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, 2004 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 as of May 10,
2004 was 876,193 common shares without par value.






                                       1
<PAGE>

                           Logansport Financial Corp.
                                    Form 10-Q
                                      Index

                                                                        Page No.

PART 1.  FINANCIAL INFORMATION
Item 1.  Financial Statements

         Consolidated Statements of Financial
           Condition as of March 31, 2004
           and December 31, 2003                                             3

         Consolidated Statements of Earnings
           for the three months ended March 31,
           2004 and 2003                                                     4

         Consolidated Statements of Shareholders'
           Equity for the three months ended
           March 31, 2004 and 2003                                           5

         Consolidated Statements of Cash Flows
           for the three months ended
           March 31, 2004 and 2003                                           6

         Notes to Consolidated Condensed Financial
           Statements                                                        8

Item 2.  Management's Discussion and Analysis of Financial
           Condition and Results of Operations                              11

Item 3.  Quantitative and Qualitative Disclosures About Market Risk         13

Item 4.  Controls and Procedures                                            14

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings                                                  15

Item 2.  Changes in Securities and Use of Proceeds                          15

Item 3.  Defaults Upon Senior Securities                                    15

Item 4.  Submission of Matters to a Vote of Security Holders                15

Item 5.  Other Information                                                  15

Item 6.  Exhibits and Reports on Form 8-K                                   15

SIGNATURES                                                                  16



                                       2
<PAGE>
<TABLE>
<CAPTION>
                           LOGANSPORT FINANCIAL CORP.

                 Consolidated Statements of Financial Condition

                        (In thousands, except share data)


                                                                                   March 31,        December 31,
         ASSETS                                                                         2004                2003
                                                                                 (unaudited)

<S>                                                                             <C>                 <C>
Cash and due from banks                                                            $    989            $    707
Interest-bearing deposits in other financial institutions                            12,592              13,696
                                                                                   --------            --------
         Cash and cash equivalents                                                   13,581              14,403

Investment securities designated as available for sale - at market                   15,080              12,242
Mortgage-backed securities designated as available for sale - at market              14,659              20,307
Loans receivable - net                                                              103,079             102,353
Office premises and equipment - at depreciated cost                                   1,677               1,694
Real estate acquired through foreclosure                                                 34                  -
Federal Home Loan Bank stock - at cost                                                2,139               2,080
Investment in real estate limited partnership                                           938                 950
Accrued interest receivable on loans                                                    458                 409
Accrued interest receivable on mortgage-backed securities                                51                  70
Accrued interest receivable on investments and interest-bearing deposits                156                 166
Prepaid expenses and other assets                                                       122                 164
Cash surrender value of life insurance                                                1,343               1,343
Deferred income tax asset                                                               551                 619
Prepaid income taxes                                                                     -                   24
                                                                                   --------            --------

         Total assets                                                              $153,868            $156,824
                                                                                   ========            ========

         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                           $ 98,440            $103,757
Advances from the Federal Home Loan Bank                                             36,027              34,027
Notes payable                                                                         1,928               1,919
Accrued interest and other liabilities                                                  787                 765
Accrued income taxes                                                                     52                  -
                                                                                   --------            --------
         Total liabilities                                                          137,234             140,468

Commitments                                                                              -                   -

Shareholders' equity
  Preferred stock - no par value, 2,000,000 shares authorized; none issued               -                   -
  Common stock - no par value, 5,000,000 shares authorized; 876,193
    and 877,444 shares at aggregate value issued and outstanding at
    March 31, 2004 and December 31, 2003, respectively                                1,816               1,824
  Retained earnings - restricted                                                     14,585              14,445
  Less shares acquired by stock benefit plan                                             -                  (23)
  Accumulated comprehensive income, unrealized gains on securities
    designated as available for sale, net of related tax effects                        233                 110
                                                                                   --------            --------
         Total shareholders' equity                                                  16,634              16,356
                                                                                   --------            --------

         Total liabilities and shareholders' equity                                $153,868            $156,824
                                                                                   ========            ========


</TABLE>


                                       3
<PAGE>
<TABLE>
<CAPTION>

                           LOGANSPORT FINANCIAL CORP.

                       Consolidated Statements of Earnings

                        (In thousands, except share data)

                                                                                         Three months ended
                                                                                               March 31,
                                                                                         2004             2003
<S>                                                                                    <C>              <C>
Interest income
  Loans                                                                                $1,692           $1,921
  Mortgage-backed securities                                                              166              131
  Investment securities                                                                   120               96
  Interest-bearing deposits and other                                                      44               47
                                                                                       ------           ------
         Total interest income                                                          2,022            2,195

Interest expense
  Deposits                                                                                591              640
  Borrowings                                                                              494              477
                                                                                       ------           ------
         Total interest expense                                                         1,085            1,117
                                                                                       ------           ------

         Net interest income                                                              937            1,078

Provision for losses on loans                                                              60               90
                                                                                       ------           ------

         Net interest income after provision for
           losses on loans                                                                877              988

Other income
  Service charges on deposit accounts                                                      55               54
  Gain on sale of investments and mortgage-backed securities                               39               81
  Gain on sale of loans                                                                    10                5
  Loss on equity investment                                                               (23)             (24)
  Other operating                                                                          42               25
                                                                                       ------           ------
         Total other income                                                               123              141

General, administrative and other expense
  Employee compensation and benefits                                                      367              353
  Occupancy and equipment                                                                  52               61
  Data processing                                                                          83               49
  Other operating                                                                         154              157
                                                                                       ------           ------
         Total general, administrative and other expense                                  656              620
                                                                                       ------           ------

         Earnings before income taxes                                                     344              509

Income tax expense                                                                         81              145
                                                                                       ------           ------

         NET EARNINGS                                                                  $  263           $  364
                                                                                       ======           ======

Other comprehensive income (loss), net of tax effects - unrealized gains
  (losses) on securities                                                                  123              (43)
                                                                                       ------           ------

COMPREHENSIVE INCOME                                                                   $  386           $  321
                                                                                       ======           ======

EARNINGS PER SHARE
  Basic (based on net earnings)                                                        $ 0.30           $ 0.43
                                                                                       ======           ======

  Diluted (based on net earnings)                                                      $ 0.29           $ 0.41
                                                                                       ======           ======


</TABLE>

                                       4
<PAGE>
<TABLE>
<CAPTION>

                           LOGANSPORT FINANCIAL CORP.

                 Consolidated Statements of Shareholders' Equity

                        (In thousands, except share data)

                                                                                        Three months ended
                                                                                              March 31,
                                                                                      2004                2003

<S>                <C>                                                             <C>                 <C>
Balance at January 1,                                                              $16,356             $15,373

Issuance of shares under stock option plan                                              -                   29

Amortization expense of stock benefit plan                                               4                   6

Proceeds from termination of stock benefit plan                                         19                  -

Retirement of stock in stock benefit plan                                               (8)                 -

Cash dividends of $.14 per share in both 2004 and 2003                                (123)               (120)

Unrealized gains ( losses) on securities designated as available for sale,
  net of related tax effects                                                           123                 (43)

Net earnings                                                                           263                 364
                                                                                   -------             -------

Balance at March 31,                                                               $16,634             $15,609
                                                                                   =======             =======

Accumulated other comprehensive income                                             $   233             $   484
                                                                                   =======             =======


</TABLE>

                                       5
<PAGE>
<TABLE>
<CAPTION>

                           LOGANSPORT FINANCIAL CORP.

                      Consolidated Statements of Cash Flows

                                 (In thousands)

                                                                                          Three months ended
                                                                                               March 31,
                                                                                      2004                2003

<S>                                                                              <C>                 <C>
Cash flows from operating activities:
  Net earnings for the period                                                      $   263             $   364
  Adjustments to reconcile net earnings to net cash
  provided by (used in) operating activities:
    Depreciation and amortization                                                       27                  27
    Amortization of premiums on investments and
      mortgage-backed securities                                                        39                   7
    Amortization expense of stock benefit plan                                           4                   6
    Federal Home Loan Bank stock dividends                                             (59)                 -
    Gain on sale of investments and mortgage-backed securities                         (39)                (81)
    Loans originated for sale in the secondary market                                 (483)               (190)
    Proceeds from sale of loans in the secondary market                                489                 193
    Gain on sale of loans                                                               (6)                 (3)
    Provision for losses on loans                                                       60                  90
    Loss on equity investment                                                           23                  24
    Increase (decrease) in cash, due to changes in:
      Accrued interest receivable on loans                                             (49)                (33)
      Accrued interest receivable on mortgage-backed securities                         19                   7
      Accrued interest receivable on investments                                        10                  (2)
      Prepaid expenses and other assets                                                 42                   1
      Accrued interest and other liabilities                                            22                  78
      Federal income taxes
        Current                                                                         76                 138
        Deferred                                                                         5                   7
                                                                                   -------             -------
         Net cash provided by operating activities                                     443                 633

Cash flows provided by (used in) investing activities:
  Purchase of investment securities                                                 (5,171)             (2,159)
  Maturities/calls of investment securities                                          2,414                 825
  Proceeds from sale of investment securities                                           72                  -
  Purchases of mortgage-backed securities                                               -               (5,073)
  Proceeds from sale of mortgage-backed securities                                   4,592               5,025
  Principal repayments on mortgage-backed securities                                 1,088               1,012
  Loan disbursements                                                               (10,284)            (11,459)
  Purchase of loans                                                                   (185)                 -
  Principal repayments on loans                                                      9,650              12,016
  Investment in real estate partnership                                                (11)                (13)
  Purchases and additions to office premises and equipment                             (10)                 (2)
                                                                                   -------             -------
         Net cash provided by investing activities                                   2,155                 172
                                                                                   -------             -------

         Net cash provided by operating and investing activities
           (subtotal carried forward)                                                2,598                 805
                                                                                   -------             -------


</TABLE>


                                       6
<PAGE>
<TABLE>
<CAPTION>

                           LOGANSPORT FINANCIAL CORP.

                Consolidated Statements of Cash Flows (Continued)

                                 (In thousands)

                                                                                          Three months ended
                                                                                             March 31,
                                                                                      2004                2003

<S>                                                                               <C>                <C>
         Net cash provided by operating and investing activities
           (subtotal brought forward)                                             $  2,598           $     805

Cash flows provided by (used in) financing activities:
  Net decrease in deposit accounts                                                  (5,317)             (4,635)
  Proceeds from Federal Home Loan Bank advances                                      2,000               3,000
  Repayment of Federal Home Loan Bank advances                                          -               (3,000)
  Proceeds from note payable                                                            85                 125
  Repayment of note payable                                                            (76)                (75)
  Proceeds from exercise of stock options                                               -                   29
  Retirement of stock in RRP plan                                                       (8)                 -
  Proceeds from termination of RRP plan                                                 19                  -
  Dividends on common stock                                                           (123)               (120)
                                                                                   -------             -------
         Net cash used in financing activities                                      (3,420)             (4,676)
                                                                                   -------             -------

Net decrease in cash and cash equivalents                                             (822)             (3,871)

Cash and cash equivalents, beginning of period                                      14,403              13,517
                                                                                   -------             -------

Cash and cash equivalents, end of period                                           $13,581             $ 9,646
                                                                                   =======             =======


Supplemental disclosure of cash flow information: Cash paid during the period
  for:
    Interest on deposits and borrowings                                            $ 1,085             $ 1,110
                                                                                   =======             =======


Supplemental disclosure of noncash investing activities:
  Recognition of mortgage servicing rights
    in accordance with SFAS No. 140                                                $     4             $     2
                                                                                   =======             =======

  Transfers from loans to real estate acquired through
    foreclosure                                                                    $    34           $     153
                                                                                   =======             =======

Supplemental disclosure of noncash financing activities:
  Dividends payable at end of period                                               $   123            $    120
                                                                                   =======             =======

  Unrealized gains (losses) on securities designated as
    available for sale, net of related tax effects                                 $   123           $     (43)
                                                                                   =======             =======



</TABLE>

                                       7
<PAGE>

                           Logansport Financial Corp.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

            For the three month periods ended March 31, 2004 and 2003


NOTE A:  Basis of Presentation

The unaudited interim  consolidated  financial  statements have been prepared in
accordance with the instructions to Form 10-Q and, therefore, do not include all
information and disclosures required by 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, 2003.  In the opinion of  management,  the
financial  statements  reflect  all  adjustments   (consisting  of  only  normal
recurring accruals) necessary to present fairly the Logansport Financial Corp.'s
(the  "Company")  financial  position as of March 31,  2004,  and its results of
operations  and cash flows for the three month  periods ended March 31, 2004 and
2003. The results of operations for the three month period ended March 31, 2004,
are not  necessarily  indicative  of the results  which may be expected  for the
entire year.


NOTE B:  Principles of Consolidation

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


NOTE C:  Earnings Per Share and Dividends Per Share

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

                                                For the three months ended
                                                          March 31,
                                                  2004                    2003

Weighted-average common shares
  outstanding (basic)                          876,537                 850,333

Dilutive effect of assumed exercise
  of stock options                              25,349                  27,723
                                               -------                 -------
Weighted-average common shares
  outstanding (diluted)                        901,886                 878,056
                                               =======                 =======

A cash dividend of $.14 per common share was declared on March 1, 2004,  payable
on April 12, 2004, to stockholders of record as of March 12, 2004.




                                       8
<PAGE>

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,  changes in the
performance  of the economy or changes in the financial  condition of borrowers.
Management  believes that its critical  accounting  policies include determining
the allowance  for loan losses and  determining  the carrying  value of mortgage
servicing rights.  The Company's critical  accounting  policies are discussed in
detail in its  Shareholder  Annual  Report for the year ended  December 31, 2003
(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." 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 losses on loans
decrease. Mortgage servicing rights are accounted for pursuant to the provisions
of SFAS No. 140. "Accounting for Transfers and Servicing of Financial Assets and
Extinguishment  of  Liabilities,"  which requires that the Company  recognize as
separate assets, rights to service mortgage loans for others,  regardless of how
those  servicing  rights are acquired.  An  institution  that acquires  mortgage
servicing  rights  through  either the purchase or origination of mortgage loans
and sells those loans with servicing  rights  retained must allocate some of the
cost of the loans to the mortgage servicing rights.

SFAS No. 140 requires that capitalized mortgage servicing rights and capitalized
excess servicing receivables be assessed for impairment.  Impairment is measured
based on fair value.  The  mortgage  servicing  rights  recorded by the Company,
calculated in accordance  with the  provisions of SFAS No. 140, were  segregated
into pools for valuation  purposes,  using as pooling criteria the loan term and
coupon rate.  Once pooled,  each grouping of loans was evaluated on a discounted
earnings  basis to  determine  the  present  value  of  future  earnings  that a
purchaser could expect to realize from each  portfolio.  Earnings were projected
from a variety of sources  including loan  servicing  fees,  interest  earned on
float,  net  interest  earned on  escrows,  miscellaneous  income,  and costs to
service the loans.  The present value of future earnings is the "economic" value
of the pool,  i.e.,  the net  realizable  present  value to an  acquiror  of the
acquired servicing.  Fluctuations in the fair value of mortgage servicing rights
may affect net earnings, as this asset is carried at the lower of amortized cost
or fair value.


NOTE E:  Stock Option Plans

In 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 Company 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 Company 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 Company'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  Company's  net  earnings  and
earnings per share for the three month periods ended March 31, 2004 and 2003.




                                       9
<PAGE>
<TABLE>
<CAPTION>

NOTE E:  Stock Option Plans (continued)

A summary of the status of the Company's stock option plans as of March 31, 2004
and December 31, 2003 and 2002,  and changes  during the periods ending on those
dates is presented below:

                                                         March 31,                          December 31,
                                                           2004                    2003                    2002
                                                              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                50,650    $10.56        79,136    $10.63       106,796    $10.61
    Granted                                                -         -             -         -             -         -
    Exercised                                              -         -       (28,486)    10.76      (27,660)     10.53
    Forfeited                                              -         -             -         -             -         -
                                                      ------    ------        ------    ------      --------    ------

    Outstanding at end of period                      50,650    $10.56        50,650    $10.56        79,136    $10.63
                                                      ======    ======        ======    ======      ========    ======

    Options exercisable at period-end                 50,650    $10.56        50,650    $10.56        78,636    $10.61
                                                      ======    ======        ======    ======      ========    ======

</TABLE>


The following information applies to options outstanding at March 31, 2004:

Number outstanding                                                50,650
Range of exercise prices                                  $10.53- $13.75
Weighted-average exercise price                                   $10.56
Weighted-average remaining contractual life                    2.1 years


NOTE F:  Benefit Plans

Employees of the Savings Bank  participate in a defined  benefit pension plan to
which  contributions  are  made  for the  benefit  of the  employees.  Estimated
contributions are determined yearly based on the actual valuation of the plan at
June 30th each year. For the quarter ended March 31, 2004 and 2003,  $34,000 and
$21,000 were expensed related to the service costs of this plan.




                                       10
<PAGE>


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

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, 2003 to March 31,
2004

The  Company  reported  total  assets of $153.9  million  at March 31,  2004,  a
decrease of $3.0 million,  or 1.9%, compared to December 31, 2003. Cash and cash
equivalents  decreased by $822,000,  from $14.4 million at December 31, 2003, to
$13.6  million at March 31,  2004.  Investment  and  mortgage-backed  securities
totaled $29.7  million at March 31, 2004, a decrease of $2.8  million,  or 8.6%,
over the December 31, 2003 total.  Purchases of securities totaling $5.2 million
were offset by  repayments,  calls and  maturities  of $3.5 million and sales of
$4.7 million.

Net loans  increased  from $102.4 million at December 31, 2003 to $103.1 million
at March 31, 2004. Loan  originations and purchases,  including loans originated
for sale,  amounted to $11.0  million for the three months ended March 31, 2004,
while principal  repayments  amounted to $9.7 million.  Loan originations during
2004 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 $41.1 million at March 31, 2004, compared
to $39.8  million at December 31,  2003.  Loans  secured by one- to  four-family
residential  real estate  totaled $50.4  million at March 31, 2004,  compared to
$51.2  million at  December  31,  2003.  The  Company is  currently  servicing a
portfolio of $6.5 million one-to-four family residential real estate loans.

Deposits  totaled $98.4 million at March 31, 2004, a decrease of $5.3 million or
5.1%, from the balance at December 31, 2003.  Borrowings at March 31, 2004, were
comprised of $36.0 million of FHLB advances,  a $943,000 note payable related to
an equity investment in low income housing, and a $985,000 line of credit.

Shareholders'  equity  totaled  $16.6  million at March 31, 2004, an increase of
$278,000,  or 1.7%,  over the $16.4  million  total at December  31,  2003.  The
increase  resulted  from net earnings of $263,000 and an increase of $123,000 in
the  unrealized  gains on securities  available for sale,  which were  partially
offset by dividends paid of $123,000.


Results of Operations

Comparison of the Three Months Ended March 31, 2004 and March 31, 2003

Net  earnings  for the three  months  ended  March 31,  2004  totaled  $263,000,
compared  with $364,000 for the three months ended March 31, 2003, a decrease of
$101,000,  or 27.7%.  Net interest  income  decreased  by $141,000,  total other
income  decreased  by $18,000  and  general,  administrative  and other  expense
increased  by $36,000,  while the  provision  for losses on loans  decreased  by
$30,000 and income taxes decreased by $64,000.


                                       11
<PAGE>

Comparison  of the  Three  Months  Ended  March  31,  2004 and  March  31,  2003
(continued)

Interest income on loans decreased by $229,000,  or 11.9%,  for the three months
ended March 31, 2004,  compared to the same quarter in 2003,  due primarily to a
decrease  in the  yield on  loans  and a  decline  in the  outstanding  balance.
Interest   income  on   mortgage-backed   securities,   investments   and  other
interest-earning  assets  totaled  $330,000 for the three months ended March 31,
2004, a $56,000, or 20.4%,  increase over the 2003 quarter. The increase was due
primarily  to an  increase  in the  average  balance  outstanding  year to year.
Interest expense on deposits decreased by $49,000,  or 7.7%, as the average cost
of deposits decreased.  Interest expense on borrowings  increased by $17,000, or
3.6%, due primarily to the  additional  draws on a line of credit and additional
FHLB advances.  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 $141,000, or 13.1%.

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  $60,000 for the three month
period  ended March 31, 2004 and $90,000 for the three month  period ended March
31, 2003. The Company's  loss  allowance to total gross loans and  nonperforming
loans was 1.7% and 133.8%, respectively, compared to 1.7% and 115.6% at December
31, 2003.  The provision for losses on loans was primarily  attributable  to the
increasing   percentage  of  commercial   loans  in  the  portfolio.   Based  on
management's  review of the loan  portfolio,  the  allowance  for loan losses at
March 31, 2004 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.  During the three month period ended March
31, 2004, one single family dwelling was acquired via foreclosure.

Other  income  totaled  $123,000  for the three  months  ended March 31, 2004, a
$18,000, or 12.8%,  decrease over the 2003 quarter.  This consisted of a $10,000
gain on the sale of loans and a $39,000 gain on the sale of securities.  Service
charges on deposit accounts contributed $55,000.

General,  administrative  and other expense totaled $656,000 for the three-month
period ended March 31, 2004,  an increase of $36,000,  or 5.8%,  compared to the
three month  period  ended March 31,  2003.  Occupancy  and  equipment  expenses
declined by $9,000,  or 14.8%,  primarily  as a result of reduced  property  tax
expense. Employee compensation and benefits increased by $14,000,  primarily due
to  increased  contributions  to  the  defined  benefit  retirement  plan.  Data
processing  expenses  increased  $34,000 due to costs associated with converting
the Company's data processing system to a new provider.

Logansport  Financial Corp. is  investigating  the possibility of de-listing its
stock and de-registering  with the Securities and Exchange  Commission  ("SEC").
This  strategy  would  reduce  future  expenses  associated  with SEC  reporting
requirements,  as well as  NASDAQ  filing  fees,  but would  also  result in the
Company's common stock no longer being quoted on the NASDAQ Small Cap Market. In
order to de-register,  the Company must first have fewer than 300  shareholders.
The  Company's  shares  trade  infrequently  and  residents of Indiana hold many
shares.  Therefore,  it is  management's  belief that any negative impact on the
liquidity of the shares as a result of a de-registration and de-listing would be
minimal.

The provision for income taxes totaled  $81,000 for the three months ended March
31, 2004, a decrease of $64,000, or 44.1%,  compared to the same period in 2003.
The decrease was due to a $165,000, or 32.4%, decrease in pre-tax earnings.  The
Company's  effective tax rates for the three-month  periods ended March 31, 2004
and 2003, were 23.5% and 28.5%, respectively. The effective tax rate remains low
due to the tax credits  available from the Company's  investment in a low income
housing partnership.



                                       12
<PAGE>

Capital Resources

Pursuant to Office of Thrift Supervision  ("OTS") capital  regulations,  savings
associations  must  currently  meet a 1.5% tangible  capital  requirement,  a 4%
leverage ratio (or core capital)  requirement,  and total risk-based  capital to
risk-weighted  assets  ratio of 8%. At March 31, 2004,  the Bank's  tangible and
leverage  capital  ratios  were  each  11.3%,  and  its  risk-based  capital  to
risk-weighted   assets   ratio  was  19.5%.   Therefore,   the  Bank's   capital
significantly  exceeded all of the capital requirements currently in effect. The
following table provides the minimum  regulatory  capital  requirements  and the
Bank's capital levels as of March 31, 2004.

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

Tangible (1.5%)                     $2,302       $17,351          $15,049
Core (4.0%)                          6,140        17,351           11,211
Risk-based (8.0%)                    7,608        18,545           10,937

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.

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  December  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 table,  the Bank's NPV is more  sensitive to declining  rates
than rising rates. This occurs  principally  because,  as rates rise, the market
value  of  the   Bank's   investments,   adjustable-rate   mortgage   loans  and
mortgage-backed  securities increase due to the rate increases.  Conversely,  as
interest rates decline,  the market value of these  adjustable-rate  assets will
decrease.   The  value  of  the  Bank's   deposits  and  borrowings   change  in
approximately the same proportion in rising or falling rate scenarios.


 Change               Net Portfolio Value              NPV as % of PV of Assets
In Rates    $ Amount      $ Change     % Change         NPV Ratio       Change
            (Dollars in thousands)

 +300bp      $18,484      $  (781)       (4)%             11.74%         (5)bp
 +200bp       19,410          145         1               12.14          35 bp
 +100bp       19,642          377         2               12.14          35 bp
    -         19,265           -          -               11.79
 -100bp       18,169       (1,096)       (6)              11.05         (74)bp


                                       13
<PAGE>

Item 3. Quantitative and Qualitative Disclosures About Market Risk (continued)

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

Pre-shock NPV Ratio: NPV as % of PV of Assets                    11.79%
Exposure Measure: Post-Shock NPV Ratio                           11.05%
Sensitivity Measure: Change in NPV Ratio                             74bp


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.


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.





                                       14
<PAGE>

Part II.  OTHER INFORMATION

Item 1.  Legal Proceedings

Neither the Bank nor the Company were, during the three-month period ended March
31, 2004,  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,  Use of Proceeds and Issuer  Purchases of Equity
        Securities

On March 1, 2004,  the Company  cancelled and  reclassified  as  authorized  and
unissued  1,251  shares  that  had  been  returned  to it  as a  result  of  the
termination of the Logansport  Savings Bank, FSB  Recognition and Retention Plan
and Trust. The Company paid no consideration for the shares.


Item 3.  Defaults Upon Senior Securities

None.


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

None.


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
March 31, 2004.

          Date of Report:  February 3, 2004
          Items Reported:  Press release dated February 3, 2004 announcing
                           results of operations for the year ended December 31,
                           2003.





                                       15
<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 10, 2004                By: /s/ David G. Wihebrink
      ---------------------                -------------------------------------
                                           David G. Wihebrink, President and
                                           Chief Executive Officer


Date:      May 10, 2004                By: /s/ Dottye Robeson
      ---------------------                -------------------------------------
                                           Dottye Robeson, Secretary and
                                              Treasurer






                                       16