Landmark Bancorp Reports Growth in 2024 Earnings, Supported by Growth in Loans and Deposits

February 05, 2025 03:48 PM AEDT | By Team Kalkine Media

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Landmark Bancorp Reports Growth in 2024 Earnings, Supported by Growth in Loans and Deposits — Image source: shutterstock

Robust Loan and Deposit Growth

Landmark achieved strong loan and deposit growth in 2024, reflecting its continued expansion:

Fourth-quarter loan growth: $50.5 million, an annualized increase of 20.1%.
Total loan growth for the year: $103.7 million, up 10.9%.
Net interest margin improved to 3.51%, up 21 basis points from the prior quarter.
Deposits increased by $53.3 million, reflecting an annualized growth of 16.6%.

At the same time, total borrowings decreased by $34.7 million in Q4, strengthening the company’s financial position.

Investment Repositioning and Credit Quality

In Q4 2024, Landmark recorded a $1.0 million pre-tax loss as part of a strategic effort to reposition its investment portfolio. Despite this adjustment, the bank maintained strong credit quality, with net charge-offs totaling just $219,000 for the quarter.

Dividend Announcement and Stockholder Returns

The Board of Directors declared a cash dividend of $0.21 per share, payable on March 5, 2025, to stockholders of record as of February 19, 2025. Additionally, on December 16, 2024, Landmark issued a 5% stock dividend, marking the 24th consecutive year of stock dividend payments.

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