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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported) January 31, 2024
Landmark
Bancorp, Inc.
(Exact
name of registrant as specified in its charter)
Commission
File Number: 000-33203
Delaware |
|
43-1930755 |
(State
or other jurisdiction
of
incorporation) |
|
(I.R.S.
Employer
Identification
Number) |
701
Poyntz
Manhattan,
Kansas 66502
(Address
of principal executive offices, including zip code)
(785)
565-2000
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2 below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.01 Par Value |
|
LARK |
|
The
Nasdaq Global Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02. Results of Operations and Financial Condition.
On
January 31, 2024, Landmark Bancorp, Inc. (the “Company”) issued a press release announcing financial results for the three
months and year ended December 31, 2023. The press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The
information in this item and the attached exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as
amended, except as shall be expressly set forth by specific reference in any such filing.
Item
8.01. Other Events.
The
Company also announced on January 31, 2024, that its Board of Directors approved a cash dividend of $0.21 per share. The cash dividend
will be paid to all stockholders of record as of the close of business on February 14, 2024 and payable on February 28, 2024.
Item
9.01. Financial Statements and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
LANDMARK
BANCORP, INC |
|
|
|
Dated:
January 31, 2024 |
By: |
/s/
Mark A. Herpich |
|
|
Mark
A. Herpich |
|
|
Chief
Financial Officer |
Exhibit
99.1
PRESS
RELEASE
FOR
IMMEDIATE RELEASE |
Contacts: |
January
31, 2024 |
Michael
E. Scheopner |
|
President
and Chief Executive Officer |
|
Mark
A. Herpich |
|
Chief
Financial Officer |
|
(785)
565-2000 |
Landmark
Bancorp, Inc. Announces Fourth Quarter Earnings Per Share of $0.48
Declares
Cash Dividend of $0.21 per Share
(Manhattan,
KS, January 31, 2024) – Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.48
for the three months ended December 31, 2023, compared to $0.53 per share in the third quarter of 2023 and $0.22 per share in the same
quarter last year. Net earnings for the fourth quarter of 2023 amounted to $2.6 million, compared to $2.9 million in the prior quarter
and $1.2 million for the fourth quarter of 2022. For the three months ended December 31, 2023, the return on average assets was 0.67%,
the return on average equity was 9.39%, and the efficiency ratio was 71.9%.
For
the year ended December 31, 2023, diluted earnings per share totaled $2.23 compared to $1.79 during 2022. Net earnings for 2023 totaled
$12.2 million, compared to $9.9 million in 2022 or an increase of 23.9% which was mainly driven by increased net interest income and
flat expenses. For the year ended December 31, 2023, the return on average assets was 0.80% and the return on average equity was 10.70%.
In
making this announcement, Michael E. Scheopner, President and Chief Executive Officer of Landmark, said, “While the banking industry
has been challenged this year through the third quarter with rapidly rising interest rates, in the fourth quarter the Federal Reserve
started to stabilize short-term rates and long-term interest rates declined. This enabled us to grow deposits, reduce investment securities
and fund continued loan growth. We also reduced our reliance on borrowed funds as we sold some lower rate investment securities at a
pre-tax loss of $1.2 million and reduced higher cost funding sources. Lower rates overall effectively increased our book value per share
to $23.17 while also increasing equity to assets. Compared to the third quarter of 2023, total gross loans increased by $11.2 million,
or 4.8% on an annualized basis mainly due to growth in residential mortgage and agriculture loans. Deposits also increased $6.8 million
during the fourth quarter of 2023. Our loan to deposit ratio totaled 71.3% in the fourth quarter reflecting ample liquidity for future
loan growth. Net interest income this quarter totaled $10.9 million and an increase of 2.4% from the prior quarter, as growth in interest
income on loans outpaced increased interest costs on deposits. Our net interest margin increased to 3.11% during the fourth quarter of
2023 from 3.06% in the prior quarter. Non-interest income decreased $1.4 million compared to the third quarter of 2023 mostly due to
the securities losses mentioned above while non-interest expense declined due to acquisition costs incurred last year in the fourth quarter
that did not reoccur.”
Mr.
Scheopner continued, “The credit quality of our loan portfolio remains solid. Landmark recorded net loan charge-offs of $362,000
in the fourth quarter of 2023 compared to net loan charge-offs of $67,000 in the fourth quarter of 2022 and net loan recoveries of $521,000
in the third quarter of 2023. The ratio of net loan charge-offs to loans totaled 0.15% this quarter and remains low. Non-accrual loans
totaled $2.4 million, or 0.25%, of gross loans at December 31, 2023 and declined $2.0 million from the prior quarter while the balance
of loans past due 30 to 89 days remained low at $1.6 million, or 0.17%, of gross loans at December 31, 2023. The allowance for credit
losses totaled $10.6 million at December 31, 2023, or 1.12% of period end gross loans, while our equity to assets ratio totaled 8.13%.”
Landmark’s
Board of Directors declared a cash dividend of $0.21 per share, to be paid February 28, 2024, to common stockholders of record as of
the close of business on February 14, 2024. During the fourth quarter of 2023 the Company also distributed a 5% stock dividend to common
shareholders representing the 23rd consecutive year the Board of Directors has declared a 5% stock dividend.
Management
will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Thursday, February 1, 2024.
Investors may participate via telephone by dialing (833) 470-1428 and using access code 731415. A replay of the call will be available
through February 29, 2024, by dialing (866) 813-9403 and using access code 252619.
SUMMARY
OF FOURTH QUARTER RESULTS
Net
Interest Income
Net
interest income in the fourth quarter of 2023 amounted to $10.9 million representing an increase of $260,000, or 2.4%, compared to the
previous quarter. This increase in net interest income was due mainly to growth in interest income on loans which was partially offset
by higher interest expense on deposits. The net interest margin increased 5 basis points to 3.11% during the fourth quarter. Compared
to the previous quarter, interest income on loans increased $692,000, or 5.1%, to $14.2 million due to both higher rates and balances
while the average tax-equivalent yield on the loan portfolio increased 11 basis points to 6.04%. Interest expense on deposits increased
$495,000 in the fourth quarter 2023, compared to the prior quarter, mainly due to higher rates and average balances on interest-bearing
deposits. The average rate on interest-bearing deposits increased in the fourth quarter to 2.13% compared to 1.93% in the prior quarter.
Interest on borrowed funds decreased $63,000 mainly due to lower borrowed balances.
Non-Interest
Income
Non-interest
income totaled $2.3 million for the fourth quarter of 2023, a decrease of $558,000, or 19.8%, compared to the same period last year and
a decrease of $1.4 million, or 38.3%, from the previous quarter. The decrease in non-interest income during the fourth quarter of 2023
was primarily due to losses on sales of investment securities, which increased from $750,000 in the fourth quarter of 2022 to $1.2 million
in the fourth quarter of 2023. These losses in the current quarter were related to the sale of lower yielding investment securities.
The third quarter of 2023 did not include any sales of investment securities. Gains on sales of one-to-four family residential real estate
loans declined $162,000 from the same period last year and $236,000 from the prior quarter, due to lower fixed rate mortgage loan originations
while fees and service charges increased 7.4% compared to the same period last year.
Non-Interest
Expense
During
the fourth quarter of 2023, non-interest expense totaled $10.6 million, a decrease of $3.4 million, or 24.3%, over the same period in
2023 and a decrease of $167,000, or 1.6%, compared to the prior quarter. The decrease in non-interest expense compared to the fourth
quarter of 2022 was primarily due to acquisition costs of $3.0 million in the 4th quarter of 2022 that did not reoccur this
year. Also contributing to the decline in other non-interest expense in the fourth quarter 2023 were lower losses associated with our
captive insurance subsidiary and a decline in the valuation allowance on other real estate owned which declined from $354,000 in the
fourth quarter of 2022 to $6,000 in the fourth quarter of 2023. Compensation and benefits declined this quarter compared to the prior
quarter while data processing costs were relatively flat.
Income
Tax Expense
Landmark
recorded an income tax benefit of $111,000 in the fourth quarter of 2023 compared to an income tax benefit of $466,000 in the fourth
quarter of 2022 and income tax expense of $671,000 in the third quarter of 2023. The effective tax rate was (4.4%) in the fourth quarter
of 2023 compared to (62.5%) in the fourth quarter of 2022 and 18.9% in the third quarter of 2023. The fourth quarter of 2023 included
the recognition of $517,000 of previously unrecognized tax benefits compared to the recognition of $465,000 of previously unrecognized
tax benefits in the fourth quarter of 2022, which reduced the effective tax rate in the periods.
Liquidity
Highlights
In
addition to local retail, commercial and public fund deposits, the Company has access to multiple sources of brokered deposits that can
be utilized for liquidity. Landmark also has diverse sources of liquidity available through both secured and unsecured borrowing lines
of credit. At December 31, 2023, Landmark had collateral pledged to the Federal Home Loan Bank (“FHLB”) that would allow
for an additional $153.1 million of FHLB borrowings. Additionally, investment securities were pledged to the Federal Reserve discount
window that provides borrowing capacity with the Federal Reserve of $60.7 million. Landmark also had various other federal funds agreements,
both secured and unsecured with correspondent banks totaling approximately $30.0 million in available credit at December 31, 2023.
As
of December 31, 2023, Landmark had unpledged available-for-sale investment securities with a fair value of $75.0 million as well as approximately
$44.0 million of pledged investment securities in excess of required levels. The average life of the Company’s investment portfolio
is approximately 4.2 years and is projected to generate cash flow through maturities of $83.4 million over the next 12 months.
Balance
Sheet Highlights
As
of December 31, 2023, gross loans totaled $948.7 million, an increase of $11.2 million, or 4.8% annualized since September 30, 2023.
During the quarter, loan growth was primarily comprised of one-to-four family residential real estate (growth of $13.0 million), agriculture
(growth of $5.1 million) and municipal (growth of $1.3 million). The increase in one-to-four family residential real estate loans is
primarily related to continued demand in adjustable-rate mortgage loans which are retained in our portfolio. Investment securities decreased
$4.1 million, during the fourth quarter of 2023, while pre-tax unrealized net losses on these investment securities decreased from $42.8
million at September 30, 2023 to $21.9 million at December 31, 2023. During the fourth quarter of 2023, approximately $26.9 million of
U.S. treasury securities were sold at a pre-tax loss of $1.2 million. The proceeds from the sale of the low yield investment securities
were used to reduce higher cost FHLB borrowings.
Deposit
balances increased $6.8 million, or 2.1% on an annualized basis, to $1.3 billion at December 31, 2023. The increase in deposits was mainly
driven by increases in money market and checking (increase of $25.6 million) and certificate of deposit accounts (increase of $13.9 million)
in the fourth quarter but partly offset by lower non-interest-bearing demand and savings accounts, which decreased in total by $32.7
million. The increase in money market and checking accounts was mainly driven by seasonal growth in public fund deposit account balances.
Total borrowings, including FHLB advances and repurchase agreements decreased $17.8 million this quarter. At December 31, 2023, the loan
to deposits ratio was 71.3% compared to 70.8% in the prior quarter and 64.7% in the same period last year.
Estimated
uninsured deposits, excluding collateralized public fund deposits, totaled $197.2 million and $202.8 million as of December 31, 2023
and September 30, 2023, respectively. This represents approximately 15% of total deposits at December 31, 2023 and compares favorably
with other similar community banking organizations. Over 93% of Landmark’s total deposits were considered core deposits at December
31, 2023. These deposit balances are from retail, commercial and public fund customers located in the markets where the Company has bank
branch locations. Brokered deposits are considered non-core and totaled $83.2 million at December 31, 2023 compared to $72.4 million
at September 30, 2023 and are utilized as an additional source of liquidity.
Stockholders’
equity increased to $126.9 million (book value of $23.17 per share) as of December 31, 2023, from $109.6 million (book value of $19.99
per share) as of September 30, 2023, primarily due to a decrease in other comprehensive losses during the fourth quarter of 2023 related
to lower market interest rates which decreased the unrealized losses on the Company’s investment securities portfolio. The ratio
of equity to total assets increased to 8.13% on December 31, 2023, from 7.03% on September 30, 2023.
The
allowance for credit losses totaled $10.6 million, or 1.12% of total gross loans on December 31, 2023, compared to $11.0 million, or
1.17% of total gross loans on September 30, 2023. Net loan charge-offs totaled $362,000 in the fourth quarter of 2023, compared to $67,000
during the same quarter last year and net loan recoveries of $521,000 during the third quarter of 2023. The ratio of annualized net loan
charge-offs to total average loans was 0.15% in the fourth quarter of 2023 and 0.03% in the fourth quarter of 2022, while the ratio of
annualized net loan recoveries to total average loans was 0.23% in the third quarter of 2023. The net loan recoveries in the third quarter
of 2023 included $626,000 related to a construction loan previously charged-off in 2011. A provision for credit losses of $50,000 was
made in the fourth quarter of 2023 related to an increase in unfunded loan commitments. No provision for credit losses was recorded in
the fourth quarter of 2022 or the third quarter of 2023.
Non-performing
loans totaled $2.4 million, or 0.25% of gross loans and decreased $2.0 million from the prior quarter, while loans 30-89 days delinquent
totaled $1.6 million, or 0.17% of gross loans, as of December 31, 2023. Real estate owned totaled $0.9 million at December 31, 2023.
About
Landmark
Landmark
Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.”
Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial
and banking services. Landmark National Bank has 31 locations in 24 communities across Kansas: Manhattan (2), Auburn, Dodge City (2),
Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, Kincaid, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound
City, Osage City, Osawatomie, Overland Park (2), Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit
www.banklandmark.com for more information.
Special
Note Concerning Forward-Looking Statements
This
press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with
respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking
statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to
management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,”
“plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,”
“should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements,
speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or
future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ
materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the
local, national and international economies, including the effects of inflationary pressures and supply chain constraints on such economies;
(ii) changes in state and federal laws, regulations and governmental policies concerning banking, securities, consumer protection, insurance,
monetary, trade and tax matters, including any changes in response to the recent failures of other banks; (iii) changes in interest rates
and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers,
including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance
of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems;
(vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services;
(ix) changes and uncertainty in benchmark interest rates, including the elimination of LIBOR and the development of a substitute and
the recent and potential additional rate increases by the Federal Reserve; (x) the effects of severe weather, natural disasters, widespread
disease or pandemics (including the COVID-19 pandemic), or other external events; (xi) the loss of key executives or employees; (xii)
changes in consumer spending; (xiii) integration of acquired businesses; (xiv) unexpected outcomes of existing or new litigation; (xv)
changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi)
the economic impact of past and any future terrorist attacks, acts of war, including the current Israeli-Palestinian conflict and the
conflict in Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to
manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities
held in our securities portfolio; (xix) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits
from certain clients; (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits
and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability
to raise additional capital; (xxiii) cyber-attacks; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of
our employees, customers, vendors or counterparties; and (xxvi) any other risks described in the “Risk Factors” sections
of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating
forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and
its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings
with the Securities and Exchange Commission.
LANDMARK
BANCORP, INC. AND SUBSIDIARIES
Consolidated
Balance Sheets (unaudited)
(Dollars in thousands) | |
December 31, | | |
September 30, | | |
June 30, | | |
March 31, | | |
December 31, | |
| |
2023 | | |
2023 | | |
2023 | | |
2023 | | |
2022 | |
Assets | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 27,101 | | |
$ | 23,821 | | |
$ | 20,038 | | |
$ | 23,764 | | |
$ | 23,156 | |
Interest-bearing deposits at other banks | |
| 4,918 | | |
| 5,904 | | |
| 8,336 | | |
| 8,586 | | |
| 9,084 | |
Investment securities available-for-sale, at fair value: | |
| | | |
| | | |
| | | |
| | | |
| | |
U.S. treasury securities | |
| 95,667 | | |
| 118,341 | | |
| 121,480 | | |
| 121,759 | | |
| 123,111 | |
U.S. federal agency obligations | |
| - | | |
| - | | |
| - | | |
| 1,993 | | |
| 1,988 | |
Municipal obligations, tax exempt | |
| 120,623 | | |
| 115,706 | | |
| 124,451 | | |
| 128,281 | | |
| 127,262 | |
Municipal obligations, taxable | |
| 79,083 | | |
| 73,993 | | |
| 77,713 | | |
| 73,468 | | |
| 67,244 | |
Agency mortgage-backed securities | |
| 157,396 | | |
| 148,817 | | |
| 160,734 | | |
| 164,669 | | |
| 169,701 | |
Total investment securities available-for-sale | |
| 452,769 | | |
| 456,857 | | |
| 484,378 | | |
| 490,170 | | |
| 489,306 | |
Investment securities held-to-maturity | |
| 3,555 | | |
| 3,525 | | |
| 3,496 | | |
| 3,467 | | |
| 3,524 | |
Bank stocks, at cost | |
| 8,123 | | |
| 8,009 | | |
| 9,445 | | |
| 6,876 | | |
| 5,470 | |
Loans: | |
| | | |
| | | |
| | | |
| | | |
| | |
One-to-four family residential real estate | |
| 302,544 | | |
| 289,571 | | |
| 259,655 | | |
| 246,079 | | |
| 236,982 | |
Construction and land | |
| 21,090 | | |
| 21,657 | | |
| 22,016 | | |
| 23,137 | | |
| 22,725 | |
Commercial real estate | |
| 320,962 | | |
| 323,427 | | |
| 314,889 | | |
| 316,900 | | |
| 304,074 | |
Commercial | |
| 180,942 | | |
| 185,831 | | |
| 181,424 | | |
| 172,331 | | |
| 173,415 | |
Paycheck Protection Program (PPP) | |
| - | | |
| - | | |
| - | | |
| 21 | | |
| 21 | |
Agriculture | |
| 89,680 | | |
| 84,560 | | |
| 84,345 | | |
| 80,499 | | |
| 84,283 | |
Municipal | |
| 4,507 | | |
| 3,200 | | |
| 2,711 | | |
| 2,004 | | |
| 2,026 | |
Consumer | |
| 28,931 | | |
| 29,180 | | |
| 28,219 | | |
| 28,835 | | |
| 26,664 | |
Total gross loans | |
| 948,656 | | |
| 937,426 | | |
| 893,259 | | |
| 869,806 | | |
| 850,190 | |
Net deferred loan (fees) costs and loans in process | |
| (429 | ) | |
| (396 | ) | |
| (261 | ) | |
| 2 | | |
| (250 | ) |
Allowance for credit losses | |
| (10,608 | ) | |
| (10,970 | ) | |
| (10,449 | ) | |
| (10,267 | ) | |
| (8,791 | ) |
Loans, net | |
| 937,619 | | |
| 926,060 | | |
| 882,549 | | |
| 859,541 | | |
| 841,149 | |
Loans held for sale, at fair value | |
| 853 | | |
| 1,857 | | |
| 3,900 | | |
| 1,839 | | |
| 2,488 | |
Bank owned life insurance | |
| 38,333 | | |
| 38,090 | | |
| 37,764 | | |
| 37,541 | | |
| 37,323 | |
Premises and equipment, net | |
| 19,709 | | |
| 23,911 | | |
| 24,027 | | |
| 24,241 | | |
| 24,327 | |
Goodwill | |
| 32,377 | | |
| 32,377 | | |
| 32,199 | | |
| 32,199 | | |
| 32,199 | |
Other intangible assets, net | |
| 3,241 | | |
| 3,414 | | |
| 3,612 | | |
| 3,809 | | |
| 4,006 | |
Mortgage servicing rights | |
| 3,158 | | |
| 3,368 | | |
| 3,514 | | |
| 3,652 | | |
| 3,813 | |
Real estate owned, net | |
| 928 | | |
| 934 | | |
| 934 | | |
| 934 | | |
| 934 | |
Other assets | |
| 28,988 | | |
| 29,459 | | |
| 25,148 | | |
| 24,198 | | |
| 26,088 | |
Total assets | |
$ | 1,561,672 | | |
$ | 1,557,586 | | |
$ | 1,539,340 | | |
$ | 1,520,817 | | |
$ | 1,502,867 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits: | |
| | | |
| | | |
| | | |
| | | |
| | |
Non-interest-bearing demand | |
| 367,103 | | |
| 395,046 | | |
| 382,410 | | |
| 421,971 | | |
| 410,142 | |
Money market and checking | |
| 612,243 | | |
| 586,651 | | |
| 606,474 | | |
| 588,366 | | |
| 626,659 | |
Savings | |
| 152,382 | | |
| 157,112 | | |
| 160,426 | | |
| 169,504 | | |
| 170,570 | |
Certificates of deposit | |
| 183,154 | | |
| 169,225 | | |
| 131,661 | | |
| 114,189 | | |
| 93,278 | |
Total deposits | |
| 1,314,882 | | |
| 1,308,034 | | |
| 1,280,971 | | |
| 1,294,030 | | |
| 1,300,649 | |
FHLB and other borrowings | |
| 64,662 | | |
| 74,567 | | |
| 76,185 | | |
| 37,804 | | |
| 8,200 | |
Subordinated debentures | |
| 21,651 | | |
| 21,651 | | |
| 21,651 | | |
| 21,651 | | |
| 21,651 | |
Repurchase agreements | |
| 12,714 | | |
| 20,592 | | |
| 22,293 | | |
| 28,750 | | |
| 38,402 | |
Accrued interest and other liabilities | |
| 20,849 | | |
| 23,185 | | |
| 20,887 | | |
| 20,864 | | |
| 22,532 | |
Total liabilities | |
| 1,434,758 | | |
| 1,448,029 | | |
| 1,421,987 | | |
| 1,403,099 | | |
| 1,391,434 | |
Stockholders’ equity: | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock | |
| 55 | | |
| 52 | | |
| 52 | | |
| 52 | | |
| 52 | |
Additional paid-in capital | |
| 89,208 | | |
| 84,568 | | |
| 84,475 | | |
| 84,413 | | |
| 84,273 | |
Retained earnings | |
| 54,282 | | |
| 57,280 | | |
| 55,498 | | |
| 53,231 | | |
| 52,174 | |
Treasury stock, at cost | |
| (75 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Accumulated other comprehensive (loss) income | |
| (16,556 | ) | |
| (32,343 | ) | |
| (22,672 | ) | |
| (19,978 | ) | |
| (25,066 | ) |
Total stockholders’ equity | |
| 126,914 | | |
| 109,557 | | |
| 117,353 | | |
| 117,718 | | |
| 111,433 | |
Total liabilities and stockholders’ equity | |
$ | 1,561,672 | | |
$ | 1,557,586 | | |
$ | 1,539,340 | | |
$ | 1,520,817 | | |
$ | 1,502,867 | |
LANDMARK
BANCORP, INC. AND SUBSIDIARIES
Consolidated
Statements of Earnings (unaudited)
(Dollars in thousands, except per share amounts) | |
Three months ended, | | |
Year ended, | |
| |
December 31, | | |
September 30, | | |
December 31, | | |
December 31, | | |
December 31, | |
| |
2023 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Interest income: | |
| | | |
| | | |
| | | |
| | | |
| | |
Loans | |
$ | 14,223 | | |
$ | 13,531 | | |
$ | 11,101 | | |
$ | 51,753 | | |
$ | 33,473 | |
Investment securities: | |
| | | |
| | | |
| | | |
| | | |
| | |
Taxable | |
| 2,453 | | |
| 2,445 | | |
| 2,267 | | |
| 9,594 | | |
| 6,414 | |
Tax-exempt | |
| 761 | | |
| 772 | | |
| 786 | | |
| 3,094 | | |
| 3,018 | |
Interest-bearing deposits at banks | |
| 49 | | |
| 46 | | |
| 89 | | |
| 242 | | |
| 321 | |
Total interest income | |
| 17,486 | | |
| 16,794 | | |
| 14,243 | | |
| 64,683 | | |
| 43,226 | |
Interest expense: | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits | |
| 4,879 | | |
| 4,384 | | |
| 1,452 | | |
| 15,254 | | |
| 2,776 | |
FHLB and other borrowings | |
| 1,203 | | |
| 1,251 | | |
| 478 | | |
| 4,048 | | |
| 584 | |
Subordinated debentures | |
| 422 | | |
| 417 | | |
| 318 | | |
| 1,590 | | |
| 840 | |
Repurchase agreements | |
| 96 | | |
| 116 | | |
| 109 | | |
| 499 | | |
| 146 | |
Total interest expense | |
| 6,600 | | |
| 6,168 | | |
| 2,357 | | |
| 21,391 | | |
| 4,346 | |
Net interest income | |
| 10,886 | | |
| 10,626 | | |
| 11,886 | | |
| 43,292 | | |
| 38,880 | |
Provision for credit losses | |
| 50 | | |
| - | | |
| - | | |
| 349 | | |
| - | |
Net interest income after provision for credit losses | |
| 10,836 | | |
| 10,626 | | |
| 11,886 | | |
| 42,943 | | |
| 38,880 | |
Non-interest income: | |
| | | |
| | | |
| | | |
| | | |
| | |
Fees and service charges | |
| 2,763 | | |
| 2,618 | | |
| 2,572 | | |
| 10,220 | | |
| 9,651 | |
Gains on sales of loans, net | |
| 255 | | |
| 491 | | |
| 417 | | |
| 2,269 | | |
| 3,444 | |
Bank owned life insurance | |
| 242 | | |
| 230 | | |
| 214 | | |
| 913 | | |
| 780 | |
Losses on sales of investment securities, net | |
| (1,246 | ) | |
| - | | |
| (750 | ) | |
| (1,246 | ) | |
| (1,103 | ) |
Other | |
| 240 | | |
| 313 | | |
| 359 | | |
| 1,074 | | |
| 928 | |
Total non-interest income | |
| 2,254 | | |
| 3,652 | | |
| 2,812 | | |
| 13,230 | | |
| 13,700 | |
Non-interest expense: | |
| | | |
| | | |
| | | |
| | | |
| | |
Compensation and benefits | |
| 5,756 | | |
| 5,811 | | |
| 5,626 | | |
| 22,681 | | |
| 20,405 | |
Occupancy and equipment | |
| 1,429 | | |
| 1,373 | | |
| 1,373 | | |
| 5,565 | | |
| 5,118 | |
Data processing | |
| 462 | | |
| 458 | | |
| 495 | | |
| 1,940 | | |
| 1,580 | |
Amortization of mortgage servicing rights and other intangibles | |
| 437 | | |
| 474 | | |
| 481 | | |
| 1,844 | | |
| 1,446 | |
Professional fees | |
| 730 | | |
| 624 | | |
| 554 | | |
| 2,452 | | |
| 1,892 | |
Acquisition costs | |
| - | | |
| - | | |
| 3,043 | | |
| - | | |
| 3,398 | |
Other | |
| 1,748 | | |
| 1,989 | | |
| 2,380 | | |
| 7,501 | | |
| 7,431 | |
Total non-interest expense | |
| 10,562 | | |
| 10,729 | | |
| 13,952 | | |
| 41,983 | | |
| 41,270 | |
Earnings before income taxes | |
| 2,528 | | |
| 3,549 | | |
| 746 | | |
| 14,190 | | |
| 11,310 | |
Income tax expense | |
| (111 | ) | |
| 671 | | |
| (466 | ) | |
| 1,954 | | |
| 1,432 | |
Net earnings | |
$ | 2,639 | | |
$ | 2,878 | | |
$ | 1,212 | | |
$ | 12,236 | | |
$ | 9,878 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net earnings per share (1) | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.48 | | |
$ | 0.53 | | |
$ | 0.22 | | |
$ | 2.23 | | |
$ | 1.80 | |
Diluted | |
| 0.48 | | |
| 0.53 | | |
| 0.22 | | |
| 2.23 | | |
| 1.79 | |
Dividends per share (1) | |
| 0.20 | | |
| 0.20 | | |
| 0.19 | | |
| 0.80 | | |
| 0.76 | |
Shares outstanding at end of period (1) | |
| 5,477,595 | | |
| 5,481,805 | | |
| 5,473,894 | | |
| 5,477,595 | | |
| 5,473,894 | |
Weighted average common shares outstanding - basic (1) | |
| 5,481,119 | | |
| 5,479,909 | | |
| 5,475,433 | | |
| 5,477,700 | | |
| 5,492,286 | |
Weighted average common shares outstanding - diluted (1) | |
| 5,481,119 | | |
| 5,482,633 | | |
| 5,489,915 | | |
| 5,480,800 | | |
| 5,508,053 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tax equivalent net interest income | |
$ | 11,017 | | |
$ | 10,809 | | |
$ | 12,089 | | |
$ | 44,040 | | |
$ | 39,680 | |
(1)
|
Share
and per share values at or for the periods ended September 30, 2023 and December 31, 2022 have been adjusted to give effect to the
5% stock dividend paid during December 2023. |
LANDMARK
BANCORP, INC. AND SUBSIDIARIES
Select
Ratios and Other Data (unaudited)
(Dollars in thousands, except per share amounts) | |
As of or for the three months ended, | | |
As of or for the year ended, | |
| |
December 31, | | |
September 30, | | |
December 31, | | |
December 31, | | |
December 31, | |
| |
2023 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Performance ratios: | |
| | | |
| | | |
| | | |
| | | |
| | |
Return on average assets (1) | |
| 0.67 | % | |
| 0.74 | % | |
| 0.32 | % | |
| 0.80 | % | |
| 0.73 | % |
Return on average equity (1) | |
| 9.39 | % | |
| 9.87 | % | |
| 4.50 | % | |
| 10.70 | % | |
| 8.25 | % |
Net interest margin (1)(2) | |
| 3.11 | % | |
| 3.06 | % | |
| 3.53 | % | |
| 3.17 | % | |
| 3.21 | % |
Effective tax rate | |
| -4.4 | % | |
| 18.9 | % | |
| -62.5 | % | |
| 13.8 | % | |
| 12.7 | % |
Efficiency ratio (3) | |
| 71.9 | % | |
| 73.8 | % | |
| 66.8 | % | |
| 71.2 | % | |
| 69.4 | % |
Non-interest income to total income (3) | |
| 24.3 | % | |
| 25.6 | % | |
| 23.1 | % | |
| 25.1 | % | |
| 27.4 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Average balances: | |
| | | |
| | | |
| | | |
| | | |
| | |
Investment securities | |
$ | 463,763 | | |
$ | 486,706 | | |
$ | 504,495 | | |
$ | 486,268 | | |
$ | 474,732 | |
Loans | |
| 934,333 | | |
| 906,289 | | |
| 832,285 | | |
| 891,487 | | |
| 702,247 | |
Assets | |
| 1,555,742 | | |
| 1,549,724 | | |
| 1,507,454 | | |
| 1,535,694 | | |
| 1,357,479 | |
Interest-bearing deposits | |
| 910,610 | | |
| 902,727 | | |
| 850,041 | | |
| 892,373 | | |
| 804,146 | |
FHLB and other borrowings | |
| 84,408 | | |
| 89,441 | | |
| 43,870 | | |
| 74,210 | | |
| 15,061 | |
Subordinated debentures | |
| 21,651 | | |
| 21,651 | | |
| 21,651 | | |
| 21,651 | | |
| 21,651 | |
Repurchase agreements | |
| 13,785 | | |
| 15,387 | | |
| 31,533 | | |
| 18,361 | | |
| 13,239 | |
Stockholders’ equity | |
$ | 111,560 | | |
$ | 115,644 | | |
$ | 106,782 | | |
$ | 114,339 | | |
| 119,792 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Average tax equivalent yield/cost (1): | |
| | | |
| | | |
| | | |
| | | |
| | |
Investment securities | |
| 2.86 | % | |
| 2.77 | % | |
| 2.56 | % | |
| 2.76 | % | |
| 2.15 | % |
Loans | |
| 6.04 | % | |
| 5.93 | % | |
| 5.29 | % | |
| 5.81 | % | |
| 4.77 | % |
Total interest-bearing assets | |
| 4.97 | % | |
| 4.81 | % | |
| 4.22 | % | |
| 4.71 | % | |
| 3.56 | % |
Interest-bearing deposits | |
| 2.13 | % | |
| 1.93 | % | |
| 0.68 | % | |
| 1.71 | % | |
| 0.35 | % |
FHLB and other borrowings | |
| 5.65 | % | |
| 5.55 | % | |
| 4.32 | % | |
| 5.45 | % | |
| 3.88 | % |
Subordinated debentures | |
| 7.73 | % | |
| 7.64 | % | |
| 5.83 | % | |
| 7.34 | % | |
| 3.88 | % |
Repurchase agreements | |
| 2.79 | % | |
| 2.97 | % | |
| 1.37 | % | |
| 2.72 | % | |
| 1.10 | % |
Total interest-bearing liabilities | |
| 2.54 | % | |
| 2.38 | % | |
| 0.99 | % | |
| 2.13 | % | |
| 0.51 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Capital ratios: | |
| | | |
| | | |
| | | |
| | | |
| | |
Equity to total assets | |
| 8.13 | % | |
| 7.03 | % | |
| 7.41 | % | |
| | | |
| | |
Tangible equity to tangible assets (3) | |
| 5.98 | % | |
| 4.85 | % | |
| 5.13 | % | |
| | | |
| | |
Book value per share | |
$ | 23.17 | | |
$ | 19.99 | | |
$ | 20.36 | | |
| | | |
| | |
Tangible book value per share (3) | |
$ | 16.67 | | |
$ | 13.46 | | |
$ | 13.74 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Rollforward of allowance for credit losses (loans): | |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning balance | |
$ | 10,970 | | |
$ | 10,449 | | |
$ | 8,858 | | |
$ | 8,791 | | |
$ | 8,775 | |
Adoption of CECL | |
| - | | |
| - | | |
| - | | |
| 1,523 | | |
| - | |
Charge-offs | |
| (442 | ) | |
| (142 | ) | |
| (101 | ) | |
| (850 | ) | |
| (336 | ) |
Recoveries | |
| 80 | | |
| 663 | | |
| 34 | | |
| 894 | | |
| 352 | |
Provision for credit losses for loans | |
| - | | |
| - | | |
| - | | |
| 250 | | |
| - | |
Ending balance | |
$ | 10,608 | | |
$ | 10,970 | | |
$ | 8,791 | | |
$ | 10,608 | | |
$ | 8,791 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Allowance for unfunded loan commitments | |
$ | 250 | | |
$ | 200 | | |
$ | 170 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Non-performing assets: | |
| | | |
| | | |
| | | |
| | | |
| | |
Non-accrual loans | |
$ | 2,391 | | |
$ | 4,440 | | |
$ | 3,326 | | |
| | | |
| | |
Accruing loans over 90 days past due | |
| - | | |
| - | | |
| - | | |
| | | |
| | |
Real estate owned | |
| 928 | | |
| 934 | | |
| 934 | | |
| | | |
| | |
Total non-performing assets | |
$ | 3,319 | | |
$ | 5,374 | | |
$ | 4,260 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Loans 30-89 days delinquent | |
$ | 1,582 | | |
$ | 6,173 | | |
$ | 738 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Other ratios: | |
| | | |
| | | |
| | | |
| | | |
| | |
Loans to deposits | |
| 71.31 | % | |
| 70.80 | % | |
| 64.67 | % | |
| | | |
| | |
Loans 30-89 days delinquent and still accruing to gross loans outstanding | |
| 0.17 | % | |
| 0.66 | % | |
| 0.09 | % | |
| | | |
| | |
Total non-performing loans to gross loans outstanding | |
| 0.25 | % | |
| 0.47 | % | |
| 0.39 | % | |
| | | |
| | |
Total non-performing assets to total assets | |
| 0.21 | % | |
| 0.35 | % | |
| 0.28 | % | |
| | | |
| | |
Allowance for credit losses to gross loans outstanding | |
| 1.12 | % | |
| 1.17 | % | |
| 1.03 | % | |
| | | |
| | |
Allowance for credit losses to total non-performing loans | |
| 443.66 | % | |
| 247.07 | % | |
| 264.31 | % | |
| | | |
| | |
Net loan charge-offs to average loans (1) | |
| 0.15 | % | |
| -0.23 | % | |
| 0.03 | % | |
| 0.00 | % | |
| 0.00 | % |
(1)
|
Information
is annualized. |
(2)
|
Net
interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate. |
(3)
|
Non-GAAP
financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most
comparable GAAP equivalent. |
LANDMARK
BANCORP, INC. AND SUBSIDIARIES
Non-GAAP
Finacials Measures (unaudited)
(Dollars
in thousands, except per share amounts) | |
As
of or for the three months ended, | | |
As
of or for the year ended, | |
| |
December
31, | | |
September
30, | | |
December
31, | | |
December
31, | | |
December
31, | |
| |
2023 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| | |
| |
Non-GAAP
financial ratio reconciliation: | |
| | | |
| | | |
| | | |
| | | |
| | |
Total
non-interest expense | |
$ | 10,562 | | |
$ | 10,729 | | |
$ | 13,952 | | |
$ | 41,983 | | |
$ | 41,270 | |
Less:
foreclosure and real estate owned expense | |
| (40 | ) | |
| (1 | ) | |
| (393 | ) | |
| (61 | ) | |
| (457 | ) |
Less:
amortization of other intangibles | |
| (174 | ) | |
| (196 | ) | |
| (200 | ) | |
| (765 | ) | |
| (248 | ) |
Less:
acquisition costs | |
| - | | |
| - | | |
| (3,043 | ) | |
| - | | |
| (3,398 | ) |
Adjusted
non-interest expense (A) | |
| 10,348 | | |
| 10,532 | | |
| 10,316 | | |
| 41,157 | | |
| 37,167 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net
interest income (B) | |
| 10,886 | | |
| 10,626 | | |
| 11,886 | | |
| 43,292 | | |
| 38,880 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Non-interest
income | |
| 2,254 | | |
| 3,652 | | |
| 2,812 | | |
| 13,230 | | |
| 13,700 | |
Less:
losses (gains) on sales of investment securities, net | |
| 1,246 | | |
| - | | |
| 750 | | |
| 1,246 | | |
| 1,103 | |
Less:
gains on sales of premises and equipment and foreclosed assets | |
| - | | |
| (1 | ) | |
| - | | |
| (1 | ) | |
| (114 | ) |
Adjusted
non-interest income (C) | |
$ | 3,500 | | |
$ | 3,651 | | |
$ | 3,562 | | |
$ | 14,475 | | |
$ | 14,689 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Efficiency
ratio (A/(B+C)) | |
| 71.9 | % | |
| 73.8 | % | |
| 66.8 | % | |
| 71.2 | % | |
| 69.4 | % |
Non-interest
income to total income (C/(B+C)) | |
| 24.3 | % | |
| 25.6 | % | |
| 23.1 | % | |
| 25.1 | % | |
| 27.4 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total
stockholders’ equity | |
$ | 126,914 | | |
$ | 109,557 | | |
$ | 111,433 | | |
| | | |
| | |
Less:
goodwill and other intangible assets | |
| (35,618 | ) | |
| (35,791 | ) | |
| (36,205 | ) | |
| | | |
| | |
Tangible
equity (D) | |
$ | 91,296 | | |
$ | 73,766 | | |
$ | 75,228 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total
assets | |
$ | 1,561,672 | | |
$ | 1,557,586 | | |
$ | 1,502,867 | | |
| | | |
| | |
Less:
goodwill and other intangible assets | |
| (35,618 | ) | |
| (35,791 | ) | |
| (36,205 | ) | |
| | | |
| | |
Tangible
assets (E) | |
$ | 1,526,054 | | |
$ | 1,521,795 | | |
$ | 1,466,662 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible
equity to tangible assets (D/E) | |
| 5.98 | % | |
| 4.85 | % | |
| 5.13 | % | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Shares
outstanding at end of period (F) | |
| 5,477,595 | | |
| 5,481,805 | | |
| 5,473,894 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible
book value per share (D/F) | |
$ | 16.67 | | |
$ | 13.46 | | |
$ | 13.74 | | |
| | | |
| | |
v3.24.0.1
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