Landmark Bancorp, Inc. (LARK) has reported a 7.86 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $2.20 million, or $0.56 a share in the quarter, compared with $2.39 million, or $0.63 a share for the same period last year.
Revenue during the quarter went down marginally by 2.82 percent to $9.96 million from $10.25 million in the previous year period. Net interest income for the quarter dropped 0.56 percent over the prior year period to $6.37 million. Non-interest income for the quarter fell 6.50 percent over the last year period to $3.64 million.
Net interest margin contracted 9 basis points to 3.38 percent in the quarter from 3.47 percent in the last year period.
Michael E. Scheopner, president and chief executive officer of Landmark, commented: "Landmark's net earnings of $2.2 million in the first quarter of 2017 reflect strong core earnings and the continued growth of our community banking relationships across Kansas. Net earnings were lower than the first quarter of 2016 because mortgage originations and related gains on sales of loans, although still historically strong in the first three months of 2017, were lower compared with the same period a year earlier. Solid growth in deposits continued to drive assets higher, while loans were slightly lower, as of March 31, 2017 compared to December 31, 2016. During the first quarter of 2017, return on average assets was 0.98% compared to 1.10% in the first quarter of 2016. Return on average equity was 10.46% compared to 11.60% for the same period a year earlier. We continued to increase our capital ratios and book value per share in the first quarter of 2017. We are pleased with the strong performance, despite the low interest rate environment and economic uncertainties. We believe Landmark’s risk management practices and capital strength continue to position us well for long-term growth. Landmark's commitment to community banking meeting the financial needs of families and businesses with service that is both personal and high-tech continues to build our presence across Kansas."
Liabilities outpace assets growth
Total assets stood at $923.02 million as on Mar. 31, 2017, up 3.42 percent compared with $892.45 million on Mar. 31, 2016. On the other hand, total liabilities stood at $836.35 million as on Mar. 31, 2017, up 3.60 percent from $807.25 million on Mar. 31, 2016.
Loans, deposits remain almost stable
Net loans stood at $417.96 million as on Mar. 31, 2017, down 0.46 percent compared with $419.88 million on Mar. 31, 2016. Deposits stood at $752.69 million as on Mar. 31, 2017, up 6.25 percent compared with $708.39 million on Mar. 31, 2016.
Investments stood at $402.24 million as on Mar. 31, 2017, up 7.66 percent or $28.61 million from year-ago. Shareholders equity stood at $86.67 million as on Mar. 31, 2017, up 1.72 percent or $1.47 million from year-ago.
Return on average assets moved down 12 basis points to 0.98 percent in the quarter from 1.10 percent in the last year period. At the same time, return on average equity decreased 114 basis points to 10.46 percent in the quarter from 11.60 percent in the last year period.
Nonperforming assets stood at $3.66 million as on Mar. 31, 2017. Meanwhile, nonperforming assets to total assets was 0.40 percent in the quarter.
Equity to assets ratio was 9.39 percent for the quarter. Book value per share was $22.40 for the quarter.
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