Business
Landmark Bancorp, Inc. Announces Third Quarter Earnings Per Share of $0.55. Declares Cash Dividend of $0.21 per Share and 5% Stock Dividend
Manhattan, KS, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.55 for the three
About this update from Landmark Bancorp Inc.
[{"type":"text","content":"Manhattan, KS, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.55 for the three months ended September 30, 2023, compared to $0.64 per share in the second quarter of 2023 and $0.48 per share in the same quarter last year. Net earnings for the third quarter of 2023 amounted to $2.9 million, compared to $3.4 million in the prior quarter and $2.5 million for the third quarter of 2022. For the three months ended September 30, 2023, the return on average assets was 0.74%, the return on average equity was 9.87%, and the efficiency ratio was 73.8%. For the first nine months of 2023, diluted earnings per share totaled $1.84 compared to $1.65 during the same period in 2022. Net earnings for the first nine months of 2023 totaled $9.6 million, compared to $8.7 million in the first nine months of 2022. For the nine months ended September 30, 2023, the return on average assets was 0.84% and the return on average equity was 11.13%. In making this announcement, Michael E. Scheopner, President and Chief Executive Officer of Landmark, said, “In the third quarter we continued to see good growth in loans coupled with solid credit results. Compared to the second quarter of 2023, total gross loans increased by $44.2 million, or 19.6% on an annualized basis mainly due to growth in residential mortgage, commercial real estate, and commercial loans. Deposits also increased $27.1 million during the third quarter of 2023 due to growth in non-interest demand deposits and an increase in certificates of deposit. Our loan to deposit ratio totaled 70.8% in the third quarter and remained relatively low reflecting ample liquidity for future loan growth. Net interest income this quarter totaled $10.6 million and declined slightly from the prior quarter, as growth in interest income on loans was offset by increased interest costs on deposits and other borrowings. Our net interest margin totaled 3.06% during the third quarter of 2023 as compared to 3.21% in the prior quarter and the third quarter last year. Non-interest income decreased $177,000 compared to the second quarter of 2023 mainly due to lower gains on sales of residential mortgage loans as more home buyers utilized our adjustable-rate mortgage loan products which are retained on our balance sheet.” Mr. Scheopner continued, “Wi...