Landmark Bancorp(LARK) - 2025 Q3 - Quarterly Results

Earnings Performance - Diluted earnings per share for Q3 2025 were $0.85, up from $0.75 in Q2 2025 and $0.68 in Q3 2024[2] - Net earnings for Q3 2025 totaled $4.9 million, compared to $4.4 million in the prior quarter and $3.9 million in Q3 2024[2] - Basic net earnings per share for the three months ended September 30, 2025, were $0.85, compared to $0.76 in the same period of 2024[24] - Net earnings for the three months ended September 30, 2025, were $4,930,000, representing a 12.0% increase from $4,404,000 in 2024[24] Income and Revenue - Net interest income for Q3 2025 was $14.1 million, an increase of 3.0% from the previous quarter and 21.5% from the same quarter last year[8] - Total interest income for the three months ended September 30, 2025, was $20,739,000, an increase of 8.1% from $19,022,000 in the same period of 2024[24] - Non-interest income increased by 12.2% in Q3 2025 compared to the prior quarter, totaling $4.1 million[10] - Non-interest income for the three months ended September 30, 2025, was $4,068,000, a 12.2% increase compared to $3,626,000 in the same period of 2024[24] - Net interest income after provision for credit losses for the nine months ended September 30, 2025, was $39,046,000, up 20.1% from $32,525,000 in 2024[24] Asset and Liability Management - Total assets as of September 30, 2025, were $1,617,075,000, a slight decrease from $1,624,865,000 in June 2025[21] - Total liabilities decreased to $1,461,348,000 in September 2025 from $1,476,489,000 in June 2025, indicating a reduction of approximately 1.0%[21] - The company’s cash and cash equivalents were $23,947,000 as of September 30, 2025, down from $25,038,000 in June 2025[21] Equity and Dividends - Stockholders' equity increased to $155.7 million, with a book value of $26.92 per share as of September 30, 2025[15] - The total stockholders' equity rose to $155,727,000 in September 2025, up from $148,376,000 in June 2025, representing an increase of about 4.5%[21] - A cash dividend of $0.21 per share was declared, along with a 5% stock dividend, marking the 25th consecutive year of the stock dividend[5] Loan Performance - Average loan balances grew by $26.7 million in Q3 2025, while end-of-period loans remained flat[7] - Non-performing loans decreased to $10.0 million, or 0.89% of gross loans, from $17.0 million, or 1.52% in the prior quarter[17] - The company reported a total gross loan amount of $1,118,053,000 as of September 30, 2025, slightly up from $1,117,784,000 in June 2025[21] - The allowance for credit losses was $12.3 million, or 1.10% of total gross loans, down from 1.23% in the prior quarter[16] - Total non-performing assets decreased to $9,999,000 as of September 30, 2025, from $17,151,000 in the previous quarter[26] Efficiency Metrics - The efficiency ratio improved to 60.7% in Q3 2025, down from 62.8% in the prior quarter and 66.5% in Q3 2024[7] - Efficiency ratio improved to 60.7% from 62.8% quarter-over-quarter[30] - Tangible equity to tangible assets ratio improved to 7.66% from 7.15% quarter-over-quarter[30] Deposit Trends - Total deposits increased to $1,325,500,000 in September 2025, compared to $1,273,901,000 in June 2025, reflecting a growth of approximately 4.0%[21] - Non-interest-bearing demand deposits increased to $365,959,000 in September 2025, compared to $351,993,000 in June 2025, a growth of approximately 4.0%[21] - Loans to deposits ratio decreased to 83.36% from 86.62% year-over-year[27]