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Landmark Bancorp(LARK) - 2025 Q1 - Earnings Call Transcript
LARKLandmark Bancorp(LARK)2025-05-01 14:30
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Financial Data and Key Metrics Changes - Net income for Q1 2025 totaled 4,700,000,asignificantincreasefrom4,700,000, a significant increase from 2,800,000 in the same period last year, representing a growth of 68% [4][8] - Diluted earnings per share rose to 0.81,markinga690.81, marking a 69% increase year-over-year [4] - Return on average assets was 1.21% and return on average equity was 13.71% [4] - Efficiency ratio improved to 64.1% in Q1 2025 [4] Business Line Data and Key Metrics Changes - Total gross loans increased by 22,600,000 or 8.7% on an annualized basis, reaching nearly 1,100,000,000[5][12]−Loangrowthwasprimarilydrivenbycommercialrealestateandconstructionloans,whichincreasedby1,100,000,000 [5][12] - Loan growth was primarily driven by commercial real estate and construction loans, which increased by 14,400,000 and 3,300,000respectively[13][17]−Non−interestincometotaled3,300,000 respectively [13][17] - Non-interest income totaled 3,400,000, a slight decline compared to the previous quarter [11] Market Data and Key Metrics Changes - Deposits totaled 1,300,000,000attheendofQ12025,withanincreaseof1,300,000,000 at the end of Q1 2025, with an increase of 7,100,000 during the quarter [13] - Interest checking and money market deposits declined by 23,500,000,whilenon−interestcheckingincreasedby23,500,000, while non-interest checking increased by 16,900,000 [14] Company Strategy and Development Direction - The company remains focused on serving business owners across Kansas, emphasizing relationship banking [5] - There is a commitment to maintaining solid credit quality amid economic uncertainties [21] - The company aims to strengthen existing customer relationships and grow lending and fee businesses across all markets [21] Management Comments on Operating Environment and Future Outlook - Management noted a general level of uncertainty among customers but expressed confidence that uncertainties will resolve over time [20] - The economic landscape in Kansas is described as healthy, with an unemployment rate of 3.8% [19] - The company is well-positioned for future growth due to its operational success and high-quality banking products [21] Other Important Information - The Board of Directors declared a cash dividend of 0.21pershare,markingthe95thconsecutivequarterlycashdividendsincethecompany′sformation[6]−Theallowanceforcreditlossesstoodat0.21 per share, marking the 95th consecutive quarterly cash dividend since the company's formation [6] - The allowance for credit losses stood at 12,800,000, representing 1.19% of gross loans [11][19] Q&A Session Summary Question: No questions were asked during the Q&A session - There were no questions from participants during the call, leading to a prompt conclusion of the session [24]