Tue, May 14, 7:55 PM (73 days ago)
Landmark Bancorp, Inc.’s Q1 2024 financial report highlights a decrease in net earnings to $2.8 million, down 17.3% from Q1 2023. This decline is primarily attributed to increased interest expenses outpacing the rise in interest income. Interest income grew by 21.7% to $17.7 million due to higher yields and loan balances, while interest expenses surged by 92.8% to $7.0 million, driven by higher costs on deposits and borrowings. Net interest income slightly decreased by 1.8% to $10.7 million. The provision for credit losses increased to $300,000, reflecting loan portfolio growth. Non-interest income declined by 2.7% to $3.4 million, mainly due to reduced gains on loan sales. Non-interest expenses rose by 2.0% to $10.6 million, influenced by valuation allowances and legal costs. Total assets decreased marginally to $1.55 billion, with deposits down by 1.7% to $1.29 billion. The company maintained strong capital ratios, with a Tier 1 Capital ratio of 12.45%. Liquidity remained robust, supported by substantial borrowing capacity and liquid assets totaling $458.7 million.