LANDMARK BANCORP INC
For the period ended Dec 31, 2023. Filed Mar 27, 2024.
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FY2023 · Filed Mar 27, 2024
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EX-13.1 · 2023 Financial Highlights
2023 Financial Highlights
| ● | Net income totaled $12.2 million in 2023 compared to $9.9 million in 2022, or an increase of 24%. Diluted earnings per share this year was $2.23 compared to $1.79. |
| ● | The return on average assets in 2023 was 0.80%, the return on average equity was 10.7% and the efficiency ratio was 71.2%. |
| ● | The increase in net income of $2.4 million in 2023 was mainly due to an increase of $4.4 million in net interest income offset by a decline of 3% in fee income and slightly higher operating expenses. The Freedom Bank acquisition in the fourth quarter 2022 added gross loans of $118 million and $150 million in deposits which contributed to the growth in our net interest income. |
| ● | Total shareholders’ equity grew $15.5 million in 2023, or 14%,while our book value per share increased to $23.17, also an increase of 14%. We continue to maintain strong regulatory capital ratios including a total risked based capital ratio of 13.3%. |
| ● | For the 23nd consecutive year, Landmark distributed a 5% stock dividend to shareholders in the fourth quarter 2023. Also, cash dividends paid in 2023 totaled $0.80 per share (as adjusted for the Company’s 5% stock dividend) representing an increase of 5.0% from the amount paid in 2022. |
| ● | In January 2024, the Company’s Board of Directors declared a first quarter cash dividend of $.21 per share, representing an increase of 5% again this year. Landmark has paid a quarterly cash dividend every quarter since the Company’s inception in 2001. |
| ● | Gross loans at December 31, 2023 totaled $948.7 million or growth of 12% for the year. Landmark added over $65 million in residential mortgages and almost $31 million in commercial type loans. |
| ● | Credit quality remained very strong as net loan recoveries totaled $44,000 for the year and non-accrual loans declined. As a result of new accounting rules, we added $1.5 million to our allowance for credit losses at the beginning of 2023. |
The Freedom acquisition was a strategic opportunity for us to grow our franchise and create a stronger commercial banking presence in Overland Park, Kansas, a community that provides excellent growth potential. Thus far, we have been very pleased with the combination of our two organizations. The cultures of our two banks aligned closely with a common approach to commercial banking client management and this acquisition has provided us with more resources to compete in this larger market. We have been excited to have Freedom’s associates join our community banking team this year and the contributions it has made to our continued success at providing top notch service to our customers and our communities.
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