Q3 2024 Landmark Bancorp Inc Earnings Call Transcript
Key Points
- Landmark Bancorp Inc (LARK) reported net earnings of $3.9 million for the third quarter of 2024, a significant increase from the previous quarter and the same period in 2023.
- The company achieved a milestone with total gross loan balances reaching $1 billion for the first time in its history.
- Net interest income grew by 5.7%, and the net interest margin increased by 9 basis points to 3.30% compared to the second quarter of 2024.
- Noninterest income increased by $533,000 over the prior quarter, driven by higher fee-based revenue, residential mortgage revenue, and gains on the sale of a former branch facility.
- The Board of Directors declared a cash dividend of $0.21 per share and a 5% stock dividend, demonstrating a long-term commitment to shareholder value and liquidity.
- Nonperforming loans increased significantly, with nonaccrual loans totaling $13.4 million, primarily due to a single secured commercial loan relationship.
- Interest expense on deposits increased by $157,000, driven by higher balances in high-yielding deposit accounts.
- The balance of past due loans between 30 and 89 days increased by $5.4 million, indicating potential credit risk concerns.
- Interest income on investment securities decreased by $70,000 due to a decline in average investment securities balances.
- Noninterest checking and savings accounts declined by $5.6 million, which could impact future liquidity.
Good morning. Thank you for joining our call today to discuss Landmark's earnings and operating results for the third quarter of 2024. As you just heard from the operator, my name is Abby Wendel, President and CEO of Landmark Bancorp. Joining me on the call to discuss various aspects of our third quarter performance is Mark Herpich, Chief Financial Officer; and Raymond McLanahan, Chief Credit Officer.
As we start, I would like to remind our 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 statements made during this presentation that discuss our hopes, beliefs, expectations or predictions of the future are forward-looking statements, and our actual results could differ materially from those expressed. Additional information on these factors is included from time to time in our 10-K and 10-Q filings, which can be obtained by contacting the
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