Landmark Bancorp(US:LARK)2026-01-28 21:05Financial Performance - Net earnings for the year ended December 31, 2025, totaled $18.8 million, a 44.4% increase from $13.0 million in 2024[3] - Diluted earnings per share for the fourth quarter of 2025 were $0.77, compared to $0.81 in the previous quarter and $0.54 in the same quarter of the prior year[2] - Basic net earnings per share for the year ended December 31, 2025, were $3.09, compared to $2.15 for the year ended December 31, 2024[25] - The net earnings for the year ended December 31, 2025, were $18,775,000, a significant increase from $13,003,000 in 2024, representing a 44.1% growth[25] Revenue and Income - Total revenue for the fourth quarter increased to $18.7 million, a 2.9% increase over the prior quarter[7] - Total interest income for the three months ended December 31, 2025, was $20,837,000, an increase of 9.9% compared to $18,952,000 for the same period in 2024[25] - Net interest income for the fourth quarter was $14.8 million, a 4.9% increase from the previous quarter and a 19.3% increase from the same quarter of the prior year[10] - Net interest income increased to $14,789 thousand from $14,094 thousand, reflecting a growth of 4.9%[31] - Non-interest income totaled $3,899,000 for the three months ended December 31, 2025, compared to $3,371,000 in the same period of 2024, reflecting a 15.6% increase[25] - Adjusted non-interest income decreased slightly to $3,983 thousand from $4,013 thousand, a decline of 0.7%[31] Loans and Deposits - Average loans grew by $112.3 million, or 11.5%, for the year ended December 31, 2025, primarily due to strong growth in commercial real estate and residential mortgages[7] - Total year-end deposits increased by $60.1 million, or 4.5%, with a loan to deposit ratio of 79.1%[7] - Total deposits increased to $1,388,854 thousand in December 2025, up from $1,325,500 thousand in September 2025, reflecting a growth of about 4.8%[23] - Total deposits increased to $1,356,125,000 as of December 31, 2025, from $1,314,338,000 as of December 31, 2024, marking a growth of 3.2%[27] Asset and Equity - Stockholders' equity increased to $160.6 million, with a book value of $26.44 per share as of December 31, 2025[17] - The total stockholders' equity rose to $160,631 thousand in December 2025, up from $155,727 thousand in September 2025, indicating an increase of about 3.0%[23] - Tangible book value per share increased to $20.79 from $19.96, a rise of 4.1%[31] - The total assets decreased to $1,606,642 thousand as of December 31, 2025, from $1,617,075 thousand in September 2025, representing a decline of approximately 0.9%[23] Efficiency and Performance Ratios - The efficiency ratio improved to 62.7% for the year ended December 31, 2025, compared to 69.1% for 2024[7] - The efficiency ratio improved to 62.8% for the three months ended December 31, 2025, compared to 70.0% in the same period of 2024[27] - Efficiency ratio improved to 62.8% from 61.2%, indicating better cost management[31] - Return on average assets was 1.17% for the three months ended December 31, 2025, compared to 0.83% for the same period in 2024[27] - Return on average equity was 11.88% for the three months ended December 31, 2025, up from 9.54% in the same period of 2024[27] Credit Quality - Non-performing loans totaled $10.0 million, or 0.90% of gross loans, as of December 31, 2025[19] - Total non-performing loans to gross loans outstanding remained stable at 0.90%, compared to 0.89% in the previous quarter[28] - The allowance for credit losses stood at $12,458 thousand as of December 31, 2025, compared to $12,299 thousand in September 2025, indicating a slight increase in provisions[23] - The allowance for credit losses for loans was $12,458,000 as of December 31, 2025, compared to $12,825,000 as of December 31, 2024, indicating a slight decrease in provisions[27] - Loans 30-89 days delinquent decreased to $4,274 thousand from $4,853 thousand, a reduction of 11.8%[28] - Net loan charge-offs to average loans decreased to 0.12% from 0.83%, showing improved loan performance[28] Dividends - The Board of Directors declared a cash dividend of $0.21 per share, payable on February 26, 2026[8]