Landmark Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Declares Cash Dividend, Payable on March 5, 2012; Records Impairment Loss for the Fourth Quarter of 2011; Provides Earnings Guidance for the Year 2012
January 31, 2012 at 09:36 pm
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Landmark Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported net earnings of $1.295 million or $0.47 per basic and diluted share compared to net earnings of $0.844 million or $0.30 per basic and diluted share for the fourth quarter of 2010. Total interest income was $5.627 million against $5.801 million for the same period a year ago. Net interest income was $4.527 million against $4.437 million for the same period a year ago. Earnings before income taxes were $1.226 million against $0.760 million for the same period a year ago. Return on average assets was 0.88% against 0.59% for the same period a year ago. Return on average equity was 8.84% against 6.09% for the same period a year ago. Net earnings up 53% from the fourth quarter of 2010 due to a lower provision for loan losses and reduction in non-interest expenses. The increase in net interest income was a result of average interest-earning asset balances increasing from $499.7 million during the fourth quarter of 2010 to $518.5 million during the fourth quarter of 2011. The increase in net interest income was a result of its average interest-earning asset balances increasing from $499.7 million during the fourth quarter of 2010 to $518.5 million during the fourth quarter of 2011.
For the year ended December 31, 2010, the company reported net earnings of $4.484 million or $1.61 per basic and diluted share compared to net earnings of $2.043 million or $0.74 per basic and diluted share in 2009. Total interest income was $22.586 million against $24.351 million for the same period a year ago. Net interest income was $17.927 million against $18.046 million for the same period a year ago. Earnings before income taxes were $4.988 million against $1.428 million for the same period a year ago. Book value per share was $21.24 at December 31, 2011 against $19.44 at December 31, 2010. Return on average assets was 0.78% against 0.35% for the same period a year ago. Return on average equity was 7.98% against 3.73% for the same period a year ago. Net earnings up 119% from 2010, principally due to lower provisions for loan losses in 2011 after moved aggressively in 2010 to resolve a handful of problem loans and to recognize the associated costs.
The board of directors declared a cash dividend of $0.19 per share, to be paid March 5, 2012, to common stockholders of record on February 22, 2012.
For the quarter, the company recorded an impairment loss of $53,000.
The company hopes to continue its trend of solid quarter earnings into 2012.
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.
Landmark Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Declares Cash Dividend, Payable on March 5, 2012; Records Impairment Loss for the Fourth Quarter of 2011; Provides Earnings Guidance for the Year 2012