Landmark Bancorp(LARK)2025-02-05 00:18Financial Performance - Landmark Bancorp reported a 6.3% increase in net earnings for 2024, totaling 12.2 million in 2023[3] - Diluted earnings per share for Q4 2024 were 0.68 in Q3 2024 but up from 2.26, compared to 51 million, or 20% annualized, in Q4 2024, with a total of 53.3 million, or 16.6% annualized, reaching 1,052,353 thousand in December 2024, up from 1,328,766 thousand in December 2024, compared to 12.4 million, a 6.9% increase from the previous quarter, with a net interest margin improvement to 3.51%[7][8] - Total interest income for the three months ended December 31, 2024, was 17,486,000 for the same period in 2023, representing a growth of 8.4%[24] - Net interest income after provision for credit losses for the year ended December 31, 2024, was 42,943,000 in 2023, reflecting a year-over-year increase of 1.1%[24] - Non-interest expenses increased to 1.3 million from the prior quarter, driven by higher professional fees and compensation costs[11] Non-Interest Income - Non-interest income decreased to 1.0 million loss on the sale of investment securities[10] - Non-interest income for the three months ended December 31, 2024, totaled 2,254,000 in the same period of 2023, marking a significant increase of 49.6%[24] - Adjusted non-interest income increased to 3,980,000 in September 2024[30] Asset Quality and Credit Losses - The allowance for credit losses was 219,000 in Q4 2024[16] - The provision for credit losses increased to 50,000 in the same period of 2023, indicating a substantial rise in credit loss provisions[24] - Total non-performing assets decreased to 3,319,000 in the same period of 2023, indicating improved asset quality[26] - Total non-performing loans to gross loans outstanding decreased to 1.25% from 1.34%[27] - Allowance for credit losses to gross loans outstanding increased to 1.22% from 1.15%[27] Tax and Dividends - The effective tax rate for Q4 2024 was (37.0%), reflecting the recognition of 0.21 per share, to be paid on March 5, 2025, marking the 24th consecutive year of stock dividends[5] Balance Sheet Highlights - Total assets increased to 1,561,672 thousand in December 2023, representing a growth of 0.8%[21] - The total stockholders' equity was 126,914 thousand in December 2023, reflecting a change of 7.3%[21] - The total liabilities increased to 1,434,758 thousand in December 2023, showing a marginal increase of 0.2%[21] - Cash and cash equivalents decreased to 27,101 thousand in December 2023, a decline of 25.3%[21] - The investment securities available-for-sale totaled 452,769 thousand in December 2023, a decrease of 17.7%[21] Efficiency and Returns - The efficiency ratio for the three months ended December 31, 2024, was 70.0%, compared to 71.9% in the same period of 2023, showing improved operational efficiency[26] - Return on average assets for the three months ended December 31, 2024, was 0.83%, an increase from 0.67% in the same period of 2023[26] - Return on average equity for the three months ended December 31, 2024, was 9.54%, down from 9.39% in the same period of 2023[26] - Efficiency ratio improved to 70.0% from 66.5% in the previous quarter[30] - Tangible equity to tangible assets ratio was 6.58%, down from 6.84% in the previous quarter[30]