Landmark Bancorp Inc, the bank holding company for Landmark National Bank, is dedicated to providing quality financial and banking services. The bank is principally engaged in attracting deposits from the general public and using such deposits, together with borrowings and other funds, to originate various types of loans. Its primary markets are geographically diversified across Kansas.
Performance Overview
Landmark Bancorp Inc (LARK, Financial) reported diluted earnings per share (EPS) of $0.55 for Q2 2024, up from $0.51 in Q1 2024 but down from $0.61 in Q2 2023. Net earnings for the quarter were $3.0 million, an increase from $2.8 million in the prior quarter but a decrease from $3.4 million in the same quarter last year. The return on average assets was 0.78%, and the return on average equity was 9.72% for the quarter.
Key Financial Achievements
Landmark Bancorp Inc (LARK, Financial) saw significant growth in loans, with a $16.5 million increase, or 6.9% annualized, driven mainly by residential mortgage and construction loans. Net interest income grew by 2.1% to $11.0 million, and non-interest income increased by $320,000, primarily due to higher fees and service charges and gains on sales of mortgage loans.
Income Statement Highlights
| Metric | Q2 2024 | Q1 2024 | Q2 2023 |
|---|---|---|---|
| Net Interest Income | $11.0 million | $10.7 million | $10.8 million |
| Non-Interest Income | $3.7 million | $3.4 million | $3.8 million |
| Non-Interest Expense | $11.1 million | $10.6 million | $10.3 million |
| Net Earnings | $3.0 million | $2.8 million | $3.4 million |
Balance Sheet Highlights
As of June 30, 2024, gross loans totaled $980.6 million, an increase of $16.5 million since March 31, 2024. Investment securities decreased by $16.8 million, while period-end deposit balances decreased by $43.0 million to $1.3 billion. Total borrowings increased by $49.5 million during the quarter.
Management Commentary
"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," said Abby Wendel, President and Chief Executive Officer of Landmark.
Analysis
Landmark Bancorp Inc (LARK, Financial) demonstrated resilience in Q2 2024 with notable growth in loans and net interest income. However, the decrease in net earnings compared to the same quarter last year highlights some challenges, including increased non-interest expenses due to a valuation adjustment on a former branch facility. The company's strong loan growth and stable deposit balances, excluding brokered deposits, indicate a solid foundation for future performance.
For more detailed insights and to access the full earnings report, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from Landmark Bancorp Inc for further details.
