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 · Credit Quality
Credit Quality
The credit quality of our loan portfolio remained excellent in 2023 as both loan losses and delinquencies remained very low. We manage our loan portfolio to be geographically diversified throughout our Kansas markets and we are careful to avoid large loan concentrations among our many loan products and across the industries we serve. At year-end 2023, commercial and industrial loans represented 19% of our total gross loans, while commercial real estate loans totaled 34% of total gross loans. Mortgage, agricultural and construction loans represented 32%, 9% and 2%, respectively of total gross loans. Sixty-four percent of our commercial real estate loans are for owner-occupied facilities which we believe offer a better risk reward. We continue to believe appropriate diversification is key to maintaining solid credit quality.
Net loan recoveries totaled $44,000 in 2023 compared to recoveries of $16,000 in the previous year. The allowance for credit losses totaled $10.6 million or 1.12% of year-end 2023 loans. Non-accrual loans totaled $2.4 million at year-end 2023 compared to $3.3 million at year-end 2022.
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