Landmark Bancorp, Inc. Announces Growth in First Quarter 2025 Net Earnings of 43.2%. Declares Cash Dividend of $0.21 per Share

Core Points - Landmark Bancorp, Inc. reported diluted earnings per share of $0.81 for Q1 2025, an increase from $0.57 in Q4 2024 and $0.48 in Q1 2024 [1] - Net income for Q1 2025 was $4.7 million, up from $3.3 million in the previous quarter and $2.8 million in the same quarter last year [1] - The return on average assets was 1.21% and return on average equity was 13.71% for Q1 2025 [1][29] - The efficiency ratio improved to 64.1% from 70.8% in the previous quarter [29] Financial Performance - Net interest income for Q1 2025 was $13.1 million, a 5.8% increase from the previous quarter [5] - The net interest margin increased to 3.76% from 3.51% in the prior quarter [5][7] - Total gross loans increased by $22.6 million, or 8.7% annualized, with significant growth in commercial real estate and residential mortgage loans [3][12] - Total deposits rose by $7.1 million in Q1 2025, exceeding typical seasonal declines [3][13] Non-Interest Income and Expenses - Non-interest income totaled $3.4 million for Q1 2025, a slight decrease from the previous quarter [8] - Non-interest expenses decreased by $1.1 million to $10.8 million compared to the prior quarter [10] - The decrease in non-interest expenses was attributed to reductions in various operational costs, including occupancy and professional fees [10] Credit Quality - Credit quality remained stable with minimal net charge-offs of $23,000 in Q1 2025, compared to $219,000 in Q4 2024 [15] - The allowance for credit losses was $12.8 million, or 1.19% of total gross loans [15][29] - Non-performing loans totaled $13.3 million, or 1.24% of gross loans, showing slight improvement from the previous quarter [16][29] Balance Sheet Highlights - As of March 31, 2025, total assets were $1.58 billion, with total stockholders' equity increasing to $142.7 million [14][21] - The loan-to-deposit ratio was 79.5%, up from 78.2% in the prior quarter [13][29] - The ratio of equity to total assets increased to 9.04% from 8.65% in the previous quarter [14][29]