A Letter From Our CEO
December 3, 2014
On December 3, 2014 Landmark Community Bank entered into an agreement with the Scranton Parking Authority and the City of Scranton that provides for repayment of the 2011 Landmark loan to the Scranton Parking Authority which defaulted in 2012. The bank charged off the balance of this loan, $2,609,000.00, in December of 2012.
The parties entered into a new loan agreement which provides for repayment of all principal, all accrued interest from the date of default through the date of closing, as well as, legal and collection expenses.
Repayment of this new note is assured by a perfected first lien security interest in the City of Scranton’s net meter revenue which is pledged for the life of the loan. The term of the note is ten years with interest, adjusted monthly, at the WSJ prime rate plus 3.5%.
At this time we expect to treat future payments as a recovery so, as we receive these quarterly payments, we will book them as a recovery of the previous charge off.
We appreciate the efforts of everyone involved in crafting this mutually beneficial agreement especially Scranton City’s Administration, Scranton City Council, and the Scranton Parking Authority.
Very Truly Yours,
Daniel R. Nulton
President & CEO
October 24, 2014
Third quarter results for Landmark Bancorp Inc. improved significantly compared to the same period in 2013. While average assets grew 5.7%, net income after tax was up 21.4% compared to 9/30/13. Landmark’s net interest margin has improved by .14% to 3.78% compared to 3.64% as of 9/30/13.
Landmark’s net income after tax was $1.476 million compared to $1.216 million at 9/30/13. Earnings per share were $.77 compared to $.62 for the same period of 2013. Return on assets was.72% compared to .63% during same period of 2013. Return on equity was 7.85% compared to 6.74% at 9/30/13. On September 30, 2014 assets were $276.4 million, up 5.7%, compared to $261.6 million on 9/30/13. Net loans, expanded by 11.4% to $204.5 million at quarter end compared to$183.6 million for the same period of 2013. The investment portfolio expanded to $52.8 million from $47.7 million at quarter end 2013. The deposit portfolio grew 6.3% to $236.9 million compared to the same period in 2013. Non-interest bearing deposits continue to grow and are up 14.0% compared to 9/30/13.
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 9.17%. Stockholders’ equity was $25.9 million at quarter end and book value per share was $12.94 compared to $12.01 at 9/30/13.
On October 23, 2014 the Board of Directors of Landmark Bancorp, Inc. declared a dividend of $.07 per share, payable on November 18, 2014 to stockholders of record on November 7, 2014.
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.