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Landmark Bancorp, Inc. Announces Second Quarter Earnings Per Share of $0.61
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Landmark Bancorp, Inc. Announces Second Quarter Earnings Per Share of $0.61

Declares Cash Dividend of $0.21 per Share

Manhattan, KS, July 26, 2022 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.61 for the three months ended June 30, 2022, compared to $0.62 per share in the first quarter of 2022 and $0.99 per share in the same quarter last year. Net earnings for the second quarter of 2022 amounted to $3.0 million, compared to $3.1 million in the prior quarter and $5.0 million for the second quarter of 2021. For the three months ended June 30, 2022, the return on average assets was 0.93%, the return on average equity was 10.04%, and the efficiency ratio was 69.1%.

For the first six months of 2022, diluted earnings per share totaled $1.23 compared to $2.07 during the same period of 2021. Net earnings for the six months of 2022 amounted to $6.2 million, compared to $10.3 million in the first six months of 2021. For the six months ended June 30, 2022, the return on average assets was 0.95% and the return on average equity was 9.81%.

In announcing these results, Michael E. Scheopner, President and Chief Executive Officer of Landmark, said, “Despite continued economic uncertainties and an increasing interest rate environment, in the second quarter 2022 we saw strong loan growth along with increased net interest income, higher fees and service charges and increased gains on sales of residential real estate loans. Compared to the first quarter 2022, total gross loans increased by $36.4 million while net interest income grew by $253,000 or 2.9%. Fees and service charges also increased by $227,000 while gains on sales of loans increased $168,000. The growth in loans was mainly due to increased customer demand for both commercial and commercial real estate loans coupled with higher originations of variable rate residential mortgage loans. During the second quarter 2022, Paycheck Protection Program (PPP) loans declined $4.6 million and totaled $652,000 at June 30, 2022. The increase in net interest income this quarter over the prior quarter was the result of higher interest on investment securities offset by a slight decline in loan interest and increased interest expense. Non-interest expense remained well controlled totaling $9.0 million in the second quarter 2022 and included $221,000 in costs associated with our announced acquisition of Freedom Bancshares, Inc. Total deposits declined slightly this quarter but have increased by $53.7 million, or 5.0% as compared to June 30, 2021. Overall, deposit costs remain low.”

Mr. Scheopner continued, “Credit quality remains strong as Landmark recorded net loan charge-offs of $42,000 in the second quarter of 2022 compared to net loan recoveries of $82,000 in the prior quarter and net loan charge-offs of $108,000 in the second quarter of 2021. Non-accrual loans totaled $4.9 million or 0.73% of gross loans at June 30, 2022 and have declined $8.4 million over the last twelve months. Also, the balance of loans past due 30 to 89 days remained low. The allowance for loan losses totaled $8.3 million at June 30, 2022, or 1.24% of period end loans. Our equity to assets ratio totaled 9.08% while loans to deposits totaled 58.5%. We believe Landmark’s risk management practices, liquidity and capital strength continue to position us well for future growth and to meet the financial needs of families and businesses in our markets.”

Total assets at June 30, 2022 were $1.3 billion, total gross loans were $669.9 million and total deposits were $1.1 billion. On June 28, 2022, Landmark announced plans to acquire Freedom Bancshares, Inc. a one-bank holding company with loans of $131.6 million and deposits of $169.1 million. Freedom Bank is located in Overland Park, Kansas and will expand Landmark’s presence in the Kansas City market. It is expected that this transaction will be completed in the fourth quarter of 2022. Also this quarter the Company purchased 21,115 shares of treasury stock.

Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid August 24, 2022, to common stockholders of record as of the close of business on August 10, 2022. Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Wednesday, July 27, 2022. Investors may participate via telephone by dialing (844) 200-6205 and using access code 665174. A replay of the call will be available through August 26, 2022, by dialing (866) 813-9403 and using access code 005230.

SUMMARY OF SECOND QUARTER RESULTS

Net Interest Income

Net interest income amounted to $8.9 million for the three months ended June 30, 2022, compared to $10.0 million in the same period last year and $8.6 million in the first quarter of 2022. The decrease of $1.1 million, or 10.8%, from the second quarter of 2022 was primarily the result of a decrease in interest on loans, which declined $1.7 million or 19.0%. This decrease was mainly due to lower interest and fees earned on PPP loans which declined by $2.0 million from the second quarter 2021. Net interest income, however, increased $253,000 from the first quarter 2022 due mainly to higher interest on investment securities but slightly lower loan interest. The average tax-equivalent yield on the loan portfolio was 4.40% in the second quarter of 2022 compared to 5.00% in the same quarter last year and 4.59% in the prior quarter. Interest costs on interest-bearing deposits totaled 0.18% in the second quarter of 2022, 0.14% in the second quarter of 2021 and 0.10% in the prior quarter. On a tax-equivalent basis, the net interest margin totaled 3.05% in the second quarter of 2022, compared to 2.99% in the prior quarter and 3.54% in the second quarter of 2021.

Non-Interest Income

Non-interest income totaled $3.8 million for the second quarter of 2022, a decrease of $1.7 million, or 30.6%, compared to the same period last year and an increase of $233,000, or 6.5% from the previous quarter. The decrease in non-interest income during the second quarter of 2022 compared to the same period last year was primarily due to a decrease of $1.8 million in gains on sales of one-to-four family residential real estate loans as higher interest rates and low housing inventories reduced originations of these loan which are normally sold. Higher mortgage rates however did result in increased originations of adjustable-rate loans this quarter which are kept in the Company’s loan portfolio. Fees and service charges increased $227,000, or 10.5%, compared to the same quarter last year and were $192,000 higher than in the prior quarter.

Non-Interest Expense

During the second quarter of 2022, non-interest expense totaled $9.0 million, a decrease of $168,000, or 1.8% over the same period last year and an increase of $184,000, or 2.1% from the prior quarter. The decrease in non-interest expense in the second quarter of 2022 compared to the same period last year was mainly due to lower data process fees, reduced mortgage servicing rights amortization and a decline in compensation and benefits and other non-interest expense. The decline in data processing fees was due to a new contract with the Company’s main technology vendor in effect this year while lower mortgage banking activity this quarter resulted in lower costs for compensation, amortization and other non-interest expense. Compared to the prior quarter, non-interest expense increased by 2.1% mainly due to costs of $221,000 related to the recently announced acquisition of Freedom Bancshares, Inc. and its wholly owned subsidiary Freedom Bank.

Income Tax Expense

Landmark recorded income tax expense of $639,000 in the second quarter of 2022 compared to $1.3 million in the second quarter of 2021 and $737,000 in the first quarter of 2022. The effective tax rate decreased to 17.4% in the second quarter of 2022 compared to 20.5% in the second quarter of 2021 and 19.0% in the first quarter of 2022, primarily due to lower pretax earnings.

Balance Sheet Highlights

As of June 30, 2022, gross loans totaled $669.9 million, an increase of $36.4 million since March 31, 2022. The balance of PPP loans totaled $652,000 at June 30, 2022 compared to $5.2 million at March 31, 2022. Excluding these loans, gross loans increased $40.9 million, or 26.1% annualized, during the second quarter of 2022, primarily due to increases of $23.0 million in one-to-four family residential real estate, $13.1 million in commercial real estate and $10.7 million in commercial loans. Compared to March 31, 2022, investment securities increased $19.7 million to $486.6 million as of June 30, 2020, while deposits decreased $8.1 million to $1.1 billion. At June 30, 2022 the loan to deposits ratio was 58.5% compared to 54.9% in the prior quarter and 62.5% in the same period last year.

Stockholders’ equity decreased to $117.3 million (book value of $23.57 per share) as of June 30, 2022, from $123.5 million (book value of $24.72 per share) as of March 31, 2022, due mainly to an increase in other comprehensive losses and the purchase of treasury stock. The increase in other comprehensive losses this quarter resulted from higher interest rates which increased unrealized losses on the Company’s investment securities portfolio. The ratio of equity to total assets decreased to 9.08% on June 30, 2022, from 9.45% at March 31, 2022.

The allowance for loan losses totaled $8.3 million, or 1.24% of total gross loans (excluding PPP loans) on June 30, 2022, compared to $8.4 million, or 1.33% of total gross loans (excluding PPP loans) on March 31, 2022. No allowance for loan losses has been allocated to PPP loans because they are guaranteed by the SBA. Net loan charge-offs totaled $42,000 in the second quarter of 2022, compared to net loan charge-offs of $108,000 during the same quarter last year and net loan recoveries of $82,000 during the first quarter of 2022. The ratio of annualized net loan charge-offs to total average loans was 0.03% in the second quarter of 2022, 0.06% in the second quarter of last year and -0.05% in the prior quarter. No provision for loan losses was recorded in the second quarter of 2022 and 2021. A credit provision for loan losses of $500,000 was made in the first quarter 2022 due to the decline in loan balances.

During the second quarter of 2022, non-performing loans totaled $4.9 million, or 0.73% of gross loans, while loans 30-89 days delinquent totaled $877,000, or 0.13% of gross loans, as of June 30, 2022. Real estate owned totaled $1.3 million at June 30, 2022.

About Landmark

Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 30 locations in 24 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, Kincaid, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

Special Note Concerning Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the effects of the COVID-19 pandemic, including its effects on the economic environment, our customers and operations, as well as changes to federal, state or local government laws, regulations or orders in connection with the pandemic; (ii) the strength of the local, national and international economies; (iii) changes in state and federal laws, regulations and governmental policies concerning banking, securities, consumer protection, insurance, monetary, trade and tax matters; (iv) changes in interest rates and prepayment rates of our assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) timely development and acceptance of new products and services; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) our risk management framework; (ix) interruptions in information technology and telecommunications systems and third-party services; (x) changes and uncertainty in benchmark interest rates, including the elimination of LIBOR and the development of a substitute; (xi) the effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xii) the loss of key executives or employees; (xiii) changes in consumer spending; (xiv) integration of acquired businesses; (xv) unexpected outcomes of existing or new litigation; (xvi) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvii) the economic impact of armed conflict or terrorist acts involving the United States; (xviii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xix) declines in the value of our investment portfolio; (xx) the ability to raise additional capital; (xxi) cyber-attacks; (xxii) declines in real estate values; (xxiii) the effects of fraud on the part of our employees, customers, vendors or counterparties; and (xxiv) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

Contacts:
Michael E. Scheopner
President and Chief Executive Officer

Mark A. Herpich
Chief Financial Officer
(785) 565-2000


LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)

(Dollars in thousands)   June 30,     March 31,     December 31,     September 30,     June 30,  
    2022     2022     2021     2021     2021  
Assets                                        
Cash and cash equivalents   $ 30,413     $ 106,319     $ 189,213     $ 117,314     $ 131,018  
Interest-bearing deposits at other banks     8,360       6,381       7,378       7,629       5,205  
Investment securities:                                        
U.S. treasury securities     135,459       119,882       42,675       40,314       36,646  
U.S. federal agency obligations     14,931       17,013       17,195       17,297       22,852  
Municipal obligations, tax exempt     134,994       130,915       137,984       140,788       140,526  
Municipal obligations, taxable     49,356       45,586       40,046       38,988       38,779  
Agency mortgage-backed securities     151,893       153,587       142,817       133,502       99,936  
Investment securities available-for-sale, at fair value     486,633       466,983       380,717       370,889       338,739  
Bank stocks, at cost     2,881       2,856       2,905       2,985       3,220  
Loans:                                        
One-to-four family residential real estate     192,517       169,514       166,081       161,120       162,606  
Construction and land     23,092       25,408       27,644       26,658       27,092  
Commercial real estate     209,879       196,736       198,472       193,455       189,093  
Commercial     137,929       127,226       132,154       135,790       127,672  
Paycheck Protection Program (PPP)     652       5,218       17,179       28,671       61,236  
Agriculture     78,240       82,484       94,267       91,305       89,667  
Municipal     2,076       2,212       2,050       2,115       2,178  
Consumer     25,531       24,751       24,541       25,624       25,676  
Total gross loans     669,916       633,549       662,388       664,738       685,220  
Net deferred loan (fees) costs and loans in process     229       (43 )     (380 )     936       (2,361 )
Allowance for loan losses     (8,315 )     (8,357 )     (8,775 )     (8,766 )     (9,163 )
Loans, net     661,830       625,149       653,233       656,908       673,696  
Loans held for sale     6,264       5,424       4,795       8,929       10,952  
Bank owned life insurance     32,483       32,293       32,106       31,914       31,722  
Premises and equipment, net     20,679       20,919       20,803       20,361       20,137  
Goodwill     17,532       17,532       17,532       17,532       17,532  
Other intangible assets, net     52       67       84       104       132  
Mortgage servicing rights     4,025       4,128       4,193       4,201       4,143  
Real estate owned, net     1,288       1,288       2,551       2,578       1,385  
Other assets     19,911       17,095       13,458       13,190       12,545  
Total assets   $ 1,292,351     $ 1,306,434     $ 1,328,968     $ 1,254,534     $ 1,250,426  
Liabilities and Stockholders’ Equity                                        
Liabilities:                                        
Deposits:                                        
Non-interest-bearing demand     343,107       350,342       350,005       317,827       307,125  
Money market and checking     520,056       517,936       536,868       488,213       504,025  
Savings     170,419       167,823       155,501       151,380       150,874  
Certificates of deposit     97,885       103,464       106,107       109,267       115,739  
Total deposits     1,131,467       1,139,565       1,148,481       1,066,687       1,077,763  
Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
Other borrowings     6,223       7,004       7,403       6,219       4,534  
Accrued interest and other liabilities     15,708       14,701       15,790       24,571       14,122  
Total liabilities     1,175,049       1,182,921       1,193,325       1,119,128       1,118,070  
Stockholders’ equity:                                        
Common stock     50       50       50       48       48  
Additional paid-in capital     79,284       79,206       79,120       72,489       72,413  
Retained earnings     56,662       54,677       52,593       56,957       53,391  
Treasury stock, at cost     (538 )                        
Accumulated other comprehensive (loss) income     (18,156 )     (10,420 )     3,880       5,912       6,504  
Total stockholders’ equity     117,302       123,513       135,643       135,406       132,356  
Total liabilities and stockholders’ equity   $ 1,292,351     $ 1,306,434     $ 1,328,968     $ 1,254,534     $ 1,250,426  


LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings (unaudited)

(Dollars in thousands, except per share amounts)   Three months ended,     Six months ended,  
    June 30,     March 31,     June 30,     June 30,     June 30,  
    2022     2022     2021     2022     2021  
Interest income:                                        
Loans   $ 7,156     $ 7,191     $ 8,840     $ 14,347     $ 17,244  
Investment securities:                                        
Taxable     1,543       1,053       763       2,596       1,574  
Tax-exempt     730       722       759       1,452       1,537  
Total interest income     9,429       8,966       10,362       18,395       20,355  
Interest expense:                                        
Deposits     358       195       261       553       542  
Borrowed funds     173       126       121       299       242  
Total interest expense     531       321       382       852       784  
Net interest income     8,898       8,645       9,980       17,543       19,571  
Provision for (reversal of) loan losses           (500 )           (500 )     500  
Net interest income after provision for loan losses     8,898       9,145       9,980       18,043       19,071  
Non-interest income:                                        
Fees and service charges     2,380       2,188       2,153       4,568       4,186  
Gains on sales of loans, net     1,073       905       2,864       1,978       6,004  
Bank owned life insurance     190       187       153       377       301  
Gains on sales of investment securities, net                 33             1,108  
Other     153       283       270       436       599  
Total non-interest income     3,796       3,563       5,473       7,359       12,198  
Non-interest expense:                                        
Compensation and benefits     4,953       4,775       5,023       9,728       9,964  
Occupancy and equipment     1,177       1,233       1,105       2,410       2,167  
Data processing     362       340       492       702       993  
Amortization of mortgage servicing rights and other intangibles     335       316       412       651       849  
Professional fees     415       451       431       866       823  
Acquisition costs     221                   221        
Other     1,559       1,723       1,727       3,282       3,467  
Total non-interest expense     9,022       8,838       9,190       17,860       18,263  
Earnings before income taxes     3,672       3,870       6,263       7,542       13,006  
Income tax expense     639       737       1,283       1,376       2,659  
Net earnings   $ 3,033     $ 3,133     $ 4,980     $ 6,166     $ 10,347  
                                         
Net earnings per share (1)                                        
Basic   $ 0.61     $ 0.63     $ 1.00     $ 1.24     $ 2.07  
Diluted     0.61       0.62       0.99       1.23       2.07  
Dividends per share (1)     0.21       0.21       0.19       0.42       0.38  
Shares outstanding at end of period (1)     4,976,344       4,997,459       4,994,434       4,976,344       4,994,434  
Weighted average common shares outstanding – basic (1)     4,988,416       4,997,459       4,990,507       4,992,912       4,990,507  
Weighted average common shares outstanding – diluted (1)     5,002,425       5,017,055       4,997,473       5,009,822       4,997,473  
                                         
Tax equivalent net interest income   $ 9,094     $ 8,840     $ 10,185     $ 17,934     $ 19,986  

(1) Share and per share values at or for the periods ended June 30, 2021 have been adjusted to give effect to the 5% stock dividend paid during December 2021.


LANDMARK BANCORP, INC. AND SUBSIDIARIES
Select Ratios and Other Data (unaudited)

(Dollars in thousands, except per share amounts)   As of or for the three months ended,     Six months ended,  
    June 30,     March 31,     June 30,     June 30,     June 30,  
    2022     2022     2021     2022     2021  
Performance ratios:                                        
Return on average assets (1)     0.93 %     0.97 %     1.59 %     0.95 %     1.68 %
Return on average equity (1)     10.04 %     9.59 %     15.40 %     9.81 %     16.22 %
Net interest margin (1)(2)     3.05 %     2.99 %     3.53 %     3.02 %     3.53 %
Effective tax rate     17.4 %     19.0 %     20.5 %     18.2 %     20.4 %
Efficiency ratio (3)     69.1 %     72.7 %     58.9 %     70.9 %     59.1 %
Non-interest income to total income (3)     29.9 %     28.5 %     35.3 %     29.2 %     36.2 %
                                         
Average balances:                                        
Investment securities   $ 477,035     $ 421,996     $ 334,936     $ 449,667     $ 318,353  
Loans     653,013       636,032       709,872       644,569       719,985  
Assets     1,307,112       1,305,813       1,253,995       1,306,446       1,242,155  
Interest-bearing deposits     791,257       792,354       771,728       791,803       767,243  
Subordinated debentures and other borrowings     28,632       28,476       26,038       28,554       26,805  
Stockholders’ equity     121,147       132,429     $ 129,744       126,757     $ 128,668  
                                         
Average tax equivalent yield/cost (1):                                        
Investment securities     1.97 %     1.83 %     2.02 %     1.90 %     2.19 %
Loans     4.40 %     4.59 %     5.00 %     4.49 %     4.83 %
Total interest-bearing assets     3.23 %     3.10 %     3.67 %     3.16 %     3.66 %
Interest-bearing deposits     0.18 %     0.10 %     0.14 %     0.14 %     0.14 %
Subordinated debentures and other borrowings     3.06 %     2.30 %     2.20 %     2.68 %     1.82 %
Repurchase agreements     0.46 %     0.18 %     0.18 %     0.32 %     0.16 %
Total interest-bearing liabilities     0.26 %     0.16 %     0.19 %     0.21 %     0.20 %
                                         
Capital ratios:                                        
Equity to total assets     9.08 %     9.45 %     10.58 %                
Tangible equity to tangible assets (3)     7.82 %     8.22 %     9.30 %                
Book value per share   $ 23.57     $ 24.72     $ 26.50                  
Tangible book value per share (3)   $ 20.04     $ 21.19     $ 22.96                  
                                         
Rollforward of allowance for loan losses:                                        
Beginning balance   $ 8,357     $ 8,775     $ 9,271     $ 8,775     $ 8,775  
Charge-offs     (76 )     (53 )     (228 )     (129 )     (292 )
Recoveries     34       135       120       169       180  
Provision for loan losses           (500 )           (500 )     500  
Ending balance   $ 8,315     $ 8,357     $ 9,163     $ 8,315     $ 9,163  
                                         
Non-performing assets:                                        
Non-accrual loans   $ 4,887     $ 4,676     $ 13,297                  
Accruing loans over 90 days past due                                  
Real estate owned     1,288       1,288       1,385                  
Total non-performing assets   $ 6,175     $ 5,964     $ 14,682                  
                                         
Loans 30-89 days delinquent   $ 877     $ 846     $ 1,881                  
                                         
Other ratios:                                        
Loans to deposits     58.49 %     54.86 %     62.51 %                
Loans 30-89 days delinquent and still accruing to gross loans outstanding     0.13 %     0.13 %     0.27 %                
Total non-performing loans to gross loans outstanding     0.73 %     0.74 %     1.94 %                
Total non-performing assets to total assets     0.48 %     0.46 %     1.17 %                
Allowance for loan losses to gross loans outstanding     1.24 %     1.32 %     1.34 %                
Allowance for loan losses to gross loans outstanding excluding PPP loans     1.24 %     1.33 %     1.47 %                
Allowance for loan losses to total non-performing loans     170.15 %     178.72 %     68.91 %                
Net loan charge-offs to average loans (1)     0.03 %     -0.05 %     0.06 %     -0.01 %     0.03 %

(1) Information is annualized.
(2) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
(3) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.


LANDMARK BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Financials Measures (unaudited)

(Dollars in thousands, except per share amounts)   As of or for the three months ended,     Six months ended,  
    June 30,     March 31,     June 30,     June 30,     June 30,  
    2022     2022     2021     2022     2021  
Non-GAAP financial ratio reconciliation:                                        
Total non-interest expense   $ 9,022     $ 8,838     $ 9,190     $ 17,860     $ 18,263  
Less: foreclosure and real estate owned expense     (9 )     (23 )     (65 )     (32 )     (76 )
Less: amortization of other intangibles     (15 )     (17 )     (36 )     (32 )     (74 )
Less: acquisition costs     (221 )                 (221 )      
Adjusted non-interest expense (A)     8,777       8,798       9,089       17,575       18,113  
                                         
Net interest income (B)     8,898       8,645       9,980       17,543       19,571  
                                         
Non-interest income     3,796       3,563       5,473       7,359       12,198  
Less: gains on sales of investment securities, net                 (33 )           (1,108 )
Less: gains on sales of premises and equipment and foreclosed assets           (114 )           (114 )     (5 )
Adjusted non-interest income (C)   $ 3,796     $ 3,449     $ 5,440     $ 7,245     $ 11,085  
                                         
Efficiency ratio (A/(B+C))     69.1 %     72.7 %     58.9 %     70.9 %     59.1 %
Non-interest income to total income (C/(B+C))     29.9 %     28.5 %     35.3 %     29.2 %     36.2 %
                                         
Total stockholders’ equity   $ 117,302     $ 123,513     $ 132,356                  
Less: goodwill and other intangible assets     (17,584 )     (17,599 )     (17,664 )                
Tangible equity (D)   $ 99,718     $ 105,914     $ 114,692                  
                                         
Total assets   $ 1,292,351     $ 1,306,434     $ 1,250,426                  
Less: goodwill and other intangible assets     (17,584 )     (17,599 )     (17,664 )                
Tangible assets (E)   $ 1,274,767     $ 1,288,835     $ 1,232,762                  
                                         
Tangible equity to tangible assets (D/E)     7.82 %     8.22 %     9.30 %                
                                         
Shares outstanding at end of period (F)     4,976,344       4,997,459       4,994,434                  
                                         
Tangible book value per share (D/F)   $ 20.04     $ 21.19     $ 22.96                  

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