Landmark Bancorp, Inc. Announces 6.3% Increase in Net Earnings for the Year Ended December 31, 2024, and Fourth Quarter Earnings Per Share of $0.57. Declares Cash Dividend of $0.21 per Share

Manhattan, KS, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.57 for the three months ended December 31, 2024, compared to $0.68 per share in the third quarter of 2024 and $0.46 per share in the same quarter last year. Net income for the fourth quarter totaled $3.3 million, compared to $2.6 million in the fourth quarter of 2023 and $3.9 million in the prior quarter. For the three months ended December 31, 2024, the return on average assets was 0.83%, the return on average equity was 9.54% and the efficiency ratio was 70.0%.

For the year ended December 31, 2024, diluted earnings per share totaled $2.26 compared to $2.13 during 2023. Net earnings for 2024 totaled $13.0 million, compared to $12.2 million in 2023, or an increase of 6.3%. For the year ended December 31, 2024, the return on average assets was 0.83%, the return on average equity was 10.01% and the efficiency ratio was 69.1%.

2024 Performance Highlights

	●	Fourth quarter loan growth totaled $50.5 million or an annualized increase of 20.1% over the prior quarter.
	●	For the year, gross loans grew $103.7 million or 10.9%.
	●	Net interest margin improved 21 basis points to 3.51% compared to 3.30% in prior quarter.
	●	Deposits increased $53.3 million, or 16.6% annualized, from the prior quarter.
	●	Total borrowings decreased $34.7 million in the fourth quarter.
	●	A pre-tax loss of $1.0 million was realized in the fourth quarter to reposition a portion of the investment portfolio.
	●	Credit quality remained good with net charge-offs totaling $219,000 in the fourth quarter.

In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “During 2024, we experienced strong loan demand, especially for residential mortgages and commercial real estate loans. In the fourth quarter 2024, we saw strong growth in virtually all loan categories, with total gross loans increasing by $51 million or 20% (annualized). Total deposits also increased in the fourth quarter by more than $53 million, mostly due to seasonal growth in money market and interest checking accounts. The increase in deposits coupled with investment securities sales and maturities this quarter helped fund loan growth and reduce expensive short-term borrowings. For the year, net interest income grew 5.6% over the previous year while in the fourth quarter 2024 our net interest margin improved to 3.51%. Strategic investments in our people and product offerings resulted in higher non-interest expenses, particularly in the fourth quarter. Credit quality remained solid overall.”

Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid March 5, 2025, to common stockholders of record as of the close of business on February 19, 2025. On December 16, 2024, the Company issued a 5% stock dividend to common stockholders, representing the 24^th consecutive year that a stock dividend has been paid.

Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Wednesday, February 5, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 296482. A replay of the call will be available through February 12, 2025, by dialing (866) 813-9403 and using access code 817329.

Net Interest Income

Net interest income in the fourth quarter of 2024 amounted to $12.4 million representing an increase of $795,000, or 6.9%, compared to the previous quarter. The increase in net interest income was due mainly to lower interest expense on deposits and other borrowed funds. The net interest margin increased to 3.51% during the fourth quarter from 3.30% during the prior quarter. Compared to the previous quarter, interest income on loans increased $22,000 to $16.0 million due to higher average balances but partially offset by lower yields on loans. Average loan balances increased $24.5 million while the average tax-equivalent yield on the loan portfolio decreased 15 basis points to 6.28%. Interest on investment securities declined slightly due to lower balances while partially offset by higher earning rates. Compared to the third quarter 2024, interest on deposits decreased $480,000, or 8.2% mainly due to lower rates, while interest on other borrowed funds declined by $363,000, due to lower rates and balances. The average rate on interest-bearing deposits decreased 23 basis points to 2.25% while the average rate on other borrowed funds decreased 51 basis points to 5.10% in the fourth quarter.

Non-Interest Income

Non-interest income totaled $3.4 million for the fourth quarter of 2024, a decrease of $882,000 from the previous quarter. The decrease in non-interest income during the fourth quarter of 2024 was primarily due to a $1.0 million loss on the sales of lower yielding investment securities mentioned above, while the third quarter of 2024 did not include any sales of investment securities. Additionally, lower sales of residential mortgages this quarter resulted in a decline of $182,000 in gains on sales of these mortgages. The decline in other non-interest income of $221,000 this quarter compared to the prior quarter resulted from sales of premises, equipment and foreclosed assets that did not re-occur in the current quarter. Partially offsetting those declines was an increase of $722,000 in bank owned life insurance income.

Non-Interest Expense

During the fourth quarter of 2024, non-interest expense totaled $11.9 million, an increase of $1.3 million compared to the prior quarter. The increase in non-interest expense was primarily due to increases of $470,000 in professional fees and $461,000 in compensation and benefits. The increase in professional fees this quarter was primarily due to higher consulting costs on several initiatives. The increase in compensation and benefits was attributable to an increase in employees and higher incentive compensation costs.

Income Tax Expense (Benefit)

Landmark recorded an income tax benefit of $886,000 in the fourth quarter of 2024 compared to income tax expense of $867,000 in the prior quarter. The effective tax rate was (37.0%) in the fourth quarter of 2024 compared to 18.1% in the third quarter of 2024. The fourth quarter of 2024 included the recognition of $1.0 million of previously unrecognized tax benefits, which reduced the effective tax rate.

Balance Sheet Highlights

As of December 31, 2024, gross loans totaled $1.1 billion, an increase of $50.5 million, or 20.1% annualized since September 30, 2024. During the quarter, loan growth was primarily comprised of commercial real estate (growth of $21.1 million), commercial (growth of $10.7 million), agriculture (growth of $8.6 million) and one-to-four family residential real estate (growth of $7.8 million) loans. Investment securities decreased $38.5 million during the fourth quarter of 2024 and included sales of $36.0 million in low-rate U.S. treasury securities offset by purchases of $18.0 million in market rate U.S. treasury securities. Pre-tax unrealized net losses on the investment securities portfolio increased from $13.3 million at September 30, 2024 to $20.9 million at December 31, 2024 mainly due to higher market rates for these securities at year end.

Period end deposit balances increased $53.3 million to $1.3 billion at December 31, 2024. The increase in deposits was mainly driven by an increase in money market and checking (increase of $71.3 million) but partially offset by declines in certificates of deposit (decrease of $9.2 million) and non-interest-bearing demand deposits (decrease of $8.6 million). The increase in money market and checking accounts was mainly driven by seasonal growth in public fund deposit account balances. Total borrowings decreased $34.7 million during the fourth quarter 2024. At December 31, 2024, the loan to deposits ratio was 78.2% compared to 77.6% in the prior quarter.

Stockholders’ equity decreased to $136.2 million (book value of $23.59 per share) as of December 31, 2024, from $139.7 million (book value of $24.18 per share) as of September 30, 2024. The decrease in stockholders’ equity was due to an increase in accumulated other comprehensive losses as the unrealized net losses on investments securities increased during the fourth quarter. The ratio of equity to total assets decreased to 8.65% on December 31, 2024, from 8.93% on September 30, 2024.

The allowance for credit losses totaled $12.8 million, or 1.22% of total gross loans on December 31, 2024, compared to $11.5 million, or 1.15% of total gross loans on September 30, 2024. Net loan charge-offs totaled $219,000 in the fourth quarter of 2024, compared to $9,000 during the third quarter of 2024. A provision for credit losses for loans of $1.5 million was recorded in the fourth quarter of 2024 compared to $650,000 in the third quarter of 2024.

Non-performing loans totaled $13.1 million, or 1.25% of gross loans at December 31, 2024 compared to $13.4 million, or 1.34% of gross loans at September 30, 2024. Loans 30-89 days delinquent declined to $6.2 million, or 0.59% of gross loans, as of December 31, 2024, compared to $7.3 million, or 0.73% of gross loans, as of 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 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, 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 changing 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 changes in interpretation or prioritization; (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 additional rate changes, if any, by the Federal Reserve; (x) the economic 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)

		December 31,				September 30,				June 30,				March 31,				December 31,
(Dollars in thousands)		2024				2024				2024				2024				2023
Assets
Cash and cash equivalents		$	20,275			$	21,211			$	23,889			$	16,468			$	27,101
Interest-bearing deposits at other banks			4,110				4,363				4,881				4,920				4,918
Investment securities available-for-sale, at fair value:
U.S. treasury securities			64,458				83,753				89,325				93,683				95,667
Municipal obligations, tax exempt			107,128				112,126				114,047				118,445				120,623
Municipal obligations, taxable			71,715				75,129				74,588				75,371				79,083
Agency mortgage-backed securities			129,211				140,004				142,499				149,777				157,396
Total investment securities available-for-sale			372,512				411,012				420,459				437,276				452,769
Investment securities held-to-maturity			3,672				3,643				3,613				3,584				3,555
Bank stocks, at cost			6,618				7,894				9,647				7,850				8,123
Loans:
One-to-four family residential real estate			352,209				344,380				332,090				312,833				302,544
Construction and land			25,328				23,454				30,480				24,823				21,090
Commercial real estate			345,159				324,016				318,850				323,397				320,962
Commercial			192,325				181,652				178,876				181,945				180,942
Agriculture			100,562				91,986				84,523				86,808				89,680
Municipal			7,091				7,098				6,556				5,690				4,507
Consumer			29,679				29,263				29,200				28,544				28,931
Total gross loans			1,052,353				1,001,849				980,575				964,040				948,656
Net deferred loan (fees) costs and loans in process			(307	)			(63	)			(583	)			(578	)			(429	)
Allowance for credit losses			(12,825	)			(11,544	)			(10,903	)			(10,851	)			(10,608	)
Loans, net			1,039,221				990,242				969,089				952,611				937,619
Loans held for sale, at fair value			3,420				3,250				2,513				2,697				853
Bank owned life insurance			39,056				39,176				38,826				38,578				38,333
Premises and equipment, net			20,220				20,976				20,986				20,696				19,709
Goodwill			32,377				32,377				32,377				32,377				32,377
Other intangible assets, net			2,578				2,729				2,900				3,071				3,241
Mortgage servicing rights			3,061				3,041				2,997				2,977				3,158
Real estate owned, net			167				428				428				428				928
Other assets			26,855				23,309				28,149				29,684				28,988
Total assets		$	1,574,142			$	1,563,651			$	1,560,754			$	1,553,217			$	1,561,672
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest-bearing demand			351,595				360,188				360,631				364,386				367,103
Money market and checking			636,963				565,629				546,385				583,315				613,613
Savings			145,514				145,825				150,996				154,000				152,381
Certificates of deposit			194,694				203,860				192,470				191,823				183,154
Total deposits			1,328,766				1,275,502				1,250,482				1,293,524				1,316,251
FHLB and other borrowings			53,046				92,050				131,330				74,716				64,662
Subordinated debentures			21,651				21,651				21,651				21,651				21,651
Repurchase agreements			13,808				9,528				8,745				15,895				12,714
Accrued interest and other liabilities			20,656				25,229				20,292				20,760				19,480
Total liabilities			1,437,927				1,423,960				1,432,500				1,426,546				1,434,758
Stockholders’ equity:
Common stock			58				55				55				55				55
Additional paid-in capital			95,051				89,532				89,469				89,364				89,208
Retained earnings			56,934				60,549				57,774				55,912				54,282
Treasury stock, at cost			-				(396	)			(330	)			(249	)			(75	)
Accumulated other comprehensive loss			(15,828	)			(10,049	)			(18,714	)			(18,411	)			(16,556	)
Total stockholders’ equity			136,215				139,691				128,254				126,671				126,914
Total liabilities and stockholders’ equity		$	1,574,142			$	1,563,651			$	1,560,754			$	1,553,217			$	1,561,672

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings (unaudited)

		Three months ended,												Year ended,
		December 31,				September 30,				December 31,				December 31,				December 31,
(Dollars in thousands, except per share amounts)		2024				2024				2023				2024				2023
Interest income:
Loans		$	15,955			$	15,933			$	14,223			$	61,400			$	51,753
Investment securities:
Taxable			2,210				2,301				2,453				9,298				9,594
Tax-exempt			738				747				761				3,008				3,094
Interest-bearing deposits at banks			49				41				49				193				242
Total interest income			18,952				19,022				17,486				73,899				64,683
Interest expense:
Deposits			5,350				5,830				4,879				22,310				15,254
FHLB and other borrowings			737				1,100				1,203				3,886				4,048
Subordinated debentures			389				416				422				1,635				1,590
Repurchase agreements			77				72				96				344				499
Total interest expense			6,553				7,418				6,600				28,175				21,391
Net interest income			12,399				11,604				10,886				45,724				43,292
Provision for credit losses			1,500				500				50				2,300				349
Net interest income after provision for credit losses			10,899				11,104				10,836				43,424				42,943
Non-interest income:
Fees and service charges			2,710				2,880				2,763				10,742				10,220
Gains on sales of loans, net			522				704				255				2,386				2,269
Bank owned life insurance			976				254				242				1,723				913
Losses on sales of investment securities, net			(1,031	)			-				(1,246	)			(1,031	)			(1,246	)
Other			194				415				240				924				1,074
Total non-interest income			3,371				4,253				2,254				14,744				13,230
Non-interest expense:
Compensation and benefits			6,264				5,803				5,756				23,103				22,681
Occupancy and equipment			1,550				1,429				1,429				5,663				5,565
Data processing			452				464				462				1,889				1,940
Amortization of mortgage servicing rights and other intangibles			240				256				437				1,164				1,844
Professional fees			1,043				573				730				2,912				2,452
Valuation allowance on real estate held for sale			-				-				-				1,108				-
Other			2,325				2,034				1,748				8,240				7,501
Total non-interest expense			11,874				10,559				10,562				44,079				41,983
Earnings before income taxes			2,396				4,798				2,528				14,089				14,190
Income tax expense (benefit)			(886	)			867				(111	)			1,086				1,954
Net earnings		$	3,282			$	3,931			$	2,639			$	13,003			$	12,236
Net earnings per share (1)
Basic		$	0.57			$	0.68			$	0.46			$	2.26			$	2.13
Diluted			0.57				0.68				0.46				2.26				2.13
Dividends per share (1)			0.20				0.20				0.19				0.80				0.76
Shares outstanding at end of period (1)			5,775,198				5,776,282				5,751,475				5,775,198				5,751,475
Weighted average common shares outstanding - basic (1)			5,775,227				5,765,348				5,755,175				5,758,056				5,751,585
Weighted average common shares outstanding - diluted (1)			5,789,764				5,770,514				5,755,175				5,764,282				5,754,840
Tax equivalent net interest income		$	12,574			$	11,777			$	11,017			$	46,428			$	44,040

(1	)	Share and per share values at or for the periods ended September 30, 2024 and December 31, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.

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

		As of or for the three months ended,												As of or for the year ended,
		December 31,				September 30,				December 31,				December 31,				December 31,
(Dollars in thousands, except per share amounts)		2024				2024				2023				2024				2023
Performance ratios:
Return on average assets (1)			0.83	%			1.01	%			0.67	%			0.83	%			0.80	%
Return on average equity (1)			9.54	%			11.95	%			9.39	%			10.01	%			10.70	%
Net interest margin (1)(2)			3.51	%			3.30	%			3.11	%			3.28	%			3.17	%
Effective tax rate			-37.0	%			18.1	%			-4.4	%			7.7	%			13.8	%
Efficiency ratio (3)			70.0	%			66.5	%			71.9	%			69.1	%			71.2	%
Non-interest income to total income (3)			25.9	%			25.5	%			24.3	%			25.3	%			25.1	%
Average balances:
Investment securities		$	409,648			$	428,301			$	463,763			$	432,928			$	486,268
Loans			1,010,153				985,659				934,333				974,293				891,487
Assets			1,568,821				1,562,482				1,555,742				1,558,236				1,535,694
Interest-bearing deposits			944,969				936,218				910,610				938,223				892,373
FHLB and other borrowings			57,507				77,958				84,408				70,226				74,210
Subordinated debentures			21,651				21,651				21,651				21,651				21,651
Repurchase agreements			12,212				10,774				13,785				12,216				18,361
Stockholders’ equity		$	136,933			$	132,271			$	111,560			$	129,944			$	114,339
Average tax equivalent yield/cost (1):
Investment securities			3.03	%			2.99	%			2.86	%			3.00	%			2.76	%
Loans			6.28	%			6.43	%			6.04	%			6.30	%			5.81	%
Total interest-bearing assets			5.34	%			5.38	%			4.97	%			5.28	%			4.71	%
Interest-bearing deposits			2.25	%			2.48	%			2.13	%			2.38	%			1.71	%
FHLB and other borrowings			5.10	%			5.61	%			5.65	%			5.53	%			5.45	%
Subordinated debentures			7.15	%			7.64	%			7.73	%			7.55	%			7.34	%
Repurchase agreements			2.51	%			2.66	%			2.79	%			2.82	%			2.72	%
Total interest-bearing liabilities			2.52	%			2.82	%			2.54	%			2.70	%			2.13	%
Capital ratios:
Equity to total assets			8.65	%			8.93	%			8.13	%
Tangible equity to tangible assets (3)			6.58	%			6.84	%			5.98	%
Book value per share		$	23.59			$	24.18			$	22.07
Tangible book value per share (3)		$	17.53			$	18.11			$	15.87
Rollforward of allowance for credit losses (loans):
Beginning balance		$	11,544			$	10,903			$	10,970			$	10,608			$	8,791
Adoption of CECL			-				-				-				-				1,523
Charge-offs			(246	)			(153	)			(442	)			(659	)			(850	)
Recoveries			27				144				80				476				894
Provision for credit losses for loans			1,500				650				-				2,400				250
Ending balance		$	12,825			$	11,544			$	10,608			$	12,825			$	10,608
Allowance for unfunded loan commitments		$	150			$	300			$	200
Non-performing assets:
Non-accrual loans		$	13,115			$	13,415			$	2,391
Accruing loans over 90 days past due			-				-				-
Real estate owned			167				428				928
Total non-performing assets		$	13,282			$	13,843			$	3,319
Loans 30-89 days delinquent		$	6,201			$	7,301			$	1,582
Other ratios:
Loans to deposits			78.21	%			77.64	%			71.23	%
Loans 30-89 days delinquent and still accruing to gross loans outstanding			0.59	%			0.73	%			0.17	%
Total non-performing loans to gross loans outstanding			1.25	%			1.34	%			0.25	%
Total non-performing assets to total assets			0.84	%			0.89	%			0.21	%
Allowance for credit losses to gross loans outstanding			1.22	%			1.15	%			1.12	%
Allowance for credit losses to total non-performing loans			97.79	%			86.05	%			443.66	%
Net loan charge-offs to average loans (1)			0.09	%			0.00	%			0.15	%			0.03	%			-0.01	%

(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)

		As of or for the three months ended,												As of or for the year ended,
		December 31,				September 30,				December 31,				December 31,				December 31,
(Dollars in thousands, except per share amounts)		2024				2024				2023				2024				2023
Non-GAAP financial ratio reconciliation:
Total non-interest expense		$	11,874			$	10,559			$	10,562			$	44,079			$	41,983
Less: foreclosure and real estate owned expense			(13	)			(23	)			(40	)			(47	)			(61	)
Less: amortization of other intangibles			(151	)			(171	)			(174	)			(663	)			(765	)
Less: valuation allowance on real estate held for sale			-				-				-				(1,108	)			-
Adjusted non-interest expense (A)			11,710				10,365				10,348				42,261				41,157
Net interest income (B)			12,399				11,604				10,886				45,724				43,292
Non-interest income			3,371				4,253				2,254				14,744				13,230
Less: losses on sales of investment securities, net			1,031				-				1,246				1,031				1,246
Less: gains on sales of premises and equipment and foreclosed assets			(62	)			(273	)			-				(326	)			(1	)
Adjusted non-interest income (C)		$	4,340			$	3,980			$	3,500			$	15,449			$	14,475
Efficiency ratio (A/(B+C))			70.0	%			66.5	%			71.9	%			69.1	%			71.2	%
Non-interest income to total income (C/(B+C))			25.9	%			25.5	%			24.3	%			25.3	%			25.1	%
Total stockholders’ equity		$	136,215			$	139,691			$	126,914
Less: goodwill and other intangible assets			(34,955	)			(35,106	)			(35,618	)
Tangible equity (D)		$	101,260			$	104,585			$	91,296
Total assets		$	1,574,142			$	1,563,651			$	1,561,672
Less: goodwill and other intangible assets			(34,955	)			(35,106	)			(35,618	)
Tangible assets (E)		$	1,539,187			$	1,528,545			$	1,526,054
Tangible equity to tangible assets (D/E)			6.58	%			6.84	%			5.98	%
Shares outstanding at end of period (F)			5,775,198				5,776,282				5,751,475
Tangible book value per share (D/F)		$	17.53			$	18.11			$	15.87