Landmark Bancorp Inc (LARK) Reports Q3 Earnings Per Share of $0.55, Declares Cash Dividend of $0.21
Landmark Bancorp Inc (NASDAQ:LARK) reports diluted earnings per share of $0.55 for Q3 2023, compared to $0.48 per share in the same quarter last year.
Net earnings for Q3 2023 amounted to $2.9 million, compared to $2.5 million for Q3 2022.
For the first nine months of 2023, diluted earnings per share totaled $1.84 compared to $1.65 during the same period in 2022.
The company's Board of Directors declared a cash dividend of $0.21 per share and a 5% stock dividend.
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Landmark Bancorp Inc (NASDAQ:LARK) announced its Q3 2023 earnings on October 31, 2023. The company reported diluted earnings per share of $0.55 for the three months ended September 30, 2023, compared to $0.64 per share in the second quarter of 2023 and $0.48 per share in the same quarter last year. Net earnings for the third quarter of 2023 amounted to $2.9 million, compared to $3.4 million in the prior quarter and $2.5 million for the third quarter of 2022.
Financial Performance
For the first nine months of 2023, diluted earnings per share totaled $1.84 compared to $1.65 during the same period in 2022. Net earnings for the first nine months of 2023 totaled $9.6 million, compared to $8.7 million in the first nine months of 2022. The return on average assets was 0.84% and the return on average equity was 11.13% for the nine months ended September 30, 2023.
Loan and Deposit Growth
Michael E. Scheopner, President and Chief Executive Officer of Landmark, noted that the company saw good growth in loans coupled with solid credit results in the third quarter. Total gross loans increased by $44.2 million, or 19.6% on an annualized basis mainly due to growth in residential mortgage, commercial real estate, and commercial loans. Deposits also increased $27.1 million during the third quarter of 2023 due to growth in non-interest demand deposits and an increase in certificates of deposit.
Dividend Announcement
Landmarks Board of Directors declared a cash dividend of $0.21 per share, to be paid November 29, 2023, to common stockholders of record as of the close of business on November 15, 2023. The Board of Directors also declared a 5% stock dividend payable on December 15, 2023, to common stockholders of record on December 1, 2023. This is the 23rd consecutive year that the Board has declared a 5% stock dividend.
Balance Sheet Highlights
As of September 30, 2023, gross loans totaled $937.4 million, an increase of $44.2 million, or 19.6% annualized since June 30, 2023. Deposit balances increased $27.1 million, or 8.4% on an annualized basis, to $1.3 billion at September 30, 2023. The loan to deposits ratio was 70.8% compared to 68.9% in the prior quarter and 62.9% in the same period last year.
Outlook
Landmark Bancorp Inc (NASDAQ:LARK) continues to demonstrate solid financial performance with steady growth in loans and deposits. The company's commitment to delivering shareholder value is evident in its consistent dividend payouts. As the company navigates the evolving financial landscape, it remains focused on maintaining its strong financial position and delivering superior services to its customers.
Explore the complete 8-K earnings release (here) from Landmark Bancorp Inc for further details.
This article first appeared on GuruFocus.
