Landmark Bancorp, Inc. Announces 30.5% Increase in Third Quarter Net Earnings and Earnings Per Share of $0.72. Declares Cash Dividend of $0.21 per Share and 5% Stock Dividend

Manhattan, KS, Oct. 30, 2024 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.72 for the three months ended September 30, 2024, compared to $0.55 per share in the second quarter of 2024 and $0.52 per share in the same quarter last year. Net earnings for the third quarter of 2024 amounted to $3.9 million, compared to $3.0 million in the prior quarter and $2.9 million for the third quarter of 2023. For the three months ended September 30, 2024, the return on average assets was 1.00%, the return on average equity was 11.82%, and the efficiency ratio was 66.5%.

For the first nine months of 2024, diluted earnings per share totaled $1.77 compared to $1.75 during the same period in 2023. Net earnings for the first nine months of 2024 totaled $9.7 million, compared to $9.6 million in the first nine months of 2023. For the nine months ended September 30, 2024, the return on average assets was 0.84%, the return on average equity was 10.18%, and the efficiency ratio was 68.8%.

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In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, said, “The Company delivered strong results in the third quarter 2024. Net earnings grew 30.5 percent over the prior quarter and 36.6 percent over the same period last year. Earnings per share also increased 36.5 percent over the third quarter last year. Growth in loans, margin expansion, and higher non-interest income all contributed to strong revenue growth. This quarter total loans grew $21.3 million, or 8.6 percent annualized, driven mainly by strong growth in residential mortgage, agriculture and commercial real estate loans. Additionally, net interest income grew 5.7 percent, to $11.6 million, as higher interest on loans exceeded interest costs on deposits and our net interest margin expanded by nine basis points and was 3.30 percent for the quarter. Non-interest income also increased $533,000 over the prior quarter mainly due to increases in fees and service charges earned along with a gain on the sale of a former branch. During the third quarter 2024, non-interest expense declined by $536,000, as the prior quarter included a $979,000 valuation adjustment on a former branch facility. Deposit balances increased 8.0 percent annualized during the third quarter mainly due to growth in money market, checking, and certificate of deposit accounts. Stockholders’ equity also increased by $11.4 million as lower rates this quarter reduced our net unrealized securities losses and increased our book value per share.”

Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid November 27, 2024, to common stockholders of record as of the close of business on November 13, 2024. The Board of Directors also declared a 5% stock dividend payable on December 16, 2024, to common stockholders of record on December 2, 2024. This is the 24th consecutive year that the Board has declared a 5% stock dividend.

Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Thursday, October 31, 2024. Investors may participate via telephone by dialing (833) 470-1428 and using access code 242414. A replay of the call will be available through November 30, 2024, by dialing (866) 813-9403 and using access code 908094.

SUMMARY OF THIRD QUARTER RESULTS

Net earnings in the third quarter of 2024 increased $919,000, to $3.9 million mainly due to growth in net interest income coupled with higher non-interest income and lower non-interest expense. The current quarter included a gain of $273,000 on the sale of a former branch and we also recorded a provision for credit losses of $500,000.

Net Interest Income

Net interest income in the third quarter of 2024 amounted to $11.6 million representing an increase of $630,000, or 5.7%, compared to the previous quarter. The increase in net interest income was due mainly to growth in interest income on loans, but partially offset by higher interest expense on deposits. The net interest margin increased to 3.30% during the third quarter from 3.21% during the prior quarter. Compared to the previous quarter, interest income on loans increased $911,000, or 6.1%, to $15.9 million due to both higher average balances and rates. The average tax-equivalent yield on the loan portfolio increased 10 basis points to 6.43%. Interest expense on deposits increased $157,000, or 2.8%, in the third quarter 2024, compared to the prior quarter, mainly due to higher rates on interest-bearing deposits. The average rate on interest-bearing deposits increased in the third quarter to 2.48% compared to 2.44% in the prior quarter. Interest on borrowed funds increased $55,000 due to slightly higher average balances in the current quarter.

Non-Interest Income

Non-interest income totaled $4.3 million for the third quarter of 2024, an increase of $533,000, or 14.3%, from the previous quarter. The increase in non-interest income compared to the second quarter of 2024 was primarily the result of increases of $282,000 in other non-interest income and $189,000 in fees and service charges. Gain on sales of residential mortgage loans also increased 8.6% compared to the prior quarter. The increase in other non-interest income was primarily due to a $273,000 gain on the sale of a former branch.

Non-Interest Expense

During the third quarter of 2024, non-interest expense totaled $10.6 million, a decrease of $536,000, or 4.8%, compared to the prior quarter. As mentioned above, non-interest expense in the prior quarter included a valuation allowance of $979,000 recorded on a former branch facility that was ultimately sold in the third quarter of 2024. Partially offsetting that decline were increases of $299,000 in compensation and benefits and $135,000 in occupancy and equipment.

Income Tax Expense

Landmark recorded income tax expense of $867,000 in the third quarter of 2024 compared to $587,000 in the prior quarter. The effective tax rate was 18.1% in the third quarter of 2024 compared to 16.3% in the second quarter of 2024. The increase in the effective tax rate was primarily due to higher earnings before taxes as tax-exempt income was consistent between the periods.

Balance Sheet Highlights

As of September 30, 2024, gross loans totaled $1.0 billion, an increase of $21.3 million, or 8.6% annualized since June 30, 2024. During the quarter, loan growth was primarily comprised of one-to-four family residential real estate (growth of $12.3 million), agriculture (growth of $7.5 million) and commercial real estate (growth of $5.2 million) loans. The increase in one-to-four family residential real estate loans reflects continued demand for adjustable-rate mortgage loans which are retained in our portfolio. Investment securities decreased $9.4 million during the third quarter of 2024, while pre-tax unrealized net losses on these investment securities decreased from $24.8 million at June 30, 2024 to $13.3 million at September 30, 2024.

Period end deposit balances increased $25.0 million to $1.3 billion at September 30, 2024. The increase in deposits was mainly driven by increases in money market and checking (increase of $19.2 million) and certificates of deposit (increase of $11.4 million). Average interest-bearing deposits however were down slightly this quarter compared to the second quarter. Total borrowings decreased $38.5 million during the third quarter 2024. Average borrowings, including FHLB advances and repurchase agreements increased $4.3 million this quarter compared to the second quarter. At September 30, 2024, the loan to deposits ratio was 77.6% compared to 77.5% in the prior quarter.

Stockholders’ equity increased to $139.7 million (book value of $25.39 per share) as of September 30, 2024, from $128.3 million (book value of $23.45 per share) as of June 30, 2024. The increase in stockholders’ equity was primarily due to a decline in accumulated other comprehensive losses as the unrealized net losses on investments securities declined during the third quarter. The ratio of equity to total assets increased to 8.93% on September 30, 2024, from 8.22% on June 30, 2024.

The allowance for credit losses totaled $11.5 million, or 1.15% of total gross loans on September 30, 2024, compared to $10.9 million, or 1.11% of total gross loans on June 30, 2024. Net loan charge-offs totaled $9,000 in the third quarter of 2024, compared to net loan recoveries of $52,000 during the second quarter of 2024. A provision for credit losses of $500,000 was recorded in the third quarter of 2024 compared to a no provision for credit losses in the second quarter of 2024.

Non-performing loans totaled $13.4 million, or 1.34% of gross loans at September 30, 2024 compared to $5.0 million, or 0.51% of gross loans at June 30, 2024. The increase in non-accrual loans was primarily related to one commercial loan which was put on non-accrual status this quarter. Loans 30-89 days delinquent totaled $7.3 million, or 0.73% of gross loans, as of September 30, 2024, compared to $1.9 million, or 0.19% of gross loans, as of June 30, 2024. The increase in delinquent loans was primarily related to two commercial-related loans. Foreclosed real estate owned totaled $428,000 at September 30, 2024.

About Landmark

Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 30 locations in 24 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, Kincaid, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

Contact:
Mark A. Herpich
Chief Financial Officer
(785) 565-2000

Special Note Concerning Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, national and international economies, including the effects of inflationary pressures and supply chain constraints on such economies; (ii) changes in state and federal laws, regulations and governmental policies concerning banking, securities, consumer protection, insurance, monetary, trade and tax matters, including any changes in response to the recent failures of other banks; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) changes and uncertainty in benchmark interest rates, including the timing of rate changes, if any, by the Federal Reserve; (x) the effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) unexpected outcomes of existing or new litigation; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including the current Israeli-Palestinian conflict and the conflict in Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) cyber-attacks; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; and (xxvi) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)

(Dollars in thousands)   September 30,     June 30,     March 31,     December 31,     September 30,  
    2024     2024     2024     2023     2023  
Assets                              
Cash and cash equivalents   $ 21,211     $ 23,889     $ 16,468     $ 27,101     $ 23,821  
Interest-bearing deposits at other banks     4,363       4,881       4,920       4,918       5,904  
Investment securities available-for-sale, at fair value:                                        
U.S. treasury securities     83,753       89,325       93,683       95,667       118,341  
Municipal obligations, tax exempt     112,126       114,047       118,445       120,623       115,706  
Municipal obligations, taxable     75,129       74,588       75,371       79,083       73,993  
Agency mortgage-backed securities     140,004       142,499       149,777       157,396       148,817  
Total investment securities available-for-sale     411,012       420,459       437,276       452,769       456,857  
Investment securities held-to-maturity     3,643       3,613       3,584       3,555       3,525  
Bank stocks, at cost     7,894       9,647       7,850       8,123       8,009  
Loans:                                        
One-to-four family residential real estate     344,380       332,090       312,833       302,544       289,571  
Construction and land     23,454       30,480       24,823       21,090       21,657  
Commercial real estate     324,016       318,850       323,397       320,962       323,427  
Commercial     181,652       178,876       181,945       180,942       185,831  
Agriculture     91,986       84,523       86,808       89,680       84,560  
Municipal     7,098       6,556       5,690       4,507       3,200  
Consumer     29,263       29,200       28,544       28,931       29,180  
Total gross loans     1,001,849       980,575       964,040       948,656       937,426  
Net deferred loan (fees) costs and loans in process     (63 )     (583 )     (578 )     (429 )     (396 )
Allowance for credit losses     (11,544 )     (10,903 )     (10,851 )     (10,608 )     (10,970 )
Loans, net     990,242       969,089       952,611       937,619       926,060  
Loans held for sale, at fair value     3,250       2,513       2,697       853       1,857  
Bank owned life insurance     39,176       38,826       38,578       38,333       38,090  
Premises and equipment, net     20,976       20,986       20,696       19,709       23,911  
Goodwill     32,377       32,377       32,377       32,377       32,377  
Other intangible assets, net     2,729       2,900       3,071       3,241       3,414  
Mortgage servicing rights     3,041       2,997       2,977       3,158       3,368  
Real estate owned, net     428       428       428       928       934  
Other assets     23,309       28,149       29,684       28,988       29,459  
Total assets   $ 1,563,651     $ 1,560,754     $ 1,553,217     $ 1,561,672     $ 1,557,586  
                                         
Liabilities and Stockholders’ Equity                                        
Liabilities:                                        
Deposits:                                        
Non-interest-bearing demand     360,188       360,631       364,386       367,103       395,046  
Money market and checking     565,629       546,385       583,315       613,613       586,651  
Savings     145,825       150,996       154,000       152,381       157,112  
Certificates of deposit     203,860       192,470       191,823       183,154       169,225  
Total deposits     1,275,502       1,250,482       1,293,524       1,316,251       1,308,034  
FHLB and other borrowings     92,050       131,330       74,716       64,662       82,569  
Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
Repurchase agreements     9,528       8,745       15,895       12,714       12,590  
Accrued interest and other liabilities     25,229       20,292       20,760       19,480       23,185  
Total liabilities     1,423,960       1,432,500       1,426,546       1,434,758       1,448,029  
Stockholders’ equity:                                        
Common stock     55       55       55       55       52  
Additional paid-in capital     89,532       89,469       89,364       89,208       84,568  
Retained earnings     60,549       57,774       55,912       54,282       57,280  
Treasury stock, at cost     (396 )     (330 )     (249 )     (75 )      
Accumulated other comprehensive loss     (10,049 )     (18,714 )     (18,411 )     (16,556 )     (32,343 )
Total stockholders’ equity     139,691       128,254       126,671       126,914       109,557  
Total liabilities and stockholders’ equity   $ 1,563,651     $ 1,560,754     $ 1,553,217     $ 1,561,672     $ 1,557,586  


LANDMARK BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings (unaudited)

(Dollars in thousands, except per share amounts)   Three months ended,     Nine months ended,  
    September 30,     June 30,     September 30,     September 30,     September 30,  
    2024     2024     2023     2024     2023  
Interest income:                                        
Loans   $ 15,933     $ 15,022     $ 13,531     $ 45,445     $ 37,530  
Investment securities:                                        
Taxable     2,301       2,359       2,445       7,088       7,141  
Tax-exempt     747       759       772       2,270       2,333  
Interest-bearing deposits at banks     41       40       46       144       193  
Total interest income     19,022       18,180       16,794       54,947       47,197  
Interest expense:                                        
Deposits     5,830       5,673       4,384       16,960       10,375  
FHLB and other borrowings     1,100       1,027       1,251       3,149       2,845  
Subordinated debentures     416       418       417       1,246       1,168  
Repurchase agreements     72       88       116       267       403  
Total interest expense     7,418       7,206       6,168       21,622       14,791  
Net interest income     11,604       10,974       10,626       33,325       32,406  
Provision for credit losses     500                   800       299  
Net interest income after provision for credit losses     11,104       10,974       10,626       32,525       32,107  
Non-interest income:                                        
Fees and service charges     2,880       2,691       2,618       8,032       7,457  
Gains on sales of loans, net     704       648       491       1,864       2,014  
Bank owned life insurance     254       248       230       747       671  
Other     415       133       313       730       834  
Total non-interest income     4,253       3,720       3,652       11,373       10,976  
Non-interest expense:                                        
Compensation and benefits     5,803       5,504       5,811       16,839       16,925  
Occupancy and equipment     1,429       1,294       1,373       4,113       4,136  
Data processing     464       492       458       1,437       1,478  
Amortization of mortgage servicing rights and other intangibles     256       256       474       924       1,407  
Professional fees     573       649       624       1,869       1,722  
Valuation allowance on real estate held for sale           979             1,108        
Other     2,034       1,921       1,989       5,915       5,753  
Total non-interest expense     10,559       11,095       10,729       32,205       31,421  
Earnings before income taxes     4,798       3,599       3,549       11,693       11,662  
Income tax expense     867       587       671       1,972       2,065  
Net earnings   $ 3,931     $ 3,012     $ 2,878     $ 9,721     $ 9,597  
                                         
Net earnings per share (1)                                        
Basic   $ 0.72     $ 0.55     $ 0.53     $ 1.77     $ 1.75  
Diluted     0.72       0.55       0.52       1.77       1.75  
Dividends per share (1)     0.21       0.21       0.20       0.63       0.60  
Shares outstanding at end of period (1)     5,501,221       5,469,566       5,481,805       5,501,221       5,481,805  
Weighted average common shares outstanding – basic (1)     5,490,808       5,471,724       5,479,909       5,477,453       5,476,703  
Weighted average common shares outstanding – diluted (1)     5,495,728       5,474,336       5,482,633       5,481,456       5,481,270  
                                         
Tax equivalent net interest income   $ 11,777     $ 11,167     $ 10,809     $ 33,852     $ 32,974  

(1) Share and per share values at or for the period ended September 30, 2023 have been adjusted to give effect to the 5% stock dividend paid during December 2023.

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Select Ratios and Other Data (unaudited)

(Dollars in thousands, except per share amounts)   As of or for the
three months ended,
    As of or for the
nine months ended,
 
    September 30,     June 30,     September 30,     September 30,     September 30,  
    2024     2024     2023     2024     2023  
Performance ratios:                                      
Return on average assets (1)     1.00 %     0.78 %     0.74 %     0.84 %     0.84 %
Return on average equity (1)     11.82 %     9.72 %     9.87 %     10.18 %     11.13 %
Net interest margin (1)(2)     3.30 %     3.21 %     3.06 %     3.21 %     3.19 %
Effective tax rate     18.1 %     16.3 %     18.9 %     16.9 %     17.7 %
Efficiency ratio (3)     66.5 %     67.9 %     73.8 %     68.8 %     71.0 %
Non-interest income to total income (3)     25.5 %     25.4 %     25.6 %     25.0 %     25.3 %
                                         
Average balances:                                        
Investment securities   $ 428,301     $ 437,136     $ 486,706     $ 440,744     $ 493,853  
Loans     985,659       955,104       906,289       962,252       877,048  
Assets     1,562,482       1,545,816       1,549,724       1,554,682       1,528,938  
Interest-bearing deposits     936,218       936,237       902,727       935,958       886,227  
FHLB and other borrowings     77,958       72,875       89,441       74,496       70,774  
Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
Repurchase agreements     10,774       11,524       15,387       12,218       19,903  
Stockholders’ equity   $ 132,271     $ 124,624     $ 115,644     $ 127,597     $ 115,275  
                                         
Average tax equivalent yield/cost (1):                                        
Investment securities     2.99 %     3.04 %     2.77 %     2.99 %     2.72 %
Loans     6.43 %     6.33 %     5.93 %     6.31 %     5.72 %
Total interest-bearing assets     5.38 %     5.29 %     4.81 %     5.26 %     4.62 %
Interest-bearing deposits     2.48 %     2.44 %     1.93 %     2.42 %     1.57 %
FHLB and other borrowings     5.61 %     5.67 %     5.55 %     5.65 %     5.37 %
Subordinated debentures     7.64 %     7.76 %     7.64 %     7.69 %     7.21 %
Repurchase agreements     2.66 %     3.07 %     2.99 %     2.92 %     2.71 %
Total interest-bearing liabilities     2.82 %     2.78 %     2.38 %     2.77 %     1.98 %
                                         
Capital ratios:                                        
Equity to total assets     8.93 %     8.22 %     7.03 %                
Tangible equity to tangible assets (3)     6.84 %     6.09 %     4.85 %                
Book value per share   $ 25.39     $ 23.45     $ 19.99                  
Tangible book value per share (3)   $ 19.01     $ 17.00     $ 13.46                  
                                         
Rollforward of allowance for credit losses (loans):                                        
Beginning balance   $ 10,903     $ 10,851     $ 10,449     $ 10,608     $ 8,791  
Adoption of CECL                             1,523  
Charge-offs     (153 )     (119 )     (142 )     (413 )     (408 )
Recoveries     144       171       663       449       814  
Provision for credit losses for loans     650                   900       250  
Ending balance   $ 11,544     $ 10,903     $ 10,970     $ 11,544     $ 10,970  
                                         
Allowance for unfunded loan commitments   $ 150     $ 300     $ 200                  
                                         
Non-performing assets:                                        
Non-accrual loans   $ 13,415     $ 5,007     $ 4,440                  
Accruing loans over 90 days past due                                  
Real estate owned     428       428       934                  
Total non-performing assets   $ 13,843     $ 5,435     $ 5,374                  
                                         
Loans 30-89 days delinquent   $ 7,301     $ 1,872     $ 6,173                  
                                         
Other ratios:                                        
Loans to deposits     77.64 %     77.50 %     70.80 %                
Loans 30-89 days delinquent and still accruing to gross loans outstanding     0.73 %     0.19 %     0.66 %                
Total non-performing loans to gross loans outstanding     1.34 %     0.51 %     0.47 %                
Total non-performing assets to total assets     0.89 %     0.35 %     0.35 %                
Allowance for credit losses to gross loans outstanding     1.15 %     1.11 %     1.17 %                
Allowance for credit losses to total non-performing loans     86.05 %     217.76 %     247.07 %                
Net loan charge-offs to average loans (1)     0.00 %     -0.02 %     -0.23 %     0.00 %     -0.06 %
(1 ) Information is annualized.
(2 ) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
(3 ) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.
     

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Finacials Measures (unaudited)

(Dollars in thousands, except per share amounts)   As of or for the
three months ended,
    As of or for the
nine months ended,
 
    September 30,     June 30,     September 30,     September 30,     September 30,  
    2024     2024     2023     2024     2023  
                               
Non-GAAP financial ratio reconciliation:                                        
Total non-interest expense   $ 10,559     $ 11,095     $ 10,729     $ 32,205     $ 31,421  
Less: foreclosure and real estate owned expense     (23 )     39       (1 )     (34 )     (21 )
Less: amortization of other intangibles     (171 )     (171 )     (196 )     (512 )     (591 )
Less: valuation allowance on real estate held for sale           (979 )           (1,108 )      
Adjusted non-interest expense (A)     10,365       9,984       10,532       30,551       30,809  
                                         
Net interest income (B)     11,604       10,974       10,626       33,325       32,406  
                                         
Non-interest income     4,253       3,720       3,652       11,373       10,976  
Less: losses (gains) on sales of investment securities, net                              
Less: gains on sales of premises and equipment and foreclosed assets     (273 )     9             (264 )     (1 )
Adjusted non-interest income (C)   $ 3,980     $ 3,729     $ 3,652     $ 11,109     $ 10,975  
                                         
Efficiency ratio (A/(B+C))     66.5 %     67.9 %     73.8 %     68.8 %     71.0 %
Non-interest income to total income (C/(B+C))     25.5 %     25.4 %     25.6 %     25.0 %     25.3 %
                                         
Total stockholders’ equity   $ 139,691     $ 128,254     $ 109,557                  
Less: goodwill and other intangible assets     (35,106 )     (35,277 )     (35,791 )                
Tangible equity (D)   $ 104,585     $ 92,977     $ 73,766                  
                                         
Total assets   $ 1,563,651     $ 1,560,754     $ 1,557,586                  
Less: goodwill and other intangible assets     (35,106 )     (35,277 )     (35,791 )                
Tangible assets (E)   $ 1,528,545     $ 1,525,477     $ 1,521,795                  
                                         
Tangible equity to tangible assets (D/E)     6.84 %     6.09 %     4.85 %                
                                         
Shares outstanding at end of period (F)     5,501,221       5,469,566       5,481,805                  
                                         
Tangible book value per share (D/F)   $ 19.01     $ 17.00     $ 13.46                  

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