LARK Landmark Bancorp Inc

Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.72 for the three months ended September 30, 2024, compared to $0.55 per share in the second quarter of 2024 and $0.52 per share in the same quarter last year. Net earnings for the third quarter of 2024 amounted to $3.9 million, compared to $3.0 million in the prior quarter and $2.9 million for the third quarter of 2023. For the three months ended September 30, 2024, the return on average assets was 1.00%, the return on average equity was 11.82%, and the efficiency ratio was 66.5%.

For the first nine months of 2024, diluted earnings per share totaled $1.77 compared to $1.75 during the same period in 2023. Net earnings for the first nine months of 2024 totaled $9.7 million, compared to $9.6 million in the first nine months of 2023. For the nine months ended September 30, 2024, the return on average assets was 0.84%, the return on average equity was 10.18%, and the efficiency ratio was 68.8%.

In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, said, “The Company delivered strong results in the third quarter 2024. Net earnings grew 30.5 percent over the prior quarter and 36.6 percent over the same period last year. Earnings per share also increased 36.5 percent over the third quarter last year. Growth in loans, margin expansion, and higher non-interest income all contributed to strong revenue growth. This quarter total loans grew $21.3 million, or 8.6 percent annualized, driven mainly by strong growth in residential mortgage, agriculture and commercial real estate loans. Additionally, net interest income grew 5.7 percent, to $11.6 million, as higher interest on loans exceeded interest costs on deposits and our net interest margin expanded by nine basis points and was 3.30 percent for the quarter. Non-interest income also increased $533,000 over the prior quarter mainly due to increases in fees and service charges earned along with a gain on the sale of a former branch. During the third quarter 2024, non-interest expense declined by $536,000, as the prior quarter included a $979,000 valuation adjustment on a former branch facility. Deposit balances increased 8.0 percent annualized during the third quarter mainly due to growth in money market, checking, and certificate of deposit accounts. Stockholders’ equity also increased by $11.4 million as lower rates this quarter reduced our net unrealized securities losses and increased our book value per share.”

Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid November 27, 2024, to common stockholders of record as of the close of business on November 13, 2024. The Board of Directors also declared a 5% stock dividend payable on December 16, 2024, to common stockholders of record on December 2, 2024. This is the 24th consecutive year that the Board 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, October 31, 2024. Investors may participate via telephone by dialing (833) 470-1428 and using access code 242414. A replay of the call will be available through November 30, 2024, by dialing (866) 813-9403 and using access code 908094.

SUMMARY OF THIRD QUARTER RESULTS

Net earnings in the third quarter of 2024 increased $919,000, to $3.9 million mainly due to growth in net interest income coupled with higher non-interest income and lower non-interest expense. The current quarter included a gain of $273,000 on the sale of a former branch and we also recorded a provision for credit losses of $500,000.

Net Interest Income

Net interest income in the third quarter of 2024 amounted to $11.6 million representing an increase of $630,000, or 5.7%, compared to the previous quarter. The increase in net interest income was due mainly to growth in interest income on loans, but partially offset by higher interest expense on deposits. The net interest margin increased to 3.30% during the third quarter from 3.21% during the prior quarter. Compared to the previous quarter, interest income on loans increased $911,000, or 6.1%, to $15.9 million due to both higher average balances and rates. The average tax-equivalent yield on the loan portfolio increased 10 basis points to 6.43%. Interest expense on deposits increased $157,000, or 2.8%, in the third quarter 2024, compared to the prior quarter, mainly due to higher rates on interest-bearing deposits. The average rate on interest-bearing deposits increased in the third quarter to 2.48% compared to 2.44% in the prior quarter. Interest on borrowed funds increased $55,000 due to slightly higher average balances in the current quarter.

Non-Interest Income

Non-interest income totaled $4.3 million for the third quarter of 2024, an increase of $533,000, or 14.3%, from the previous quarter. The increase in non-interest income compared to the second quarter of 2024 was primarily the result of increases of $282,000 in other non-interest income and $189,000 in fees and service charges. Gain on sales of residential mortgage loans also increased 8.6% compared to the prior quarter. The increase in other non-interest income was primarily due to a $273,000 gain on the sale of a former branch.

Non-Interest Expense

During the third quarter of 2024, non-interest expense totaled $10.6 million, a decrease of $536,000, or 4.8%, compared to the prior quarter. As mentioned above, non-interest expense in the prior quarter included a valuation allowance of $979,000 recorded on a former branch facility that was ultimately sold in the third quarter of 2024. Partially offsetting that decline were increases of $299,000 in compensation and benefits and $135,000 in occupancy and equipment.

Income Tax Expense

Landmark recorded income tax expense of $867,000 in the third quarter of 2024 compared to $587,000 in the prior quarter. The effective tax rate was 18.1% in the third quarter of 2024 compared to 16.3% in the second quarter of 2024. The increase in the effective tax rate was primarily due to higher earnings before taxes as tax-exempt income was consistent between the periods.

Balance Sheet Highlights

As of September 30, 2024, gross loans totaled $1.0 billion, an increase of $21.3 million, or 8.6% annualized since June 30, 2024. During the quarter, loan growth was primarily comprised of one-to-four family residential real estate (growth of $12.3 million), agriculture (growth of $7.5 million) and commercial real estate (growth of $5.2 million) loans. The increase in one-to-four family residential real estate loans reflects continued demand for adjustable-rate mortgage loans which are retained in our portfolio. Investment securities decreased $9.4 million during the third quarter of 2024, while pre-tax unrealized net losses on these investment securities decreased from $24.8 million at June 30, 2024 to $13.3 million at September 30, 2024.

Period end deposit balances increased $25.0 million to $1.3 billion at September 30, 2024. The increase in deposits was mainly driven by increases in money market and checking (increase of $19.2 million) and certificates of deposit (increase of $11.4 million). Average interest-bearing deposits however were down slightly this quarter compared to the second quarter. Total borrowings decreased $38.5 million during the third quarter 2024. Average borrowings, including FHLB advances and repurchase agreements increased $4.3 million this quarter compared to the second quarter. At September 30, 2024, the loan to deposits ratio was 77.6% compared to 77.5% in the prior quarter.

Stockholders’ equity increased to $139.7 million (book value of $25.39 per share) as of September 30, 2024, from $128.3 million (book value of $23.45 per share) as of June 30, 2024. The increase in stockholders’ equity was primarily due to a decline in accumulated other comprehensive losses as the unrealized net losses on investments securities declined during the third quarter. The ratio of equity to total assets increased to 8.93% on September 30, 2024, from 8.22% on June 30, 2024.

The allowance for credit losses totaled $11.5 million, or 1.15% of total gross loans on September 30, 2024, compared to $10.9 million, or 1.11% of total gross loans on June 30, 2024. Net loan charge-offs totaled $9,000 in the third quarter of 2024, compared to net loan recoveries of $52,000 during the second quarter of 2024. A provision for credit losses of $500,000 was recorded in the third quarter of 2024 compared to a no provision for credit losses in the second quarter of 2024.

Non-performing loans totaled $13.4 million, or 1.34% of gross loans at September 30, 2024 compared to $5.0 million, or 0.51% of gross loans at June 30, 2024. The increase in non-accrual loans was primarily related to one commercial loan which was put on non-accrual status this quarter. Loans 30-89 days delinquent totaled $7.3 million, or 0.73% of gross loans, as of September 30, 2024, compared to $1.9 million, or 0.19% of gross loans, as of June 30, 2024. The increase in delinquent loans was primarily related to two commercial-related loans. Foreclosed real estate owned totaled $428,000 at September 30, 2024.

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 30 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, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

Contact:Mark A. HerpichChief Financial Officer(785) 565-2000

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 timing of rate changes, if any, by the Federal Reserve; (x) the effects of severe weather, natural disasters, widespread disease or pandemics, 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 SUBSIDIARIESConsolidated Balance Sheets (unaudited)

(Dollars in thousands)		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
Assets
Cash and cash equivalents		$	21,211			$	23,889			$	16,468			$	27,101			$	23,821
Interest-bearing deposits at other banks			4,363				4,881				4,920				4,918				5,904
Investment securities available-for-sale, at fair value:
U.S. treasury securities			83,753				89,325				93,683				95,667				118,341
Municipal obligations, tax exempt			112,126				114,047				118,445				120,623				115,706
Municipal obligations, taxable			75,129				74,588				75,371				79,083				73,993
Agency mortgage-backed securities			140,004				142,499				149,777				157,396				148,817
Total investment securities available-for-sale			411,012				420,459				437,276				452,769				456,857
Investment securities held-to-maturity			3,643				3,613				3,584				3,555				3,525
Bank stocks, at cost			7,894				9,647				7,850				8,123				8,009
Loans:
One-to-four family residential real estate			344,380				332,090				312,833				302,544				289,571
Construction and land			23,454				30,480				24,823				21,090				21,657
Commercial real estate			324,016				318,850				323,397				320,962				323,427
Commercial			181,652				178,876				181,945				180,942				185,831
Agriculture			91,986				84,523				86,808				89,680				84,560
Municipal			7,098				6,556				5,690				4,507				3,200
Consumer			29,263				29,200				28,544				28,931				29,180
Total gross loans			1,001,849				980,575				964,040				948,656				937,426
Net deferred loan (fees) costs and loans in process			(63	)			(583	)			(578	)			(429	)			(396	)
Allowance for credit losses			(11,544	)			(10,903	)			(10,851	)			(10,608	)			(10,970	)
Loans, net			990,242				969,089				952,611				937,619				926,060
Loans held for sale, at fair value			3,250				2,513				2,697				853				1,857
Bank owned life insurance			39,176				38,826				38,578				38,333				38,090
Premises and equipment, net			20,976				20,986				20,696				19,709				23,911
Goodwill			32,377				32,377				32,377				32,377				32,377
Other intangible assets, net			2,729				2,900				3,071				3,241				3,414
Mortgage servicing rights			3,041				2,997				2,977				3,158				3,368
Real estate owned, net			428				428				428				928				934
Other assets			23,309				28,149				29,684				28,988				29,459
Total assets		$	1,563,651			$	1,560,754			$	1,553,217			$	1,561,672			$	1,557,586
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest-bearing demand			360,188				360,631				364,386				367,103				395,046
Money market and checking			565,629				546,385				583,315				613,613				586,651
Savings			145,825				150,996				154,000				152,381				157,112
Certificates of deposit			203,860				192,470				191,823				183,154				169,225
Total deposits			1,275,502				1,250,482				1,293,524				1,316,251				1,308,034
FHLB and other borrowings			92,050				131,330				74,716				64,662				82,569
Subordinated debentures			21,651				21,651				21,651				21,651				21,651
Repurchase agreements			9,528				8,745				15,895				12,714				12,590
Accrued interest and other liabilities			25,229				20,292				20,760				19,480				23,185
Total liabilities			1,423,960				1,432,500				1,426,546				1,434,758				1,448,029
Stockholders’ equity:
Common stock			55				55				55				55				52
Additional paid-in capital			89,532				89,469				89,364				89,208				84,568
Retained earnings			60,549				57,774				55,912				54,282				57,280
Treasury stock, at cost			(396	)			(330	)			(249	)			(75	)			-
Accumulated other comprehensive loss			(10,049	)			(18,714	)			(18,411	)			(16,556	)			(32,343	)
Total stockholders’ equity			139,691				128,254				126,671				126,914				109,557
Total liabilities and stockholders’ equity		$	1,563,651			$	1,560,754			$	1,553,217			$	1,561,672			$	1,557,586

LANDMARK BANCORP, INC. AND SUBSIDIARIESConsolidated Statements of Earnings (unaudited)

(Dollars in thousands, except per share amounts)		Three months ended,												Nine months ended,
		September 30,				June 30,				September 30,				September 30,				September 30,
		2024				2024				2023				2024				2023
Interest income:
Loans		$	15,933			$	15,022			$	13,531			$	45,445			$	37,530
Investment securities:
Taxable			2,301				2,359				2,445				7,088				7,141
Tax-exempt			747				759				772				2,270				2,333
Interest-bearing deposits at banks			41				40				46				144				193
Total interest income			19,022				18,180				16,794				54,947				47,197
Interest expense:
Deposits			5,830				5,673				4,384				16,960				10,375
FHLB and other borrowings			1,100				1,027				1,251				3,149				2,845
Subordinated debentures			416				418				417				1,246				1,168
Repurchase agreements			72				88				116				267				403
Total interest expense			7,418				7,206				6,168				21,622				14,791
Net interest income			11,604				10,974				10,626				33,325				32,406
Provision for credit losses			500				-				-				800				299
Net interest income after provision for credit losses			11,104				10,974				10,626				32,525				32,107
Non-interest income:
Fees and service charges			2,880				2,691				2,618				8,032				7,457
Gains on sales of loans, net			704				648				491				1,864				2,014
Bank owned life insurance			254				248				230				747				671
Other			415				133				313				730				834
Total non-interest income			4,253				3,720				3,652				11,373				10,976
Non-interest expense:
Compensation and benefits			5,803				5,504				5,811				16,839				16,925
Occupancy and equipment			1,429				1,294				1,373				4,113				4,136
Data processing			464				492				458				1,437				1,478
Amortization of mortgage servicing rights and other intangibles			256				256				474				924				1,407
Professional fees			573				649				624				1,869				1,722
Valuation allowance on real estate held for sale			-				979				-				1,108				-
Other			2,034				1,921				1,989				5,915				5,753
Total non-interest expense			10,559				11,095				10,729				32,205				31,421
Earnings before income taxes			4,798				3,599				3,549				11,693				11,662
Income tax expense			867				587				671				1,972				2,065
Net earnings		$	3,931			$	3,012			$	2,878			$	9,721			$	9,597
Net earnings per share (1)
Basic		$	0.72			$	0.55			$	0.53			$	1.77			$	1.75
Diluted			0.72				0.55				0.52				1.77				1.75
Dividends per share (1)			0.21				0.21				0.20				0.63				0.60
Shares outstanding at end of period (1)			5,501,221				5,469,566				5,481,805				5,501,221				5,481,805
Weighted average common shares outstanding - basic (1)			5,490,808				5,471,724				5,479,909				5,477,453				5,476,703
Weighted average common shares outstanding - diluted (1)			5,495,728				5,474,336				5,482,633				5,481,456				5,481,270
Tax equivalent net interest income		$	11,777			$	11,167			$	10,809			$	33,852			$	32,974

(1) Share and per share values at or for the period ended September 30, 2023 have been adjusted to give effect to the 5% stock dividend paid during December 2023.

LANDMARK BANCORP, INC. AND SUBSIDIARIESSelect Ratios and Other Data (unaudited)

(Dollars in thousands, except per share amounts)		As of or for thethree months ended,												As of or for thenine months ended,
		September 30,				June 30,				September 30,				September 30,				September 30,
		2024				2024				2023				2024				2023
Performance ratios:
Return on average assets (1)			1.00	%			0.78	%			0.74	%			0.84	%			0.84	%
Return on average equity (1)			11.82	%			9.72	%			9.87	%			10.18	%			11.13	%
Net interest margin (1)(2)			3.30	%			3.21	%			3.06	%			3.21	%			3.19	%
Effective tax rate			18.1	%			16.3	%			18.9	%			16.9	%			17.7	%
Efficiency ratio (3)			66.5	%			67.9	%			73.8	%			68.8	%			71.0	%
Non-interest income to total income (3)			25.5	%			25.4	%			25.6	%			25.0	%			25.3	%
Average balances:
Investment securities		$	428,301			$	437,136			$	486,706			$	440,744			$	493,853
Loans			985,659				955,104				906,289				962,252				877,048
Assets			1,562,482				1,545,816				1,549,724				1,554,682				1,528,938
Interest-bearing deposits			936,218				936,237				902,727				935,958				886,227
FHLB and other borrowings			77,958				72,875				89,441				74,496				70,774
Subordinated debentures			21,651				21,651				21,651				21,651				21,651
Repurchase agreements			10,774				11,524				15,387				12,218				19,903
Stockholders’ equity		$	132,271			$	124,624			$	115,644			$	127,597			$	115,275
Average tax equivalent yield/cost (1):
Investment securities			2.99	%			3.04	%			2.77	%			2.99	%			2.72	%
Loans			6.43	%			6.33	%			5.93	%			6.31	%			5.72	%
Total interest-bearing assets			5.38	%			5.29	%			4.81	%			5.26	%			4.62	%
Interest-bearing deposits			2.48	%			2.44	%			1.93	%			2.42	%			1.57	%
FHLB and other borrowings			5.61	%			5.67	%			5.55	%			5.65	%			5.37	%
Subordinated debentures			7.64	%			7.76	%			7.64	%			7.69	%			7.21	%
Repurchase agreements			2.66	%			3.07	%			2.99	%			2.92	%			2.71	%
Total interest-bearing liabilities			2.82	%			2.78	%			2.38	%			2.77	%			1.98	%
Capital ratios:
Equity to total assets			8.93	%			8.22	%			7.03	%
Tangible equity to tangible assets (3)			6.84	%			6.09	%			4.85	%
Book value per share		$	25.39			$	23.45			$	19.99
Tangible book value per share (3)		$	19.01			$	17.00			$	13.46
Rollforward of allowance for credit losses (loans):
Beginning balance		$	10,903			$	10,851			$	10,449			$	10,608			$	8,791
Adoption of CECL			-				-				-				-				1,523
Charge-offs			(153	)			(119	)			(142	)			(413	)			(408	)
Recoveries			144				171				663				449				814
Provision for credit losses for loans			650				-				-				900				250
Ending balance		$	11,544			$	10,903			$	10,970			$	11,544			$	10,970
Allowance for unfunded loan commitments		$	150			$	300			$	200
Non-performing assets:
Non-accrual loans		$	13,415			$	5,007			$	4,440
Accruing loans over 90 days past due			-				-				-
Real estate owned			428				428				934
Total non-performing assets		$	13,843			$	5,435			$	5,374
Loans 30-89 days delinquent		$	7,301			$	1,872			$	6,173
Other ratios:
Loans to deposits			77.64	%			77.50	%			70.80	%
Loans 30-89 days delinquent and still accruing to gross loans outstanding			0.73	%			0.19	%			0.66	%
Total non-performing loans to gross loans outstanding			1.34	%			0.51	%			0.47	%
Total non-performing assets to total assets			0.89	%			0.35	%			0.35	%
Allowance for credit losses to gross loans outstanding			1.15	%			1.11	%			1.17	%
Allowance for credit losses to total non-performing loans			86.05	%			217.76	%			247.07	%
Net loan charge-offs to average loans (1)			0.00	%			-0.02	%			-0.23	%			0.00	%			-0.06	%

(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 SUBSIDIARIESNon-GAAP Finacials Measures (unaudited)

(Dollars in thousands, except per share amounts)		As of or for thethree months ended,												As of or for thenine months ended,
		September 30,				June 30,				September 30,				September 30,				September 30,
		2024				2024				2023				2024				2023
Non-GAAP financial ratio reconciliation:
Total non-interest expense		$	10,559			$	11,095			$	10,729			$	32,205			$	31,421
Less: foreclosure and real estate owned expense			(23	)			39				(1	)			(34	)			(21	)
Less: amortization of other intangibles			(171	)			(171	)			(196	)			(512	)			(591	)
Less: valuation allowance on real estate held for sale			-				(979	)			-				(1,108	)			-
Adjusted non-interest expense (A)			10,365				9,984				10,532				30,551				30,809
Net interest income (B)			11,604				10,974				10,626				33,325				32,406
Non-interest income			4,253				3,720				3,652				11,373				10,976
Less: losses (gains) on sales of investment securities, net			-				-				-				-				-
Less: gains on sales of premises and equipment and foreclosed assets			(273	)			9				-				(264	)			(1	)
Adjusted non-interest income (C)		$	3,980			$	3,729			$	3,652			$	11,109			$	10,975
Efficiency ratio (A/(B+C))			66.5	%			67.9	%			73.8	%			68.8	%			71.0	%
Non-interest income to total income (C/(B+C))			25.5	%			25.4	%			25.6	%			25.0	%			25.3	%
Total stockholders’ equity		$	139,691			$	128,254			$	109,557
Less: goodwill and other intangible assets			(35,106	)			(35,277	)			(35,791	)
Tangible equity (D)		$	104,585			$	92,977			$	73,766
Total assets		$	1,563,651			$	1,560,754			$	1,557,586
Less: goodwill and other intangible assets			(35,106	)			(35,277	)			(35,791	)
Tangible assets (E)		$	1,528,545			$	1,525,477			$	1,521,795
Tangible equity to tangible assets (D/E)			6.84	%			6.09	%			4.85	%
Shares outstanding at end of period (F)			5,501,221				5,469,566				5,481,805
Tangible book value per share (D/F)		$	19.01			$	17.00			$	13.46