Landmark Bancorp, Inc. Announces Second Quarter Earnings Per Share of $0.64. Declares Cash Dividend of $0.21 per Share.
- None.
- None.
Manhattan, KS, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of
For the first six months of 2023, diluted earnings per share totaled
In making this announcement, Michael E. Scheopner, President and Chief Executive Officer of Landmark, said, “While growth in interest rates over this past year has increased funding costs and provided stress to the banking industry, Landmark continued to provide solid earnings this quarter driven by growth in loans, well-controlled expenses, and solid credit quality. Compared to the first quarter 2023, total gross loans increased by
Mr. Scheopner continued, “This quarter we continued to see low net loan charge-offs, declining non-performing assets and low levels of delinquent loans. Landmark recorded net loan charge-offs of
Landmark’s Board of Directors declared a cash dividend of
SUMMARY OF SECOND QUARTER RESULTS
Net Interest Income
Net interest income in the second quarter of 2023 amounted to
Interest expense on deposits increased
Non-Interest Income
Non-interest income totaled
Non-Interest Expense
During the second quarter of 2023, non-interest expense totaled
Income Tax Expense
Landmark recorded income tax expense of
Liquidity Highlights
In addition to local retail, commercial and public fund deposits, the Company has access to multiple sources of brokered deposits that can be utilized for liquidity. Landmark also has diverse sources of liquidity available through both secured and unsecured borrowing lines of credit. At June 30, 2023, Landmark had collateral pledged to the Federal Home Loan Bank (“FHLB”) that would allow for an additional
As of June 30, 2023, Landmark had unpledged available-for-sale investment securities with a fair value of
Balance Sheet Highlights
As of June 30, 2023, gross loans totaled
Total deposits include estimated uninsured deposits of
Stockholders’ equity decreased slightly 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 31 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 (2), Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.
Contacts: |
Michael E. Scheopner |
President and Chief Executive Officer |
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 elimination of LIBOR and the development of a substitute; (x) the effects of severe weather, natural disasters, widespread disease or pandemics (including the COVID-19 pandemic), 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 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) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 20,038 | $ | 23,764 | $ | 23,156 | $ | 49,234 | $ | 30,413 | ||||||||||
Interest-bearing deposits at other banks | 8,336 | 8,586 | 9,084 | 8,844 | 8,360 | |||||||||||||||
Investment securities available-for-sale, at fair value: | ||||||||||||||||||||
U.S. treasury securities | 121,480 | 121,759 | 123,111 | 127,445 | 135,459 | |||||||||||||||
U.S. federal agency obligations | - | 1,993 | 1,988 | 4,979 | 14,931 | |||||||||||||||
Municipal obligations, tax exempt | 124,451 | 128,281 | 127,262 | 128,392 | 134,994 | |||||||||||||||
Municipal obligations, taxable | 77,713 | 73,468 | 67,244 | 61,959 | 49,356 | |||||||||||||||
Agency mortgage-backed securities | 160,734 | 164,669 | 169,701 | 161,331 | 151,893 | |||||||||||||||
Total investment securities available-for-sale | 484,378 | 490,170 | 489,306 | 484,106 | 486,633 | |||||||||||||||
Investment securities held-to-maturity | 3,496 | 3,467 | 3,524 | - | - | |||||||||||||||
Bank stocks, at cost | 9,445 | 6,876 | 5,470 | 6,641 | 2,881 | |||||||||||||||
Loans: | ||||||||||||||||||||
One-to-four family residential real estate | 259,655 | 246,079 | 236,982 | 205,466 | 192,517 | |||||||||||||||
Construction and land | 22,016 | 23,137 | 22,725 | 18,119 | 23,092 | |||||||||||||||
Commercial real estate | 314,889 | 316,900 | 304,074 | 228,669 | 209,879 | |||||||||||||||
Commercial | 181,424 | 172,331 | 173,415 | 144,582 | 137,929 | |||||||||||||||
Paycheck Protection Program (PPP) | - | 21 | 21 | 410 | 652 | |||||||||||||||
Agriculture | 84,345 | 80,499 | 84,283 | 86,114 | 78,240 | |||||||||||||||
Municipal | 2,711 | 2,004 | 2,026 | 2,036 | 2,076 | |||||||||||||||
Consumer | 28,219 | 28,835 | 26,664 | 25,911 | 25,531 | |||||||||||||||
Total gross loans | 893,259 | 869,806 | 850,190 | 711,307 | 669,916 | |||||||||||||||
Net deferred loan (fees) costs and loans in process | (261 | ) | 2 | (250 | ) | (311 | ) | 229 | ||||||||||||
Allowance for credit losses | (10,449 | ) | (10,267 | ) | (8,791 | ) | (8,858 | ) | (8,315 | ) | ||||||||||
Loans, net | 882,549 | 859,541 | 841,149 | 702,138 | 661,830 | |||||||||||||||
Loans held for sale, at fair value | 3,900 | 1,839 | 2,488 | 2,741 | 6,264 | |||||||||||||||
Bank owned life insurance | 37,764 | 37,541 | 37,323 | 32,672 | 32,483 | |||||||||||||||
Premises and equipment, net | 24,027 | 24,241 | 24,327 | 20,628 | 20,679 | |||||||||||||||
Goodwill | 32,199 | 32,199 | 32,199 | 17,532 | 17,532 | |||||||||||||||
Other intangible assets, net | 3,612 | 3,809 | 4,006 | 36 | 52 | |||||||||||||||
Mortgage servicing rights | 3,514 | 3,652 | 3,813 | 3,980 | 4,025 | |||||||||||||||
Real estate owned, net | 934 | 934 | 934 | 1,288 | 1,288 | |||||||||||||||
Other assets | 25,148 | 24,198 | 26,088 | 25,456 | 19,911 | |||||||||||||||
Total assets | $ | 1,539,340 | $ | 1,520,817 | $ | 1,502,867 | $ | 1,355,296 | $ | 1,292,351 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Non-interest-bearing demand | 382,410 | 421,971 | 410,142 | 347,942 | 343,107 | |||||||||||||||
Money market and checking | 606,474 | 588,366 | 626,659 | 504,973 | 520,056 | |||||||||||||||
Savings | 160,426 | 169,504 | 170,570 | 170,988 | 170,419 | |||||||||||||||
Certificates of deposit | 131,661 | 114,189 | 93,278 | 93,234 | 97,885 | |||||||||||||||
Total deposits | 1,280,971 | 1,294,030 | 1,300,649 | 1,117,137 | 1,131,467 | |||||||||||||||
Federal Home Loan Bank borrowings | 76,185 | 37,804 | 8,200 | 74,900 | - | |||||||||||||||
Subordinated debentures | 21,651 | 21,651 | 21,651 | 21,651 | 21,651 | |||||||||||||||
Other borrowings | 22,293 | 28,750 | 38,402 | 16,349 | 6,223 | |||||||||||||||
Accrued interest and other liabilities | 20,887 | 20,864 | 22,532 | 19,775 | 15,708 | |||||||||||||||
Total liabilities | 1,421,987 | 1,403,099 | 1,391,434 | 1,249,812 | 1,175,049 | |||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 52 | 52 | 52 | 50 | 50 | |||||||||||||||
Additional paid-in capital | 84,475 | 84,413 | 84,273 | 79,329 | 79,284 | |||||||||||||||
Retained earnings | 55,498 | 53,231 | 52,174 | 58,114 | 56,662 | |||||||||||||||
Treasury stock, at cost | - | - | - | (1,040 | ) | (538 | ) | |||||||||||||
Accumulated other comprehensive (loss) income | (22,672 | ) | (19,978 | ) | (25,066 | ) | (30,969 | ) | (18,156 | ) | ||||||||||
Total stockholders’ equity | 117,353 | 117,718 | 111,433 | 105,484 | 117,302 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,539,340 | $ | 1,520,817 | $ | 1,502,867 | $ | 1,355,296 | $ | 1,292,351 |
LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings (unaudited)
(Dollars in thousands, except per share amounts) | Three months ended, | Six months ended, | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Interest income: | ||||||||||||||||||||
Loans | $ | 12,623 | $ | 11,376 | $ | 7,156 | $ | 23,999 | $ | 14,347 | ||||||||||
Investment securities: | ||||||||||||||||||||
Taxable | 2,379 | 2,317 | 1,417 | 4,696 | 2,408 | |||||||||||||||
Tax-exempt | 775 | 786 | 730 | 1,561 | 1,452 | |||||||||||||||
Interest-bearing deposits at banks | 49 | 98 | 126 | 147 | 188 | |||||||||||||||
Total interest income | 15,826 | 14,577 | 9,429 | 30,403 | 18,395 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 3,452 | 2,539 | 358 | 5,991 | 553 | |||||||||||||||
Subordinated debentures | 387 | 364 | 165 | 751 | 288 | |||||||||||||||
Borrowings | 1,154 | 727 | 8 | 1,881 | 11 | |||||||||||||||
Total interest expense | 4,993 | 3,630 | 531 | 8,623 | 852 | |||||||||||||||
Net interest income | 10,833 | 10,947 | 8,898 | 21,780 | 17,543 | |||||||||||||||
Provision (benefit) for credit losses | 250 | 49 | - | 299 | (500 | ) | ||||||||||||||
Net interest income after provision (benefit) for credit losses | 10,583 | 10,898 | 8,898 | 21,481 | 18,043 | |||||||||||||||
Non-interest income: | ||||||||||||||||||||
Fees and service charges | 2,481 | 2,358 | 2,380 | 4,839 | 4,568 | |||||||||||||||
Gains on sales of loans, net | 830 | 693 | 1,073 | 1,523 | 1,978 | |||||||||||||||
Bank owned life insurance | 223 | 218 | 190 | 441 | 377 | |||||||||||||||
Other | 295 | 226 | 153 | 521 | 436 | |||||||||||||||
Total non-interest income | 3,829 | 3,495 | 3,796 | 7,324 | 7,359 | |||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Compensation and benefits | 5,572 | 5,542 | 4,953 | 11,114 | 9,728 | |||||||||||||||
Occupancy and equipment | 1,394 | 1,369 | 1,177 | 2,763 | 2,410 | |||||||||||||||
Data processing | 431 | 589 | 362 | 1,020 | 702 | |||||||||||||||
Amortization of mortgage servicing rights and other intangibles | 472 | 461 | 335 | 933 | 651 | |||||||||||||||
Professional fees | 607 | 491 | 415 | 1,098 | 866 | |||||||||||||||
Acquisition costs | - | - | 221 | - | 221 | |||||||||||||||
Other | 1,873 | 1,891 | 1,559 | 3,764 | 3,282 | |||||||||||||||
Total non-interest expense | 10,349 | 10,343 | 9,022 | 20,692 | 17,860 | |||||||||||||||
Earnings before income taxes | 4,063 | 4,050 | 3,672 | 8,113 | 7,542 | |||||||||||||||
Income tax expense | 701 | 693 | 639 | 1,394 | 1,376 | |||||||||||||||
Net earnings | $ | 3,362 | $ | 3,357 | $ | 3,033 | $ | 6,719 | $ | 6,166 | ||||||||||
Net earnings per share (1) | ||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.64 | $ | 0.58 | $ | 1.29 | $ | 1.18 | ||||||||||
Diluted | 0.64 | 0.64 | 0.58 | 1.29 | 1.17 | |||||||||||||||
Dividends per share (1) | 0.21 | 0.21 | 0.20 | 0.42 | 0.40 | |||||||||||||||
Shares outstanding at end of period (1) | 5,215,575 | 5,215,575 | 5,225,161 | 5,215,575 | 5,225,161 | |||||||||||||||
Weighted average common shares outstanding - basic (1) | 5,215,575 | 5,213,125 | 5,237,837 | 5,214,357 | 5,242,558 | |||||||||||||||
Weighted average common shares outstanding - diluted (1) | 5,219,550 | 5,220,688 | 5,252,546 | 5,219,760 | 5,260,313 | |||||||||||||||
Tax equivalent net interest income | $ | 11,021 | $ | 11,144 | $ | 9,094 | $ | 22,165 | $ | 17,934 |
(1) Share and per share values at or for the periods ended June 30, 2022 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 six months ended, | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Performance ratios: | ||||||||||||||||||||
Return on average assets (1) | 0.88 | % | 0.90 | % | 0.93 | % | 0.89 | % | 0.95 | % | ||||||||||
Return on average equity (1) | 11.52 | % | 12.04 | % | 10.04 | % | 11.77 | % | 9.81 | % | ||||||||||
Net interest margin (1)(2) | 3.21 | % | 3.31 | % | 3.05 | % | 3.26 | % | 3.02 | % | ||||||||||
Effective tax rate | 17.3 | % | 17.1 | % | 17.4 | % | 17.2 | % | 18.2 | % | ||||||||||
Efficiency ratio (3) | 69.2 | % | 70.1 | % | 69.1 | % | 69.7 | % | 70.9 | % | ||||||||||
Non-interest income to total income (3) | 26.1 | % | 24.2 | % | 29.9 | % | 25.2 | % | 29.2 | % | ||||||||||
Average balances: | ||||||||||||||||||||
Investment securities | $ | 495,456 | $ | 499,538 | $ | 477,035 | $ | 497,486 | $ | 449,667 | ||||||||||
Loans | 873,910 | 850,331 | 653,013 | 862,186 | 644,569 | |||||||||||||||
Assets | 1,525,589 | 1,511,077 | 1,307,112 | 1,518,373 | 1,306,446 | |||||||||||||||
Interest-bearing deposits | 882,726 | 872,900 | 791,257 | 877,841 | 791,803 | |||||||||||||||
FHLB advances and other borrowings | 77,176 | 66,868 | - | 61,285 | - | |||||||||||||||
Subordinated debentures | 21,651 | 21,651 | 21,651 | 21,651 | 21,651 | |||||||||||||||
Repurchase agreements | 16,909 | 27,548 | 6,981 | 22,199 | 6,903 | |||||||||||||||
Stockholders’ equity | $ | 117,038 | $ | 113,115 | 121,147 | $ | 115,087 | 126,757 | ||||||||||||
Average tax equivalent yield/cost (1): | ||||||||||||||||||||
Investment securities | 2.70 | % | 2.68 | % | 1.97 | % | 2.69 | % | 1.90 | % | ||||||||||
Loans | 5.80 | % | 5.43 | % | 4.40 | % | 5.62 | % | 4.49 | % | ||||||||||
Total interest-bearing assets | 4.66 | % | 4.39 | % | 3.23 | % | 4.53 | % | 3.16 | % | ||||||||||
Interest-bearing deposits | 1.57 | % | 1.18 | % | 0.18 | % | 1.38 | % | 0.14 | % | ||||||||||
FHLB advances and other borrowings | 5.34 | % | 5.09 | % | 0.00 | % | 5.25 | % | 0.00 | % | ||||||||||
Subordinated debentures | 7.17 | % | 6.82 | % | 3.06 | % | 6.99 | % | 2.68 | % | ||||||||||
Repurchase agreements | 3.01 | % | 2.36 | % | 0.46 | % | 2.61 | % | 0.32 | % | ||||||||||
Total interest-bearing liabilities | 2.01 | % | 1.52 | % | 0.26 | % | 1.77 | % | 0.21 | % | ||||||||||
Capital ratios: | ||||||||||||||||||||
Equity to total assets | 7.62 | % | 7.74 | % | 9.08 | % | ||||||||||||||
Tangible equity to tangible assets (3) | 5.42 | % | 5.50 | % | 7.82 | % | ||||||||||||||
Book value per share | $ | 22.50 | $ | 22.57 | $ | 22.45 | ||||||||||||||
Tangible book value per share (3) | $ | 15.63 | $ | 15.67 | $ | 19.08 | ||||||||||||||
Rollforward of allowance for credit losses (loans): | ||||||||||||||||||||
Beginning balance | $ | 10,267 | $ | 8,791 | $ | 8,357 | $ | 8,791 | $ | 8,775 | ||||||||||
Adoption of CECL | - | 1,523 | - | 1,523 | - | |||||||||||||||
Charge-offs | (158 | ) | (108 | ) | (76 | ) | (266 | ) | (129 | ) | ||||||||||
Recoveries | 90 | 61 | 34 | 151 | 169 | |||||||||||||||
Provision (benefit) for credit losses | 250 | - | - | 250 | (500 | ) | ||||||||||||||
Ending balance | $ | 10,449 | $ | 10,267 | $ | 8,315 | $ | 10,449 | $ | 8,315 | ||||||||||
Non-performing assets: | ||||||||||||||||||||
Non-accrual loans | $ | 2,784 | $ | 3,311 | $ | 4,887 | ||||||||||||||
Accruing loans over 90 days past due | - | - | - | |||||||||||||||||
Real estate owned | 934 | 934 | 1,288 | |||||||||||||||||
Total non-performing assets | $ | 3,718 | $ | 4,245 | $ | 6,175 | ||||||||||||||
Loans 30-89 days delinquent | $ | 614 | $ | 1,490 | $ | 877 | ||||||||||||||
Other ratios: | ||||||||||||||||||||
Loans to deposits | 68.90 | % | 66.42 | % | 58.49 | % | ||||||||||||||
Loans 30-89 days delinquent and still accruing to gross loans outstanding | 0.07 | % | 0.17 | % | 0.13 | % | ||||||||||||||
Total non-performing loans to gross loans outstanding | 0.31 | % | 0.38 | % | 0.73 | % | ||||||||||||||
Total non-performing assets to total assets | 0.24 | % | 0.28 | % | 0.48 | % | ||||||||||||||
Allowance for credit losses to gross loans outstanding | 1.17 | % | 1.18 | % | 1.24 | % | ||||||||||||||
Allowance for credit losses to gross loans outstanding excluding PPP loans | 1.17 | % | 1.18 | % | 1.24 | % | ||||||||||||||
Allowance for credit losses to total non-performing loans | 375.32 | % | 310.09 | % | 170.15 | % | ||||||||||||||
Net loan charge-offs to average loans (1) | 0.03 | % | 0.02 | % | 0.03 | % | 0.03 | % | -0.01 | % |
(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 six months ended, | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Non-GAAP earnings reconciliation: | ||||||||||||||||||||
Net earnings | $ | 3,362 | $ | 3,357 | $ | 3,033 | $ | 6,719 | $ | 6,166 | ||||||||||
Add: acquisition costs | - | - | 221 | - | 221 | |||||||||||||||
Less: income tax expense (effective tax rate of | - | - | (54 | ) | - | (54 | ) | |||||||||||||
Adjusted net earnings (A) | $ | 3,362 | $ | 3,357 | $ | 3,200 | $ | 6,719 | $ | 6,333 | ||||||||||
Weighted average common shares outstanding - diluted (B) | 5,219,550 | 5,220,688 | 5,252,546 | 5,219,760 | 5,260,313 | |||||||||||||||
Adjusted diluted net earnings per share (A/B) | $ | 0.64 | $ | 0.64 | $ | 0.61 | $ | 1.29 | $ | 1.20 | ||||||||||
Adjusted return on average assets (1) | 0.88 | % | 0.90 | % | 0.98 | % | 0.89 | % | 0.98 | % | ||||||||||
Adjusted return on average equity (1) | 11.52 | % | 12.04 | % | 10.59 | % | 11.77 | % | 10.07 | % | ||||||||||
(1) Information is annualized. | ||||||||||||||||||||
Non-GAAP financial ratio reconciliation: | ||||||||||||||||||||
Total non-interest expense | $ | 10,349 | $ | 10,343 | $ | 9,022 | $ | 20,692 | $ | 17,860 | ||||||||||
Less: foreclosure and real estate owned expense | (3 | ) | (17 | ) | (9 | ) | (20 | ) | (32 | ) | ||||||||||
Less: amortization of other intangibles | (198 | ) | (197 | ) | (15 | ) | (395 | ) | (32 | ) | ||||||||||
Less: acquisition costs | - | - | (221 | ) | - | (221 | ) | |||||||||||||
Adjusted non-interest expense (A) | 10,148 | 10,129 | 8,777 | 20,277 | 17,575 | |||||||||||||||
Net interest income (B) | 10,833 | 10,947 | 8,898 | 21,780 | 17,543 | |||||||||||||||
Non-interest income | 3,829 | 3,495 | 3,796 | 7,324 | 7,359 | |||||||||||||||
Less: losses (gains) on sales of investment securities, net | - | - | - | - | - | |||||||||||||||
Less: gains on sales of premises and equipment and foreclosed assets | - | (1 | ) | - | (1 | ) | (114 | ) | ||||||||||||
Adjusted non-interest income (C) | $ | 3,829 | $ | 3,494 | $ | 3,796 | $ | 7,323 | $ | 7,245 | ||||||||||
Efficiency ratio (A/(B+C)) | 69.2 | % | 70.1 | % | 69.1 | % | 69.7 | % | 70.9 | % | ||||||||||
Non-interest income to total income (C/(B+C)) | 26.1 | % | 24.2 | % | 29.9 | % | 25.2 | % | 29.2 | % | ||||||||||
Total stockholders’ equity | $ | 117,353 | $ | 117,718 | $ | 117,302 | ||||||||||||||
Less: goodwill and other intangible assets | (35,811 | ) | (36,008 | ) | (17,584 | ) | ||||||||||||||
Tangible equity (D) | $ | 81,542 | $ | 81,710 | $ | 99,718 | ||||||||||||||
Total assets | $ | 1,539,340 | $ | 1,520,817 | $ | 1,292,351 | ||||||||||||||
Less: goodwill and other intangible assets | (35,811 | ) | (36,008 | ) | (17,584 | ) | ||||||||||||||
Tangible assets (E) | $ | 1,503,529 | $ | 1,484,809 | $ | 1,274,767 | ||||||||||||||
Tangible equity to tangible assets (D/E) | 5.42 | % | 5.50 | % | 7.82 | % | ||||||||||||||
Shares outstanding at end of period (F) | 5,215,575 | 5,215,575 | 5,225,161 | |||||||||||||||||
Tangible book value per share (D/F) | $ | 15.63 | $ | 15.67 | $ | 19.08 |
FAQ
What were Landmark Bancorp's diluted earnings per share for Q2 2023?
How do Landmark Bancorp's Q2 2023 earnings compare to the previous quarter and the same quarter last year?
What was Landmark Bancorp's return on average assets for Q2 2023?
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