Business
Landmark Bancorp, Inc. Announces First Quarter Earnings Per Share of $0.64; Declares Cash Dividend of $0.21 per Share
Manhattan, KS, May 02, 2023 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.64 for the three
About this update from Landmark Bancorp Inc.
[{"type":"text","content":"Manhattan, KS, May 02, 2023 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.64 for the three months ended March 31, 2023, compared to $0.23 per share in the fourth quarter of 2022 and $0.59 per share in the same quarter last year. Net earnings for the first quarter of 2023 amounted to $3.4 million, compared to $1.2 million in the prior quarter and $3.1 million for the first quarter of 2022. For the three months ended March 31, 2023, the return on average assets was 0.90%, the return on average equity was 12.04%, and the efficiency ratio was 70.1%. In making this announcement, Michael E. Scheopner, President and Chief Executive Officer of Landmark, said, “We are pleased with our first quarter results, which included continued solid loan growth, lower expenses, and good credit quality. Compared to the fourth quarter 2022, total gross loans increased by $19.6 million, or 9.4% on an annualized basis. Deposits decreased $6.6 million, or 2.1%, during the first quarter of 2023 as expected mainly due to a seasonal decline in public fund deposit balances. We experienced very little deposit runoff in the wake of the bank closures in March and we are very confident in the strength of our deposit base and our overall liquidity. Net interest income increased $2.3 million, or 26.6%, compared to the first quarter of 2022 but declined $939,000, or 7.9%, from the prior quarter as rising interest rates impacted our funding costs. Net interest margin increased to 3.31% during the first quarter of 2023 as compared to 2.99% in the first quarter of last year but declined from 3.53% in the prior quarter. Non-interest income declined 1.9% compared to the same period last year due to lower gains on sales of residential mortgage loans but increased $683,000 from the prior quarter as a result of investment securities losses of $750,000 taken in the fourth quarter 2022. This quarter non-interest expense declined $3.6 million from the prior quarter mainly due to lower expenses overall and acquisition costs of $3.0 million in the prior quarter that did not reoccur in the first quarter 2023. “ Mr. Scheopner continued, “Credit quality remains very strong as non-accrual loans and delinquencies continue to remain low. Landmark recorded net loan charge-offs of $47,000 in the first quarter of 2023 com...