MANHATTAN — Landmark Bancorp Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.50 for the three months ended Sept. 30, 2022, compared to $0.61 per share in the second quarter of 2022 and $0.90 per share in the same quarter last year. Net earnings for the third quarter of 2022 amounted to $2.5 million, compared to $3 million in the prior quarter and $4.5 million for the third quarter of 2021. For the three months ended Sept. 30, 2022, the return on average assets was 0.76%, the return on average equity was 8.33%, and the efficiency ratio was 69.6%. The previously announced acquisition of Freedom Bancshares Inc. was completed prior to the opening of business on Oct. 1, 2022 and their financial information is not included in Landmark’s third quarter results. 

For the first nine months of 2022, diluted earnings per share totaled $1.73 compared to $2.97 during the same period of 2021. Net earnings for the first nine months of 2022 amounted to $8.7 million, compared to $14.9 million in the first nine months of 2021. For the nine months ended Sept. 30, 2022, the return on average assets was 0.89% and the return on average equity was 9.33%.  

Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid Nov. 30, 2022, to common stockholders of record as of the close of business on Nov. 16, 2022. The Board of Directors also declared a 5% stock dividend payable on Dec. 16, 2022, to common stockholders of record on Dec. 2, 2022. This is the 22nd 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 a.m. on Thursday, Nov. 3. Investors may participate via telephone by dialing 844-200-6205 and using access code 523774. A replay of the call will be available through Dec. 3 by dialing -866-813-9403 and using access code 414179.