Landmark Bancorp, Inc. Announces 6.3% Increase in Net Earnings for the Year Ended December 31, 2024, and Fourth Quarter Earnings Per Share of $0.57. Declares Cash Dividend of $0.21 per Share

Core Insights - Landmark Bancorp, Inc. reported diluted earnings per share of $0.57 for Q4 2024, a decrease from$0.68 in Q3 2024 but an increase from $0.46 in Q4 2023 [1] - For the full year 2024, diluted earnings per share increased to$2.26 from $2.13 in 2023, with net earnings rising to$13.0 million, a 6.3% increase from $12.2 million in 2023 [2] Financial Performance - Q4 2024 net income was$3.3 million, compared to $2.6 million in Q4 2023 and$3.9 million in Q3 2024 [1] - The return on average assets for 2024 was 0.83%, and the return on average equity was 10.01% [2][27] - The efficiency ratio improved to 70.0% in Q4 2024 from 71.9% in Q4 2023 [27] Loan and Deposit Growth - Total gross loans increased by $51 million or 20$53 million in Q4 2024, primarily due to seasonal growth in money market and interest checking accounts [4][13] Interest Income and Expenses - Net interest income for Q4 2024 was $12.4 million, a 6.9$3.4 million, a decrease of $882,000 from the previous quarter, primarily due to a$1.0 million loss on investment securities [9] - Non-interest expenses increased to $11.9 million in Q4 2024, up by$1.3 million from the prior quarter, mainly due to higher professional fees and compensation costs [10] Credit Quality - The allowance for credit losses was $12.8 million, or 1.22$219,000 in Q4 2024 [15] - Non-performing loans decreased to $13.1 million, or 1.25$0.21 per share, to be paid on March 5, 2025 [4] - A 5% stock dividend was issued on December 16, 2024, marking the 24th consecutive year of stock dividends [4]