The following is a summary of the Landmark Bancorp, Inc. (LARK) Q4 2023 Earnings Call Transcript:
Financial Performance:
Landmark Bancorp reported a net income for 2023 at over $12 million, a 23% rise from the previous year.
Q4 net earnings were $2.6 million, with earnings per share at $0.48.
Total gross loans rose by $11.2 million due to growth in residential mortgages and agricultural loans, coupled with an increase of $6.8 million in deposits.
Net interest income grew by 2.4% from Q3, with net interest margin standing at 3.11% in Q4 2023.
The bank's Q4 2023 net interest margin increased to 3.11%, up from 3.06% in Q3 2023.
Non-interest income decreased by $558,000 compared to Q4 2022 due to the loss on sale of lower-yielding investments and a decline in gains from residential mortgage sales.
Business Progress:
Benefits were observed from integrating people and systems from the Freedom Bank acquisition in the previous year.
Company distributed a 5% stock dividend in Q4, marking 23 years of continuous payouts and declared a cash dividend of $0.21 per share payable in February 2024.
Gross loans increased by $11.2 million to a total of $948.7 million in the Q4 due to demand in adjustable rate residential mortgages and agricultural lending.
The Bank's regulatory capital ratios remain strong, exceeding regulatory levels regarded as well capitalized.
Total residential mortgage loan portfolio and agricultural loan portfolios have seen an increase of $12.97 million and $5.12 million respectively.
Decrease in non-accrual loans are evident due to the credit upgrade of a $1.4 million relationship and the payoff of a non-accrual loan worth $450,000.
The company maintains strong capital and liquidity, a conservative deposit portfolio, and robust risk management practices.
More details: Landmark Bancorp IR
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