Landmark Bancorp Inc (LARK) 2025 Q1 法說會逐字稿

Hello, everyone, and welcome to the Landmark Bancorp, Inc. Q1 earnings call. My name is Nadia, and I will be coordinating the call today. (Operator instructions)

大家好，歡迎參加 Landmark Ba​​rcorp, Inc. 第一季收益電話會議。我叫納迪亞，今天我將負責協調這場電話會議。（操作員指示）

I will now hand over to your host, Abby Wendel, President and Chief Executive Officer, to begin. Abby, please go ahead.

現在我將把主持人、總裁兼執行長艾比溫德爾 (Abby Wendel) 交給她開始。艾比，請繼續。

Thank you. Good morning, and thank you for joining our call today to discuss Landmark's earnings and operating results for the first quarter of 2025 and as you just heard from the operator, my name is Abby Wendel, President and CEO of Landmark Bancorp and Landmark National Bank. On the call with me to discuss various aspects of our first quarter performance is Mark Herpich, Chief Financial Officer of the company; and Raymond McLanahan, Chief Credit Officer.

謝謝。早安，感謝您今天參加我們的電話會議，討論 Landmark 2025 年第一季的收益和經營業績，正如您剛才從接線員那裡聽到的，我叫 Abby Wendel，是 Landmark Ba​​​​ncorp 和 Landmark National Bank 的總裁兼首席執行官。與我一起通話討論我們第一季業績各個方面的有公司財務長 Mark Herpich 和首席信貸官 Raymond McLanahan。

As we start, I would like to remind our listeners that some of the information we will be providing today falls under the guidelines for forward-looking statements as defined by the Securities and Exchange Commission.

首先，我想提醒我們的聽眾，我們今天提供的一些資訊屬於美國證券交易委員會定義的前瞻性陳述準則。

As part of these guidelines, I must point out that any statements made during this presentation that discuss our hopes, beliefs, expectations or predictions of the future are forward-looking statements, and our actual results could differ materially from those expressed.

作為這些指導方針的一部分，我必須指出，本次演講中討論我們對未來的希望、信念、期望或預測的任何陳述均為前瞻性陳述，我們的實際結果可能與所表達的結果存在重大差異。

Additional information on these factors is included from time to time in our 10-K and 10-Q filings, which can be obtained by contacting the company or the SEC. By now, I hope you've had a chance to read our press release announcing results for the first quarter of 2025. If not, you can find it on our website at www.banklandmark.com in the Investors section.

有關這些因素的更多資​​訊會不時包含在我們的 10-K 和 10-Q 文件中，您可以透過聯絡公司或美國證券交易委員會 (SEC) 取得。到目前為止，我希望您有機會閱讀我們宣布 2025 年第一季業績的新聞稿。如果沒有，您可以在我們的網站 www.banklandmark.com 的「投資者」部分找到。

We are pleased to report strong growth in net income this quarter, driven by increased net interest income, lower expenses and excellent credit quality. Net income in the first quarter totaled $4.7 million compared to $2.8 million in the same period last year.

我們很高興地報告，本季淨收入強勁成長，這得益於淨利息收入增加、支出降低和信貸品質優良。第一季淨收入總計 470 萬美元，而去年同期為 280 萬美元。

Also, diluted earnings per share this quarter totaled $0.81 and an increase of 69% over the same quarter last year. The return on average assets was 1.21% and the return on average equity was 13.71%. Our efficiency ratio in the first quarter of 2025 was 64.1%.

此外，本季每股攤薄收益總計 0​​.81 美元，比去年同期成長 69%。平均資產報酬率為1.21%，平均股東權益報酬率為13.71%。我們的2025年第一季的效率比率為64.1％。

I am especially pleased with these results because we continue to recognize balanced growth across all of our markets. Our sweet spot remains in serving business owners across the state of Kansas, from family farms in rural markets to small and midsized business owners in metro markets.

我對這些結果感到特別高興，因為我們繼續看到所有市場都實現了均衡成長。我們的優勢在於為堪薩斯州各地的企業主提供服務，從農村市場的家庭農場到大都會市場的中小型企業主。

Our loan mix reflects this commitment and our continued approach to relationship banking has helped us find success across all of our markets. Compared to the fourth quarter 2024, total gross loans increased by $22.6 million or 8.7% on an annualized basis with strong growth in virtually all loan categories, and brings our total loan balances to nearly $1.1 billion.

我們的貸款組合反映了這一承諾，我們持續的關係銀行業務方式幫助我們在所有市場取得成功。與 2024 年第四季相比，貸款總額增加了 2,260 萬美元，按年率計算增長 8.7%，幾乎所有貸款類別都實現了強勁增長，使我們的貸款總額達到近 11 億美元。

Deposit balances also increased $7.1 million this quarter and combined with maturities of investment securities, we were able to fund both loan growth and reduce more expensive short-term borrowings. As a result, net interest income grew by 5.8% compared to the fourth quarter of '24, and our net interest margin increased 25 basis points to 3.76%. Overall, credit quality remains solid as we continue to experience low net credit losses and maintain a robust allowance for credit losses, which totaled $12.8 million at March 31, 2025.

本季存款餘額也增加了 710 萬美元，加上投資證券到期，我們既能為貸款成長提供資金，又能減少更昂貴的短期借款。結果，淨利息收入與 24 年第四季相比成長了 5.8%，淨利差增加了 25 個基點，達到 3.76%。總體而言，信貸品質仍然穩健，因為我們繼續經歷較低的淨信貸損失並保持強勁的信貸損失準備金，截至 2025 年 3 月 31 日總計 1,280 萬美元。

Landmark's capital and liquidity measures are strong as well, and we have a stable, conservative deposit portfolio with most of our deposits being retail based and FDIC insured, thanks to our network of community-based banking centers. We remain risk-averse in both monitoring our interest rate and concentration risk and maintaining a strong credit discipline.

Landmark 的資本和流動性指標也很強勁，我們擁有穩定、保守的存款組合，其中大部分存款都是零售存款，並由 FDIC 承保，這得益於我們社區銀行中心網絡。我們在監控利率和集中度風險以及維持強有力的信貸紀律方面保持規避風險的態度。

I'm also pleased to report that our Board of Directors has declared a cash dividend of $0.21 per share to be paid June 4, 2025, to shareholders of record as of May 21, 2025. This represents the 95th consecutive quarterly cash dividend since the company's formation in 2001.

我還很高興地報告，我們的董事會已宣布向截至 2025 年 5 月 21 日登記在冊的股東派發每股 0.21 美元的現金股息，時間為 2025 年 6 月 4 日。這是該公司自 2001 年成立以來連續第 95 季現金分紅。

I will now turn the call over to Mark Herpich, our CFO, who will review the financial results in detail with you.

現在我將把電話轉給我們的財務長馬克‧赫皮奇 (Mark Herpich)，他將與您詳細審查財務結果。

Thanks, Abby, and good morning to everyone. While Abby has just provided a highlight of our overall financial performance in the first quarter 2025, I'll provide some further details on those results. As mentioned, net income in the first quarter of 2025 totaled $4.7 million compared to $3.3 million in the prior quarter, and $2.8 million in the first quarter of 2024.

謝謝，艾比，大家早安。雖然艾比剛剛重點介紹了我們 2025 年第一季的整體財務業績，但我將提供有關這些結果的更多詳細資訊。如上所述，2025 年第一季的淨收入總計 470 萬美元，而上一季為 330 萬美元，2024 年第一季為 280 萬美元。

Compared to the prior quarter, net income in the first quarter of 2025 had strong growth due to continued increases in net interest income, lower noninterest expense and no provision for credit losses. In the first quarter of 2025, net interest income totaled $13.1 million, an increase of $720,000 compared to the fourth quarter of 2024 due to a combination of higher loan, interest income and lower interest expense on deposits and borrowings.

與上一季相比，由於淨利息收入持續增加、非利息支出下降以及未提列信貸損失準備，2025 年第一季淨收入強勁增長。2025 年第一季度，淨利息收入總計 1,310 萬美元，與 2024 年第四季相比增加了 72 萬美元，原因是貸款利息收入增加以及存款和借款利息支出減少。

The reduction in interest expense on deposits and other borrowed funds was impacted by the Federal Reserve's cuts to short-term rates in the fourth quarter. Total interest income on loans increased $440,000 this quarter, and the tax equivalent yield on the loan portfolio increased 6 basis points to 6.34%. Average loans increased by $38.4 million during the first quarter, which resulted from loan growth late in the fourth quarter of 2024, which continued into the first quarter of 2025.

存款和其他借入資金利息支出的減少受到聯準會第四季下調短期利率的影響。本季貸款總利息收入增加了 44 萬美元，貸款組合的稅收等值收益率增加了 6 個基點，達到 6.34%。第一季平均貸款增加了 3,840 萬美元，這是由於 2024 年第四季末的貸款成長持續到 2025 年第一季。

Interest income on investment securities decreased slightly to $2.9 million this quarter due to a decline in average investment securities balances of $31.8 million, but was offset by higher yields earned on our investment securities balances.

本季投資證券的利息收入略有下降至 290 萬美元，原因是平均投資證券餘額下降了 3,180 萬美元，但被投資證券餘額的較高收益率所抵消。

The yield on our investment securities portfolio totaled 3.29% in the current quarter compared to 2.96% in the first quarter of 2024. Interest expense on deposits in the first quarter of 2025 decreased $114,000 due to lower rates as our average interest-bearing deposits grew $34.8 million. Interest on borrowing funds declined by $216,000 due to lower rates and balances.

本季度，我們投資證券組合的收益率總計 3.29%，而 2024 年第一季為 2.96%。由於利率下降，2025 年第一季存款利息支出減少了 114,000 美元，而我們的平均計息存款增加了 3,480 萬美元。由於利率和餘額下降，借款利息減少了 216,000 美元。

The average rate on interest-bearing deposits decreased 8 basis points to 2.17% while the average rate on other borrowed funds declined 15 basis points to 5.09% in the first quarter. Landmark's net interest margin on a tax equivalent basis increased to 3.76% in the first quarter of 2025 as compared to 3.51% in the fourth quarter of 2024.

第一季度，計息存款平均利率下降8個基點至2.17%，其他借款平均利率下降15個基點至5.09%。2025 年第一季度，Landmark 的稅收等值淨利差增加至 3.76%，而 2024 年第四季為 3.51%。

This quarter, we did not make a provision to our allowance for credit losses after providing $1.5 million in the prior quarter. Net charge-offs totaled $23,000 in the first quarter of 2025 compared to net loan charge-offs of $219,000 in the prior quarter. At March 31, 2025, our allowance for credit losses of $12.8 million remains strong and represents 1.19% of gross loans.

本季度，我們沒有對信用損失準備金進行計提，而上一季我們已提列了 150 萬美元。2025 年第一季淨沖銷總額為 23,000 美元，而上一季淨貸款沖銷總額為 219,000 美元。截至 2025 年 3 月 31 日，我們的信貸損失準備金為 1,280 萬美元，仍然保持強勁，佔總貸款的 1.19%。

Noninterest income totaled $3.4 million this quarter, a decline of $13,000 compared to the prior quarter, while decreasing $42,000 compared to the first quarter of 2024. The decrease from fourth quarter 2024 was primarily due to a $704,000 decline in bank-owned life insurance related to onetime benefits recorded in the fourth quarter, coupled with a $322,000 decline in fees and service charges, related to lower deposit-related fee income in part due to fewer days in the quarter.

本季非利息收入總計 340 萬美元，與上一季相比減少 13,000 美元，與 2024 年第一季相比減少 42,000 美元。與 2024 年第四季相比的下降主要是由於第四季度記錄的一次性福利相關的銀行擁有的人壽保險減少了 704,000 美元，再加上費用和服務費減少了 322,000 美元，這與存款相關費用收入減少有關，部分原因是本季度天數減少。

Partly offsetting those declines was a $1 million loss on the sale of lower-yielding investment securities in the fourth quarter of 2024 compared to a loss of only $2,000 in the first quarter of 2025. Non-interest expense for the first quarter of 2025 totaled $10.8 million, a decrease of $1.1 million compared to the prior quarter.

部分抵銷這些下降的是，2024 年第四季出售低收益投資證券的損失為 100 萬美元，而 2025 年第一季的損失僅為 2,000 美元。2025 年第一季非利息支出總計 1,080 萬美元，較上一季減少 110 萬美元。

This decline related primarily to decreases of $350,000 in other non-interest expense, $298,000 in professional fees and $298,000 also in occupancy and equipment. The decreases in other non-interest expenses and occupancy, and equipment were primarily related to branch closures in 2024, and the related cost savings in 2025. The decrease in professional fees this quarter was primarily due to higher consulting costs in the prior quarter on several initiatives.

這一下降主要與其他非利息支出減少 350,000 美元、專業費用減少 298,000 美元以及入住和設備費用減少 298,000 美元有關。其他非利息支出及佔用率和設備的減少主要與 2024 年分行關閉以及 2025 年相關成本節省有關。本季專業費用的減少主要是由於上一季幾項計劃的諮詢費用增加。

This quarter, we recorded a tax expense of $1 million compared to a tax benefit of $886,000 in the fourth quarter of last year. The fourth quarter 2024 tax benefit included previously unrecognized tax benefits of $1.0 million.

本季度，我們記錄的稅收支出為 100 萬美元，而去年第四季的稅收收益為 886,000 美元。2024 年第四季的稅收優惠包括先前未確認的 100 萬美元稅收優惠。

Gross loans increased $22.6 million or 8.7% annualized during the first quarter and totaled nearly $1.1 billion, a new record high. During the quarter, loan growth was primarily comprised of increases in commercial real estate and construction and land loans of $14.4 million and $3.3 million, respectively. We also saw good growth of $3.4 million in our residential mortgage loan portfolio.

第一季總貸款增加了 2,260 萬美元，年化成長率為 8.7%，總額接近 11 億美元，創下新高。本季度，貸款成長主要包括商業房地產和建築及土地貸款的增加，分別為 1,440 萬美元和 330 萬美元。我們的住宅抵押貸款組合也實現了 340 萬美元的良好成長。

Investment securities decreased $16.5 million during the first quarter of 2025 due primarily to maturities. Our investment portfolio has an average life of 4.6 years with a projected cash flow of $60.4 million coming due in the next 12 months.

2025 年第一季度，投資證券減少 1,650 萬美元，主要原因是到期。我們的投資組合平均壽命為 4.6 年，預計未來 12 個月的現金流量為 6,040 萬美元。

Deposits totaled $1.3 billion at March 31, 2025, and increased by $7.1 million this quarter. Interest checking and money market deposits declined by $23.5 million this quarter, while noninterest checking increased $16.9 million, and savings and certificates of deposits grew by $13.7 million. The decline in interest checking and money market deposits was driven by seasonal declines in public fund deposit accounts.

截至 2025 年 3 月 31 日，存款總額為 13 億美元，本季增加了 710 萬美元。本季度，利息支票存款和貨幣市場存款減少了 2,350 萬美元，非利息支票存款增加了 1,690 萬美元，儲蓄和存款證增加了 1,370 萬美元。利息支票存款和貨幣市場存款的下降是由於公共基金存款帳戶的季節性下降造成的。

Average interest-bearing deposits, however, increased by $34.8 million during the first quarter of 2025, while average borrowings decreased by $12.6 million during the quarter. Our loan-to-deposit ratio totaled 79.5% at March 31, which remains low, giving us sufficient liquidity to continue funding loan growth.

然而，2025 年第一季平均計息存款增加了 3,480 萬美元，而平均借款減少了 1,260 萬美元。截至 3 月 31 日，我們的貸存比率總計為 79.5%，仍然處於較低水平，為我們提供了充足的流動性，可以繼續為貸款成長提供資金。

Stockholders' equity increased $6.4 million to $142.7 million at March 31, 2025, and our book value increased to $24.69 per share at March 31, compared to $23.59 at December 31. The increase in stockholders' equity this quarter mainly resulted from a decline in other comprehensive losses due to lower net unrealized losses on our investment securities along with net earnings from the quarter.

截至 2025 年 3 月 31 日，股東權益增加 640 萬美元，達到 1.427 億美元，我們的帳面價值從 12 月 31 日的每股 23.59 美元增加到 3 月 31 日的每股 24.69 美元。本季股東權益的增加主要是由於本季我們的投資證券的淨未實現損失減少以及淨收益減少導致其他綜合損失減少。

Our consolidated and bank regulatory capital ratios as of March 31, 2025, are strong and exceed the regulatory levels considered well capitalized. The bank's leverage ratio was 9.2% at March 31, 2025, while the total risk-based capital ratio was 13.6%.

截至 2025 年 3 月 31 日，我們的合併和銀行監理資本比率非常強勁，超過了資本充足的監理水準。截至 2025 年 3 月 31 日，該銀行的槓桿率為 9.2%，總風險資本比率為 13.6%。

Now let me turn the call over to Raymond to review highlights of our loan portfolio and credit risk outlook.

現在，讓我將電話轉給雷蒙德，讓他回顧我們的貸款組合和信用風險前景的亮點。

Thank you, Mark, and good morning to everyone. As mentioned earlier, we enjoyed continued loan growth throughout the quarter, mainly due to increases in our residential mortgage, agriculture, commercial and commercial real estate portfolios. Gross loans outstanding at quarter end totaled $1.075 billion, an increase of $23 million or 8.7% on an annualized basis from the previous quarter. We experienced solid growth across virtually all of our portfolios.

謝謝你，馬克，大家早安。如前所述，本季我們的貸款持續成長，主要原因是我們的住宅抵押貸款、農業、商業和商業房地產投資組合的成長。季末未償還貸款總額為 10.75 億美元，較上一季增加 2,300 萬美元，以年率計算成長 8.7%。我們幾乎所有的投資組合都實現了穩健的成長。

Our commercial real estate portfolio increased $14 million. Our residential mortgage loan portfolio increased $3.4 million this quarter due to continued demand for our adjustable rate loan products that we retain in our portfolio. Turning to credit quality. At March 31, 2025, nonperforming loans consisting mainly of nonaccrual loans were relatively unchanged from the prior quarter and totaled $13.3 million. Total foreclosed real estate ended the quarter at $167,000.

我們的商業房地產投資組合增加了 1400 萬美元。由於我們投資組合中保留的可調利率貸款產品的持續需求，本季我們的住宅抵押貸款組合增加了 340 萬美元。轉向信用品質。截至 2025 年 3 月 31 日，主要由不計息貸款組成的不良貸款與上一季相比基本沒有變化，總額為 1,330 萬美元。本季末止贖房地產總額為 167,000 美元。

The balance of past due loans between 30 and 89 days still accruing increase -- still accruing interest increased $3.8 million this quarter and totaled $10 million or 0.93% of gross loans. This increase was largely due to $2.2 million SBA guaranteed commercial loans that we've mentioned on previous calls.

30 至 89 天的逾期貸款餘額仍在累積增加 - 本季度仍在累積利息增加了 380 萬美元，總計 1000 萬美元，佔總貸款的 0.93%。這一增長主要歸功於我們在先前的電話會議中提到的 220 萬美元 SBA 擔保商業貸款。

Compared to a year ago, balances increased $5.9 million. This increase was primarily observed within our commercial real estate portfolio. We do not view this increase as an indicator of a broader weakness within the portfolio. Since quarter end, $1 million relationship has been brought current, and we remain actively engaged on the other credits. We recorded net loan charge-offs of $23,000 during the first quarter of 2025 compared to net loan charge-offs of $7,000 during the first quarter of 2024.

與一年前相比，餘額增加了 590 萬美元。這一成長主要體現在我們的商業房地產投資組合中。我們並不認為這種成長顯示投資組合內部存在更廣泛的弱點。自季度末以來，我們已建立了 100 萬美元的合作關係，並且我們仍在積極參與其他信貸業務。2025 年第一季度，我們的淨貸款沖銷額為 23,000 美元，而 2024 年第一季的淨貸款沖銷額為 7,000 美元。

Our allowance for credit losses totaled $12.8 million and ended the quarter at 1.19% of gross loans. The current economic landscape in Kansas remains healthy. But preliminary seasonally adjusted unemployment rate for Kansas as of March 31 was 3.8% according to the Bureau of Labor Statistics.

我們的信貸損失準備金總額為 1,280 萬美元，本季末佔總貸款的 1.19%。堪薩斯州目前的經濟狀況依​​然健康。但根據美國勞工統計局的數據，截至 3 月 31 日，堪薩斯州經季節性調整後的初步失業率為 3.8%。

The uncertain economic environment, particularly tariffs, are on everyone's mind. Our approach to banking has always been relationship-focused. So it should be no surprise that our banking teams have already been out in the field talking to our customers. What we're hearing from our customers is a general level of uncertainty and cautiousness believing, however, that the uncertainty will resolve over time.

不確定的經濟環境，尤其是關稅，是每個人都關心的問題。我們的銀行業務方法始終以關係為中心。因此，我們的銀行團隊已經走出去與客戶溝通，這並不奇怪。我們從客戶那裡聽到的是普遍的不確定性和謹慎態度，但我們相信這種不確定性會隨著時間的推移而消失。

While it's still too early to tell what impact, if any, the administration's policies or actions will create for our customers, we continue to stay close to our customers and navigate these uncertain times together.

雖然現在判斷政府的政策或行動將對我們的客戶產生什麼影響還為時過早，但我們將繼續與客戶保持密切聯繫，共同度過這些不確定的時期。

And with that, I thank you, and I'll turn the call back over to Abby.

最後，我感謝你，我會把電話轉回給艾比。

Thank you, Raymond. Before we go to questions, I want to summarize by saying we were pleased with our results in the first quarter. We continue to see solid growth in our loan portfolio, along with an expanding margin.

謝謝你，雷蒙德。在回答問題之前，我想總結一下，我們對第一季的業績感到滿意。我們的貸款組合持續穩健成長，利潤率也不斷擴大。

We remain focused on maintaining solid credit quality, given the uncertainties in the economy, and we continually look for efficiencies in our operations. With the operating success we've had over the past few years and the high-quality banking products and services we offer, our bank is well positioned for future growth. We continue to work on strengthening our existing customer relationships, and we are focused on growing our lending and fee businesses across all our markets.

鑑於經濟的不確定性，我們仍然致力於維持穩健的信貸質量，並不斷尋求提高營運效率。憑藉過去幾年的經營成功以及我們提供的高品質銀行產品和服務，我們銀行已為未來的發展做好了準備。我們繼續致力於加強與現有客戶的關係，並專注於在所有市場擴大我們的貸款和收費業務。

Finally, I'd like to thank all the associates at Landmark, their daily focus on executing our strategies, delivering extraordinary service to our customers and communities is a key to our success.

最後，我要感謝 Landmark 的所有同事，他們每天專注於執行我們的策略，為我們的客戶和社區提供卓越的服務，這是我們成功的關鍵。

With that, I'll open the call up to questions that anyone might have.

這樣，我就可以開始回答大家可能會提出的問題了。

(Operator instructions) It appears we have no questions at this time. I'll hand the call back over to Abby for any closing comments.

（操作員指示）看來我們目前沒有問題。我會將電話轉回給艾比，以便她發表最後的評論。

Thank you. I want to thank everyone for attending today's earnings call. I appreciate your continued support and confidence in the company. I look forward to sharing news related to our second quarter 2025 results at our next earnings call. Hope everyone has a great day.

謝謝。我要感謝大家參加今天的財報電話會議。感謝您對公司的持續支持與信任。我期待在下次財報電話會議上分享與我們 2025 年第二季業績相關的新聞。祝大家有個愉快的一天。

Thank you. This now concludes today's call. Thank you all for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路了。