Q2 2024 Landmark Bancorp Inc Earnings Call Transcript
Key Points
- Landmark Bancorp Inc (LARK) reported net earnings of $3 million for the second quarter of 2024, showing an increase from the prior quarter.
- The company experienced a 2.1% growth in net interest income and an expansion of the net interest margin to 3.21%.
- Credit quality remained strong with low levels of net loan charge-offs, non-accrual loans, and delinquencies.
- The allowance for credit losses is robust, totaling almost $11 million, representing 1.11% of gross loans.
- Landmark Bancorp Inc (LARK) declared a cash dividend of $0.21 per share, marking the 92nd consecutive quarterly cash dividend since its formation.
- A pre-tax valuation adjustment of $979,000 on a former branch reduced earnings per share by $0.13.
- Interest income on investment securities decreased by $74,000 due to a decline in average investment securities balances.
- Nonperforming loans increased by $1.4 million, largely due to a weakness identified in a $1.2 million SBA guaranteed commercial loan relationship.
- Total deposits decreased by $43 million during the quarter, driven by a decline in broker deposits.
- Interest expense on deposits increased by $216,000 due to higher rates, impacting overall expenses.
Hello, everyone, and welcome to the Landmark Bancorp Q2 earnings call. My name is Carla, and I will be coordinating your call today. (Operator instructions) I would now like to hand you over to Abby Wendel, President and Chief Executive at Landmark to begin. Abby, please go ahead.
Thank you. Good morning. Thank you for joining our call today to discuss Landmark's earnings and operating results for the second-quarter of 2024. As you just heard from the operator, my name is Abby Wendel, President and CEO of Landmark Bancorp. Joining the call with me to discuss various aspects of our second quarter performance is Mark Herpich, Chief Financial Officer of the company; and Raymond McLanahan, Chief Credit Officer.
As we start, I would like to remind listeners that some of the information we will be providing today falls under the guidelines for forward-looking statements as defined by the Securities and Exchange Commission. As part of these guidelines, I must point out that any
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