Business
Landmark Bancorp, Inc. Announces Third Quarter Earnings Per Share of $0.50 Declares Cash Dividend of $0.21 per Share and 5% Stock Dividend
Manhattan, KS, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.50 for the three
About this update from Landmark Bancorp Inc.
[{"type":"text","content":"Manhattan, KS, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.50 for the three months ended September 30, 2022, compared to $0.61 per share in the second quarter of 2022 and $0.90 per share in the same quarter last year. Net earnings for the third quarter of 2022 amounted to $2.5 million, compared to $3.0 million in the prior quarter and $4.5 million for the third quarter of 2021. For the three months ended September 30, 2022, the return on average assets was 0.76%, the return on average equity was 8.33%, and the efficiency ratio was 69.6%. The previously announced acquisition of Freedom Bancshares, Inc. was completed prior to the opening of business on October 1, 2022 and their financial information is not included in Landmark’s third quarter results. For the first nine months of 2022, diluted earnings per share totaled $1.73 compared to $2.97 during the same period of 2021. Net earnings for the first nine months of 2022 amounted to $8.7 million, compared to $14.9 million in the first nine months of 2021. For the nine months ended September 30, 2022, the return on average assets was 0.89% and the return on average equity was 9.33%. In making this announcement, Michael E. Scheopner, President and Chief Executive Officer of Landmark, said, “This quarter’s loan growth remained robust, and we experienced solid growth in net interest income over the prior quarter. Compared to the second quarter 2022, total gross loans increased by $41.4 million, or 24.5% on an annualized basis, as a result of greater demand for residential and commercial real estate loans and commercial and agricultural loans. Net interest income also grew by 24.7% on an annualized basis compared to the prior quarter due to higher loan and investment balances and higher rates, which were partially offset by higher deposit rates and borrowing costs. Our net interest margin increased to 3.21%. Non-interest income declined $1.9 million compared to the same period last year mostly the result of lower gains on sales of residential mortgage loans while fees and service charges increased 10.7%. We also recorded a $353,000 loss on sale of lower yielding investment securities that we had strategically sold this quarter. Non-interest expense totaled $9.5 million in the third quarter 2022 and was mo...