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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) August 8, 2023
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
August 8, 2023, Landmark Bancorp, Inc. (the “Company”) issued a press release announcing financial results for the three
and six months ended June 30, 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 August 8, 2023, 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 August 23, 2023 and payable on September 6, 2023.
Item
9.01. Financial Statements and Exhibits.
(d)
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:
August 8, 2023 |
By: |
/s/
Mark A. Herpich |
|
|
Mark
A. Herpich |
|
|
Chief
Financial Officer |
Exhibit
99.1
PRESS
RELEASE
FOR
IMMEDIATE RELEASE |
Contacts: |
August
8, 2023 |
Michael
E. Scheopner |
|
President
and Chief Executive Officer |
|
Mark
A. Herpich |
|
Chief
Financial Officer |
|
(785)
565-2000 |
Landmark
Bancorp, Inc. Announces Second Quarter Earnings Per Share of $0.64
Declares
Cash Dividend of $0.21 per Share
(Manhattan,
KS, August 8, 2023) – Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.64
for the three months ended June 30, 2023, compared to $0.64 per share in the first quarter of 2023 and $0.58 per share in the same quarter
last year. Net earnings for the second quarter of 2023 amounted to $3.4 million, compared to $3.4 million in the prior quarter and $3.0
million for the second quarter of 2022. For the three months ended June 30, 2023, the return on average assets was 0.88%, the return
on average equity was 11.52%, and the efficiency ratio was 69.2%.
For
the first six months of 2023, diluted earnings per share totaled $1.29 compared to $1.18 during the same period in 2022. Net earnings
for the six months of 2023 totaled $6.7 million, compared to $6.2 million in the first six months of 2022. For the six months ended June
30, 2023, the return on average assets was 0.89% and the return on average equity was 11.77%.
In
making this announcement, Michael E. Scheopner, President and Chief Executive Officer of Landmark, said, “While growth in interest
rates over this past year has increased funding costs and provided stress to the banking industry, Landmark continued to provide solid
earnings this quarter driven by growth in loans, well-controlled expenses, and solid credit quality. Compared to the first quarter 2023,
total gross loans increased by $23.5 million, or 10.8% on an annualized basis mainly due to growth in agriculture, commercial and residential
mortgage loans. Deposits decreased $13.1 million during the second quarter of 2023 due to lower non-interest demand deposits but offset
by growth in money market, interest checking and certificates of deposit accounts. Our loan to deposit ratio this quarter remains relatively
low and reflects ample liquidity for future loan growth. This quarter’s net interest income declined slightly from the prior
quarter, as growth in interest income on loans was offset by increased interest expense on deposits and other borrowings. Our
net interest margin totaled 3.21% during the second quarter of 2023 as compared to 3.31% in the prior quarter and 3.05% in the second
quarter last year. Non-interest income increased $334,000 compared to the first quarter 2023 mainly due to growth in both fees and service
charges and gains on sales of residential mortgage loans. Non-interest expense remained well controlled in the second quarter 2023 increasing
slightly compared to the prior quarter.”
Mr.
Scheopner continued, “This quarter we continued to see low net loan charge-offs, declining non-performing assets and low levels
of delinquent loans. Landmark recorded net loan charge-offs of $68,000 in the second quarter of 2023 compared to $42,000 in the second
quarter of 2022 and $47,000 in the first quarter of 2023. Non-accrual loans totaled $2.8 million, or 0.31%, of gross loans at June 30,
2023 and have declined $2.1 million over the last twelve months. The allowance for loan losses totaled $10.4 million at June 30, 2023,
or 1.17% of period end gross loans, while our equity to assets ratio totaled 7.62%.”
Landmark’s
Board of Directors declared a cash dividend of $0.21 per share, to be paid September 6, 2023, to common stockholders of record as of
the close of business on August 23, 2023. Management will host a conference call to discuss the Company’s financial results at
10:00 a.m. (Central time) on Wednesday, August 9, 2023. Investors may participate via telephone by dialing (833) 470-1428 and using access
code 545875. A replay of the call will be available through September 8, 2023, by dialing (866) 813-9403 and using access code 287303.
SUMMARY
OF SECOND QUARTER RESULTS
Net
Interest Income
Net
interest income in the second quarter of 2023 amounted to $10.8 million representing a slight decrease compared to the previous quarter.
This decrease in net interest income was due mainly to higher interest expense on deposits and borrowed funds but partly offset by growth
in interest income on loans. The net interest margin totaled 3.21% during the second quarter compared to 3.31% in the prior quarter.
Compared to the previous quarter, interest income on loans increased $1.2 million, or 11.0%, to $12.6 million due to both higher rates
and balances while the average tax-equivalent yield on the loan portfolio increased 37 basis points to 5.80%. Interest income on investment
securities increased slightly due to small increases in rates and balances. The average tax-equivalent yield on investment securities
totaled 2.70% this quarter compared to 2.68% in the prior quarter.
Interest
expense on deposits increased $913,000 in the second 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 this quarter to 1.57% compared
to 1.18% in the prior quarter. Interest expense on total borrowed funds grew $450,000, compared to the prior quarter, as the
average rate paid increased 36 basis points to 5.05% and average balances grew $21.3 million.
Non-Interest
Income
Non-interest
income totaled $3.8 million for the second quarter of 2023, an increase of $33,000, or 0.9%, compared to the same period last year and
an increase of $334,000, or 9.6%, from the previous quarter. The increase in non-interest income during the second quarter of 2023 compared
to the same period last year was primarily due to increases of $101,000 in fees and services charges, $142,000 in other non-interest
income and $33,000 in bank owned life insurance (“BOLI”) income. The increases in fees and services charges and BOLI income
were primarily associated with the acquisition of Freedom Bank in the fourth quarter of 2022, as the acquisition increased Landmark’s
deposit base and BOLI assets. The increase in other non-interest income was primarily related to an increase in rental income associated
with a branch which was vacant in the prior year period. Gains on sales of one-to-four family residential loans declined $243,000 from
the same period last year due to lower fixed rate mortgage originations. Compared to the prior quarter, the increase in non-interest
income was primarily due to seasonal increases with fees and service charges and increased loan originations of residential mortgage
loans, as well as a full quarter of rental income noted above.
Non-Interest
Expense
During
the second quarter of 2023, non-interest expense totaled $10.3 million, an increase of $1.3 million, or 14.7%, over the same period in
2022 but unchanged compared to the prior quarter. Compared to the same period last year, higher costs this year for compensation and
benefits, occupancy and equipment, data processing and other non-interest expenses were primarily due to higher operating costs associated
with the Freedom Bank acquisition, while amortization expense increased $137,000 this quarter due to the core deposit intangible recorded
for this acquisition. Non-interest expense was flat compared to the prior quarter as higher professional fees were offset by lower data
processing costs.
Income
Tax Expense
Landmark
recorded income tax expense of $701,000 in the second quarter of 2023 compared to income tax expense of $639,000 in the second quarter
of 2022 and $693,000 in the first quarter of 2023. The effective tax rate was 17.3% in the second quarter of 2023 compared to 17.4% in
the second quarter of 2022 and 17.1% in the first quarter of 2023.
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 June 30, 2023, Landmark had collateral pledged to the Federal Home Loan Bank (“FHLB”) that would allow for
an additional $129.0 million of FHLB borrowings. Additionally, investment securities were pledged to the Federal Reserve discount window
that provides borrowing capacity with the Federal Reserve of $60.8 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 June 30, 2023.
As
of June 30, 2023, Landmark had unpledged available-for-sale investment securities with a fair value of $73.8 million as well as approximately
$94.6 million of pledged investment securities in excess of required levels. The average life of the Company’s investment portfolio
is approximately 4.4 years and is projected to generate cash flow through maturities of $76.3 million over the next 12 months.
Balance
Sheet Highlights
As
of June 30, 2023, gross loans totaled $893.3 million, an increase of $23.5 million, or 10.8% annualized since March 31, 2023. During
the quarter, loan growth was comprised of one-to-four family residential real estate (growth of $13.6 million), commercial (growth of
$9.1 million) and agriculture loans (growth of $3.8 million), offset by a decline in construction and commercial real estate loans. Investment
securities decreased $5.8 million, during the second quarter of 2023, while gross unrealized net losses on these investment securities
increased from $26.5 million at March 31, 2023 to $30.0 million at June 30, 2023. Deposit balances decreased $13.1 million, or 4.0% on
an annualized basis, to $1.3 billion at June 30, 2023. The decrease in deposits was mainly driven by declines in non-interest demand
(decline of $39.6 million) and savings accounts (decline of $9.1 million) this quarter which was partially offset by higher money market,
interest checking and certificate of deposit accounts, which increased in total by $26.5 million. Total borrowings, including Federal
Home Loan Bank advances and repurchase agreements increased $31.9 million this quarter to fund the loan growth and offset the lower deposit
balances. At June 30, 2023, the loan to deposits ratio was 68.9% compared to 66.4% in the prior quarter and 58.5% in the same period
last year.
Total
deposits include estimated uninsured deposits of $193.1 million and $224.7 million as of June 30, 2023 and March 31, 2023, respectively.
This represents approximately 15% of total deposits at June 30, 2023 and compares favorably with other similar community banking organizations.
Over 96% of Landmark’s total deposits were considered core deposits at June 30, 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 $41.2 million at June 30, 2023 compared to $11.3 million at March 31, 2023 and are utilized as an additional source of liquidity.
Stockholders’
equity decreased slightly to $117.4 million (book value of $22.50 per share) as of June 30, 2023, from $117.7 million (book value of
$22.57 per share) as of March 31, 2023, due to an increase in other comprehensive losses during the second quarter of 2023 related to
the decline in the unrealized losses on investment securities. The ratio of equity to total assets decreased to 7.62% on June 30, 2023,
from 7.74% on March 31, 2023.
The
allowance for credit losses totaled $10.4 million, or 1.17% of total gross loans on June 30, 2023, compared to $10.3 million, or 1.18%
of total gross loans on March 31, 2023. Net loan charge-offs totaled $68,000 in the second quarter of 2023, compared to $47,000 during
the first quarter of 2023 and $42,000 during the same quarter last year. The ratio of annualized net loan charge-offs to total average
loans was 0.03% in the second quarter of 2023, 0.02% in the first quarter of 2023 and 0.03% in the same quarter last year. A provision
for credit losses of $250,000 was made in the second quarter of 2023 as credit models factored in growth in our overall loan portfolio
for this quarter. A provision for credit losses of $49,000 was made in the first quarter of 2023 related to unfunded loan commitments
and held-to-maturity investments securities. No provision for credit losses was recorded in the second quarter of 2022.
Non-performing
loans totaled $2.8 million, or 0.31% of gross loans, while loans 30-89 days delinquent totaled $614,000, or 0.07% of gross loans, as
of June 30, 2023. Real estate owned totaled $0.9 million at June 30, 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; (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 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) | |
June 30, | | |
March 31, | | |
December 31, | | |
September 30, | | |
June 30, | |
| |
2023 | | |
2023 | | |
2022 | | |
2022 | | |
2022 | |
Assets | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 20,038 | | |
$ | 23,764 | | |
$ | 23,156 | | |
$ | 49,234 | | |
$ | 30,413 | |
Interest-bearing
deposits at other banks | |
| 8,336 | | |
| 8,586 | | |
| 9,084 | | |
| 8,844 | | |
| 8,360 | |
Investment
securities available-for-sale, at fair value: | |
| | | |
| | | |
| | | |
| | | |
| | |
U.S. treasury
securities | |
| 121,480 | | |
| 121,759 | | |
| 123,111 | | |
| 127,445 | | |
| 135,459 | |
U.S. federal
agency obligations | |
| - | | |
| 1,993 | | |
| 1,988 | | |
| 4,979 | | |
| 14,931 | |
Municipal
obligations, tax exempt | |
| 124,451 | | |
| 128,281 | | |
| 127,262 | | |
| 128,392 | | |
| 134,994 | |
Municipal
obligations, taxable | |
| 77,713 | | |
| 73,468 | | |
| 67,244 | | |
| 61,959 | | |
| 49,356 | |
Agency
mortgage-backed securities | |
| 160,734 | | |
| 164,669 | | |
| 169,701 | | |
| 161,331 | | |
| 151,893 | |
Total
investment securities available-for-sale | |
| 484,378 | | |
| 490,170 | | |
| 489,306 | | |
| 484,106 | | |
| 486,633 | |
Investment
securities held-to-maturity | |
| 3,496 | | |
| 3,467 | | |
| 3,524 | | |
| - | | |
| - | |
Bank stocks,
at cost | |
| 9,445 | | |
| 6,876 | | |
| 5,470 | | |
| 6,641 | | |
| 2,881 | |
Loans: | |
| | | |
| | | |
| | | |
| | | |
| | |
One-to-four
family residential real estate | |
| 259,655 | | |
| 246,079 | | |
| 236,982 | | |
| 205,466 | | |
| 192,517 | |
Construction
and land | |
| 22,016 | | |
| 23,137 | | |
| 22,725 | | |
| 18,119 | | |
| 23,092 | |
Commercial
real estate | |
| 314,889 | | |
| 316,900 | | |
| 304,074 | | |
| 228,669 | | |
| 209,879 | |
Commercial | |
| 181,424 | | |
| 172,331 | | |
| 173,415 | | |
| 144,582 | | |
| 137,929 | |
Paycheck
Protection Program (PPP) | |
| - | | |
| 21 | | |
| 21 | | |
| 410 | | |
| 652 | |
Agriculture | |
| 84,345 | | |
| 80,499 | | |
| 84,283 | | |
| 86,114 | | |
| 78,240 | |
Municipal | |
| 2,711 | | |
| 2,004 | | |
| 2,026 | | |
| 2,036 | | |
| 2,076 | |
Consumer | |
| 28,219 | | |
| 28,835 | | |
| 26,664 | | |
| 25,911 | | |
| 25,531 | |
Total
gross loans | |
| 893,259 | | |
| 869,806 | | |
| 850,190 | | |
| 711,307 | | |
| 669,916 | |
Net deferred
loan (fees) costs and loans in process | |
| (261 | ) | |
| 2 | | |
| (250 | ) | |
| (311 | ) | |
| 229 | |
Allowance
for credit losses | |
| (10,449 | ) | |
| (10,267 | ) | |
| (8,791 | ) | |
| (8,858 | ) | |
| (8,315 | ) |
Loans,
net | |
| 882,549 | | |
| 859,541 | | |
| 841,149 | | |
| 702,138 | | |
| 661,830 | |
Loans
held for sale, at fair value | |
| 3,900 | | |
| 1,839 | | |
| 2,488 | | |
| 2,741 | | |
| 6,264 | |
Bank owned
life insurance | |
| 37,764 | | |
| 37,541 | | |
| 37,323 | | |
| 32,672 | | |
| 32,483 | |
Premises
and equipment, net | |
| 24,027 | | |
| 24,241 | | |
| 24,327 | | |
| 20,628 | | |
| 20,679 | |
Goodwill | |
| 32,199 | | |
| 32,199 | | |
| 32,199 | | |
| 17,532 | | |
| 17,532 | |
Other
intangible assets, net | |
| 3,612 | | |
| 3,809 | | |
| 4,006 | | |
| 36 | | |
| 52 | |
Mortgage
servicing rights | |
| 3,514 | | |
| 3,652 | | |
| 3,813 | | |
| 3,980 | | |
| 4,025 | |
Real estate
owned, net | |
| 934 | | |
| 934 | | |
| 934 | | |
| 1,288 | | |
| 1,288 | |
Other
assets | |
| 25,148 | | |
| 24,198 | | |
| 26,088 | | |
| 25,456 | | |
| 19,911 | |
Total
assets | |
$ | 1,539,340 | | |
$ | 1,520,817 | | |
$ | 1,502,867 | | |
$ | 1,355,296 | | |
$ | 1,292,351 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities
and Stockholders’ Equity | |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits: | |
| | | |
| | | |
| | | |
| | | |
| | |
Non-interest-bearing
demand | |
| 382,410 | | |
| 421,971 | | |
| 410,142 | | |
| 347,942 | | |
| 343,107 | |
Money
market and checking | |
| 606,474 | | |
| 588,366 | | |
| 626,659 | | |
| 504,973 | | |
| 520,056 | |
Savings | |
| 160,426 | | |
| 169,504 | | |
| 170,570 | | |
| 170,988 | | |
| 170,419 | |
Certificates
of deposit | |
| 131,661 | | |
| 114,189 | | |
| 93,278 | | |
| 93,234 | | |
| 97,885 | |
Total
deposits | |
| 1,280,971 | | |
| 1,294,030 | | |
| 1,300,649 | | |
| 1,117,137 | | |
| 1,131,467 | |
Federal
Home Loan Bank borrowings | |
| 76,185 | | |
| 37,804 | | |
| 8,200 | | |
| 74,900 | | |
| - | |
Subordinated
debentures | |
| 21,651 | | |
| 21,651 | | |
| 21,651 | | |
| 21,651 | | |
| 21,651 | |
Other
borrowings | |
| 22,293 | | |
| 28,750 | | |
| 38,402 | | |
| 16,349 | | |
| 6,223 | |
Accrued
interest and other liabilities | |
| 20,887 | | |
| 20,864 | | |
| 22,532 | | |
| 19,775 | | |
| 15,708 | |
Total
liabilities | |
| 1,421,987 | | |
| 1,403,099 | | |
| 1,391,434 | | |
| 1,249,812 | | |
| 1,175,049 | |
Stockholders’
equity: | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock | |
| 52 | | |
| 52 | | |
| 52 | | |
| 50 | | |
| 50 | |
Additional
paid-in capital | |
| 84,475 | | |
| 84,413 | | |
| 84,273 | | |
| 79,329 | | |
| 79,284 | |
Retained
earnings | |
| 55,498 | | |
| 53,231 | | |
| 52,174 | | |
| 58,114 | | |
| 56,662 | |
Treasury
stock, at cost | |
| - | | |
| - | | |
| - | | |
| (1,040 | ) | |
| (538 | ) |
Accumulated
other comprehensive (loss) income | |
| (22,672 | ) | |
| (19,978 | ) | |
| (25,066 | ) | |
| (30,969 | ) | |
| (18,156 | ) |
Total
stockholders’ equity | |
| 117,353 | | |
| 117,718 | | |
| 111,433 | | |
| 105,484 | | |
| 117,302 | |
Total
liabilities and stockholders’ equity | |
$ | 1,539,340 | | |
$ | 1,520,817 | | |
$ | 1,502,867 | | |
$ | 1,355,296 | | |
$ | 1,292,351 | |
LANDMARK
BANCORP, INC. AND SUBSIDIARIES
Consolidated
Statements of Earnings (unaudited)
(Dollars
in thousands, except per share amounts) | |
Three
months ended, | | |
Six
months ended, | |
| |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
| |
2023 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Interest income: | |
| | | |
| | | |
| | | |
| | | |
| | |
Loans | |
$ | 12,623 | | |
$ | 11,376 | | |
$ | 7,156 | | |
$ | 23,999 | | |
$ | 14,347 | |
Investment
securities: | |
| | | |
| | | |
| | | |
| | | |
| | |
Taxable | |
| 2,379 | | |
| 2,317 | | |
| 1,417 | | |
| 4,696 | | |
| 2,408 | |
Tax-exempt | |
| 775 | | |
| 786 | | |
| 730 | | |
| 1,561 | | |
| 1,452 | |
Interest-bearing
deposits at banks | |
| 49 | | |
| 98 | | |
| 126 | | |
| 147 | | |
| 188 | |
Total
interest income | |
| 15,826 | | |
| 14,577 | | |
| 9,429 | | |
| 30,403 | | |
| 18,395 | |
Interest expense: | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits | |
| 3,452 | | |
| 2,539 | | |
| 358 | | |
| 5,991 | | |
| 553 | |
Subordinated
debentures | |
| 387 | | |
| 364 | | |
| 165 | | |
| 751 | | |
| 288 | |
Borrowings | |
| 1,154 | | |
| 727 | | |
| 8 | | |
| 1,881 | | |
| 11 | |
Total
interest expense | |
| 4,993 | | |
| 3,630 | | |
| 531 | | |
| 8,623 | | |
| 852 | |
Net interest income | |
| 10,833 | | |
| 10,947 | | |
| 8,898 | | |
| 21,780 | | |
| 17,543 | |
Provision
(benefit) for credit losses | |
| 250 | | |
| 49 | | |
| - | | |
| 299 | | |
| (500 | ) |
Net
interest income after provision (benefit) for credit losses | |
| 10,583 | | |
| 10,898 | | |
| 8,898 | | |
| 21,481 | | |
| 18,043 | |
Non-interest income: | |
| | | |
| | | |
| | | |
| | | |
| | |
Fees and
service charges | |
| 2,481 | | |
| 2,358 | | |
| 2,380 | | |
| 4,839 | | |
| 4,568 | |
Gains
on sales of loans, net | |
| 830 | | |
| 693 | | |
| 1,073 | | |
| 1,523 | | |
| 1,978 | |
Bank owned
life insurance | |
| 223 | | |
| 218 | | |
| 190 | | |
| 441 | | |
| 377 | |
Other | |
| 295 | | |
| 226 | | |
| 153 | | |
| 521 | | |
| 436 | |
Total
non-interest income | |
| 3,829 | | |
| 3,495 | | |
| 3,796 | | |
| 7,324 | | |
| 7,359 | |
Non-interest
expense: | |
| | | |
| | | |
| | | |
| | | |
| | |
Compensation
and benefits | |
| 5,572 | | |
| 5,542 | | |
| 4,953 | | |
| 11,114 | | |
| 9,728 | |
Occupancy
and equipment | |
| 1,394 | | |
| 1,369 | | |
| 1,177 | | |
| 2,763 | | |
| 2,410 | |
Data processing | |
| 431 | | |
| 589 | | |
| 362 | | |
| 1,020 | | |
| 702 | |
Amortization
of mortgage servicing rights and other intangibles | |
| 472 | | |
| 461 | | |
| 335 | | |
| 933 | | |
| 651 | |
Professional
fees | |
| 607 | | |
| 491 | | |
| 415 | | |
| 1,098 | | |
| 866 | |
Acquisition
costs | |
| - | | |
| - | | |
| 221 | | |
| - | | |
| 221 | |
Other | |
| 1,873 | | |
| 1,891 | | |
| 1,559 | | |
| 3,764 | | |
| 3,282 | |
Total
non-interest expense | |
| 10,349 | | |
| 10,343 | | |
| 9,022 | | |
| 20,692 | | |
| 17,860 | |
Earnings
before income taxes | |
| 4,063 | | |
| 4,050 | | |
| 3,672 | | |
| 8,113 | | |
| 7,542 | |
Income
tax expense | |
| 701 | | |
| 693 | | |
| 639 | | |
| 1,394 | | |
| 1,376 | |
Net
earnings | |
$ | 3,362 | | |
$ | 3,357 | | |
$ | 3,033 | | |
$ | 6,719 | | |
$ | 6,166 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net earnings per share (1) | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.64 | | |
$ | 0.64 | | |
$ | 0.58 | | |
$ | 1.29 | | |
$ | 1.18 | |
Diluted | |
| 0.64 | | |
| 0.64 | | |
| 0.58 | | |
| 1.29 | | |
| 1.17 | |
Dividends per share (1) | |
| 0.21 | | |
| 0.21 | | |
| 0.20 | | |
| 0.42 | | |
| 0.40 | |
Shares outstanding at end of period (1) | |
| 5,215,575 | | |
| 5,215,575 | | |
| 5,225,161 | | |
| 5,215,575 | | |
| 5,225,161 | |
Weighted average common shares outstanding - basic
(1) | |
| 5,215,575 | | |
| 5,213,125 | | |
| 5,237,837 | | |
| 5,214,357 | | |
| 5,242,558 | |
Weighted average common shares outstanding - diluted
(1) | |
| 5,219,550 | | |
| 5,220,688 | | |
| 5,252,546 | | |
| 5,219,760 | | |
| 5,260,313 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tax equivalent net interest
income | |
$ | 11,021 | | |
$ | 11,144 | | |
$ | 9,094 | | |
$ | 22,165 | | |
$ | 17,934 | |
(1)
Share and per share values at or for the periods ended June 30, 2022 have been adjusted to give effect to the 5% stock dividend paid
during December 2022.
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
six
months ended, | |
| |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
| |
2023 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Performance
ratios: | |
| | | |
| | | |
| | | |
| | | |
| | |
Return on average
assets (1) | |
| 0.88 | % | |
| 0.90 | % | |
| 0.93 | % | |
| 0.89 | % | |
| 0.95 | % |
Return on average equity (1) | |
| 11.52 | % | |
| 12.04 | % | |
| 10.04 | % | |
| 11.77 | % | |
| 9.81 | % |
Net interest margin (1)(2) | |
| 3.21 | % | |
| 3.31 | % | |
| 3.05 | % | |
| 3.26 | % | |
| 3.02 | % |
Effective tax rate | |
| 17.3 | % | |
| 17.1 | % | |
| 17.4 | % | |
| 17.2 | % | |
| 18.2 | % |
Efficiency ratio (3) | |
| 69.2 | % | |
| 70.1 | % | |
| 69.1 | % | |
| 69.7 | % | |
| 70.9 | % |
Non-interest income to total
income (3) | |
| 26.1 | % | |
| 24.2 | % | |
| 29.9 | % | |
| 25.2 | % | |
| 29.2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Average balances: | |
| | | |
| | | |
| | | |
| | | |
| | |
Investment securities | |
$ | 495,456 | | |
$ | 499,538 | | |
$ | 477,035 | | |
$ | 497,486 | | |
$ | 449,667 | |
Loans | |
| 873,910 | | |
| 850,331 | | |
| 653,013 | | |
| 862,186 | | |
| 644,569 | |
Assets | |
| 1,525,589 | | |
| 1,511,077 | | |
| 1,307,112 | | |
| 1,518,373 | | |
| 1,306,446 | |
Interest-bearing deposits | |
| 882,726 | | |
| 872,900 | | |
| 791,257 | | |
| 877,841 | | |
| 791,803 | |
FHLB advances and other borrowings | |
| 77,176 | | |
| 66,868 | | |
| - | | |
| 61,285 | | |
| - | |
Subordinated debentures | |
| 21,651 | | |
| 21,651 | | |
| 21,651 | | |
| 21,651 | | |
| 21,651 | |
Repurchase agreements | |
| 16,909 | | |
| 27,548 | | |
| 6,981 | | |
| 22,199 | | |
| 6,903 | |
Stockholders’ equity | |
$ | 117,038 | | |
$ | 113,115 | | |
| 121,147 | | |
$ | 115,087 | | |
| 126,757 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Average
tax equivalent yield/cost (1): | |
| | | |
| | | |
| | | |
| | | |
| | |
Investment securities | |
| 2.70 | % | |
| 2.68 | % | |
| 1.97 | % | |
| 2.69 | % | |
| 1.90 | % |
Loans | |
| 5.80 | % | |
| 5.43 | % | |
| 4.40 | % | |
| 5.62 | % | |
| 4.49 | % |
Total interest-bearing assets | |
| 4.66 | % | |
| 4.39 | % | |
| 3.23 | % | |
| 4.53 | % | |
| 3.16 | % |
Interest-bearing deposits | |
| 1.57 | % | |
| 1.18 | % | |
| 0.18 | % | |
| 1.38 | % | |
| 0.14 | % |
FHLB advances and other borrowings | |
| 5.34 | % | |
| 5.09 | % | |
| 0.00 | % | |
| 5.25 | % | |
| 0.00 | % |
Subordinated debentures | |
| 7.17 | % | |
| 6.82 | % | |
| 3.06 | % | |
| 6.99 | % | |
| 2.68 | % |
Repurchase agreements | |
| 3.01 | % | |
| 2.36 | % | |
| 0.46 | % | |
| 2.61 | % | |
| 0.32 | % |
Total interest-bearing liabilities | |
| 2.01 | % | |
| 1.52 | % | |
| 0.26 | % | |
| 1.77 | % | |
| 0.21 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Capital
ratios: | |
| | | |
| | | |
| | | |
| | | |
| | |
Equity to total assets | |
| 7.62 | % | |
| 7.74 | % | |
| 9.08 | % | |
| | | |
| | |
Tangible equity to tangible
assets (3) | |
| 5.42 | % | |
| 5.50 | % | |
| 7.82 | % | |
| | | |
| | |
Book value per share | |
$ | 22.50 | | |
$ | 22.57 | | |
$ | 22.45 | | |
| | | |
| | |
Tangible book value per share (3) | |
$ | 15.63 | | |
$ | 15.67 | | |
$ | 19.08 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Rollforward
of allowance for credit losses (loans): | |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning balance | |
$ | 10,267 | | |
$ | 8,791 | | |
$ | 8,357 | | |
$ | 8,791 | | |
$ | 8,775 | |
Adoption of CECL | |
| - | | |
| 1,523 | | |
| - | | |
| 1,523 | | |
| - | |
Charge-offs | |
| (158 | ) | |
| (108 | ) | |
| (76 | ) | |
| (266 | ) | |
| (129 | ) |
Recoveries | |
| 90 | | |
| 61 | | |
| 34 | | |
| 151 | | |
| 169 | |
Provision
(benefit) for credit losses | |
| 250 | | |
| - | | |
| - | | |
| 250 | | |
| (500 | ) |
Ending balance | |
$ | 10,449 | | |
$ | 10,267 | | |
$ | 8,315 | | |
$ | 10,449 | | |
$ | 8,315 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Non-performing
assets: | |
| | | |
| | | |
| | | |
| | | |
| | |
Non-accrual loans | |
$ | 2,784 | | |
$ | 3,311 | | |
$ | 4,887 | | |
| | | |
| | |
Accruing loans over 90 days
past due | |
| - | | |
| - | | |
| - | | |
| | | |
| | |
Real
estate owned | |
| 934 | | |
| 934 | | |
| 1,288 | | |
| | | |
| | |
Total
non-performing assets | |
$ | 3,718 | | |
$ | 4,245 | | |
$ | 6,175 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Loans 30-89 days delinquent | |
$ | 614 | | |
$ | 1,490 | | |
$ | 877 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Other ratios: | |
| | | |
| | | |
| | | |
| | | |
| | |
Loans to deposits | |
| 68.90 | % | |
| 66.42 | % | |
| 58.49 | % | |
| | | |
| | |
Loans 30-89 days delinquent
and still accruing to gross loans outstanding | |
| 0.07 | % | |
| 0.17 | % | |
| 0.13 | % | |
| | | |
| | |
Total non-performing loans
to gross loans outstanding | |
| 0.31 | % | |
| 0.38 | % | |
| 0.73 | % | |
| | | |
| | |
Total non-performing assets
to total assets | |
| 0.24 | % | |
| 0.28 | % | |
| 0.48 | % | |
| | | |
| | |
Allowance for credit losses
to gross loans outstanding | |
| 1.17 | % | |
| 1.18 | % | |
| 1.24 | % | |
| | | |
| | |
Allowance for credit losses
to gross loans outstanding excluding PPP loans | |
| 1.17 | % | |
| 1.18 | % | |
| 1.24 | % | |
| | | |
| | |
Allowance for credit losses
to total non-performing loans | |
| 375.32 | % | |
| 310.09 | % | |
| 170.15 | % | |
| | | |
| | |
Net loan charge-offs to average
loans (1) | |
| 0.03 | % | |
| 0.02 | % | |
| 0.03 | % | |
| 0.03 | % | |
| -0.01 | % |
(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 six months ended, | |
| |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
| |
2023 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| | |
| |
Non-GAAP earnings reconciliation: | |
| | | |
| | | |
| | | |
| | | |
| | |
Net earnings | |
$ | 3,362 | | |
$ | 3,357 | | |
$ | 3,033 | | |
$ | 6,719 | | |
$ | 6,166 | |
Add: acquisition costs | |
| - | | |
| - | | |
| 221 | | |
| - | | |
| 221 | |
Less: income tax expense (effective tax rate of 24.5%) | |
| - | | |
| - | | |
| (54 | ) | |
| - | | |
| (54 | ) |
Adjusted net earnings (A) | |
$ | 3,362 | | |
$ | 3,357 | | |
$ | 3,200 | | |
$ | 6,719 | | |
$ | 6,333 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding - diluted (B) | |
| 5,219,550 | | |
| 5,220,688 | | |
| 5,252,546 | | |
| 5,219,760 | | |
| 5,260,313 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted diluted net earnings per share (A/B) | |
$ | 0.64 | | |
$ | 0.64 | | |
$ | 0.61 | | |
$ | 1.29 | | |
$ | 1.20 | |
Adjusted return on average assets (1) | |
| 0.88 | % | |
| 0.90 | % | |
| 0.98 | % | |
| 0.89 | % | |
| 0.98 | % |
Adjusted return on average equity (1) | |
| 11.52 | % | |
| 12.04 | % | |
| 10.59 | % | |
| 11.77 | % | |
| 10.07 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
(1) Information is annualized. | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Non-GAAP financial ratio reconciliation: | |
| | | |
| | | |
| | | |
| | | |
| | |
Total non-interest expense | |
$ | 10,349 | | |
$ | 10,343 | | |
$ | 9,022 | | |
$ | 20,692 | | |
$ | 17,860 | |
Less: foreclosure and real estate owned expense | |
| (3 | ) | |
| (17 | ) | |
| (9 | ) | |
| (20 | ) | |
| (32 | ) |
Less: amortization of other intangibles | |
| (198 | ) | |
| (197 | ) | |
| (15 | ) | |
| (395 | ) | |
| (32 | ) |
Less: acquisition costs | |
| - | | |
| - | | |
| (221 | ) | |
| - | | |
| (221 | ) |
Adjusted non-interest expense (A) | |
| 10,148 | | |
| 10,129 | | |
| 8,777 | | |
| 20,277 | | |
| 17,575 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income (B) | |
| 10,833 | | |
| 10,947 | | |
| 8,898 | | |
| 21,780 | | |
| 17,543 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Non-interest income | |
| 3,829 | | |
| 3,495 | | |
| 3,796 | | |
| 7,324 | | |
| 7,359 | |
Less: losses (gains) on sales of investment securities, net | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Less: gains on sales of premises and equipment and foreclosed assets | |
| - | | |
| (1 | ) | |
| - | | |
| (1 | ) | |
| (114 | ) |
Adjusted non-interest income (C) | |
$ | 3,829 | | |
$ | 3,494 | | |
$ | 3,796 | | |
$ | 7,323 | | |
$ | 7,245 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Efficiency ratio (A/(B+C)) | |
| 69.2 | % | |
| 70.1 | % | |
| 69.1 | % | |
| 69.7 | % | |
| 70.9 | % |
Non-interest income to total income (C/(B+C)) | |
| 26.1 | % | |
| 24.2 | % | |
| 29.9 | % | |
| 25.2 | % | |
| 29.2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total stockholders’ equity | |
$ | 117,353 | | |
$ | 117,718 | | |
$ | 117,302 | | |
| | | |
| | |
Less: goodwill and other intangible assets | |
| (35,811 | ) | |
| (36,008 | ) | |
| (17,584 | ) | |
| | | |
| | |
Tangible equity (D) | |
$ | 81,542 | | |
$ | 81,710 | | |
$ | 99,718 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total assets | |
$ | 1,539,340 | | |
$ | 1,520,817 | | |
$ | 1,292,351 | | |
| | | |
| | |
Less: goodwill and other intangible assets | |
| (35,811 | ) | |
| (36,008 | ) | |
| (17,584 | ) | |
| | | |
| | |
Tangible assets (E) | |
$ | 1,503,529 | | |
$ | 1,484,809 | | |
$ | 1,274,767 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible equity to tangible assets (D/E) | |
| 5.42 | % | |
| 5.50 | % | |
| 7.82 | % | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Shares outstanding at end of period (F) | |
| 5,215,575 | | |
| 5,215,575 | | |
| 5,225,161 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible book value per share (D/F) | |
$ | 15.63 | | |
$ | 15.67 | | |
$ | 19.08 | | |
| | | |
| | |
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