SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
         MARCH 31, 1997 OR

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

         Commission file number: 0-25910


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



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


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

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

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  report),  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days.               
                    Yes [X]    No [ ]

The number of shares of the Registrant's common stock,  without par value, as of
May 1, 1997 was 1,258,328.

                                       -1-

<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 March 31,
           1997(Unaudited) and December 31, 1996

           Consolidated Condensed Statement of Income 
           for the three months ended
           March 31, 1997 and 1996 (Unaudited)

           Consolidated  Condensed Statement of 
           Changes in Shareholders'  Equity
           for the three months ended March 31, 
           1997 and 1996 (Unaudited)

           Consolidated  Condensed  Statement of 
           Cash Flows for the three months
           ended March 31, 1997 and 1996 (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                                        13

Item 6.    Exhibits and Reports of Form 8-K                         13

SIGNATURES

                                       -2-

<PAGE>



                           LOGANSPORT FINANCIAL CORP.
             Consolidated Condensed Statement of Financial Condition
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                         March 31,                 December 31,
                                                                           1997                        1996
                                                                         -----------                ----------
<S>                                                                      <C>                         <C>      
Assets
       Cash                                                              $ 1,359,472                 $ 997,552
       Short-term interest bearing deposits                                3,695,056                 2,761,126
                                                                         -----------                ----------
              Total cash and cash equivalents                              5,054,528                 3,758,678
       Interest bearing deposits                                             100,000                   100,000
       Securities available for sale                                      14,604,198                14,303,105
       Loans                                                              57,132,454                57,038,066
       Allowance for loan losses                                           (238,970)                 (235,970)
                                                                         -----------               -----------
              Net loans                                                   56,893,484                56,802,096
       Premises and equipment                                                469,494                   476,325
       Federal Home Loan Bank stock, at cost                                 386,500                   386,500
       Cash value of life insurance                                        1,049,242                 1,040,242
       Other assets                                                          741,030                   801,547
                                                                         -----------                  --------

              Total assets                                              $ 79,298,476              $ 77,668,493
                                                                         ===========               ===========


Liabilities
       Deposits                                                         $ 59,388,836              $ 57,396,200
       Borrowings                                                          3,500,000                 3,400,000
       Dividends payable                                                     125,638                   125,638
       Other liabilities                                                     698,605                 1,319,767
                                                                         -----------             -------------

              Total liabilities                                           63,713,079                62,241,605
                                                                         -----------               -----------
Shareholders' Equity
       Common stock                                                        7,518,062                 7,518,062
       Retained earnings-substantially restricted                          8,734,313                 8,587,979
       Unearned compensation                                               (491,654)                 (522,382)
       Net unrealized gain (loss) on securities
              available for sale, net of tax                               (175,324)                 (156,771)
                                                                         -----------           ---------------
       Total shareholders' equity                                         15,585,397                15,426,888
                                                                         -----------               -----------
       Total liabilities and shareholders' equity                       $ 79,298,476              $ 77,668,493
                                                                         ===========               ===========
</TABLE>



                                                        -3-

<PAGE>



                           LOGANSPORT FINANCIAL CORP.
                   Consolidated Condensed Statement of Income
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                Three Months Ended
                                                                                     March 31,
                                                                         ---------------------------------
                                                                            1997                 1996
                                                                         -----------           -----------
<S>                                                                       <C>                  <C>        
 Interest Income
       Loans                                                              $1,197,418           $ 1,031,545
       Investment securities
              Taxable                                                        193,407               235,747
              Tax-exempt                                                      30,706                30,854
       Other interest and dividend income                                     53,316                40,557
                                                                         -----------           -----------
              Total interest income                                        1,474,847             1,338,703
                                                                         -----------           -----------
Interest Expense
       Deposits                                                              684,347               626,932
       Borrowings                                                             44,194                13,814
                                                                         -----------           -----------
              Total interest expense                                         728,541               640,746
                                                                         -----------           -----------

Net Interest Income                                                          746,306               697,957
       Provision for losses on loans                                           3,000                 3,000
                                                                         -----------           -----------
Net Interest Income After Provision for
       Losses on Loans                                                       743,306               694,957
                                                                         -----------           -----------

Other Income
       Service charges on deposit accounts                                    18,481                13,338
       Net realized gains(losses) on sales of securities                    (31,527)                11,240
       Recoveries on previously written-
              off securities                                                   3,374
       Other income                                                           12,916                11,247
                                                                         -----------           -----------
              Total other income                                               3,244                35,825
                                                                         -----------           -----------
Other Expenses
       Salaries and employee benefits                                        171,692               140,744
       Net occupancy expenses                                                 11,330                11,348
       Equipment expenses                                                     10,332                11,074
       Deposit insurance expense                                               8,965                29,721
       Computer processing fees                                               22,885                23,575
       Other expenses                                                         90,910                80,774
                                                                         -----------           -----------
              Total other expenses                                           316,114               297,236
                                                                         -----------           -----------
Income Before Income Tax                                                     430,436               433,546
       Income tax expense                                                    158,464               159,657
                                                                         -----------           -----------
Net Income                                                                 $ 271,972             $ 273,889
                                                                           =========           ===========
Earnings per share                                                        $     0.22           $      0.21
                                                                           =========           ===========
Weighted average shares outstanding                                        1,256,375             1,322,500
</TABLE>


                                                        -4-

<PAGE>



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


                                                      Three Months Ended
                                                           March 31,
                                                    1997             1996
                                                 -----------       -----------
Beginning balance                               $ 15,426,888      $ 20,454,270

Amortization of unearned compensation                 30,728

Dividends                                          (125,638)         (132,250)

Net change in unrealized gain (loss)
       on securities available for sale             (18,553)         (123,156)

Net income                                           271,972           273,889
                                                 -----------       -----------

Ending balance                                  $ 15,585,397      $ 20,472,753
                                                 ===========       ===========


                                                        -5-

<PAGE>



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

  
<TABLE>
<CAPTION>
                                                              Three Months Ended
                                                                  March 31,
                                                               1997           1996
                                                          -----------    -----------
<S>                                                       <C>            <C>        
Operating Activities
       Net income                                         $   271,972    $   273,889
       Adjustments to reconcile net income to
         net cash provided by operating activities
            Provision for loan losses                           3,000          3,000
            Security (gains) losses                            31,527        (11,240)
            Gain on sale of foreclosed real estate             (1,136)
            Securities (accretion) amortization, net           15,119         (1,926)
            Depreciation                                       10,530          9,060
            Amortization of unearned compensation              30,728
            Change in
              Other assets                                     63,686        436,089
              Other liabilities                                81,135         15,733
                                                          -----------    -----------

              Net cash provided by operating activities       506,561        724,605
                                                          -----------    -----------

Investing Activities
       Purchase of securities available for sale           (2,536,498)    (4,001,005)
       Proceeds from available for sale maturities            150,000        650,000
       Proceeds from sales of securities                    1,067,562      2,091,259
       Payments on mortgage and asset-backed
          securities                                          238,178      1,387,017
       Net change in loans                                    (93,086)    (1,494,358)
       Investment in real estate owned                           (166)
       Purchase of premises and equipment                      (3,699)       (42,678)
                                                          -----------    -----------

              Net cash used by investing activities        (1,177,709)    (1,409,765)
                                                          -----------    -----------
</TABLE>

                                                        -6-

<PAGE>



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

<TABLE>
<CAPTION>
                                                                             Three Months Ended
                                                                                  March 31,
                                                                        -----------------------------
                                                                            1997              1996
                                                                        -----------        ----------
<S>                                                                    <C>               <C>      
Financing Activities

       Net change in
              Noninterest-bearing, interest-bearing
                 demand and savings deposits                                561,381           969,013
              Certificates of deposit                                     1,431,255           842,357
              Short-term borrowings                                     (1,400,000)
       Proceeds from Federal Home Loan Bank advances                      3,500,000
       Payment of Federal Home Loan Bank advances                       (2,000,000)
       Dividends                                                          (125,638)         (132,250)
                                                                        -----------        ----------

              Net cash provided by financing
                activities                                                1,966,998         1,679,120
                                                                        -----------        ----------

Net Change in Cash and Cash Equivalents                                   1,295,850           993,960

Cash and Cash Equivalents, Beginning of Period                            3,758,678         3,242,579
                                                                        -----------        ----------

Cash and Cash Equivalents, End of Period                                $ 5,054,528       $ 4,236,539
                                                                         ==========       ===========


Additional Cash Flow and Supplementary
       Information
              Interest paid                                                $712,371          $630,508
              Income tax paid                                                31,000            90,800
              Dividends payable                                             125,638           132,250
</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 March 31, 1997, results of
operations  for the three month periods  ending March 31, 1997 and 1996 and cash
flows for the three month periods ending March 31, 1997 and 1996.


NOTE B:  Plan of Conversion

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 had an  exercise  price per share  equal to
$12.50,  the fair market  value of the shares on the date of grant.  Pursuant to
the  terms  of the  Option  Plan  and in order  to  ensure  equivalent  economic
consequence to the option holders  following the special cash  distribution paid
by the Company on December 10, 1996, the number of options  granted was adjusted
to 129,340 at a per share  option  price of $10.53.  The  Company  accounts  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.

                                       -8-

<PAGE>



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
market.  Shares  awarded  under the RRP will 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 for an average price per share of
$13.17


NOTE C: Cash Dividends

A cash dividend of $.10 per common share was declared on March 11, 1997, payable
on April 10, 1997, to stockholders of record as of March 20, 1997.  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.


NOTE D: Repurchase Program

In October,  1996, the Company announced its intention to repurchase,  from time
to time,  on the open market up to 5% of the Company's  common stock,  or 66,125
shares.  During the remainder of 1996,  the Company  purchased the 66,125 shares
pursuant to this program for $798,744 or an average price per share of $12.08.










                                       -9-

<PAGE>



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


Financial Condition

Total assets were $79.3  million at March 31, 1997  compared to $77.7 million at
December 31, 1996, an increase of $1.6 million or 2.1%. This increase was funded
primarily  from a  growth  in  deposits.  Cash and  cash  equivalents  increased
approximately $1.3 million,  or 34.5%, from $3.8 million at December 31, 1996 to
$5.1  million at March 31,  1997.  Efforts to reinvest the growth of deposits in
new loans and investments are on-going;  however,  the interest rate environment
contributed to the time required to obtain quality  investments  and resulted in
the  increase in cash  equivalents.  Securities  increased  slightly  from $14.3
million at December  31,  1996 to $14.6  million at March 31,  1997.  During the
quarter  $1.2 million of  structured  notes were sold and  reinvested  in higher
yielding mortgage-backed securities.

Loans increased $.1 million, or .17%, from $57.0 million at December 31, 1996 to
$57.1 million at March 31, 1997. Mortgage loan origination exceeded $2.3 million
for the  quarter;  however,  a large  number of  payoffs  and a weak  demand for
consumer  loans  combined  to result in very  minimal  growth to the total  loan
portfolio.

Deposits  were $59.4  million at March 31,  1997  compared  to $57.4  million at
December 31, 1996,  or an increase of $2.0 million in the first quarter of 1997.
During the three months ended March 31, 1997, the Company's note to another bank
was repaid with the  proceeds  of a Bank  dividend  to the  Company.  During the
quarter the Bank obtained a $1.5 million  putable  advance due in two years from
the Federal Home Loan Bank.  The rate is  guaranteed  for one year at which time
the Federal  Home Loan Bank may  convert  the  advance to a periodic  adjustable
advance. If this is done the Bank has the option to prepay the advance without a
fee. The Bank also has $2.0 million in short-term adjustable rate advances.

Shareholders'  equity was $15.6  million at March 31, 1997 and $15.4  million at
December  31,  1996.  The payment of  dividends,  an increase in the  unrealized
(loss)  on  securities   available  for  sale,  the   amortization  of  unearned
compensation  and  quarterly  net income  combined  to result in an  increase of
$158,509 for the quarter.










                                      -10-

<PAGE>



Results of Operations

Comparison of the Three Months Ended March 31, 1997  and March 31, 1996
-----------------------------------------------------------------------

Net  income  for the  Company  for the three  months  ended  March 31,  1997 was
$271,972  compared with $273,889 for three months ended March 31, 1996. This was
a decrease of $1,917 or .70%. Net interest income increased  $48,349 while other
expenses  increased $18,878 and taxes decreased $1,193. The major contributor to
the increase in interest  income was the growth in the loan  portfolio  the past
calendar  year.  Loans were $51.4  million at March 31,  1996  compared to $57.1
million at March 31, 1997.

The  provision  for loan losses was $3,000 for the three  months ended March 31,
1997 and 1996. One property was taken into real estate owned in the period ended
March 31, 1997 and was sold at a gain before quarter-end.  Non-performing  loans
decreased to  $356,000,  or 0.62% of loans at March 31, 1997 from  $406,000,  or
0.71% of loans at December 31, 1996. Loan loss reserves amounted to $238,970, or
 .42% of total loans at March 31, 1997 compared to $235,970, or 0.41% at December
31, 1996.

Other income decreased by $32,581, primarily because of $31,527 of losses on the
sale of  securities  available  for sale.  During the  quarter,  $1.2 million of
various  structured  notes were sold at a loss in order to reinvest the proceeds
in higher yielding mortgage-backed  securities. The increase in the yield of the
new  investments  will off set the loss  over the next  year but  resulted  in a
decline of first  quarter  net  income.  Service  charges  on  deposit  accounts
increased by $5,143 or 38.6% from March 31, 1997 over March 31, 1996.

Total other  expenses  increased  $18,878 or 6.4% in the period ending March 31,
1997  compared to March 31,  1996.  Salaries  and  employee  benefits  increased
$30,948 or 22.0%.  This  increase was a result of the  amortization  of unearned
compensation  related to the Bank's RRP Plan adopted April 9, 1996. There was no
expense  related to this plan during the quarter  ended March 31, 1996.  Expense
related  to this  plan  was  $30,728  per  quarter.  Deposit  insurance  expense
decreased $20,756 or 69.8% from $29,721 for the quarter ending March 31, 1996 to
$8,965  for  the  quarter   ending  March  31,   1997.   This  was  due  to  the
recapitalization  of the Savings  Association  Insurance  Fund and the resulting
decline in the assessment.  The increase in other expenses of $10,136 relates to
increases in legal expense, accounting fees, and printing expenses.

The  Company's  effective tax rate for the three months ended March 31, 1997 and
March 31, 1996 was 36.8%.




                                      -11-

<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 March 31, 1997,  the Bank's  tangible  capital ratio was 19.4%,  its leverage
ratio was 19.4%, and its risk-based  capital to  risk-weighted  assets ratio was
37.1%.  Therefore,  the Bank's capital significantly exceeded all of the capital
requirements  currently  in effect.  The  following  table  provides the minimum
regulatory  capital  requirements  and the Bank's capital ratios as of March 31,
1997.

Capital Standard             Required          Bank's            Excess
----------------             --------        -----------       -----------
Tangible (1.5%)              $1,184,000      $15,337,000       $14,153,000
Core (3.0%)                   2,368,000       15,337,000        12,969,000
Risk-based (8.0%)             3,359,000       15,576,000        12,217,000

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 March 31, 1997 the Company's ratio was
11.4%, of which 8.0% was comprised of short-term investments.


                                                       -12-

<PAGE>



Part II.  OTHER INFORMATION

Item 1.  Legal Proceedings

Neither the Bank nor the Company were during the three-month  period ended March
31, 1997 or are as of the date  hereof  involved  in any legal  proceeding  of a
material  nature.  From time to time,  the Bank is a party to legal  proceedings
wherein it enforces its security  interests in connection  with its mortgage and
other loans.



Item 6.  Exhibits and Reports on Form 8-K

         (a)      Exhibits.

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

               3(1) The  Articles  of   Incorporation   of  the  Registrant  are
                    incorporated   by   reference   to   Exhibit   3(1)  to  the
                    Registration   Statement  on  Form  S-1   (Registration  No.
                    33-89788).

               3(2) The Code of By-Laws of the  Registrant are  incorporated  by
                    reference to Exhibit 3(2) to the  Registration  Statement on
                    Form S-1 (Registration No. 33-89788).


               (27) Financial Data Schedule

         (b)      Reports on Form 8-K.

         The  Registrant  filed no reports on Form 8-K during the fiscal quarter
         ended March 31, 1997.


                                      -13-

<PAGE>


                                   Signatures


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

                                               Logansport Financial Corp.



Date:    May 12, 1997                     By:  /s/ Thomas G. Williams
         ---------------------------           ----------------------
                                               Thomas G. Williams, President and
                                               Chief Executive Officer


Date:    May 12, 1997                     By:  /s/ Dottye Robeson
         ---------------------------           ------------------
                                               Dottye Robeson, Secretary and
                                               Treasurer


                                      -14-