Landmark Bancorp(LARK) - 2024 Q3 - Quarterly Results

Financial Performance - Landmark Bancorp reported diluted earnings per share of $0.72 for Q3 2024, a 30.5% increase from the prior quarter and a 36.5% increase year-over-year[1]. - Net earnings for Q3 2024 reached$ 3.9 million, up from $3.0 million in Q2 2024 and$ 2.9 million in Q3 2023, reflecting a 30.5% quarter-over-quarter growth and a 36.6% year-over-year growth[1][3]. - Basic earnings per share rose to $0.72, up from$ 0.55 in the previous quarter, marking a 30.9% increase[19]. - Net earnings for the quarter were $3,931,000, representing an increase of 30.6% from$ 3,012,000 in the previous quarter[19]. Loan and Deposit Growth - Total loans increased by $21.3 million, or 8.6% annualized, driven by strong growth in residential mortgage, agriculture, and commercial real estate loans[3]. - As of September 30, 2024, gross loans totaled$ 1.0 billion, with a loan-to-deposit ratio of 77.6%[10][11]. - Total deposits rose to $1,275,502 thousand, compared to$ 1,250,482 thousand in the prior quarter, marking an increase of 2.00%[17]. - The net loans increased to $990,242 thousand from$ 969,089 thousand, showing a growth of 2.37%[17]. Income and Expenses - Net interest income grew by 5.7% to $11.6 million, with a net interest margin expanding to 3.30% from 3.21% in the prior quarter[6]. - Total interest income for the three months ended September 30, 2024, was$ 19,022,000, an increase of 4.6% from $18,180,000 in the previous quarter[19]. - Non-interest income totaled$ 4.3 million, an increase of $533,000, or 14.3%, from the previous quarter, primarily due to higher fees and a gain on the sale of a former branch[7]. - Total non-interest expense decreased to$ 10,559,000 from $11,095,000 in the previous quarter, a reduction of 4.8%[19]. Asset Management - Total assets as of September 30, 2024, increased to$ 1,563,651 thousand from $1,560,754 thousand as of June 30, 2024, reflecting a growth of 0.12%[17]. - Total gross loans reached$ 1,001,849 thousand, up from $980,575 thousand in the previous quarter, representing a growth of 2.73%[17]. - Cash and cash equivalents decreased to$ 21,211 thousand from $23,889 thousand, a decline of 11.16%[17]. - Investment securities available-for-sale totaled$ 411,012 thousand, down from $420,459 thousand, a decrease of 1.06%[17]. Equity and Capital - Stockholders' equity increased to$ 139.7 million, with a book value of $25.39 per share, up from$ 128.3 million and $23.45 per share in the prior quarter[12]. - The common stock remained stable at$ 55, with additional paid-in capital increasing to $89,532 thousand from$ 89,469 thousand[17]. - Retained earnings increased to $60,549 thousand from$ 57,774 thousand, reflecting a growth of 4.83%[17]. - Total stockholders' equity rose to $139,691 million, up from$ 128,254 million[24]. Credit Quality - The allowance for credit losses was $11.5 million, or 1.15% of total gross loans, with a provision for credit losses of$ 500,000 recorded in Q3 2024[13]. - Non-performing loans rose to $13.4 million, or 1.34% of gross loans, compared to$ 5.0 million, or 0.51% of gross loans in the prior quarter[14]. - Total non-performing assets increased to $13,843 thousand, up from$ 5,435 thousand[21]. - Loans 30-89 days delinquent rose to $7,301 thousand, compared to$ 1,872 thousand previously[21]. Efficiency and Returns - Return on average assets increased to 1.00% for September 30, 2024, compared to 0.78% for June 30, 2024[20]. - Return on average equity improved to 11.82% for September 30, 2024, up from 9.72% for June 30, 2024[20]. - The efficiency ratio improved to 66.5% for September 30, 2024, down from 67.9% for June 30, 2024[20]. - Tangible equity increased to $104,585 million, compared to$ 92,977 million previously[24].