Landmark Bancorp, Inc. Announces Growth in First Quarter 2025 Net Earnings of 43.2%. Declares Cash Dividend of $0.21 per Share
Landmark Bancorp reported strong Q1 2025 performance with a 43.2% increase in net earnings. The company achieved diluted earnings per share of $0.81, up from $0.48 in the same quarter last year. Net income reached $4.7 million, with a return on average assets of 1.21% and return on equity of 13.71%.
Key highlights include:
- Loan growth of $22.6 million (8.7% annualized increase)
- Net interest margin improvement to 3.76%
- Deposit growth of $42.3 million year-over-year
- Reduction in non-interest expenses by $1.1 million
The bank maintained strong credit quality with minimal net charge-offs of $23,000. The Board declared a cash dividend of $0.21 per share, payable June 4, 2025. Total gross loans reached $1.1 billion, while deposits increased to $1.3 billion. The company's equity-to-assets ratio improved to 9.04%, demonstrating solid financial health.
Landmark Bancorp ha registrato una solida performance nel primo trimestre del 2025 con un aumento del 43,2% degli utili netti. La società ha raggiunto un utile diluito per azione di 0,81 dollari, rispetto ai 0,48 dollari dello stesso trimestre dell'anno precedente. L'utile netto ha raggiunto i 4,7 milioni di dollari, con un rendimento medio degli attivi dell'1,21% e un rendimento del capitale proprio del 13,71%.
I punti salienti includono:
- Crescita dei prestiti di 22,6 milioni di dollari (aumento annualizzato dell'8,7%)
- Miglioramento del margine di interesse netto al 3,76%
- Crescita dei depositi di 42,3 milioni di dollari rispetto all'anno precedente
- Riduzione delle spese non legate agli interessi di 1,1 milioni di dollari
La banca ha mantenuto un'elevata qualità del credito con perdite nette su crediti minime pari a 23.000 dollari. Il Consiglio di Amministrazione ha dichiarato un dividendo in contanti di 0,21 dollari per azione, pagabile il 4 giugno 2025. I prestiti lordi totali hanno raggiunto 1,1 miliardi di dollari, mentre i depositi sono saliti a 1,3 miliardi di dollari. Il rapporto patrimonio netto/attivi è migliorato al 9,04%, dimostrando una solida salute finanziaria.
Landmark Bancorp reportó un sólido desempeño en el primer trimestre de 2025 con un aumento del 43.2% en las ganancias netas. La compañía logró ganancias diluidas por acción de $0.81, frente a $0.48 en el mismo trimestre del año anterior. El ingreso neto alcanzó $4.7 millones, con un retorno sobre activos promedio del 1.21% y un retorno sobre el patrimonio del 13.71%.
Los aspectos destacados incluyen:
- Crecimiento de préstamos de $22.6 millones (incremento anualizado del 8.7%)
- Mejora del margen de interés neto al 3.76%
- Crecimiento de depósitos de $42.3 millones año con año
- Reducción de gastos no relacionados con intereses en $1.1 millones
El banco mantuvo una fuerte calidad crediticia con cargos netos mínimos de $23,000. La Junta declaró un dividendo en efectivo de $0.21 por acción, pagadero el 4 de junio de 2025. Los préstamos brutos totales alcanzaron $1.1 mil millones, mientras que los depósitos aumentaron a $1.3 mil millones. La relación patrimonio/activos mejoró a 9.04%, demostrando una sólida salud financiera.
랜드마크 뱅코프는 2025년 1분기에 순이익이 43.2% 증가하는 강력한 실적을 보고했습니다. 회사는 희석 주당순이익이 0.81달러로, 전년 동기 0.48달러에서 상승했습니다. 순이익은 470만 달러에 달했으며, 평균 자산 수익률은 1.21%, 자기자본 수익률은 13.71%를 기록했습니다.
주요 내용은 다음과 같습니다:
- 대출 성장 2,260만 달러(연율 8.7% 증가)
- 순이자마진 3.76%로 개선
- 예금이 전년 대비 4,230만 달러 증가
- 비이자 비용 110만 달러 감소
은행은 순대손충당금이 23,000달러로 매우 낮아 견고한 신용 품질을 유지했습니다. 이사회는 주당 0.21달러의 현금 배당을 선언했으며, 2025년 6월 4일 지급될 예정입니다. 총 총대출액은 11억 달러에 달했고, 예금은 13억 달러로 증가했습니다. 회사의 자본 대비 자산 비율은 9.04%로 개선되어 견고한 재무 건전성을 보여주고 있습니다.
Landmark Bancorp a annoncé de solides résultats pour le premier trimestre 2025 avec une augmentation de 43,2 % des bénéfices nets. La société a enregistré un bénéfice dilué par action de 0,81 $, contre 0,48 $ au même trimestre de l'année précédente. Le revenu net a atteint 4,7 millions de dollars, avec un rendement des actifs moyens de 1,21 % et un rendement des capitaux propres de 13,71 %.
Les points clés comprennent :
- Une croissance des prêts de 22,6 millions de dollars (augmentation annualisée de 8,7 %)
- Une amélioration de la marge d'intérêt nette à 3,76 %
- Une croissance des dépôts de 42,3 millions de dollars en glissement annuel
- Une réduction des charges hors intérêts de 1,1 million de dollars
La banque a maintenu une forte qualité de crédit avec des pertes nettes minimales de 23 000 dollars. Le conseil d'administration a déclaré un dividende en espèces de 0,21 $ par action, payable le 4 juin 2025. Le total des prêts bruts a atteint 1,1 milliard de dollars, tandis que les dépôts ont augmenté à 1,3 milliard de dollars. Le ratio fonds propres/actifs de la société s'est amélioré à 9,04 %, démontrant une solide santé financière.
Landmark Bancorp meldete eine starke Leistung im ersten Quartal 2025 mit einem 43,2%igen Anstieg des Nettogewinns. Das Unternehmen erzielte einen verwässerten Gewinn je Aktie von 0,81 USD, gegenüber 0,48 USD im gleichen Quartal des Vorjahres. Der Nettogewinn belief sich auf 4,7 Millionen USD, mit einer durchschnittlichen Gesamtkapitalrendite von 1,21% und einer Eigenkapitalrendite von 13,71%.
Wichtige Highlights sind:
- Kreditwachstum von 22,6 Millionen USD (jährliche Steigerung von 8,7%)
- Verbesserung der Nettozinsmarge auf 3,76%
- Einlagenwachstum von 42,3 Millionen USD im Jahresvergleich
- Reduzierung der nicht zinstragenden Aufwendungen um 1,1 Millionen USD
Die Bank hielt eine starke Kreditqualität mit minimalen Nettoabschreibungen von 23.000 USD aufrecht. Der Vorstand erklärte eine Bardividende von 0,21 USD je Aktie, zahlbar am 4. Juni 2025. Die gesamten Bruttokredite erreichten 1,1 Milliarden USD, während die Einlagen auf 1,3 Milliarden USD stiegen. Das Verhältnis von Eigenkapital zu Vermögenswerten verbesserte sich auf 9,04%, was eine solide finanzielle Gesundheit demonstriert.
- Net earnings increased 43.2% YoY with Q1 2025 EPS of $0.81 vs $0.48 in Q1 2024
- Loan growth of $22.6M (8.7% annualized) in Q1 2025
- Net interest margin improved 25 basis points to 3.76%
- Deposits grew $42.3M (3.3%) YoY and $7.1M (2.2%) QoQ
- Non-interest expenses declined $1.1M compared to prior quarter
- Strong credit quality with minimal net charge-offs of only $23,000
- Equity to assets ratio improved to 9.04% from 8.65%
- Net interest income grew 22.1% YoY
- Other borrowed funds decreased $11.8M, reducing interest expense
- Non-interest income decreased due to $704,000 decline in bank owned life insurance income
- Delinquent loans (30-89 days) increased to $10M (0.93%) from $6.2M (0.59%) QoQ
- Non-performing loans at $13.3M (1.24% of gross loans)
- Pre-tax unrealized losses on investment securities portfolio at $17.1M
Insights
Landmark's Q1 shows exceptional performance with 43.2% earnings growth, expanding margins, and strong loan growth while maintaining credit quality.
Landmark Bancorp delivered impressively strong Q1 2025 results with diluted EPS reaching
The bank's profitability metrics show remarkable strength, with return on average assets at
On the balance sheet side, Landmark achieved annualized loan growth of
The net interest margin expanded 25 basis points to
The quarterly dividend of
Manhattan, KS, April 30, 2025 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of
First Quarter 2025 Performance Highlights
- Loan growth totaled
$22.6 million or an annualized increase of8.7% over the prior quarter. - Net interest margin improved 25 basis points to
3.76% compared to3.51% in prior quarter. - Deposits increased
$42.3 million , or3.3% , from the same quarter last year and$7.1 million , or2.2% , from prior quarter. - Other borrowed funds decreased
$11.8 million compared to the prior quarter. - Non-interest expenses declined
$1.1 million compared to the prior quarter. - Credit quality remained stable with net charge-offs totaling
$23,000 in the first quarter. - Ratio of equity to assets increased to
9.04% this quarter.
In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “I am pleased to report strong growth in net income this quarter driven by growth in net interest income, lower expenses and excellent credit quality. We continued to experience solid loan demand in the first quarter 2025, especially for commercial real estate and residential mortgage loans. In the first quarter 2025, total gross loans increased by
Landmark’s Board of Directors declared a cash dividend of
Management will host a conference call to discuss the Company’s financial results at 9:30 a.m. (Central time) on Thursday, May 1, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 866149. A replay of the call will be available through May 8, 2025, by dialing (866) 813-9403 and using access code 282640.
Net Interest Income
Net interest income in the first quarter of 2025 amounted to
Non-Interest Income
Non-interest income totaled
(1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation.
Non-Interest Expense
During the first quarter of 2025, non-interest expense totaled
Income Tax Expense (Benefit)
Landmark recorded income tax expense of
Balance Sheet Highlights
As of March 31, 2025, 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 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, 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, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto; (ii) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such laws, regulations and policies; (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) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, foreign policy and tax regulations; (x) the economic 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) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (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 ongoing conflicts in the Middle East and the Russian invasion of 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, concentration large loans to certain borrowers, and large deposits from certain clients (including commercial real estate loans); (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) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxvi) the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxvii) 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) | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and cash equivalents | $ | 21,881 | $ | 20,275 | $ | 21,211 | $ | 23,889 | $ | 16,468 | ||||||||||
| Interest-bearing deposits at other banks | 3,973 | 4,110 | 4,363 | 4,881 | 4,920 | |||||||||||||||
| Investment securities available-for-sale, at fair value: | ||||||||||||||||||||
| U.S. treasury securities | 58,424 | 64,458 | 83,753 | 89,325 | 93,683 | |||||||||||||||
| Municipal obligations, tax exempt | 101,812 | 107,128 | 112,126 | 114,047 | 118,445 | |||||||||||||||
| Municipal obligations, taxable | 70,614 | 71,715 | 75,129 | 74,588 | 75,371 | |||||||||||||||
| Agency mortgage-backed securities | 125,142 | 129,211 | 140,004 | 142,499 | 149,777 | |||||||||||||||
| Total investment securities available-for-sale | 355,992 | 372,512 | 411,012 | 420,459 | 437,276 | |||||||||||||||
| Investment securities held-to-maturity | 3,701 | 3,672 | 3,643 | 3,613 | 3,584 | |||||||||||||||
| Bank stocks, at cost | 6,225 | 6,618 | 7,894 | 9,647 | 7,850 | |||||||||||||||
| Loans: | ||||||||||||||||||||
| One-to-four family residential real estate | 355,632 | 352,209 | 344,380 | 332,090 | 312,833 | |||||||||||||||
| Construction and land | 28,645 | 25,328 | 23,454 | 30,480 | 24,823 | |||||||||||||||
| Commercial real estate | 359,579 | 345,159 | 324,016 | 318,850 | 323,397 | |||||||||||||||
| Commercial | 190,881 | 192,325 | 181,652 | 178,876 | 181,945 | |||||||||||||||
| Agriculture | 101,808 | 100,562 | 91,986 | 84,523 | 86,808 | |||||||||||||||
| Municipal | 7,082 | 7,091 | 7,098 | 6,556 | 5,690 | |||||||||||||||
| Consumer | 31,297 | 29,679 | 29,263 | 29,200 | 28,544 | |||||||||||||||
| Total gross loans | 1,074,924 | 1,052,353 | 1,001,849 | 980,575 | 964,040 | |||||||||||||||
| Net deferred loan (fees) costs and loans in process | (426 | ) | (307 | ) | (63 | ) | (583 | ) | (578 | ) | ||||||||||
| Allowance for credit losses | (12,802 | ) | (12,825 | ) | (11,544 | ) | (10,903 | ) | (10,851 | ) | ||||||||||
| Loans, net | 1,061,696 | 1,039,221 | 990,242 | 969,089 | 952,611 | |||||||||||||||
| Loans held for sale, at fair value | 2,997 | 3,420 | 3,250 | 2,513 | 2,697 | |||||||||||||||
| Bank owned life insurance | 39,329 | 39,056 | 39,176 | 38,826 | 38,578 | |||||||||||||||
| Premises and equipment, net | 19,886 | 20,220 | 20,976 | 20,986 | 20,696 | |||||||||||||||
| Goodwill | 32,377 | 32,377 | 32,377 | 32,377 | 32,377 | |||||||||||||||
| Other intangible assets, net | 2,426 | 2,578 | 2,729 | 2,900 | 3,071 | |||||||||||||||
| Mortgage servicing rights | 3,045 | 3,061 | 3,041 | 2,997 | 2,977 | |||||||||||||||
| Real estate owned, net | 167 | 167 | 428 | 428 | 428 | |||||||||||||||
| Other assets | 24,894 | 26,855 | 23,309 | 28,149 | 29,684 | |||||||||||||||
| Total assets | $ | 1,578,589 | $ | 1,574,142 | $ | 1,563,651 | $ | 1,560,754 | $ | 1,553,217 | ||||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Non-interest-bearing demand | 368,480 | 351,595 | 360,188 | 360,631 | 364,386 | |||||||||||||||
| Money market and checking | 613,459 | 636,963 | 565,629 | 546,385 | 583,315 | |||||||||||||||
| Savings | 149,223 | 145,514 | 145,825 | 150,996 | 154,000 | |||||||||||||||
| Certificates of deposit | 204,660 | 194,694 | 203,860 | 192,470 | 191,823 | |||||||||||||||
| Total deposits | 1,335,822 | 1,328,766 | 1,275,502 | 1,250,482 | 1,293,524 | |||||||||||||||
| FHLB and other borrowings | 48,767 | 53,046 | 92,050 | 131,330 | 74,716 | |||||||||||||||
| Subordinated debentures | 21,651 | 21,651 | 21,651 | 21,651 | 21,651 | |||||||||||||||
| Repurchase agreements | 6,256 | 13,808 | 9,528 | 8,745 | 15,895 | |||||||||||||||
| Accrued interest and other liabilities | 23,442 | 20,656 | 25,229 | 20,292 | 20,760 | |||||||||||||||
| Total liabilities | 1,435,938 | 1,437,927 | 1,423,960 | 1,432,500 | 1,426,546 | |||||||||||||||
| Stockholders' equity: | ||||||||||||||||||||
| Common stock | 58 | 58 | 55 | 55 | 55 | |||||||||||||||
| Additional paid-in capital | 95,148 | 95,051 | 89,532 | 89,469 | 89,364 | |||||||||||||||
| Retained earnings | 60,422 | 56,934 | 60,549 | 57,774 | 55,912 | |||||||||||||||
| Treasury stock, at cost | - | - | (396 | ) | (330 | ) | (249 | ) | ||||||||||||
| Accumulated other comprehensive loss | (12,977 | ) | (15,828 | ) | (10,049 | ) | (18,714 | ) | (18,411 | ) | ||||||||||
| Total stockholders' equity | 142,651 | 136,215 | 139,691 | 128,254 | 126,671 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,578,589 | $ | 1,574,142 | $ | 1,563,651 | $ | 1,560,754 | $ | 1,553,217 | ||||||||||
| LANDMARK BANCORP, INC. AND SUBSIDIARIES | ||||||||||||
| Consolidated Statements of Earnings (unaudited) | ||||||||||||
| (Dollars in thousands, except per share amounts) | Three months ended, | |||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Interest income: | ||||||||||||
| Loans | $ | 16,395 | $ | 15,955 | $ | 14,490 | ||||||
| Investment securities: | ||||||||||||
| Taxable | 2,180 | 2,210 | 2,428 | |||||||||
| Tax-exempt | 719 | 738 | 764 | |||||||||
| Interest-bearing deposits at banks | 48 | 49 | 63 | |||||||||
| Total interest income | 19,342 | 18,952 | 17,745 | |||||||||
| Interest expense: | ||||||||||||
| Deposits | 5,236 | 5,350 | 5,457 | |||||||||
| FHLB and other borrowings | 565 | 737 | 1,022 | |||||||||
| Subordinated debentures | 357 | 389 | 412 | |||||||||
| Repurchase agreements | 65 | 77 | 107 | |||||||||
| Total interest expense | 6,223 | 6,553 | 6,998 | |||||||||
| Net interest income | 13,119 | 12,399 | 10,747 | |||||||||
| Provision for credit losses | - | 1,500 | 300 | |||||||||
| Net interest income after provision for credit losses | 13,119 | 10,899 | 10,447 | |||||||||
| Non-interest income: | ||||||||||||
| Fees and service charges | 2,388 | 2,710 | 2,461 | |||||||||
| Gains on sales of loans, net | 562 | 522 | 512 | |||||||||
| Bank owned life insurance | 272 | 976 | 245 | |||||||||
| Losses on sales of investment securities, net | (2 | ) | (1,031 | ) | - | |||||||
| Other | 138 | 194 | 182 | |||||||||
| Total non-interest income | 3,358 | 3,371 | 3,400 | |||||||||
| Non-interest expense: | ||||||||||||
| Compensation and benefits | 6,154 | 6,264 | 5,532 | |||||||||
| Occupancy and equipment | 1,252 | 1,550 | 1,390 | |||||||||
| Data processing | 396 | 452 | 481 | |||||||||
| Amortization of mortgage servicing rights and other intangibles | 239 | 240 | 412 | |||||||||
| Professional fees | 745 | 1,043 | 647 | |||||||||
| Valuation allowance on real estate held for sale | - | - | 129 | |||||||||
| Other | 1,975 | 2,325 | 1,960 | |||||||||
| Total non-interest expense | 10,761 | 11,874 | 10,551 | |||||||||
| Earnings before income taxes | 5,716 | 2,396 | 3,296 | |||||||||
| Income tax expense (benefit) | 1,015 | (886 | ) | 518 | ||||||||
| Net earnings | $ | 4,701 | $ | 3,282 | $ | 2,778 | ||||||
| Net earnings per share (1) | ||||||||||||
| Basic | $ | 0.81 | $ | 0.57 | $ | 0.48 | ||||||
| Diluted | 0.81 | 0.57 | 0.48 | |||||||||
| Dividends per share (1) | 0.21 | 0.20 | 0.20 | |||||||||
| Shares outstanding at end of period (1) | 5,778,610 | 5,775,198 | 5,747,560 | |||||||||
| Weighted average common shares outstanding - basic (1) | 5,777,593 | 5,775,227 | 5,743,452 | |||||||||
| Weighted average common shares outstanding - diluted (1) | 5,814,650 | 5,789,764 | 5,748,595 | |||||||||
| Tax equivalent net interest income | $ | 13,291 | $ | 12,574 | $ | 10,925 | ||||||
| (1) Share and per share values at or for the periods ended March 31, 2024 and December 31, 2024 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, | |||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Performance ratios: | ||||||||||||
| Return on average assets (1) | 1.21 | % | 0.83 | % | 0.72 | % | ||||||
| Return on average equity (1) | 13.71 | % | 9.54 | % | 8.88 | % | ||||||
| Net interest margin (1)(2) | 3.76 | % | 3.51 | % | 3.12 | % | ||||||
| Effective tax rate | 17.8 | % | -37.0 | % | 15.7 | % | ||||||
| Efficiency ratio (3) | 64.1 | % | 70.8 | % | 72.1 | % | ||||||
| Non-interest income to total income (3) | 20.4 | % | 25.0 | % | 24.1 | % | ||||||
| Average balances: | ||||||||||||
| Investment securities | $ | 377,845 | $ | 409,648 | $ | 456,933 | ||||||
| Loans | 1,048,585 | 1,010,153 | 945,737 | |||||||||
| Assets | 1,574,295 | 1,568,821 | 1,555,662 | |||||||||
| Interest-bearing deposits | 979,787 | 944,969 | 935,417 | |||||||||
| FHLB and other borrowings | 48,428 | 57,507 | 72,618 | |||||||||
| Subordinated debentures | 21,651 | 21,651 | 21,651 | |||||||||
| Repurchase agreements | 8,634 | 12,212 | 14,371 | |||||||||
| Stockholders' equity | $ | 139,068 | $ | 136,933 | $ | 125,846 | ||||||
| Average tax equivalent yield/cost (1): | ||||||||||||
| Investment securities | 3.29 | % | 3.03 | % | 2.96 | % | ||||||
| Loans | 6.34 | % | 6.28 | % | 6.16 | % | ||||||
| Total interest-bearing assets | 5.53 | % | 5.34 | % | 5.11 | % | ||||||
| Interest-bearing deposits | 2.17 | % | 2.25 | % | 2.35 | % | ||||||
| FHLB and other borrowings | 4.73 | % | 5.10 | % | 5.66 | % | ||||||
| Subordinated debentures | 6.69 | % | 7.15 | % | 7.65 | % | ||||||
| Repurchase agreements | 3.05 | % | 2.51 | % | 2.99 | % | ||||||
| Total interest-bearing liabilities | 2.38 | % | 2.52 | % | 2.70 | % | ||||||
| Capital ratios: | ||||||||||||
| Equity to total assets | 9.04 | % | 8.65 | % | 8.16 | % | ||||||
| Tangible equity to tangible assets (3) | 6.99 | % | 6.58 | % | 6.01 | % | ||||||
| Book value per share | $ | 24.69 | $ | 23.59 | $ | 22.04 | ||||||
| Tangible book value per share (3) | $ | 18.66 | $ | 17.53 | $ | 15.87 | ||||||
| Rollforward of allowance for credit losses (loans): | ||||||||||||
| Beginning balance | $ | 12,825 | $ | 11,544 | $ | 10,608 | ||||||
| Charge-offs | (108 | ) | (246 | ) | (141 | ) | ||||||
| Recoveries | 85 | 27 | 134 | |||||||||
| Provision for credit losses for loans | — | 1,500 | 250 | |||||||||
| Ending balance | $ | 12,802 | $ | 12,825 | $ | 10,851 | ||||||
| Allowance for unfunded loan commitments | $ | 150 | $ | 150 | $ | 300 | ||||||
| Non-performing assets: | ||||||||||||
| Non-accrual loans | $ | 13,280 | $ | 13,115 | $ | 3,621 | ||||||
| Accruing loans over 90 days past due | — | — | — | |||||||||
| Real estate owned | 167 | 167 | 428 | |||||||||
| Total non-performing assets | $ | 13,447 | $ | 13,282 | $ | 4,049 | ||||||
| Loans 30-89 days delinquent | $ | 9,977 | $ | 6,201 | $ | 4,064 | ||||||
| Other ratios: | ||||||||||||
| Loans to deposits | 79.48 | % | 78.21 | % | 73.64 | % | ||||||
| Loans 30-89 days delinquent and still accruing to gross loans outstanding | 0.93 | % | 0.59 | % | 0.42 | % | ||||||
| Total non-performing loans to gross loans outstanding | 1.24 | % | 1.25 | % | 0.38 | % | ||||||
| Total non-performing assets to total assets | 0.85 | % | 0.84 | % | 0.26 | % | ||||||
| Allowance for credit losses to gross loans outstanding | 1.19 | % | 1.22 | % | 1.13 | % | ||||||
| Allowance for credit losses to total non-performing loans | 96.40 | % | 97.79 | % | 299.67 | % | ||||||
| Net loan charge-offs to average loans (1) | 0.01 | % | 0.09 | % | 0.00 | % | ||||||
| (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, | |||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Non-GAAP financial ratio reconciliation: | ||||||||||||
| Total non-interest expense | $ | 10,761 | $ | 11,874 | $ | 10,551 | ||||||
| Less: foreclosure and real estate owned expense | (50 | ) | (13 | ) | (50 | ) | ||||||
| Less: amortization of other intangibles | (152 | ) | (151 | ) | (170 | ) | ||||||
| Less: valuation allowance on real estate held for sale | — | — | (129 | ) | ||||||||
| Adjusted non-interest expense (A) | 10,559 | 11,710 | 10,202 | |||||||||
| Net interest income (B) | 13,119 | 12,399 | 10,747 | |||||||||
| Non-interest income | 3,358 | 3,371 | 3,400 | |||||||||
| Less: losses on sales of investment securities, net | 2 | 1,031 | — | |||||||||
| Less: gains on sales of premises and equipment and foreclosed assets | — | (273 | ) | 9 | ||||||||
| Adjusted non-interest income (C) | $ | 3,360 | $ | 4,129 | $ | 3,409 | ||||||
| Efficiency ratio (A/(B+C)) | 64.1 | % | 70.8 | % | 72.1 | % | ||||||
| Non-interest income to total income (C/(B+C)) | 20.4 | % | 25.0 | % | 24.1 | % | ||||||
| Total stockholders' equity | $ | 142,651 | $ | 136,215 | $ | 126,671 | ||||||
| Less: goodwill and other intangible assets | (34,803 | ) | (34,955 | ) | (35,448 | ) | ||||||
| Tangible equity (D) | $ | 107,848 | $ | 101,260 | $ | 91,223 | ||||||
| Total assets | $ | 1,578,589 | $ | 1,574,142 | $ | 1,553,217 | ||||||
| Less: goodwill and other intangible assets | (34,803 | ) | (34,955 | ) | (35,448 | ) | ||||||
| Tangible assets (E) | $ | 1,543,786 | $ | 1,539,187 | $ | 1,517,769 | ||||||
| Tangible equity to tangible assets (D/E) | 6.99 | % | 6.58 | % | 6.01 | % | ||||||
| Shares outstanding at end of period (F) | 5,778,610 | 5,775,198 | 5,747,560 | |||||||||
| Tangible book value per share (D/F) | $ | 18.66 | $ | 17.53 | $ | 15.87 | ||||||
FAQ
How much did Landmark Bancorp (LARK) earnings grow in Q1 2025?
What is Landmark Bancorp's (LARK) dividend payment for Q1 2025?
How much did LARK's loan portfolio grow in Q1 2025?
What was Landmark Bancorp's net interest margin in Q1 2025?
How did LARK's deposit base perform in Q1 2025?
What is Landmark Bancorp's credit quality status in Q1 2025?
