Business
Landmark Bancorp, Inc. Announces Second Quarter Earnings Per Share of $0.55
Declares Cash Dividend of $0.21 per Share Manhattan, KS, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted
About this update from Landmark Bancorp Inc.
[{"type":"text","content":"Declares Cash Dividend of $0.21 per Share Manhattan, KS, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.55 for the three months ended June 30, 2024, compared to $0.51 per share in the first quarter of 2024 and $0.61 per share in the same quarter last year. Net earnings for the second quarter of 2024 amounted to $3.0 million, compared to $2.8 million in the prior quarter and $3.4 million for the second quarter of 2023. For the three months ended June 30, 2024, the return on average assets was 0.78%, the return on average equity was 9.72%, and the efficiency ratio was 67.9%. For the first six months of 2024, diluted earnings per share totaled $1.06 compared to $1.23 during the same period in 2023. Net earnings for the six months of 2024 totaled $5.8 million, compared to $6.7 million in the first six months of 2023. For the six months ended June 30, 2024, the return on average assets was 0.75%, the return on average equity was 9.30%, and the efficiency ratio was 70.0%. 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 $544,000 but included a $979,000 valuation adjustment on a former branch facility that is currently under contract to be sold. Excluding these adjustments, non-interest expense would have declined by $306,000, or 2.9% from the prior quarter. This quarter total loans grew $16.5 million, or 6.9% annualized, driven mainly by strong growth in residential mortgage and construction loans. Additionally, net interest income grew 2.1%, to $11.0 million, as higher interest on loans exceeded interest costs on deposits and our net interest margin expanded by nine basis points and totaled 3.21%. Non-interest income also increased $320,000 over the prior quarter mainly due to higher fees and service charges along with higher gains on sales of mortgage loans. Excluding a decline in brokered deposits on the last day of the quarter, deposit balances were stable during the second quarter while average interest-bearing deposits increased slightly from the prior qua...