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Landmark Bancorp Inc. (LARK-1.20%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net earnings of $13.0 million, an increase from $12.2 million in the previous year. The increase is attributed to higher net interest income due to increased loan balances and yields.
Interest income for 2024 increased by $9.2 million to $73.9 million, driven by a rise in interest income on loans to $61.4 million. The increase was due to higher yields and average loan balances.
Interest expense rose by $6.8 million to $28.2 million, primarily due to higher interest expenses on deposits, which increased to $22.3 million. The cost of interest-bearing deposits increased from 1.71% to 2.38%.
Non-interest income increased by $1.5 million to $14.7 million, primarily due to higher fees and service charges and an increase in bank-owned life insurance income.
Non-interest expense increased by $2.1 million to $44.1 million, mainly due to a $1.1 million valuation allowance on real estate held for sale and higher professional fees.
Total assets were $1.6 billion at December 31, 2024, with net loans increasing by $101.6 million to $1.0 billion. Investment securities available-for-sale decreased by $80.3 million to $372.5 million.
The allowance for credit losses on loans increased to $12.8 million, representing 1.22% of gross loans, up from 1.12% the previous year. This increase was due to higher reserves on individually evaluated loans.
Deposits remained stable at $1.3 billion, with non-interest-bearing deposits accounting for 26.5% of total deposits. Money market and checking accounts made up 47.9% of the deposit portfolio.
The company maintained strong capital levels, with the Bank's leverage ratio at 9.10% and total risk-based capital ratio at 13.5%, exceeding regulatory minimums.
Landmark Bancorp Inc. distributed a 5% stock dividend for the 24th consecutive year and paid quarterly cash dividends of $0.20 per share in 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Landmark Bancorp Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.