A Letter From Our CEO
July 10, 2014
Landmark Bancorp Inc. produced second quarter results that improved significantly compared to the same period in 2013. While average assets grew 5.6%, net income after tax was up 25.3% compared to the first six months of 2013. Landmark’s net interest margin has improved by .22% to 3.84% compared to 3.62% as of June 30, 2013.
Landmark’s net income after tax was $980.0 thousand compared to $782.0 thousand for the first six months of 2013. Earnings per share were $.51 compared to $.40 for the same period of 2013. Return on assets was .73% compared to .61% during the first six months of 2013. Return on equity was 7.94% compared to 6.50% during the same period in 2013.
On June 30, 2014 total assets were $277.9 million, up 8.9%, compared to $255.1 million on June 30, 2013. Gross loans, net of reserves, expanded by 13.5% to $207.2 million from $182.6 million compared to the same period of 2013. The investment portfolio expanded to $52.7 million from $46.8 million in the same period of 2013. The deposit portfolio grew 10.8% to $240.9 million compared to the same period in 2013. Non-interest bearing deposits continue to grow and are up 20.1% compared to June 30, 2013.
Landmark remains well capitalized. According to regulatory guidelines a bank is considered well capitalized with a Tier 1 Leverage Ratio of 5%. Landmark’s Tier 1 Leverage Ratio held steady at 9.16%. Stockholders’ equity was $25.5 million at quarter end and book value per share was $12.74 compared to $11.95 at June 30, 2013.
On July 10, 2014 the Board of Directors of Landmark Bancorp, Inc. declared a dividend of $.07 per share, payable on August 1, 2014 to stockholders of record on July, 24, 2014.
Landmark Community Bank’s staff, management, Board of Directors and Advisory Board members are committed to building a strong community bank and providing unparalleled service to our clients, as well as delivering long term value to our shareholders. We appreciate your support and we encourage you to continue to use Landmark Community Bank for all your banking needs and request that you refer prospective clients to your bank.Very Truly Yours,
Daniel R. Nulton
President & CEO
Savings, Money Market & Club Accounts Landmark Community Bank offers traditional savings accounts, money market accounts, certificates of deposit, club accounts and IRA accounts.
Checking Deposit accounts to meet all of your personal and business needs.
Online Banking Services Landmark Community Bank’s Net Teller allows you to bank from your personal computer, giving access to your bank accounts 24 hours a day.
Loans Landmark Community Bank offers a variety of home equity, personal and business loans.
At Landmark Community Bank our goal is to offer the highest customer service while establishing a long lasting relationship with you. We provide you with a high level of technology with experienced, responsive bankers to compliment and maximize your business. Landmark Community Bank offers a full range of services to accommodate all businesses. Please click on a link above to find out more about how Landmark can be "Better Business Banking" for you.