Landmark Bancorp, Inc. Announces 30.5% Increase in Third Quarter Net Earnings and Earnings Per Share of $0.72. Declares Cash Dividend of $0.21 per Share and 5% Stock Dividend
Landmark Bancorp (LARK) reported strong Q3 2024 results with diluted earnings per share of $0.72, a 30.5% increase from Q2 2024. Net earnings reached $3.9 million, up from $3.0 million in Q2 and $2.9 million in Q3 2023. The company saw loan growth of $21.3 million (8.6% annualized) and net interest income growth of 5.7% to $11.6 million. The net interest margin expanded to 3.30%. Deposits increased 8.0% annualized, and stockholders' equity grew by $11.4 million. The Board declared a $0.21 cash dividend and a 5% stock dividend.
Landmark Bancorp (LARK) ha riportato risultati solidi per il terzo trimestre del 2024, con un utile per azione diluito di $0.72, in aumento del 30.5% rispetto al secondo trimestre del 2024. Gli utili netti hanno raggiunto i $3.9 milioni, in aumento rispetto ai $3.0 milioni del secondo trimestre e ai $2.9 milioni del terzo trimestre del 2023. L'azienda ha registrato una crescita dei prestiti di $21.3 milioni (8.6% su base annua) e una crescita del reddito netto da interessi del 5.7%, arrivando a $11.6 milioni. Il margine di interesse netto è aumentato al 3.30%. I depositi sono cresciuti dell'8.0% su base annua e il patrimonio netto degli azionisti è aumentato di $11.4 milioni. Il Consiglio ha dichiarato un dividendo in contante di $0.21 e un dividendo in azioni del 5%.
Landmark Bancorp (LARK) reportó resultados sólidos para el tercer trimestre de 2024, con ganancias por acción diluidas de $0.72, un aumento del 30.5% con respecto al segundo trimestre de 2024. Las ganancias netas alcanzaron $3.9 millones, subiendo desde $3.0 millones en el segundo trimestre y $2.9 millones en el tercer trimestre de 2023. La compañía vio un crecimiento de préstamos de $21.3 millones (8.6% anualizado) y un crecimiento de ingresos netos por intereses del 5.7% a $11.6 millones. El margen de interés neto se expandió al 3.30%. Los depósitos aumentaron un 8.0% anualizado, y el capital de los accionistas creció en $11.4 millones. La Junta declaró un dividendo en efectivo de $0.21 y un dividendo en acciones del 5%.
랜드마크 뱅코프 (LARK)는 2024년 3분기 동안 $0.72의 희석 주당순이익을 기록하며 강력한 실적을 발표했습니다. 이는 2024년 2분기 대비 30.5% 증가한 수치입니다. 순이익은 $3.9백만에 달하며, 이는 2분기의 $3.0백만과 2023년 3분기의 $2.9백만에서 증가한 수치입니다. 회사는 $21.3백만의 대출 성장 (연 8.6%)과 함께 순이자 수익이 5.7% 증가하여 $11.6백만에 도달했습니다. 순이자 마진은 3.30%로 확대되었습니다. 예금은 연 8.0% 증가했으며, 주주 자본은 $11.4백만 증가했습니다. 이사회는 $0.21의 현금 배당금과 5%의 주식 배당금을 선언했습니다.
Landmark Bancorp (LARK) a annoncé de solides résultats pour le troisième trimestre 2024, avec un bénéfice par action dilué de 0,72 $, soit une augmentation de 30,5 % par rapport au deuxième trimestre 2024. Le bénéfice net a atteint 3,9 millions de dollars, en hausse par rapport à 3,0 millions de dollars au deuxième trimestre et 2,9 millions de dollars au troisième trimestre 2023. L'entreprise a enregistré une croissance des prêts de 21,3 millions de dollars (8,6 % annualisé) et une croissance du revenu net d'intérêts de 5,7 % à 11,6 millions de dollars. La marge d'intérêt net s'est étendue à 3,30 %. Les dépôts ont augmenté de 8,0 % annualisé et les capitaux propres des actionnaires ont augmenté de 11,4 millions de dollars. Le Conseil a déclaré un dividende en espèces de 0,21 $ et un dividende en actions de 5 %.
Landmark Bancorp (LARK) hat starke Ergebnisse für das dritte Quartal 2024 gemeldet, mit einem verwässerten Gewinn pro Aktie von $0.72, was einem Anstieg von 30.5% im Vergleich zum zweiten Quartal 2024 entspricht. Der Nettogewinn erreichte $3.9 Millionen, ein Anstieg von $3.0 Millionen im zweiten Quartal und $2.9 Millionen im dritten Quartal 2023. Das Unternehmen verzeichnete ein Wachstum der Kredite um $21.3 Millionen (8.6% jährlich) und ein Wachstum der Nettozinseinnahmen um 5.7% auf $11.6 Millionen. Die Nettozinsspanne erweiterte sich auf 3.30%. Die Einlagen stiegen um 8.0% jährlich, und das Eigenkapital der Aktionäre wuchs um $11.4 Millionen. Der Vorstand erklärte eine Bardividende von $0.21 und eine Aktiendividende von 5%.
- Net earnings increased 30.5% QoQ to $3.9 million
- Diluted EPS grew to $0.72 from $0.55 in Q2 2024
- Net interest income increased 5.7% to $11.6 million
- Loan portfolio grew by $21.3 million (8.6% annualized)
- Net interest margin expanded by 9 basis points to 3.30%
- Deposits increased 8.0% annualized
- Non-performing loans increased to 1.34% of gross loans from 0.51% in Q2
- Delinquent loans (30-89 days) increased to 0.73% from 0.19% in Q2
- Recorded provision for credit losses of $500,000 compared to no provision in Q2
Insights
The Q3 2024 results demonstrate strong financial performance with several positive indicators. Net earnings increased 30.5% to
- Loan portfolio grew
8.6% annualized, reaching$1.0 billion - Net interest margin expanded to
3.30% , up 9 basis points - Return on average assets at
1.00% and return on equity at11.82% - Deposit growth of
8.0% annualized
While credit quality shows some concerns with non-performing loans increasing to
Credit quality metrics warrant attention despite strong earnings. Non-performing loans jumped significantly to
Manhattan, KS, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of
For the first nine months of 2024, diluted earnings per share totaled
In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, said, “The Company delivered strong results in the third quarter 2024. Net earnings grew 30.5 percent over the prior quarter and 36.6 percent over the same period last year. Earnings per share also increased 36.5 percent over the third quarter last year. Growth in loans, margin expansion, and higher non-interest income all contributed to strong revenue growth. This quarter total loans grew
Landmark’s Board of Directors declared a cash dividend of
Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Thursday, October 31, 2024. Investors may participate via telephone by dialing (833) 470-1428 and using access code 242414. A replay of the call will be available through November 30, 2024, by dialing (866) 813-9403 and using access code 908094.
SUMMARY OF THIRD QUARTER RESULTS
Net earnings in the third quarter of 2024 increased
Net Interest Income
Net interest income in the third quarter of 2024 amounted to
Non-Interest Income
Non-interest income totaled
Non-Interest Expense
During the third quarter of 2024, non-interest expense totaled
Income Tax Expense
Landmark recorded income tax expense of
Balance Sheet Highlights
As of September 30, 2024, gross loans totaled
Period end deposit balances increased
Stockholders’ equity increased to
The allowance for credit losses totaled
Non-performing loans totaled
About Landmark
Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 30 locations in 24 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, Kincaid, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.
Contact:
Mark A. Herpich
Chief Financial Officer
(785) 565-2000
Special Note Concerning Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, national and international economies, including the effects of inflationary pressures and supply chain constraints on such economies; (ii) changes in state and federal laws, regulations and governmental policies concerning banking, securities, consumer protection, insurance, monetary, trade and tax matters, including any changes in response to the recent failures of other banks; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) changes and uncertainty in benchmark interest rates, including the timing of rate changes, if any, by the Federal Reserve; (x) the effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) unexpected outcomes of existing or new litigation; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including the current Israeli-Palestinian conflict and the conflict in Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) cyber-attacks; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; and (xxvi) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.
LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)
| (Dollars in thousands) | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and cash equivalents | $ | 21,211 | $ | 23,889 | $ | 16,468 | $ | 27,101 | $ | 23,821 | ||||||||||
| Interest-bearing deposits at other banks | 4,363 | 4,881 | 4,920 | 4,918 | 5,904 | |||||||||||||||
| Investment securities available-for-sale, at fair value: | ||||||||||||||||||||
| U.S. treasury securities | 83,753 | 89,325 | 93,683 | 95,667 | 118,341 | |||||||||||||||
| Municipal obligations, tax exempt | 112,126 | 114,047 | 118,445 | 120,623 | 115,706 | |||||||||||||||
| Municipal obligations, taxable | 75,129 | 74,588 | 75,371 | 79,083 | 73,993 | |||||||||||||||
| Agency mortgage-backed securities | 140,004 | 142,499 | 149,777 | 157,396 | 148,817 | |||||||||||||||
| Total investment securities available-for-sale | 411,012 | 420,459 | 437,276 | 452,769 | 456,857 | |||||||||||||||
| Investment securities held-to-maturity | 3,643 | 3,613 | 3,584 | 3,555 | 3,525 | |||||||||||||||
| Bank stocks, at cost | 7,894 | 9,647 | 7,850 | 8,123 | 8,009 | |||||||||||||||
| Loans: | ||||||||||||||||||||
| One-to-four family residential real estate | 344,380 | 332,090 | 312,833 | 302,544 | 289,571 | |||||||||||||||
| Construction and land | 23,454 | 30,480 | 24,823 | 21,090 | 21,657 | |||||||||||||||
| Commercial real estate | 324,016 | 318,850 | 323,397 | 320,962 | 323,427 | |||||||||||||||
| Commercial | 181,652 | 178,876 | 181,945 | 180,942 | 185,831 | |||||||||||||||
| Agriculture | 91,986 | 84,523 | 86,808 | 89,680 | 84,560 | |||||||||||||||
| Municipal | 7,098 | 6,556 | 5,690 | 4,507 | 3,200 | |||||||||||||||
| Consumer | 29,263 | 29,200 | 28,544 | 28,931 | 29,180 | |||||||||||||||
| Total gross loans | 1,001,849 | 980,575 | 964,040 | 948,656 | 937,426 | |||||||||||||||
| Net deferred loan (fees) costs and loans in process | (63 | ) | (583 | ) | (578 | ) | (429 | ) | (396 | ) | ||||||||||
| Allowance for credit losses | (11,544 | ) | (10,903 | ) | (10,851 | ) | (10,608 | ) | (10,970 | ) | ||||||||||
| Loans, net | 990,242 | 969,089 | 952,611 | 937,619 | 926,060 | |||||||||||||||
| Loans held for sale, at fair value | 3,250 | 2,513 | 2,697 | 853 | 1,857 | |||||||||||||||
| Bank owned life insurance | 39,176 | 38,826 | 38,578 | 38,333 | 38,090 | |||||||||||||||
| Premises and equipment, net | 20,976 | 20,986 | 20,696 | 19,709 | 23,911 | |||||||||||||||
| Goodwill | 32,377 | 32,377 | 32,377 | 32,377 | 32,377 | |||||||||||||||
| Other intangible assets, net | 2,729 | 2,900 | 3,071 | 3,241 | 3,414 | |||||||||||||||
| Mortgage servicing rights | 3,041 | 2,997 | 2,977 | 3,158 | 3,368 | |||||||||||||||
| Real estate owned, net | 428 | 428 | 428 | 928 | 934 | |||||||||||||||
| Other assets | 23,309 | 28,149 | 29,684 | 28,988 | 29,459 | |||||||||||||||
| Total assets | $ | 1,563,651 | $ | 1,560,754 | $ | 1,553,217 | $ | 1,561,672 | $ | 1,557,586 | ||||||||||
| Liabilities and Stockholders’ Equity | ||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Non-interest-bearing demand | 360,188 | 360,631 | 364,386 | 367,103 | 395,046 | |||||||||||||||
| Money market and checking | 565,629 | 546,385 | 583,315 | 613,613 | 586,651 | |||||||||||||||
| Savings | 145,825 | 150,996 | 154,000 | 152,381 | 157,112 | |||||||||||||||
| Certificates of deposit | 203,860 | 192,470 | 191,823 | 183,154 | 169,225 | |||||||||||||||
| Total deposits | 1,275,502 | 1,250,482 | 1,293,524 | 1,316,251 | 1,308,034 | |||||||||||||||
| FHLB and other borrowings | 92,050 | 131,330 | 74,716 | 64,662 | 82,569 | |||||||||||||||
| Subordinated debentures | 21,651 | 21,651 | 21,651 | 21,651 | 21,651 | |||||||||||||||
| Repurchase agreements | 9,528 | 8,745 | 15,895 | 12,714 | 12,590 | |||||||||||||||
| Accrued interest and other liabilities | 25,229 | 20,292 | 20,760 | 19,480 | 23,185 | |||||||||||||||
| Total liabilities | 1,423,960 | 1,432,500 | 1,426,546 | 1,434,758 | 1,448,029 | |||||||||||||||
| Stockholders’ equity: | ||||||||||||||||||||
| Common stock | 55 | 55 | 55 | 55 | 52 | |||||||||||||||
| Additional paid-in capital | 89,532 | 89,469 | 89,364 | 89,208 | 84,568 | |||||||||||||||
| Retained earnings | 60,549 | 57,774 | 55,912 | 54,282 | 57,280 | |||||||||||||||
| Treasury stock, at cost | (396 | ) | (330 | ) | (249 | ) | (75 | ) | - | |||||||||||
| Accumulated other comprehensive loss | (10,049 | ) | (18,714 | ) | (18,411 | ) | (16,556 | ) | (32,343 | ) | ||||||||||
| Total stockholders’ equity | 139,691 | 128,254 | 126,671 | 126,914 | 109,557 | |||||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,563,651 | $ | 1,560,754 | $ | 1,553,217 | $ | 1,561,672 | $ | 1,557,586 | ||||||||||
LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings (unaudited)
| (Dollars in thousands, except per share amounts) | Three months ended, | Nine months ended, | ||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Interest income: | ||||||||||||||||||||
| Loans | $ | 15,933 | $ | 15,022 | $ | 13,531 | $ | 45,445 | $ | 37,530 | ||||||||||
| Investment securities: | ||||||||||||||||||||
| Taxable | 2,301 | 2,359 | 2,445 | 7,088 | 7,141 | |||||||||||||||
| Tax-exempt | 747 | 759 | 772 | 2,270 | 2,333 | |||||||||||||||
| Interest-bearing deposits at banks | 41 | 40 | 46 | 144 | 193 | |||||||||||||||
| Total interest income | 19,022 | 18,180 | 16,794 | 54,947 | 47,197 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Deposits | 5,830 | 5,673 | 4,384 | 16,960 | 10,375 | |||||||||||||||
| FHLB and other borrowings | 1,100 | 1,027 | 1,251 | 3,149 | 2,845 | |||||||||||||||
| Subordinated debentures | 416 | 418 | 417 | 1,246 | 1,168 | |||||||||||||||
| Repurchase agreements | 72 | 88 | 116 | 267 | 403 | |||||||||||||||
| Total interest expense | 7,418 | 7,206 | 6,168 | 21,622 | 14,791 | |||||||||||||||
| Net interest income | 11,604 | 10,974 | 10,626 | 33,325 | 32,406 | |||||||||||||||
| Provision for credit losses | 500 | - | - | 800 | 299 | |||||||||||||||
| Net interest income after provision for credit losses | 11,104 | 10,974 | 10,626 | 32,525 | 32,107 | |||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Fees and service charges | 2,880 | 2,691 | 2,618 | 8,032 | 7,457 | |||||||||||||||
| Gains on sales of loans, net | 704 | 648 | 491 | 1,864 | 2,014 | |||||||||||||||
| Bank owned life insurance | 254 | 248 | 230 | 747 | 671 | |||||||||||||||
| Other | 415 | 133 | 313 | 730 | 834 | |||||||||||||||
| Total non-interest income | 4,253 | 3,720 | 3,652 | 11,373 | 10,976 | |||||||||||||||
| Non-interest expense: | ||||||||||||||||||||
| Compensation and benefits | 5,803 | 5,504 | 5,811 | 16,839 | 16,925 | |||||||||||||||
| Occupancy and equipment | 1,429 | 1,294 | 1,373 | 4,113 | 4,136 | |||||||||||||||
| Data processing | 464 | 492 | 458 | 1,437 | 1,478 | |||||||||||||||
| Amortization of mortgage servicing rights and other intangibles | 256 | 256 | 474 | 924 | 1,407 | |||||||||||||||
| Professional fees | 573 | 649 | 624 | 1,869 | 1,722 | |||||||||||||||
| Valuation allowance on real estate held for sale | - | 979 | - | 1,108 | - | |||||||||||||||
| Other | 2,034 | 1,921 | 1,989 | 5,915 | 5,753 | |||||||||||||||
| Total non-interest expense | 10,559 | 11,095 | 10,729 | 32,205 | 31,421 | |||||||||||||||
| Earnings before income taxes | 4,798 | 3,599 | 3,549 | 11,693 | 11,662 | |||||||||||||||
| Income tax expense | 867 | 587 | 671 | 1,972 | 2,065 | |||||||||||||||
| Net earnings | $ | 3,931 | $ | 3,012 | $ | 2,878 | $ | 9,721 | $ | 9,597 | ||||||||||
| Net earnings per share (1) | ||||||||||||||||||||
| Basic | $ | 0.72 | $ | 0.55 | $ | 0.53 | $ | 1.77 | $ | 1.75 | ||||||||||
| Diluted | 0.72 | 0.55 | 0.52 | 1.77 | 1.75 | |||||||||||||||
| Dividends per share (1) | 0.21 | 0.21 | 0.20 | 0.63 | 0.60 | |||||||||||||||
| Shares outstanding at end of period (1) | 5,501,221 | 5,469,566 | 5,481,805 | 5,501,221 | 5,481,805 | |||||||||||||||
| Weighted average common shares outstanding - basic (1) | 5,490,808 | 5,471,724 | 5,479,909 | 5,477,453 | 5,476,703 | |||||||||||||||
| Weighted average common shares outstanding - diluted (1) | 5,495,728 | 5,474,336 | 5,482,633 | 5,481,456 | 5,481,270 | |||||||||||||||
| Tax equivalent net interest income | $ | 11,777 | $ | 11,167 | $ | 10,809 | $ | 33,852 | $ | 32,974 | ||||||||||
(1) Share and per share values at or for the period ended September 30, 2023 have been adjusted to give effect to the
LANDMARK BANCORP, INC. AND SUBSIDIARIES
Select Ratios and Other Data (unaudited)
| (Dollars in thousands, except per share amounts) | As of or for the three months ended, | As of or for the nine months ended, | ||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Performance ratios: | ||||||||||||||||||||
| Return on average assets (1) | 1.00 | % | 0.78 | % | 0.74 | % | 0.84 | % | 0.84 | % | ||||||||||
| Return on average equity (1) | 11.82 | % | 9.72 | % | 9.87 | % | 10.18 | % | 11.13 | % | ||||||||||
| Net interest margin (1)(2) | 3.30 | % | 3.21 | % | 3.06 | % | 3.21 | % | 3.19 | % | ||||||||||
| Effective tax rate | 18.1 | % | 16.3 | % | 18.9 | % | 16.9 | % | 17.7 | % | ||||||||||
| Efficiency ratio (3) | 66.5 | % | 67.9 | % | 73.8 | % | 68.8 | % | 71.0 | % | ||||||||||
| Non-interest income to total income (3) | 25.5 | % | 25.4 | % | 25.6 | % | 25.0 | % | 25.3 | % | ||||||||||
| Average balances: | ||||||||||||||||||||
| Investment securities | $ | 428,301 | $ | 437,136 | $ | 486,706 | $ | 440,744 | $ | 493,853 | ||||||||||
| Loans | 985,659 | 955,104 | 906,289 | 962,252 | 877,048 | |||||||||||||||
| Assets | 1,562,482 | 1,545,816 | 1,549,724 | 1,554,682 | 1,528,938 | |||||||||||||||
| Interest-bearing deposits | 936,218 | 936,237 | 902,727 | 935,958 | 886,227 | |||||||||||||||
| FHLB and other borrowings | 77,958 | 72,875 | 89,441 | 74,496 | 70,774 | |||||||||||||||
| Subordinated debentures | 21,651 | 21,651 | 21,651 | 21,651 | 21,651 | |||||||||||||||
| Repurchase agreements | 10,774 | 11,524 | 15,387 | 12,218 | 19,903 | |||||||||||||||
| Stockholders’ equity | $ | 132,271 | $ | 124,624 | $ | 115,644 | $ | 127,597 | $ | 115,275 | ||||||||||
| Average tax equivalent yield/cost (1): | ||||||||||||||||||||
| Investment securities | 2.99 | % | 3.04 | % | 2.77 | % | 2.99 | % | 2.72 | % | ||||||||||
| Loans | 6.43 | % | 6.33 | % | 5.93 | % | 6.31 | % | 5.72 | % | ||||||||||
| Total interest-bearing assets | 5.38 | % | 5.29 | % | 4.81 | % | 5.26 | % | 4.62 | % | ||||||||||
| Interest-bearing deposits | 2.48 | % | 2.44 | % | 1.93 | % | 2.42 | % | 1.57 | % | ||||||||||
| FHLB and other borrowings | 5.61 | % | 5.67 | % | 5.55 | % | 5.65 | % | 5.37 | % | ||||||||||
| Subordinated debentures | 7.64 | % | 7.76 | % | 7.64 | % | 7.69 | % | 7.21 | % | ||||||||||
| Repurchase agreements | 2.66 | % | 3.07 | % | 2.99 | % | 2.92 | % | 2.71 | % | ||||||||||
| Total interest-bearing liabilities | 2.82 | % | 2.78 | % | 2.38 | % | 2.77 | % | 1.98 | % | ||||||||||
| Capital ratios: | ||||||||||||||||||||
| Equity to total assets | 8.93 | % | 8.22 | % | 7.03 | % | ||||||||||||||
| Tangible equity to tangible assets (3) | 6.84 | % | 6.09 | % | 4.85 | % | ||||||||||||||
| Book value per share | $ | 25.39 | $ | 23.45 | $ | 19.99 | ||||||||||||||
| Tangible book value per share (3) | $ | 19.01 | $ | 17.00 | $ | 13.46 | ||||||||||||||
| Rollforward of allowance for credit losses (loans): | ||||||||||||||||||||
| Beginning balance | $ | 10,903 | $ | 10,851 | $ | 10,449 | $ | 10,608 | $ | 8,791 | ||||||||||
| Adoption of CECL | - | - | - | - | 1,523 | |||||||||||||||
| Charge-offs | (153 | ) | (119 | ) | (142 | ) | (413 | ) | (408 | ) | ||||||||||
| Recoveries | 144 | 171 | 663 | 449 | 814 | |||||||||||||||
| Provision for credit losses for loans | 650 | - | - | 900 | 250 | |||||||||||||||
| Ending balance | $ | 11,544 | $ | 10,903 | $ | 10,970 | $ | 11,544 | $ | 10,970 | ||||||||||
| Allowance for unfunded loan commitments | $ | 150 | $ | 300 | $ | 200 | ||||||||||||||
| Non-performing assets: | ||||||||||||||||||||
| Non-accrual loans | $ | 13,415 | $ | 5,007 | $ | 4,440 | ||||||||||||||
| Accruing loans over 90 days past due | - | - | - | |||||||||||||||||
| Real estate owned | 428 | 428 | 934 | |||||||||||||||||
| Total non-performing assets | $ | 13,843 | $ | 5,435 | $ | 5,374 | ||||||||||||||
| Loans 30-89 days delinquent | $ | 7,301 | $ | 1,872 | $ | 6,173 | ||||||||||||||
| Other ratios: | ||||||||||||||||||||
| Loans to deposits | 77.64 | % | 77.50 | % | 70.80 | % | ||||||||||||||
| Loans 30-89 days delinquent and still accruing to gross loans outstanding | 0.73 | % | 0.19 | % | 0.66 | % | ||||||||||||||
| Total non-performing loans to gross loans outstanding | 1.34 | % | 0.51 | % | 0.47 | % | ||||||||||||||
| Total non-performing assets to total assets | 0.89 | % | 0.35 | % | 0.35 | % | ||||||||||||||
| Allowance for credit losses to gross loans outstanding | 1.15 | % | 1.11 | % | 1.17 | % | ||||||||||||||
| Allowance for credit losses to total non-performing loans | 86.05 | % | 217.76 | % | 247.07 | % | ||||||||||||||
| Net loan charge-offs to average loans (1) | 0.00 | % | -0.02 | % | -0.23 | % | 0.00 | % | -0.06 | % | ||||||||||
| (1 | ) | Information is annualized. |
| (2 | ) | Net interest margin is presented on a fully tax equivalent basis, using a |
| (3 | ) | Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent. |
LANDMARK BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Finacials Measures (unaudited)
| (Dollars in thousands, except per share amounts) | As of or for the three months ended, | As of or for the nine months ended, | ||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Non-GAAP financial ratio reconciliation: | ||||||||||||||||||||
| Total non-interest expense | $ | 10,559 | $ | 11,095 | $ | 10,729 | $ | 32,205 | $ | 31,421 | ||||||||||
| Less: foreclosure and real estate owned expense | (23 | ) | 39 | (1 | ) | (34 | ) | (21 | ) | |||||||||||
| Less: amortization of other intangibles | (171 | ) | (171 | ) | (196 | ) | (512 | ) | (591 | ) | ||||||||||
| Less: valuation allowance on real estate held for sale | - | (979 | ) | - | (1,108 | ) | - | |||||||||||||
| Adjusted non-interest expense (A) | 10,365 | 9,984 | 10,532 | 30,551 | 30,809 | |||||||||||||||
| Net interest income (B) | 11,604 | 10,974 | 10,626 | 33,325 | 32,406 | |||||||||||||||
| Non-interest income | 4,253 | 3,720 | 3,652 | 11,373 | 10,976 | |||||||||||||||
| Less: losses (gains) on sales of investment securities, net | - | - | - | - | - | |||||||||||||||
| Less: gains on sales of premises and equipment and foreclosed assets | (273 | ) | 9 | - | (264 | ) | (1 | ) | ||||||||||||
| Adjusted non-interest income (C) | $ | 3,980 | $ | 3,729 | $ | 3,652 | $ | 11,109 | $ | 10,975 | ||||||||||
| Efficiency ratio (A/(B+C)) | 66.5 | % | 67.9 | % | 73.8 | % | 68.8 | % | 71.0 | % | ||||||||||
| Non-interest income to total income (C/(B+C)) | 25.5 | % | 25.4 | % | 25.6 | % | 25.0 | % | 25.3 | % | ||||||||||
| Total stockholders’ equity | $ | 139,691 | $ | 128,254 | $ | 109,557 | ||||||||||||||
| Less: goodwill and other intangible assets | (35,106 | ) | (35,277 | ) | (35,791 | ) | ||||||||||||||
| Tangible equity (D) | $ | 104,585 | $ | 92,977 | $ | 73,766 | ||||||||||||||
| Total assets | $ | 1,563,651 | $ | 1,560,754 | $ | 1,557,586 | ||||||||||||||
| Less: goodwill and other intangible assets | (35,106 | ) | (35,277 | ) | (35,791 | ) | ||||||||||||||
| Tangible assets (E) | $ | 1,528,545 | $ | 1,525,477 | $ | 1,521,795 | ||||||||||||||
| Tangible equity to tangible assets (D/E) | 6.84 | % | 6.09 | % | 4.85 | % | ||||||||||||||
| Shares outstanding at end of period (F) | 5,501,221 | 5,469,566 | 5,481,805 | |||||||||||||||||
| Tangible book value per share (D/F) | $ | 19.01 | $ | 17.00 | $ | 13.46 | ||||||||||||||
FAQ
What was Landmark Bancorp's (LARK) earnings per share in Q3 2024?
How much did LARK's net interest income grow in Q3 2024?
What dividends did Landmark Bancorp (LARK) declare for Q3 2024?
