Landmark Bancorp, Inc. reported a significant increase in financial performance for the first quarter of 2025, with net earnings reaching $4.7 million, a 69.2% rise from $2.8 million in the same period of 2024. This growth was primarily driven by a $2.4 million increase in net interest income, which totaled $13.1 million, and a slight decrease in non-interest income to $3.4 million. The company's basic and diluted earnings per share improved to $0.81, up from $0.48 a year earlier. The net interest margin also saw an increase, rising to 3.76% from 3.12% in the previous year.
In terms of assets, Landmark Bancorp reported total assets of $1.58 billion as of March 31, 2025, a slight increase from $1.57 billion at the end of 2024. The company’s loan portfolio grew to $1.07 billion, up from $1.05 billion, with notable increases in commercial real estate and one-to-four family residential loans. The allowance for credit losses remained stable at $12.8 million, representing 1.19% of gross loans, reflecting the company's ongoing assessment of credit risk amid current economic conditions.
Operationally, Landmark Bancorp has maintained a strong deposit base, with total deposits increasing to $1.34 billion, up from $1.33 billion at the end of 2024. Non-interest-bearing deposits accounted for 27.6% of total deposits, indicating a solid core deposit strategy. The company also reported a decrease in interest expense, which fell to $6.2 million from $7.0 million, attributed to lower rates on interest-bearing deposits and a reduction in average borrowings.
Strategically, Landmark Bancorp continues to focus on expanding its loan portfolio while managing credit risk effectively. The company has emphasized its commitment to quality asset acquisition and maintaining strong relationships with borrowers. The management expressed confidence in the company's ability to navigate economic challenges, including inflation and interest rate fluctuations, while continuing to deliver value to shareholders. Looking ahead, Landmark Bancorp plans to sustain its dividend strategy, having declared a cash dividend of $0.21 per share for the quarter, reflecting its strong capital position and commitment to returning value to shareholders.
About LANDMARK BANCORP INC
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