A Letter From Our CEO
April 11, 2014
Landmark Bancorp Inc. first quarter results showed marked improvement over the same period in 2013. While assets grew 4.1% net income after tax was up 24% compared to the first quarter of 2013.
Landmark’s net income after tax was $463.1 thousand compared to $372.7 thousand for the first quarter of 2013. First quarter earnings per share were $.24 compared to $.19 for the first quarter of 2013. Return on assets was.70% for the quarter compared to .59% during the first quarter of 2013. Return on equity was 7.62% for the first quarter compared to 6.25% during the same period in 2013. Landmark’s net interest margin improved to 3.83% compared to 3.61% during the first quarter of 2013. Expense related to provision for loan losses declined to $60.0 thousand compared to $266.8 thousand for the first quarter of 2013 due to improved asset quality.
Assets grew 4.1% to $270.6 million compared to $260.0 million for the first quarter of 2013. Gross loans expanded by 12.6% to $201.5 million from $178.9 million compared to the first quarter of 2013. The investment portfolio expanded by 8.1% to $52.9 million from $49.0 million in the same period of 2013. The deposit portfolio grew 5.9% to $234.6 million compared to the same period in 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 9.15%. Stockholders’ equity was $24.8 million at quarter end and book value per share was $12.43 compared to $12.14 for the first quarter of 2013.
During the month of February 2014 Landmark conducted a customer satisfaction survey. Commercial customers and consumer clients were surveyed. About one third of our clients were randomly selected for this survey and the response rate was exceptional with 43% of consumer clients and a remarkable 64% of commercial clients responding. The survey asked 12 questions for commercial and 10 for consumer clients. They were asked to respond to each question with a rating from 1 to 5 with 1 being “Very Satisfied” and 5 “Very Dissatisfied”. We are excited to report that the average score for “Overall Bank Satisfaction” was 1.09 for commercial clients and 1.08 for consumer. The average score for all questions answered was 1.13. Landmark’s Teller Staff received a perfect score of 1 as did the Retail Lending Division. Landmark holds Customer Satisfaction as the key to our future growth and improved results and it is extremely gratifying to get this type of feedback from our clients.
On April 10, 2014 the Board of Directors of Landmark Bancorp, Inc. voted to increase the quarterly dividend from 6 to 7 cents per share an increase of 16.6%. The board declared a dividend of 7 cents per share, payable on May 2, 2014 to stockholders of record on April 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.