Landmark Bancorp (LARK) has reported 17.20 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $2.09 million, or $0.56 a share in the quarter, compared with $2.53 million, or $0.70 a share for the same period last year. Revenue during the quarter dropped 6.10 percent to $10.14 million from $10.80 million in the previous year period. Net interest income for the quarter rose 1.94 percent over the prior year period to $6.55 million. Non-interest income for the quarter fell 16.40 percent over the last year period to $3.74 million.
Landmark Bancorp has made provision of $0.15 million for loan losses during the quarter, up 50 percent from $0.10 million in the same period last year.
Net interest margin contracted 3 basis points to 3.45 percent in the quarter from 3.48 percent in the last year period.
Michael E. Scheopner, president and chief executive officer, commented: "We are pleased to announce Landmarks net earnings of $6.6 million during the first nine months of 2016, reflecting strong core earnings, although lower than the prior-year period. For the first nine months of 2015, a large recovery on a previously charged-off loan resulted in a net credit to the provision for loan losses of $700,000. Our earnings were also impacted by lower mortgage originations and related gains on sales of loans during the second and third quarters of 2016, after the departure of several mortgage lenders this spring. We have successfully added a few new mortgage lenders and are continuing to recruit. During the first nine months of 2016, return on average assets was 0.99% compared to 1.22% in the same period of 2015. Return on average equity was 10.24% in the first nine months of 2016, compared to 14.14% for the year-earlier period. We are pleased with the strong performance, despite the uncertain economic outlook and low interest rate environment. We believe Landmarks risk management practices and capital strength continue to position us well for long-term growth. Landmarks 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."
Assets outpace liabilities growthTotal assets stood at $907.68 million as on Sep. 30, 2016, up 4.70 percent compared with $866.92 million on Sep. 30, 2015. On the other hand, total liabilities stood at $817.90 million as on Sep. 30, 2016, up 3.82 percent from $787.83 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $430.05 million as on Sep. 30, 2016, up 3.18 percent compared with $416.80 million on Sep. 30, 2015. Deposits stood at $715.71 million as on Sep. 30, 2016, up 4.10 percent compared with $687.54 million on Sep. 30, 2015. Investments stood at $379.30 million as on Sep. 30, 2016, up 7.62 percent or $26.86 million from year-ago. Shareholders equity stood at $89.79 million as on Sep. 30, 2016, up 13.54 percent or $10.70 million from year-ago.
Return on average assets moved down 22 basis points to 0.93 percent in the quarter from 1.15 percent in the last year period. At the same time, return on average equity decreased 383 basis points to 9.29 percent in the quarter from 13.12 percent in the last year period.
Nonperforming assets stood at $2.97 million as on Sep. 30, 2016. Meanwhile, nonperforming assets to total assets was 0.33 percent in the quarter.
Equity to assets ratio was 9.89 percent for the quarter. Book value per share was $24.52 for the quarter.
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