Landmark Bancorp, Inc. reported significant financial performance improvements for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, net earnings reached $3.9 million, a 36.6% increase from $2.9 million in Q3 2023. Basic earnings per share rose to $0.72 from $0.53. For the nine months ended September 30, 2024, net earnings were $9.7 million, up 1.3% from $9.6 million in the prior year.

Total interest income for Q3 2024 was $19.0 million, reflecting a 13.3% increase from $16.8 million in Q3 2023, driven by a $2.4 million rise in interest income from loans. Net interest income also increased by 9.2% to $11.6 million. The net interest margin improved to 3.30%, up from 3.06% in the same quarter last year. However, interest expense rose to $7.4 million, an increase of $1.3 million, primarily due to higher rates on interest-bearing deposits.

The company’s total assets remained stable at approximately $1.6 billion as of September 30, 2024. Cash and cash equivalents decreased to $21.2 million from $27.1 million at the end of 2023. Investment securities available-for-sale also declined to $411.0 million from $452.8 million. Loans, net of allowance for credit losses, increased to $990.2 million from $937.6 million, with a notable rise in one-to-four family residential real estate loans.

Total deposits decreased by $40.7 million, or 3.1%, attributed to seasonal declines in public funds. The company’s total liabilities decreased slightly to $1.4 billion, while total stockholders’ equity increased to $139.7 million from $126.9 million, reflecting retained earnings growth.

Landmark Bancorp completed the acquisition of Freedom Bancshares, Inc. in October 2022, which continues to influence its operational strategy. The company declared a cash dividend of $0.21 per share and a 5% stock dividend, marking its 93rd consecutive quarterly dividend and 24th consecutive year of issuing a stock dividend.

The allowance for credit losses increased to $11.5 million, representing 1.15% of gross loans, up from 1.12% at the end of 2023. Non-accrual loans rose to $13.4 million, indicating a need for continued monitoring of credit quality. The company remains well-capitalized, meeting all regulatory capital requirements as of September 30, 2024.