Landmark Bancorp Reports Growth in Earnings and Dividends
Landmark Bancorp Announces Robust Financial Results
As a leading community banking organization, Landmark Bancorp, Inc. has achieved impressive financial milestones in the recent fiscal year. With a noted earnings per share of $0.57 for the fourth quarter of 2024, the company continues to demonstrate growth and resilience in the banking sector, reinforcing its position as a reliable institution for investors and customers alike.
Year-End Earnings Overview
For the full year, Landmark Bancorp (NASDAQ: LARK) generated diluted earnings per share of $2.26, marking an increase from $2.13 in 2023. The net income for the year was recorded at approximately $13 million, reflecting a noteworthy 6.3% increase from the preceding year’s total of $12.2 million. The stability of returns on average assets at 0.83% and returns on average equity at 10.01% highlight the bank's operational efficiency and profitability.
Fourth Quarter Highlights
The fourth quarter alone saw net income rise to $3.3 million, a substantial growth from $2.6 million during the same period last year. Furthermore, the return on average equity for the quarter stood impressively at 9.54%, underscoring the effectiveness of Landmark's strategic initiatives.
Loan and Deposit Growth
In the realm of loan growth, Landmark experienced an annualized increase of 20.1% or $50.5 million quarter-over-quarter, showcasing significant demand for both residential mortgages and commercial real estate loans. Total gross loans increased by $103.7 million for the year, an increase of 10.9% from 2023. Concurrently, deposits surged by $53.3 million in the fourth quarter, propelled by the growth in money market and interest checking accounts.
Investment in Growth
During 2024, Landmark invested strategically in its people and product offerings, leading to a trend in higher non-interest expenses. Abby Wendel, the President and CEO of Landmark, stated, "The underlying fundamentals in our businesses remain solid, and our focus on customer relationships and quality service is reflected in our growth metrics. As we look ahead, we are committed to enhancing our product strategies and focusing on our community initiatives."
Dividend Declaration and Stock Performance
In recognition of its fruitful financial performance, Landmark’s Board of Directors has declared a cash dividend of $0.21 per share, payable soon to common stockholders. This dividend declaration is notable as it represents Landmark's dedication to returning value to its shareholders, backed by a solid earnings report.
Market Position and Future Outlook
As of the end of 2024, total assets for Landmark Bancorp stood at approximately $1.57 billion, reflecting a commitment to expanding its operational capacity while maintaining a strong liquidity position. With a continued emphasis on sound financial practices and community engagement, Landmark is well-positioned to navigate future challenges while capitalizing on growth opportunities.
Frequently Asked Questions
What was Landmark Bancorp's earnings per share in the fourth quarter of 2024?
The earnings per share for the fourth quarter of 2024 was $0.57.
How much did Landmark Bancorp's net income grow in 2024?
Net income for 2024 increased to $13.0 million, a growth of 6.3% compared to the previous year.
What significant loan growth did Landmark Bancorp achieve in the last quarter?
In the fourth quarter, Landmark saw a loan growth of $50.5 million, translating to an annualized increase of 20.1%.
How much will Landmark pay in dividends?
Landmark Bancorp will pay a cash dividend of $0.21 per share to its stockholders.
What was the bank's total assets at the end of 2024?
Total assets were approximately $1.57 billion at the end of 2024.
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