Landmark Bancorp, Inc. Announces Second Quarter Earnings Per Share of $0.55
Landmark Bancorp (Nasdaq: LARK) reported Q2 2024 earnings with diluted EPS of $0.55, up from $0.51 in Q1 2024 but down from $0.61 in Q2 2023. Net earnings were $3.0 million, with a return on average assets of 0.78% and return on average equity of 9.72%. The company saw loan growth of 6.9% annualized, driven by residential mortgage and construction loans. Net interest income increased 2.1% to $11.0 million, with the net interest margin expanding to 3.21%. Credit quality remained strong with net loan recoveries of $52,000. The Board declared a cash dividend of $0.21 per share. Notable challenges included a $979,000 valuation adjustment on a former branch facility and a slight increase in non-performing loans to 0.51% of gross loans.
Landmark Bancorp (Nasdaq: LARK) ha riportato gli utili del secondo trimestre 2024 con un utile per azione diluito di $0.55, in aumento rispetto a $0.51 nel primo trimestre 2024, ma in calo rispetto a $0.61 nel secondo trimestre 2023. Gli utili netti sono stati di $3.0 milioni, con un ritorno medio sugli attivi dello 0.78% e un ritorno medio sul capitale del 9.72%. L'azienda ha registrato una crescita dei prestiti del 6.9% annualizzata, trainata dai prestiti residenziali e dai prestiti per costruzione. Il reddito netto da interessi è aumentato del 2.1% a $11.0 milioni, con un margine di interesse netto che si è ampliato al 3.21%. La qualità del credito è rimasta solida con recuperi netti di prestiti pari a $52,000. Il Consiglio ha dichiarato un dividendo in contante di $0.21 per azione. Le sfide notevoli hanno incluso un aggiustamento di valutazione di $979,000 su una precedente filiale e un leggero aumento dei prestiti non performanti allo 0.51% dei prestiti lordi.
Landmark Bancorp (Nasdaq: LARK) reportó los ingresos del segundo trimestre de 2024 con una utilidad por acción diluida de $0.55, un incremento desde $0.51 en el primer trimestre de 2024, pero en descenso desde $0.61 en el segundo trimestre de 2023. La utilidad neta fue de $3.0 millones, con un retorno sobre activos promedio de 0.78% y un retorno sobre capital promedio de 9.72%. La compañía vio un crecimiento de préstamos del 6.9% anualizado, impulsado por préstamos hipotecarios residenciales y préstamos de construcción. Los ingresos netos por intereses aumentaron un 2.1% a $11.0 millones, con el margen de interés neto expandiéndose al 3.21%. La calidad del crédito se mantuvo sólida con recuperaciones netas de préstamos de $52,000. La Junta declaró un dividendo en efectivo de $0.21 por acción. Los desafíos notables incluyeron un ajuste de valoración de $979,000 en una antigua instalación de sucursal y un ligero aumento en los préstamos no productivos al 0.51% de los préstamos brutos.
랜드마크 밴코프 (Nasdaq: LARK)는 2024년 2분기 실적을 발표하며 희석주당순이익이 $0.55로, 2024년 1분기의 $0.51에서 상승했지만 2023년 2분기의 $0.61에서 하락했습니다. 순이익은 $3.0백만으로, 평균 자산 수익률은 0.78%, 평균 자기자본 수익률은 9.72%입니다. 회사는 주택 담보 대출과 건축 대출에 의해 연율 6.9%의 대출 성장을 보았습니다. 순이자수익은 2.1% 증가하여 $11.0백만에 달했으며, 순이자 마진은 3.21%로 확대되었습니다. 신용 품질은 여전히 강력했습니다, 순 대출 회수액은 $52,000입니다. 이사회는 주당 현금 배당금 $0.21을 선언했습니다. 주요 도전 과제로는 이전 지점 시설에 대한 $979,000의 평가 조정과 비수익 대출이 총 대출의 0.51%로 약간 증가한 점이 포함됩니다.
Landmark Bancorp (Nasdaq: LARK) a rapporté des résultats du T2 2024 avec un BPA dilué de $0.55, en hausse par rapport à $0.51 au T1 2024, mais en baisse par rapport à $0.61 au T2 2023. Le résultat net s'est établi à $3.0 millions, avec un retour sur actifs moyen de 0.78% et un retour sur capital moyen de 9.72%. L'entreprise a enregistré une croissance des prêts de 6.9% annualisée, tirée par les prêts hypothécaires résidentiels et les prêts de construction. Le revenu d'intérêts net a augmenté de 2.1% pour atteindre $11.0 millions, avec une marge d'intérêt nette qui s'est élargie à 3.21%. La qualité du crédit est restée solide avec des recouvrements nets de prêts s'élevant à $52,000. Le Conseil a déclaré un dividende en espèces de $0.21 par action. Parmi les défis notables figuraient un ajustement de valorisation de $979,000 sur une ancienne installation et une légère augmentation des prêts non performants à 0.51% des prêts bruts.
Landmark Bancorp (Nasdaq: LARK) berichtete über die Q2 2024 Ergebnisse mit einem verwässerten EPS von $0.55, ein Anstieg von $0.51 im Q1 2024, aber ein Rückgang von $0.61 im Q2 2023. Der Nettogewinn betrug $3.0 Millionen, mit einer Rendite auf das durchschnittliche Vermögen von 0.78% und einer Rendite auf das durchschnittliche Eigenkapital von 9.72%. Das Unternehmen verzeichnete ein Jahreswachstum der Kredite von 6.9%, angetrieben durch wohnungswirtschaftliche Hypotheken und Baukredite. Der Zinsertrag stieg um 2.1% auf $11.0 Millionen, während sich die Nettomarge auf 3.21% erweiterte. Die Kreditqualität blieb stark mit Nettokreditrückstellungen von $52,000. Der Vorstand erklärte eine Barausschüttung von $0.21 pro Aktie. Zu den bemerkenswerten Herausforderungen gehörte eine Bewertungskorrektur von $979,000 für eine ehemalige Filialimmobilie und ein leichter Anstieg der notleidenden Kredite auf 0.51% der Bruttokredite.
- Diluted EPS increased to $0.55 in Q2 2024 from $0.51 in Q1 2024
- Loan growth of 6.9% annualized, primarily in residential mortgage and construction loans
- Net interest income grew 2.1% to $11.0 million
- Net interest margin expanded by 9 basis points to 3.21%
- Strong credit quality with net loan recoveries of $52,000
- Non-interest income increased by 9.4% to $3.7 million
- Declared cash dividend of $0.21 per share
- Diluted EPS decreased from $0.61 in Q2 2023 to $0.55 in Q2 2024
- Non-interest expense increased by 5.2% due to a $979,000 valuation adjustment on a former branch facility
- Non-performing loans increased to 0.51% of gross loans from 0.38% in the previous quarter
- Period-end deposit balances decreased by $43.0 million
Insights
Landmark Bancorp's Q2 2024 results show mixed performance. While EPS increased to
Landmark's Q2 results reflect the challenges facing regional banks. The increase in interest expense on deposits (
Landmark's Q2 performance offers insights into regional banking trends. The growth in residential mortgage and construction loans suggests continued strength in the housing market, despite higher interest rates. The increase in fee-based income is a positive sign, indicating diversification of revenue streams. However, the decline in deposits, particularly in money market and checking accounts, may reflect increased competition for funds or customer rate-shopping. The bank's ability to grow its loan portfolio while maintaining credit quality is commendable in the current economic climate. The slight increase in unrealized losses on investment securities (
Declares Cash Dividend of
Manhattan, KS, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of
For the first six months of 2024, diluted earnings per share totaled
In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, said, “During the second quarter, we continued to see good growth in loans coupled with solid credit quality. Also, both our net interest income and our fee-based income grew nicely this quarter. During the second quarter 2024, non-interest expense grew by
Ms. Wendel continued, “Loan credit quality remains excellent. Landmark recorded net loan recoveries of
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 Tuesday, August 6, 2024. Investors may participate via telephone by dialing (833) 470-1428 and using access code 974885. A replay of the call will be available through September 5, 2024, by dialing (866) 813-9403 and using access code 416026.
SUMMARY OF SECOND QUARTER RESULTS
Net earnings in the second quarter of 2024 increased
Net Interest Income
Net interest income in the second quarter of 2024 amounted to
Non-Interest Income
Non-interest income totaled
Non-Interest Expense
During the second quarter of 2024, non-interest expense totaled
Income Tax Expense
Landmark recorded income tax expense of
Balance Sheet Highlights
As of June 30, 2024, gross loans totaled
Period end deposit balances decreased
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) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and cash equivalents | $ | 23,889 | $ | 16,468 | $ | 27,101 | $ | 23,821 | $ | 20,038 | ||||||||||
| Interest-bearing deposits at other banks | 4,881 | 4,920 | 4,918 | 5,904 | 8,336 | |||||||||||||||
| Investment securities available-for-sale, at fair value: | ||||||||||||||||||||
| U.S. treasury securities | 89,325 | 93,683 | 95,667 | 118,341 | 121,480 | |||||||||||||||
| Municipal obligations, tax exempt | 114,047 | 118,445 | 120,623 | 115,706 | 124,451 | |||||||||||||||
| Municipal obligations, taxable | 74,588 | 75,371 | 79,083 | 73,993 | 77,713 | |||||||||||||||
| Agency mortgage-backed securities | 142,499 | 149,777 | 157,396 | 148,817 | 160,734 | |||||||||||||||
| Total investment securities available-for-sale | 420,459 | 437,276 | 452,769 | 456,857 | 484,378 | |||||||||||||||
| Investment securities held-to-maturity | 3,613 | 3,584 | 3,555 | 3,525 | 3,496 | |||||||||||||||
| Bank stocks, at cost | 9,647 | 7,850 | 8,123 | 8,009 | 9,445 | |||||||||||||||
| Loans: | ||||||||||||||||||||
| One-to-four family residential real estate | 332,090 | 312,833 | 302,544 | 289,571 | 259,655 | |||||||||||||||
| Construction and land | 30,480 | 24,823 | 21,090 | 21,657 | 22,016 | |||||||||||||||
| Commercial real estate | 318,850 | 323,397 | 320,962 | 323,427 | 314,889 | |||||||||||||||
| Commercial | 178,876 | 181,945 | 180,942 | 185,831 | 181,424 | |||||||||||||||
| Agriculture | 84,523 | 86,808 | 89,680 | 84,560 | 84,345 | |||||||||||||||
| Municipal | 6,556 | 5,690 | 4,507 | 3,200 | 2,711 | |||||||||||||||
| Consumer | 29,200 | 28,544 | 28,931 | 29,180 | 28,219 | |||||||||||||||
| Total gross loans | 980,575 | 964,040 | 948,656 | 937,426 | 893,259 | |||||||||||||||
| Net deferred loan (fees) costs and loans in process | (583 | ) | (578 | ) | (429 | ) | (396 | ) | (261 | ) | ||||||||||
| Allowance for credit losses | (10,903 | ) | (10,851 | ) | (10,608 | ) | (10,970 | ) | (10,449 | ) | ||||||||||
| Loans, net | 969,089 | 952,611 | 937,619 | 926,060 | 882,549 | |||||||||||||||
| Loans held for sale, at fair value | 2,513 | 2,697 | 853 | 1,857 | 3,900 | |||||||||||||||
| Bank owned life insurance | 38,826 | 38,578 | 38,333 | 38,090 | 37,764 | |||||||||||||||
| Premises and equipment, net | 20,986 | 20,696 | 19,709 | 23,911 | 24,027 | |||||||||||||||
| Goodwill | 32,377 | 32,377 | 32,377 | 32,377 | 32,199 | |||||||||||||||
| Other intangible assets, net | 2,900 | 3,071 | 3,241 | 3,414 | 3,612 | |||||||||||||||
| Mortgage servicing rights | 2,997 | 2,977 | 3,158 | 3,368 | 3,514 | |||||||||||||||
| Real estate owned, net | 428 | 428 | 928 | 934 | 934 | |||||||||||||||
| Other assets | 28,149 | 29,684 | 28,988 | 29,459 | 25,148 | |||||||||||||||
| Total assets | $ | 1,560,754 | $ | 1,553,217 | $ | 1,561,672 | $ | 1,557,586 | $ | 1,539,340 | ||||||||||
| Liabilities and Stockholders’ Equity | ||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Non-interest-bearing demand | 360,631 | 364,386 | 367,103 | 395,046 | 382,410 | |||||||||||||||
| Money market and checking | 546,385 | 583,315 | 613,613 | 586,651 | 606,474 | |||||||||||||||
| Savings | 150,996 | 154,000 | 152,381 | 157,112 | 160,426 | |||||||||||||||
| Certificates of deposit | 192,470 | 191,823 | 183,154 | 169,225 | 131,661 | |||||||||||||||
| Total deposits | 1,250,482 | 1,293,524 | 1,316,251 | 1,308,034 | 1,280,971 | |||||||||||||||
| FHLB and other borrowings | 131,330 | 74,716 | 64,662 | 82,569 | 84,520 | |||||||||||||||
| Subordinated debentures | 21,651 | 21,651 | 21,651 | 21,651 | 21,651 | |||||||||||||||
| Repurchase agreements | 8,745 | 15,895 | 12,714 | 12,590 | 13,958 | |||||||||||||||
| Accrued interest and other liabilities | 20,292 | 20,760 | 19,480 | 23,185 | 20,887 | |||||||||||||||
| Total liabilities | 1,432,500 | 1,426,546 | 1,434,758 | 1,448,029 | 1,421,987 | |||||||||||||||
| Stockholders’ equity: | ||||||||||||||||||||
| Common stock | 55 | 55 | 55 | 52 | 52 | |||||||||||||||
| Additional paid-in capital | 89,469 | 89,364 | 89,208 | 84,568 | 84,475 | |||||||||||||||
| Retained earnings | 57,774 | 55,912 | 54,282 | 57,280 | 55,498 | |||||||||||||||
| Treasury stock, at cost | (330 | ) | (249 | ) | (75 | ) | - | - | ||||||||||||
| Accumulated other comprehensive (loss) income | (18,714 | ) | (18,411 | ) | (16,556 | ) | (32,343 | ) | (22,672 | ) | ||||||||||
| Total stockholders’ equity | 128,254 | 126,671 | 126,914 | 109,557 | 117,353 | |||||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,560,754 | $ | 1,553,217 | $ | 1,561,672 | $ | 1,557,586 | $ | 1,539,340 | ||||||||||
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, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Interest income: | ||||||||||||||||||||
| Loans | $ | 15,022 | $ | 14,490 | $ | 12,623 | $ | 29,512 | $ | 23,999 | ||||||||||
| Investment securities: | ||||||||||||||||||||
| Taxable | 2,359 | 2,428 | 2,379 | 4,787 | 4,696 | |||||||||||||||
| Tax-exempt | 759 | 764 | 775 | 1,523 | 1,561 | |||||||||||||||
| Interest-bearing deposits at banks | 40 | 63 | 49 | 103 | 147 | |||||||||||||||
| Total interest income | 18,180 | 17,745 | 15,826 | 35,925 | 30,403 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Deposits | 5,673 | 5,457 | 3,452 | 11,130 | 5,991 | |||||||||||||||
| FHLB and other borrowings | 1,027 | 1,022 | 1,027 | 2,049 | 1,594 | |||||||||||||||
| Subordinated debentures | 418 | 412 | 387 | 830 | 751 | |||||||||||||||
| Repurchase agreements | 88 | 107 | 127 | 195 | 287 | |||||||||||||||
| Total interest expense | 7,206 | 6,998 | 4,993 | 14,204 | 8,623 | |||||||||||||||
| Net interest income | 10,974 | 10,747 | 10,833 | 21,721 | 21,780 | |||||||||||||||
| Provision for credit losses | - | 300 | 250 | 300 | 299 | |||||||||||||||
| Net interest income after provision for credit losses | 10,974 | 10,447 | 10,583 | 21,421 | 21,481 | |||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Fees and service charges | 2,691 | 2,461 | 2,481 | 5,152 | 4,839 | |||||||||||||||
| Gains on sales of loans, net | 648 | 512 | 830 | 1,160 | 1,523 | |||||||||||||||
| Bank owned life insurance | 248 | 245 | 223 | 493 | 441 | |||||||||||||||
| Other | 133 | 182 | 295 | 315 | 521 | |||||||||||||||
| Total non-interest income | 3,720 | 3,400 | 3,829 | 7,120 | 7,324 | |||||||||||||||
| Non-interest expense: | ||||||||||||||||||||
| Compensation and benefits | 5,504 | 5,532 | 5,572 | 11,036 | 11,114 | |||||||||||||||
| Occupancy and equipment | 1,294 | 1,390 | 1,394 | 2,684 | 2,763 | |||||||||||||||
| Data processing | 492 | 481 | 431 | 973 | 1,020 | |||||||||||||||
| Amortization of mortgage servicing rights and other intangibles | 256 | 412 | 472 | 668 | 933 | |||||||||||||||
| Professional fees | 649 | 647 | 607 | 1,296 | 1,098 | |||||||||||||||
| Valuation allowance on real estate held for sale | 979 | 129 | - | 1,108 | - | |||||||||||||||
| Other | 1,921 | 1,960 | 1,873 | 3,881 | 3,764 | |||||||||||||||
| Total non-interest expense | 11,095 | 10,551 | 10,349 | 21,646 | 20,692 | |||||||||||||||
| Earnings before income taxes | 3,599 | 3,296 | 4,063 | 6,895 | 8,113 | |||||||||||||||
| Income tax expense | 587 | 518 | 701 | 1,105 | 1,394 | |||||||||||||||
| Net earnings | $ | 3,012 | $ | 2,778 | $ | 3,362 | $ | 5,790 | $ | 6,719 | ||||||||||
| Net earnings per share (1) | ||||||||||||||||||||
| Basic | $ | 0.55 | $ | 0.51 | $ | 0.61 | $ | 1.06 | $ | 1.23 | ||||||||||
| Diluted | 0.55 | 0.51 | 0.61 | 1.06 | 1.23 | |||||||||||||||
| Dividends per share (1) | 0.21 | 0.21 | 0.20 | 0.42 | 0.40 | |||||||||||||||
| Shares outstanding at end of period (1) | 5,469,566 | 5,473,867 | 5,476,354 | 5,469,566 | 5,476,354 | |||||||||||||||
| Weighted average common shares outstanding - basic (1) | 5,471,724 | 5,469,954 | 5,476,354 | 5,470,839 | 5,475,075 | |||||||||||||||
| Weighted average common shares outstanding - diluted (1) | 5,474,336 | 5,474,852 | 5,480,528 | 5,474,602 | 5,480,748 | |||||||||||||||
| Tax equivalent net interest income | $ | 11,167 | $ | 10,925 | $ | 11,021 | $ | 22,075 | $ | 22,165 | ||||||||||
(1) Share and per share values at or for the period ended June 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 six months ended, | ||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Performance ratios: | ||||||||||||||||||||
| Return on average assets (1) | 0.78 | % | 0.72 | % | 0.88 | % | 0.75 | % | 0.89 | % | ||||||||||
| Return on average equity (1) | 9.72 | % | 8.88 | % | 11.52 | % | 9.30 | % | 11.77 | % | ||||||||||
| Net interest margin (1)(2) | 3.21 | % | 3.12 | % | 3.21 | % | 3.16 | % | 3.26 | % | ||||||||||
| Effective tax rate | 16.3 | % | 15.7 | % | 17.3 | % | 16.0 | % | 17.2 | % | ||||||||||
| Efficiency ratio (3) | 67.9 | % | 72.1 | % | 69.2 | % | 70.0 | % | 69.7 | % | ||||||||||
| Non-interest income to total income (3) | 25.3 | % | 24.1 | % | 26.1 | % | 24.7 | % | 25.2 | % | ||||||||||
| Average balances: | ||||||||||||||||||||
| Investment securities | $ | 437,136 | $ | 456,933 | $ | 495,456 | $ | 447,034 | $ | 497,486 | ||||||||||
| Loans | 955,104 | 945,737 | 873,910 | 950,420 | 862,186 | |||||||||||||||
| Assets | 1,545,816 | 1,555,662 | 1,525,589 | 1,550,739 | 1,518,373 | |||||||||||||||
| Interest-bearing deposits | 936,237 | 935,417 | 882,726 | 935,827 | 877,841 | |||||||||||||||
| FHLB and other borrowings | 72,875 | 72,618 | 77,176 | 72,747 | 61,285 | |||||||||||||||
| Subordinated debentures | 21,651 | 21,651 | 21,651 | 21,651 | 21,651 | |||||||||||||||
| Repurchase agreements | 11,524 | 14,371 | 16,909 | 12,947 | 22,199 | |||||||||||||||
| Stockholders’ equity | $ | 124,624 | $ | 125,846 | $ | 117,038 | $ | 125,235 | $ | 115,087 | ||||||||||
| Average tax equivalent yield/cost (1): | ||||||||||||||||||||
| Investment securities | 3.04 | % | 2.96 | % | 2.70 | % | 2.99 | % | 2.69 | % | ||||||||||
| Loans | 6.33 | % | 6.16 | % | 5.80 | % | 6.25 | % | 5.62 | % | ||||||||||
| Total interest-bearing assets | 5.29 | % | 5.11 | % | 4.66 | % | 5.20 | % | 4.53 | % | ||||||||||
| Interest-bearing deposits | 2.44 | % | 2.35 | % | 1.57 | % | 2.39 | % | 1.38 | % | ||||||||||
| FHLB and other borrowings | 5.67 | % | 5.66 | % | 5.34 | % | 5.66 | % | 5.25 | % | ||||||||||
| Subordinated debentures | 7.76 | % | 7.65 | % | 7.17 | % | 7.71 | % | 6.99 | % | ||||||||||
| Repurchase agreements | 3.07 | % | 2.99 | % | 3.01 | % | 3.03 | % | 2.61 | % | ||||||||||
| Total interest-bearing liabilities | 2.78 | % | 2.70 | % | 2.01 | % | 2.74 | % | 1.77 | % | ||||||||||
| Capital ratios: | ||||||||||||||||||||
| Equity to total assets | 8.22 | % | 8.16 | % | 7.62 | % | ||||||||||||||
| Tangible equity to tangible assets (3) | 6.09 | % | 6.01 | % | 5.42 | % | ||||||||||||||
| Book value per share | $ | 23.45 | $ | 23.14 | $ | 21.43 | ||||||||||||||
| Tangible book value per share (3) | $ | 17.00 | $ | 16.67 | $ | 14.89 | ||||||||||||||
| Rollforward of allowance for credit losses (loans): | ||||||||||||||||||||
| Beginning balance | $ | 10,851 | $ | 10,608 | $ | 10,267 | $ | 10,608 | $ | 8,791 | ||||||||||
| Adoption of CECL | - | - | - | - | 1,523 | |||||||||||||||
| Charge-offs | (119 | ) | (141 | ) | (158 | ) | (260 | ) | (266 | ) | ||||||||||
| Recoveries | 171 | 134 | 90 | 305 | 151 | |||||||||||||||
| Provision for credit losses for loans | - | 250 | 250 | 250 | 250 | |||||||||||||||
| Ending balance | $ | 10,903 | $ | 10,851 | $ | 10,449 | $ | 10,903 | $ | 10,449 | ||||||||||
| Allowance for unfunded loan commitments | $ | 300 | $ | 300 | $ | 200 | ||||||||||||||
| Non-performing assets: | ||||||||||||||||||||
| Non-accrual loans | $ | 5,007 | $ | 3,621 | $ | 2,784 | ||||||||||||||
| Accruing loans over 90 days past due | - | - | - | |||||||||||||||||
| Real estate owned | 428 | 428 | 934 | |||||||||||||||||
| Total non-performing assets | $ | 5,435 | $ | 4,049 | $ | 3,718 | ||||||||||||||
| Loans 30-89 days delinquent | $ | 1,872 | $ | 4,064 | $ | 614 | ||||||||||||||
| Other ratios: | ||||||||||||||||||||
| Loans to deposits | 77.50 | % | 73.64 | % | 68.90 | % | ||||||||||||||
| Loans 30-89 days delinquent and still accruing to gross loans outstanding | 0.19 | % | 0.42 | % | 0.07 | % | ||||||||||||||
| Total non-performing loans to gross loans outstanding | 0.51 | % | 0.38 | % | 0.31 | % | ||||||||||||||
| Total non-performing assets to total assets | 0.35 | % | 0.26 | % | 0.24 | % | ||||||||||||||
| Allowance for credit losses to gross loans outstanding | 1.11 | % | 1.13 | % | 1.17 | % | ||||||||||||||
| Allowance for credit losses to total non-performing loans | 217.76 | % | 299.67 | % | 375.32 | % | ||||||||||||||
| Net loan charge-offs to average loans (1) | -0.02 | % | 0.00 | % | 0.03 | % | 0.00 | % | 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, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Non-GAAP financial ratio reconciliation: | ||||||||||||||||||||
| Total non-interest expense | $ | 11,095 | $ | 10,551 | $ | 10,349 | $ | 21,646 | $ | 20,692 | ||||||||||
| Less: foreclosure and real estate owned expense | 39 | (50 | ) | (3 | ) | (11 | ) | (20 | ) | |||||||||||
| Less: amortization of other intangibles | (171 | ) | (170 | ) | (198 | ) | (341 | ) | (395 | ) | ||||||||||
| Less: valuation allowance on real estate held for sale | (979 | ) | (129 | ) | - | (1,108 | ) | - | ||||||||||||
| Adjusted non-interest expense (A) | 9,984 | 10,202 | 10,148 | 20,186 | 20,277 | |||||||||||||||
| Net interest income (B) | 10,974 | 10,747 | 10,833 | 21,721 | 21,780 | |||||||||||||||
| Non-interest income | 3,720 | 3,400 | 3,829 | 7,120 | 7,324 | |||||||||||||||
| Less: losses (gains) on sales of investment securities, net | - | - | - | - | - | |||||||||||||||
| Less: gains on sales of premises and equipment and foreclosed assets | - | 9 | - | 9 | (1 | ) | ||||||||||||||
| Adjusted non-interest income (C) | $ | 3,720 | $ | 3,409 | $ | 3,829 | $ | 7,129 | $ | 7,323 | ||||||||||
| Efficiency ratio (A/(B+C)) | 67.9 | % | 72.1 | % | 69.2 | % | 70.0 | % | 69.7 | % | ||||||||||
| Non-interest income to total income (C/(B+C)) | 25.3 | % | 24.1 | % | 26.1 | % | 24.7 | % | 25.2 | % | ||||||||||
| Total stockholders’ equity | $ | 128,254 | $ | 126,671 | $ | 117,353 | ||||||||||||||
| Less: goodwill and other intangible assets | (35,277 | ) | (35,448 | ) | (35,811 | ) | ||||||||||||||
| Tangible equity (D) | $ | 92,977 | $ | 91,223 | $ | 81,542 | ||||||||||||||
| Total assets | $ | 1,560,754 | $ | 1,553,217 | $ | 1,539,340 | ||||||||||||||
| Less: goodwill and other intangible assets | (35,277 | ) | (35,448 | ) | (35,811 | ) | ||||||||||||||
| Tangible assets (E) | $ | 1,525,477 | $ | 1,517,769 | $ | 1,503,529 | ||||||||||||||
| Tangible equity to tangible assets (D/E) | 6.09 | % | 6.01 | % | 5.42 | % | ||||||||||||||
| Shares outstanding at end of period (F) | 5,469,566 | 5,473,867 | 5,476,354 | |||||||||||||||||
| Tangible book value per share (D/F) | $ | 17.00 | $ | 16.67 | $ | 14.89 | ||||||||||||||
FAQ
What was Landmark Bancorp's (LARK) earnings per share in Q2 2024?
How much did Landmark Bancorp's (LARK) loan portfolio grow in Q2 2024?
What was the cash dividend declared by Landmark Bancorp (LARK) for Q2 2024?
How did Landmark Bancorp's (LARK) net interest income change in Q2 2024?
What was Landmark Bancorp's (LARK) non-performing loans ratio as of June 30, 2024?
