랜드마크 뱅코프(LARK) 2026년 3분기 실적 발표 콘퍼런스 콜: 마진 4.35% 달성

주요 요약

• 2026년 3분기 순이익은 2026년 2분기 540만 달러, 전년 동기 490만 달러에서 550만 달러로 증가했습니다. 희석 EPS는 0.89달러였습니다.
• 매출은 역대 최대인 1,920만 달러에 달했으며, 세금 가산 순이자마진은 전분기 대비 13bp, 전년 동기 대비 52bp 확대된 4.35%를 기록했습니다.
• 상환액이 신규 집행액을 초과하면서 총대출은 분기 동안 2,220만 달러 감소한 11억 달러를 기록했습니다. 경영진은 대출 상환 증가가 전반적인 추세의 증거라기보다는 차주 개별적인 요인 때문이라고 설명했습니다.
• 총예금은 주로 공공 자금 예금의 계절적 감소(6,170만 달러)로 인해 5,900만 달러 감소한 12억 달러를 기록했습니다. 공공 자금 및 중개 예금을 제외한 핵심 고객 예금은 490만 달러 증가했습니다.
• 자산 건전성은 전반적으로 안정적인 수준을 유지했습니다. 부실대출은 1,250만 달러(총대출의 1.16%)로 감소했고, 연환산 순상각률은 평균 대출의 0.01%로 낮아졌습니다.
• 랜드마크 반코프는 주당 0.21달러의 현금 배당과 5%의 주식 배당을 선언했습니다.

핵심 재무 실적

2026년 첫 9개월 동안 순이익은 2025년 동기의 1,400만 달러(희석 주당 2.29달러)에서 증가한 1,590만 달러(희석 주당 2.59달러)를 기록했습니다.

사업 및 영업 실적

순이자이익은 이자수익자산 수익률 향상과 예금 비용 감소의 수혜를 입었습니다. 평균 대출 수익률은 6.46%로 상승했고, 증권 포트폴리오 수익률은 2026년 2분기 3.66%에서 3.80%로 상승했습니다. 예금 비용은 1.29%로 낮아졌으며, 무이자예금은 총예금의 약 29% 수준을 유지했습니다.

상환액이 신규 취급액을 상회하면서 대출 잔액이 감소했습니다. 상업용 부동산 대출이 1,250만 달러 감소했고, 주거용 부동산 대출이 1,060만 달러, 상업용 대출이 640만 달러 감소했습니다. 건축 및 토지 개발 대출은 930만 달러 증가해 이러한 감소세를 일부 상쇄했습니다.

금리 상승으로 주택담보대출 취급이 둔화되면서 대출 매각 이익이 전분기 대비 59만 3,000달러 감소하는 원인이 되었습니다. 이는 비이자이익 감소의 주요 요인이었습니다.

보수 및 복리후생비, 임차 및 설비 비용, 기타 경비 증가로 인해 비용이 증가했습니다. 랜드마크는 기술, 인재 육성, 디지털 역량, 신용 관리 및 리스크 감독에 대한 투자를 지속했습니다.

회사는 이번 분기 동안 연방홈론은행(FHLB) 자금 조달을 늘려 총차입금이 4,950만 달러 증가했습니다. 경영진은 유리한 가격 및 시장 조건 때문이라고 설명했습니다. 2026년 9월 30일 기준 예대율은 85.6%였습니다.

경영진 가이던스

경영진은 4분기에 공공 자금 예금의 계절적 유출 현상이 반전될 것으로 예상하고 있습니다.

대출 성장에 대해 아비가일 웬델(Abigail Wendel) CEO는 자체 성장을 달성하는 데 있어 경영진이 신중한 낙관론을 유지하고 있다고 밝혔습니다. 그녀는 3분기 상환이 일시적이고 차주 개별적인 것이라고 설명하면서도 상환 시점을 예측하기는 여전히 어렵다는 점을 인정했습니다.

마크 허피치(Mark Herpich) CFO는 랜드마크가 향후 1년간 약간의 자산 민감성(asset-sensitive) 성향을 보일 것이라고 말했습니다. 경영진은 구체적인 수치 전망을 제시하지는 않았지만, 재무상태표가 금리 상승의 수혜를 입고 잠재적으로 추가적인 마진 확대를 가져올 수 있는 구조를 갖추고 있다고 믿고 있습니다.

리스크 및 주목할 점

• 30~89일 연체 대출은 6월 30일 기준 630만 달러(총대출의 0.57%)에서 830만 달러(0.77%)로 증가했습니다. 경영진은 이러한 증가가 주로 면밀히 모니터링 중인 상업용 부동산 차주 1건 때문이라고 설명했습니다.
• 금리 상승에 따라 증권 포트폴리오의 미실현 순손실이 이번 분기 동안 세후 1,090만 달러 증가한 1,850만 달러를 기록했습니다. 이는 자기자본이 660만 달러 감소하여 1억 6,030만 달러를 기록하는 원인이 되었습니다.
• 금리 상승으로 분기 중 주택담보대출 취급 실적과 대출 매각 이익이 약화되었습니다.
• 신규 대출 수익률 상승에도 불구하고 대출 상환액이 신규 집행액을 상회하여 총대출 잔액이 감소했습니다.
• 경영진은 대출 포트폴리오, 심사 기준 및 은행의 신용 문화를 강화하기 위해 추가적인 작업이 필요하다고 밝혔습니다.

애널리스트 Q&A 주요 내용

경영진은 대출 상환 증가가 전반적인 추세를 나타내는 것은 아니라고 말했습니다. 상환 건 중 하나는 대형 은행이 통합한 참여 대출과 관련이 있으며, 랜드마크는 새로운 기관과 다시 참여할 수 있는 기회를 가질 수도 있습니다.

회사는 3분기 마진 확대가 핵심 영업에서 기인한 것임을 확인했습니다. 중도상환 수수료, 조기 상환 관련 수수료 또는 순이자마진을 받쳐주는 기타 비정상적인 항목은 없었습니다.

경영진은 또한 랜드마크가 향후 1년간 어느 한쪽 방향으로 강하게 치우치기보다는 완만한 자산 민감성 성향을 보일 것으로 설명했습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Hello, everyone. Thank you for joining us, and welcome to the Landmark Bancorp Q3 Earnings Call. [Operator Instructions] I will now hand the conference over to Shelley Reed, Head of Corporate Strategy and Development and Head of Investor Relations. Shelley, please go ahead.

Shelley Reed

Thanks, Trevor. Good morning, everyone, and welcome to Landmark Bancorp's Third Quarter Earnings Conference Call. Joining me today is our President and CEO, Abby Wendel; and our Chief Financial Officer, Mark Herpich. During today's call, we may make statements that constitute projections, plans, objectives, future performance, beliefs, expectations or similar forward-looking statements. These statements involve risks and uncertainties, which should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. We caution that such statements are predictions only and that actual results may differ materially.

We include more information on these factors in our earnings release furnished with our Form 8-K yesterday as well as our Form 10-K and Form 10-Q filings and subsequent filings with the SEC. Additionally, all statements, including forward-looking statements, speak only as of the date they're made, and Landmark undertakes no obligation to update any statement in light of new information or future events. Also, our remarks may reference certain non-GAAP financial metrics, which we believe provide useful information to investors.

Additional disclosures regarding non-GAAP metrics, including the reconciliation of those non-GAAP metrics to GAAP, are contained in our earnings release, which we filed yesterday with the SEC and are also available in our Investors section of our website at banklandmark.com. We caution that these non-GAAP financial metrics should not be viewed as a substitute for operating results determined in accordance with GAAP as contained in our earnings release and other filings with the SEC. A replay of this call will be available through November 5, 2026. Access information can be found in our earnings release. I will now turn the conference call over to our President and Chief Executive Officer, Abby Wendel.

Abigail Wendel

Thanks, Shelley. Good morning, everyone, and thank you for joining us today. Landmark delivered solid third quarter results driven by net interest margin expansion, stable credit quality and a strong balance sheet, reflective of our relationship-driven approach to banking, serving our communities and our core customer base. Net income increased to $5.5 million for the third quarter and diluted earnings per share increased to $0.89. Year-to-date net income increased to $15.9 million and diluted earnings per share increased to $2.59 compared to net income of $14 million or $2.29 per diluted share for the 9 months ended September 30, 2025.

Return on assets increased to an attractive 1.36% quarter-over-quarter and has increased significantly from 1.21% for the third quarter of 2025. Revenues totaled a record $19.2 million, driven by an increase in net interest income, demonstrating our disciplined approach to loan and deposit pricing. Although loan payoffs outpaced new loan production this quarter, we successfully grew interest income by maintaining pricing and underwriting practices reflective of the current market environment. New loan originations were at yields exceeding those of maturing and paid off loans, which contributed to improved earning asset performance.

Yield on average loans for the quarter increased to 6.46%. The decrease in loan balances was driven in part by continued declines in 1-4 family residential and consumer loan portfolios, which accounted for more than half of the overall decline. On the funding side, the decrease in deposits reported for the third quarter was due in part to a seasonal outflow of public fund deposits. We would expect this trend to reverse in the fourth quarter. We also made the decision in the quarter to replace this funding primarily with FHLB borrowings based on market dynamics and favorable pricing.

Our disciplined approach to deposit pricing enabled us to further reduce our cost of deposits to 1.29%. Noninterest-bearing deposits remained approximately 29% of total deposits, underscoring the quality of our deposit base and providing a meaningful competitive advantage as we navigate the current economic environment. Our core retail and commercial customer base continues to grow, which positions us favorably to support future balance sheet and revenue growth. Turning to fee income. We recorded noninterest income of $3.6 million during the third quarter of 2026, which was down compared to the second quarter of 2026 and the third quarter of 2025 due primarily to a decrease in gain on sale of mortgage loans.

The increase in interest rates during the third quarter slowed mortgage production. Expenses increased in the third quarter, driven by increases in compensation and benefits expense as well as continued technology investments. Investing in talent and talent development remains a key component of our strategy, helping us build a deep and sustainable pipeline of leadership and client-focused expertise. We are encouraged by our recent success in attracting and promoting emerging talent and remain committed to cultivating the next generation of bankers and leaders.

At the same time, we continue to selectively add experienced professionals across our footprint who share our commitment to relationship banking and can contribute to the ongoing expansion to our full-service banking model. This includes the recent addition of a couple of experienced executives to our leadership team as we further strengthen our credit and risk management capabilities and continue to scale in a prudent and profitable manner. Before I turn the call over to Mark to discuss our results in more detail, I wanted to quickly touch on our asset quality.

I'm pleased with our stable asset quality trends this quarter, including a slight decrease in nonaccrual loans and excellent charge-off levels of 0.01% of average loans. Our provision decreased in the third quarter versus the second quarter of 2026, while increasing our coverage of total loans and nonperforming loans. But we still have work to do on our loan portfolio and overall credit approach as we elevate expectations and strengthen our credit culture. We are committed to building a bank with sound underwriting and a credit-first mindset.

Lastly, I'm pleased to report that our Board of Directors declared a cash dividend of $0.21 per share payable on November 27, 2026, to shareholders of record as of November 12, 2026. This dividend marks the company's 101st consecutive quarterly cash dividend since the formation of the holding company in 2001, underscoring our long-standing commitment to delivering value to shareholders. The Board of Directors also declared a 5% stock dividend to be issued on December 16, 2026, to shareholders of record on December 2, 2026. This is the 26th consecutive year that Landmark has declared a 5% stock dividend. I will now turn the call over to Mark Herpich, our Chief Financial Officer, who will discuss our financial results in greater detail.

Mark Herpich

Thanks, Abby, and good morning to everyone. While Abby has just provided a highlight of our overall strong financial performance this year, I'll provide some further details on our third quarter results. Net income in the third quarter of 2026 increased to $5.5 million compared to $5.4 million in the second quarter of 2026 and $4.9 million in the third quarter of 2025, mainly due to continued growth in net interest income. In the third quarter of 2026, net interest income totaled $15.6 million, an increase of $562,000 compared to the second quarter of 2026, driven by increased earning asset yields, partially offset by higher funding costs.

Net interest income also grew $1.5 million compared to the same period of the prior year due primarily to lower deposit costs. Total interest income on loans increased to $17.5 million in the third quarter, while interest income on investments increased to $3.3 million. Average loans decreased by $12.3 million in the third quarter of 2026, while tax equivalent yield on the loan portfolio increased to 6.46% and the average yield on the securities portfolio increased to 3.80% from 3.66% in the second quarter of 2026. Interest expense on deposits in the third quarter of 2026 decreased $62,000 from the prior quarter due to lower cost of deposits, while average deposit balances decreased to $1.3 billion in the third quarter.

The decline in deposits relates to a seasonal decline in public fund deposits. The average rate on interest-bearing deposits decreased slightly to 1.81%, down 1 basis point from the prior quarter, reflecting lower deposit costs. Additionally, we strategically elected to utilize our Federal Home Loan Bank borrowing line more heavily during the third quarter. Interest expense on borrowed funds increased by $100,000 compared to the prior quarter due to higher average balances and consistent borrowing rates. Landmark's net interest margin on a tax equivalent basis increased 13 basis points to 4.35% in the third quarter of 2026 as compared to the second quarter of 2026 and improved 52 basis points as compared to the third quarter of 2025.

Noninterest income totaled $3.6 million this quarter, a decrease of $493,000 compared to the prior quarter and a decrease of $466,000 compared to the third quarter of 2025. The decrease in comparison to the prior quarter resulted primarily from a $593,000 decrease in gains on the sale of loans due to a decrease in the volume of loans sold in the secondary market during the third quarter of 2026. Noninterest expense for the third quarter of 2026 totaled $12.3 million, an increase of $292,000 compared to the prior quarter. This increase related primarily to increases of $238,000 in compensation and benefits expense, $178,000 in occupancy and equipment expense and $148,000 in other expense.

Partially offsetting these increases was a decrease of $313,000 in professional fees. This quarter, we recorded tax expense of $1.3 million, resulting in an effective tax rate of 19.3% as compared to tax expense of $1.3 million in the second quarter of 2026 as well for an effective tax rate of 19.7%. Gross loans decreased $22.2 million in the current quarter compared to the previous quarter and totaled $1.1 billion at quarter end. Average loans declined by $12.3 million in the current quarter as compared to the prior quarter. As of September 30, 2026, we experienced decreases in our commercial real estate portfolio of $12.5 million, our residential real estate portfolio of $10.6 million and commercial loan portfolio of $6.4 million, which were partially offset by increases in our construction and land development portfolio of $9.3 million.

Investment securities increased $2.5 million during the third quarter of 2026, mainly due to the reinvestment of maturities and cash flow from the portfolio. Our investment portfolio has an average duration of 4.8 years with projected 12-month cash flow of $60.4 million and a roll-off yield of less than 3% at September 30, 2026, which is lower than the current yields available on new investments purchased. Unrealized net losses on our investment portfolio increased by $10.9 million during the quarter to $18.5 million net of tax as a result of higher interest rates. Deposits totaled $1.2 billion at September 30, 2026, a decrease of $59.0 million in the third quarter compared to the prior quarter.

This quarter, public funds deposits declined by $61.7 million related to seasonal declines. The public fund deposit decreases were offset by growth in core customer deposits. Excluding the decline in public fund deposits and broker deposits, core customer deposits actually increased $4.9 million during the quarter. Our total borrowings increased by $49.5 million during the quarter as we continue to lever lower cost funding from other borrowing sources like the Federal Home Loan Bank. Our balance sheet continues to provide sufficient liquidity and flexibility to fund future growth as our loan-to-deposit ratio totaled 85.6% and securities were 21.8% of total assets at September 30.

Stockholders' equity decreased $6.6 million during the third quarter to $160.3 million at September 30, driven by higher other comprehensive losses due to the increase in interest rates, offset by retained earnings net of common stock cash dividends. Our book value was $26.24 per share at September 30, 2026, compared to $27.35 at June 30. Our tangible book value per share ended the quarter at $20.68, a decrease from June 30, 2026, but an increase of 3.6% compared to a year ago September 30, 2025. Our consolidated and bank regulatory capital ratios as of September 30, 2026, are strong and continue to exceed the regulatory levels required to be considered well capitalized.

Turning to credit quality. Nonperforming loans decreased $572,000 during the quarter to $12.5 million or 1.16% of gross loans compared to $13.1 million or 1.18% of gross loans at June 30, 2026. Loans delinquent 30 to 89 days and still accruing interest totaled $8.3 million or 0.77% of gross loans at September 30 compared to $6.3 million or 0.57% at June 30. The increase in delinquent loans was primarily driven by one borrower in the commercial real estate portfolio, which we continue to monitor closely. Net loan charge-offs during the third quarter totaled $14,000 compared to $452,000 during the second quarter.

On an annualized basis, net charge-offs represented approximately 0.01% of average loans compared to 0.17% of average loans in the prior quarter. Overall, we are pleased with our low net charge-off rates, which remain manageable relative to the size of the portfolio. The allowance for credit losses totaled $12.9 million or 1.19% of total gross loans at September 30. We recorded a $250,000 provision for credit losses for portfolio loans and reversed $45,000 of provision related to loan commitments during the quarter. We believe the allowance remains appropriate based on the composition of the portfolio, identified credit trends and our ongoing review process.

Overall, nonperforming loans decreased during the quarter, reflecting progress made on the borrower-specific situations that we have been actively monitoring and managing. Our focus remains on the timely identification of emerging issues, proactive portfolio management and working towards the resolution of challenged credits. I will now turn the call back over to Abby.

Abigail Wendel

Thank you, Mark. I think we are now in a position to take questions.

Operator

[Operator Instructions] Your first question comes from the line of John Rodis with Brean Capital.

질의응답

John Rodis

Abby, maybe a question for you. If not, I guess it's for Mark. But just on the loan performance during the quarter, you mentioned higher payoffs. Just your thoughts as you look out to the fourth quarter into early next year. Do you think -- I know payoffs are obviously hard to predict, but your thoughts on showing some net loan growth going forward?

Abigail Wendel

Yes. Thanks for the question. Your thinking is where we're aligned with those thoughts as well. And I guess a couple of things I'd say is when you look at the long-run performance of what we're doing here and where we think we're going, we're still optimistic. You know me, I'm always a little bit cautiously optimistic. But in the third quarter, specifically, we had some payoffs that -- there's kind of lumpy.

There's not anything that indicates a trend. One of those was related to one specific relationship where some of that may be coming back. And then in another case, we did have some turnover in one of our markets, and I think that has precipitated some payoff, but it's not anything that has me nervous about the future. And I do think we're on still the same trajectory to be able to deliver organic growth.

John Rodis

Okay. That makes sense. And just given the higher level of payoffs in the quarter, were there any, I guess, payoff fees or anything like that, that went through spread income and benefited the margin this quarter?

Mark Herpich

There were not. These were more payoffs when they hit maturity or in the one case that Abby alluded to a participation that was purchased that got consolidated a larger bank. We think we have an opportunity to get back in as a participant with the new bank. But during the quarter, we experienced a payoff of that individual credit.

John Rodis

Okay. So Mark, I guess, said another way, the margin expansion this quarter was all core, I guess. There was nothing unusual or anything.

Mark Herpich

Yes. We didn't have any early termination penalties or anything going through the margin. It was core regular routine earnings net of costs.

John Rodis

Okay. And can you just remind us as far as the bank's impact from a rising rate environment given the Fed's move, I guess, a few weeks ago and potentially moving later this year?

Mark Herpich

Yes. We're slightly asset sensitive at this point over the next year, John. I think we -- it's not a strong asset position, but we feel like we're well situated to take advantage and have some margin increase over the upcoming year.

Operator

We have reached the end of our Q&A session. I will now pass the call back to Abby Wendel for closing remarks.

Abigail Wendel

Thank you, Trevor. To recap, we are pleased with our profitability in the first 9 months of 2026, which reflects continued earnings growth, strong profitability and disciplined loan and deposit pricing. We remain focused on driving long-term growth through attracting, training and retaining talented bankers, making continued investments in process improvements and operational efficiency and upgrading our digital capabilities.

As we continue to position the bank for the future, we are thoughtfully reevaluating long-standing practices and identifying opportunities to enhance how we serve our customers and communities. Our objective is to build scalable, responsive operating models that improve the client experience while strengthening credit administration, risk oversight and overall execution. These efforts reinforce our commitment to profitable relationship-based banking and further support our ability to deliver sustainable growth and shareholder value over the long term.

I want to thank our Landmark associates for their dedication and commitment. It's because of them that Landmark continues to deliver high-quality banking solutions to our customers and communities. If you have additional follow-up questions regarding today's call, please refer to our earnings release for Investor Relations and CFO contact information. Thank you for joining us today and for your continued interest in Landmark. We look forward to updating you on our progress next quarter.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.