Landmark Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 29, 2018 at 05:22 pm
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Landmark Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $7,535,000 compared to $7,334,000 a year ago. Net interest income was $6,569,000 compared to $6,521,000 a year ago. The increase was a result of a 1.8% increase in average interest-earning assets, from $817.4 million in the fourth quarter of 2016 to $832.1 million in the fourth quarter of 2017. Earnings before income taxes were $2,633,000 compared to $2,440,000 a year ago. Net earnings were $2,442,000 or $0.59 per diluted share compared to $2,086,000 or $0.51 per basic and diluted share a year ago. Return on average assets was 1.05% compared to 0.92% a year ago. Return on average equity was 11.15% compared to 9.45% a year ago.
For the year, the company reported total interest income of $29,700,000 compared to $29,230,000 a year ago. Net interest income was $26,115,000 compared to $26,039,000 a year ago. The increase was primarily the result of higher balances of investment securities which resulted in a 2.4% increase in average interest-earning assets, from $808.6 million in 2016 to $828.1 million in 2017. Earnings before income taxes were $3,472,000 compared to $11,275,000 a year ago. Net earnings were $4,369,000 or $1.06 per diluted share compared to $8,961,000 or $2.20 per diluted share a year ago. Return on average assets was 0.47% compared to 1.00% a year ago. Return on average equity was 4.98% compared to 10.34% a year ago.
Landmark Bancorp, Inc. is a financial holding company. The Companyâs business consists of the ownership of Landmark National Bank (the Bank) and Landmark Risk Management, Inc., which are wholly owned subsidiaries of the Company. The Bank's primary deposit gathering and lending markets are geographically diversified throughout central, eastern, southeast, and southwest Kansas. The Bank is principally engaged in the business of attracting deposits from the general public and using such deposits, together with borrowings and other funds, to originate one-to-four family residential real estate, construction and land, commercial real estate, commercial, agricultural, municipal and consumer loans. The Bank also invests in certain investment and mortgage-related securities using deposits and other borrowings as funding sources. Landmark Risk Management, Inc. is a captive insurance company, which provides property and casualty insurance coverage to the Company and the Bank.