-month  period  ended
September 30, 1996 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 5.  Other Information

On  October  11,  1994 the  Board of  Directors  of the Bank  adopted  a Plan of
Conversion (the "Plan"),  which was amended on February 14, 1995,  providing for
the Conversion of the Bank from a federal mutual savings bank to a federal stock
savings bank, all the outstanding  shares of which would be held by the Company.
The Plan was approved by the Office of Thrift  Supervision,  subject to approval
by the Bank's  members.  A special  meeting  was held on May 31,  1995,  and the
members of the Bank approved the Plan by a vote of 364,854 votes for approval of
the Plan and 9,947 votes against approval of the Plan.

In a subscription  offering,  the Company sold 1,322,500 shares of Common Stock,
without par value,  for $10.00 per share.  The Company  realized net proceeds of
approximately  $12.7 million in connection  with the Bank's  Conversion  and the
sale of 1,322,500 shares of the Common Stock. Of those proceeds, $3,982,500 were
retained at the holding company level by the Company. The remaining net proceeds
were used to acquire all of the capital stock of the Bank.

The  Company's  shares began trading on the National  Association  of Securities
Dealers Automated Quotation System, Small Cap Market, under the symbol "LOGN" on
June 14, 1995.


Item 6.  Exhibits and Reports on Form 8-K

         (a)      Exhibits.

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

                  (27)     Financial Data Schedule

         (b)      Reports on Form 8-K.

         The  Registrant  filed no reports on Form 8-K during the fiscal quarter
         ended September 30, 1996.


                                                        14

<PAGE>



                                   Signatures


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

                                         Logansport Financial Corp.



Date:    November 13, 1996               By:/s/  Thomas G. Williams
                                            -----------------------

                                               Thomas G. Williams, President and
                                               Chief Executive Officer


Date:    November 13, 1996               By:/s/ Dottye Robeson
                                            -----------------------
                                                Dottye Robeson, Secretary and
                                                Treasurer


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