Landmark Bancorp, Inc. Announces Second Quarter Earnings Per Share of $0.61


Declares Cash Dividend of $0.21 per Share

Manhattan, KS, July 26, 2022 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.61 for the three months ended June 30, 2022, compared to $0.62 per share in the first quarter of 2022 and $0.99 per share in the same quarter last year. Net earnings for the second quarter of 2022 amounted to $3.0 million, compared to $3.1 million in the prior quarter and $5.0 million for the second quarter of 2021. For the three months ended June 30, 2022, the return on average assets was 0.93%, the return on average equity was 10.04%, and the efficiency ratio was 69.1%.

For the first six months of 2022, diluted earnings per share totaled $1.23 compared to $2.07 during the same period of 2021. Net earnings for the six months of 2022 amounted to $6.2 million, compared to $10.3 million in the first six months of 2021. For the six months ended June 30, 2022, the return on average assets was 0.95% and the return on average equity was 9.81%.

In announcing these results, Michael E. Scheopner, President and Chief Executive Officer of Landmark, said, “Despite continued economic uncertainties and an increasing interest rate environment, in the second quarter 2022 we saw strong loan growth along with increased net interest income, higher fees and service charges and increased gains on sales of residential real estate loans. Compared to the first quarter 2022, total gross loans increased by $36.4 million while net interest income grew by $253,000 or 2.9%. Fees and service charges also increased by $227,000 while gains on sales of loans increased $168,000. The growth in loans was mainly due to increased customer demand for both commercial and commercial real estate loans coupled with higher originations of variable rate residential mortgage loans. During the second quarter 2022, Paycheck Protection Program (PPP) loans declined $4.6 million and totaled $652,000 at June 30, 2022. The increase in net interest income this quarter over the prior quarter was the result of higher interest on investment securities offset by a slight decline in loan interest and increased interest expense. Non-interest expense remained well controlled totaling $9.0 million in the second quarter 2022 and included $221,000 in costs associated with our announced acquisition of Freedom Bancshares, Inc. Total deposits declined slightly this quarter but have increased by $53.7 million, or 5.0% as compared to June 30, 2021. Overall, deposit costs remain low.”

Mr. Scheopner continued, “Credit quality remains strong as Landmark recorded net loan charge-offs of $42,000 in the second quarter of 2022 compared to net loan recoveries of $82,000 in the prior quarter and net loan charge-offs of $108,000 in the second quarter of 2021. Non-accrual loans totaled $4.9 million or 0.73% of gross loans at June 30, 2022 and have declined $8.4 million over the last twelve months. Also, the balance of loans past due 30 to 89 days remained low. The allowance for loan losses totaled $8.3 million at June 30, 2022, or 1.24% of period end loans. Our equity to assets ratio totaled 9.08% while loans to deposits totaled 58.5%. We believe Landmark’s risk management practices, liquidity and capital strength continue to position us well for future growth and to meet the financial needs of families and businesses in our markets.”

Total assets at June 30, 2022 were $1.3 billion, total gross loans were $669.9 million and total deposits were $1.1 billion. On June 28, 2022, Landmark announced plans to acquire Freedom Bancshares, Inc. a one-bank holding company with loans of $131.6 million and deposits of $169.1 million. Freedom Bank is located in Overland Park, Kansas and will expand Landmark’s presence in the Kansas City market. It is expected that this transaction will be completed in the fourth quarter of 2022. Also this quarter the Company purchased 21,115 shares of treasury stock.

Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid August 24, 2022, to common stockholders of record as of the close of business on August 10, 2022. Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Wednesday, July 27, 2022. Investors may participate via telephone by dialing (844) 200-6205 and using access code 665174. A replay of the call will be available through August 26, 2022, by dialing (866) 813-9403 and using access code 005230.

SUMMARY OF SECOND QUARTER RESULTS

Net Interest Income

Net interest income amounted to $8.9 million for the three months ended June 30, 2022, compared to $10.0 million in the same period last year and $8.6 million in the first quarter of 2022. The decrease of $1.1 million, or 10.8%, from the second quarter of 2022 was primarily the result of a decrease in interest on loans, which declined $1.7 million or 19.0%. This decrease was mainly due to lower interest and fees earned on PPP loans which declined by $2.0 million from the second quarter 2021. Net interest income, however, increased $253,000 from the first quarter 2022 due mainly to higher interest on investment securities but slightly lower loan interest. The average tax-equivalent yield on the loan portfolio was 4.40% in the second quarter of 2022 compared to 5.00% in the same quarter last year and 4.59% in the prior quarter. Interest costs on interest-bearing deposits totaled 0.18% in the second quarter of 2022, 0.14% in the second quarter of 2021 and 0.10% in the prior quarter. On a tax-equivalent basis, the net interest margin totaled 3.05% in the second quarter of 2022, compared to 2.99% in the prior quarter and 3.54% in the second quarter of 2021.

Non-Interest Income

Non-interest income totaled $3.8 million for the second quarter of 2022, a decrease of $1.7 million, or 30.6%, compared to the same period last year and an increase of $233,000, or 6.5% from the previous quarter. The decrease in non-interest income during the second quarter of 2022 compared to the same period last year was primarily due to a decrease of $1.8 million in gains on sales of one-to-four family residential real estate loans as higher interest rates and low housing inventories reduced originations of these loan which are normally sold. Higher mortgage rates however did result in increased originations of adjustable-rate loans this quarter which are kept in the Company’s loan portfolio. Fees and service charges increased $227,000, or 10.5%, compared to the same quarter last year and were $192,000 higher than in the prior quarter.

Non-Interest Expense

During the second quarter of 2022, non-interest expense totaled $9.0 million, a decrease of $168,000, or 1.8% over the same period last year and an increase of $184,000, or 2.1% from the prior quarter. The decrease in non-interest expense in the second quarter of 2022 compared to the same period last year was mainly due to lower data process fees, reduced mortgage servicing rights amortization and a decline in compensation and benefits and other non-interest expense. The decline in data processing fees was due to a new contract with the Company’s main technology vendor in effect this year while lower mortgage banking activity this quarter resulted in lower costs for compensation, amortization and other non-interest expense. Compared to the prior quarter, non-interest expense increased by 2.1% mainly due to costs of $221,000 related to the recently announced acquisition of Freedom Bancshares, Inc. and its wholly owned subsidiary Freedom Bank.

Income Tax Expense

Landmark recorded income tax expense of $639,000 in the second quarter of 2022 compared to $1.3 million in the second quarter of 2021 and $737,000 in the first quarter of 2022. The effective tax rate decreased to 17.4% in the second quarter of 2022 compared to 20.5% in the second quarter of 2021 and 19.0% in the first quarter of 2022, primarily due to lower pretax earnings.

Balance Sheet Highlights

As of June 30, 2022, gross loans totaled $669.9 million, an increase of $36.4 million since March 31, 2022. The balance of PPP loans totaled $652,000 at June 30, 2022 compared to $5.2 million at March 31, 2022. Excluding these loans, gross loans increased $40.9 million, or 26.1% annualized, during the second quarter of 2022, primarily due to increases of $23.0 million in one-to-four family residential real estate, $13.1 million in commercial real estate and $10.7 million in commercial loans. Compared to March 31, 2022, investment securities increased $19.7 million to $486.6 million as of June 30, 2020, while deposits decreased $8.1 million to $1.1 billion. At June 30, 2022 the loan to deposits ratio was 58.5% compared to 54.9% in the prior quarter and 62.5% in the same period last year.

Stockholders’ equity decreased to $117.3 million (book value of $23.57 per share) as of June 30, 2022, from $123.5 million (book value of $24.72 per share) as of March 31, 2022, due mainly to an increase in other comprehensive losses and the purchase of treasury stock. The increase in other comprehensive losses this quarter resulted from higher interest rates which increased unrealized losses on the Company’s investment securities portfolio. The ratio of equity to total assets decreased to 9.08% on June 30, 2022, from 9.45% at March 31, 2022.

The allowance for loan losses totaled $8.3 million, or 1.24% of total gross loans (excluding PPP loans) on June 30, 2022, compared to $8.4 million, or 1.33% of total gross loans (excluding PPP loans) on March 31, 2022. No allowance for loan losses has been allocated to PPP loans because they are guaranteed by the SBA. Net loan charge-offs totaled $42,000 in the second quarter of 2022, compared to net loan charge-offs of $108,000 during the same quarter last year and net loan recoveries of $82,000 during the first quarter of 2022. The ratio of annualized net loan charge-offs to total average loans was 0.03% in the second quarter of 2022, 0.06% in the second quarter of last year and -0.05% in the prior quarter. No provision for loan losses was recorded in the second quarter of 2022 and 2021. A credit provision for loan losses of $500,000 was made in the first quarter 2022 due to the decline in loan balances.

During the second quarter of 2022, non-performing loans totaled $4.9 million, or 0.73% of gross loans, while loans 30-89 days delinquent totaled $877,000, or 0.13% of gross loans, as of June 30, 2022. Real estate owned totaled $1.3 million at June 30, 2022.

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.

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 effects of the COVID-19 pandemic, including its effects on the economic environment, our customers and operations, as well as changes to federal, state or local government laws, regulations or orders in connection with the pandemic; (ii) the strength of the local, national and international economies; (iii) changes in state and federal laws, regulations and governmental policies concerning banking, securities, consumer protection, insurance, monetary, trade and tax matters; (iv) changes in interest rates and prepayment rates of our assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) timely development and acceptance of new products and services; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) our risk management framework; (ix) interruptions in information technology and telecommunications systems and third-party services; (x) changes and uncertainty in benchmark interest rates, including the elimination of LIBOR and the development of a substitute; (xi) the effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xii) the loss of key executives or employees; (xiii) changes in consumer spending; (xiv) integration of acquired businesses; (xv) unexpected outcomes of existing or new litigation; (xvi) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvii) the economic impact of armed conflict or terrorist acts involving the United States; (xviii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xix) declines in the value of our investment portfolio; (xx) the ability to raise additional capital; (xxi) cyber-attacks; (xxii) declines in real estate values; (xxiii) the effects of fraud on the part of our employees, customers, vendors or counterparties; and (xxiv) 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.

Contacts:
Michael E. Scheopner
President and Chief Executive Officer

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


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

(Dollars in thousands) June 30,  March 31,  December 31,  September 30,  June 30, 
  2022  2022  2021  2021  2021 
Assets                    
Cash and cash equivalents $30,413  $106,319  $189,213  $117,314  $131,018 
Interest-bearing deposits at other banks  8,360   6,381   7,378   7,629   5,205 
Investment securities:                    
U.S. treasury securities  135,459   119,882   42,675   40,314   36,646 
U.S. federal agency obligations  14,931   17,013   17,195   17,297   22,852 
Municipal obligations, tax exempt  134,994   130,915   137,984   140,788   140,526 
Municipal obligations, taxable  49,356   45,586   40,046   38,988   38,779 
Agency mortgage-backed securities  151,893   153,587   142,817   133,502   99,936 
Investment securities available-for-sale, at fair value  486,633   466,983   380,717   370,889   338,739 
Bank stocks, at cost  2,881   2,856   2,905   2,985   3,220 
Loans:                    
One-to-four family residential real estate  192,517   169,514   166,081   161,120   162,606 
Construction and land  23,092   25,408   27,644   26,658   27,092 
Commercial real estate  209,879   196,736   198,472   193,455   189,093 
Commercial  137,929   127,226   132,154   135,790   127,672 
Paycheck Protection Program (PPP)  652   5,218   17,179   28,671   61,236 
Agriculture  78,240   82,484   94,267   91,305   89,667 
Municipal  2,076   2,212   2,050   2,115   2,178 
Consumer  25,531   24,751   24,541   25,624   25,676 
Total gross loans  669,916   633,549   662,388   664,738   685,220 
Net deferred loan (fees) costs and loans in process  229   (43)  (380)  936   (2,361)
Allowance for loan losses  (8,315)  (8,357)  (8,775)  (8,766)  (9,163)
Loans, net  661,830   625,149   653,233   656,908   673,696 
Loans held for sale  6,264   5,424   4,795   8,929   10,952 
Bank owned life insurance  32,483   32,293   32,106   31,914   31,722 
Premises and equipment, net  20,679   20,919   20,803   20,361   20,137 
Goodwill  17,532   17,532   17,532   17,532   17,532 
Other intangible assets, net  52   67   84   104   132 
Mortgage servicing rights  4,025   4,128   4,193   4,201   4,143 
Real estate owned, net  1,288   1,288   2,551   2,578   1,385 
Other assets  19,911   17,095   13,458   13,190   12,545 
Total assets $1,292,351  $1,306,434  $1,328,968  $1,254,534  $1,250,426 
Liabilities and Stockholders’ Equity                    
Liabilities:                    
Deposits:                    
Non-interest-bearing demand  343,107   350,342   350,005   317,827   307,125 
Money market and checking  520,056   517,936   536,868   488,213   504,025 
Savings  170,419   167,823   155,501   151,380   150,874 
Certificates of deposit  97,885   103,464   106,107   109,267   115,739 
Total deposits  1,131,467   1,139,565   1,148,481   1,066,687   1,077,763 
Subordinated debentures  21,651   21,651   21,651   21,651   21,651 
Other borrowings  6,223   7,004   7,403   6,219   4,534 
Accrued interest and other liabilities  15,708   14,701   15,790   24,571   14,122 
Total liabilities  1,175,049   1,182,921   1,193,325   1,119,128   1,118,070 
Stockholders’ equity:                    
Common stock  50   50   50   48   48 
Additional paid-in capital  79,284   79,206   79,120   72,489   72,413 
Retained earnings  56,662   54,677   52,593   56,957   53,391 
Treasury stock, at cost  (538)  -   -   -   - 
Accumulated other comprehensive (loss) income  (18,156)  (10,420)  3,880   5,912   6,504 
Total stockholders’ equity  117,302   123,513   135,643   135,406   132,356 
Total liabilities and stockholders’ equity $1,292,351  $1,306,434  $1,328,968  $1,254,534  $1,250,426 


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

(Dollars in thousands, except per share amounts) Three months ended,  Six months ended, 
  June 30,  March 31,  June 30,  June 30,  June 30, 
  2022  2022  2021  2022  2021 
Interest income:                    
Loans $7,156  $7,191  $8,840  $14,347  $17,244 
Investment securities:                    
Taxable  1,543   1,053   763   2,596   1,574 
Tax-exempt  730   722   759   1,452   1,537 
Total interest income  9,429   8,966   10,362   18,395   20,355 
Interest expense:                    
Deposits  358   195   261   553   542 
Borrowed funds  173   126   121   299   242 
Total interest expense  531   321   382   852   784 
Net interest income  8,898   8,645   9,980   17,543   19,571 
Provision for (reversal of) loan losses  -   (500)  -   (500)  500 
Net interest income after provision for loan losses  8,898   9,145   9,980   18,043   19,071 
Non-interest income:                    
Fees and service charges  2,380   2,188   2,153   4,568   4,186 
Gains on sales of loans, net  1,073   905   2,864   1,978   6,004 
Bank owned life insurance  190   187   153   377   301 
Gains on sales of investment securities, net  -   -   33   -   1,108 
Other  153   283   270   436   599 
Total non-interest income  3,796   3,563   5,473   7,359   12,198 
Non-interest expense:                    
Compensation and benefits  4,953   4,775   5,023   9,728   9,964 
Occupancy and equipment  1,177   1,233   1,105   2,410   2,167 
Data processing  362   340   492   702   993 
Amortization of mortgage servicing rights and other intangibles  335   316   412   651   849 
Professional fees  415   451   431   866   823 
Acquisition costs  221   -   -   221   - 
Other  1,559   1,723   1,727   3,282   3,467 
Total non-interest expense  9,022   8,838   9,190   17,860   18,263 
Earnings before income taxes  3,672   3,870   6,263   7,542   13,006 
Income tax expense  639   737   1,283   1,376   2,659 
Net earnings $3,033  $3,133  $4,980  $6,166  $10,347 
                     
Net earnings per share (1)                    
Basic $0.61  $0.63  $1.00  $1.24  $2.07 
Diluted  0.61   0.62   0.99   1.23   2.07 
Dividends per share (1)  0.21   0.21   0.19   0.42   0.38 
Shares outstanding at end of period (1)  4,976,344   4,997,459   4,994,434   4,976,344   4,994,434 
Weighted average common shares outstanding - basic (1)  4,988,416   4,997,459   4,990,507   4,992,912   4,990,507 
Weighted average common shares outstanding - diluted (1)  5,002,425   5,017,055   4,997,473   5,009,822   4,997,473 
                     
Tax equivalent net interest income $9,094  $8,840  $10,185  $17,934  $19,986 

(1) Share and per share values at or for the periods ended June 30, 2021 have been adjusted to give effect to the 5% stock dividend paid during December 2021.


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,  Six months ended, 
  June 30,  March 31,  June 30,  June 30,  June 30, 
  2022  2022  2021  2022  2021 
Performance ratios:                    
Return on average assets (1)  0.93%  0.97%  1.59%  0.95%  1.68%
Return on average equity (1)  10.04%  9.59%  15.40%  9.81%  16.22%
Net interest margin (1)(2)  3.05%  2.99%  3.53%  3.02%  3.53%
Effective tax rate  17.4%  19.0%  20.5%  18.2%  20.4%
Efficiency ratio (3)  69.1%  72.7%  58.9%  70.9%  59.1%
Non-interest income to total income (3)  29.9%  28.5%  35.3%  29.2%  36.2%
                     
Average balances:                    
Investment securities $477,035  $421,996  $334,936  $449,667  $318,353 
Loans  653,013   636,032   709,872   644,569   719,985 
Assets  1,307,112   1,305,813   1,253,995   1,306,446   1,242,155 
Interest-bearing deposits  791,257   792,354   771,728   791,803   767,243 
Subordinated debentures and other borrowings  28,632   28,476   26,038   28,554   26,805 
Stockholders’ equity  121,147   132,429  $129,744   126,757  $128,668 
                     
Average tax equivalent yield/cost (1):                    
Investment securities  1.97%  1.83%  2.02%  1.90%  2.19%
Loans  4.40%  4.59%  5.00%  4.49%  4.83%
Total interest-bearing assets  3.23%  3.10%  3.67%  3.16%  3.66%
Interest-bearing deposits  0.18%  0.10%  0.14%  0.14%  0.14%
Subordinated debentures and other borrowings  3.06%  2.30%  2.20%  2.68%  1.82%
Repurchase agreements  0.46%  0.18%  0.18%  0.32%  0.16%
Total interest-bearing liabilities  0.26%  0.16%  0.19%  0.21%  0.20%
                     
Capital ratios:                    
Equity to total assets  9.08%  9.45%  10.58%        
Tangible equity to tangible assets (3)  7.82%  8.22%  9.30%        
Book value per share $23.57  $24.72  $26.50         
Tangible book value per share (3) $20.04  $21.19  $22.96         
                     
Rollforward of allowance for loan losses:                    
Beginning balance $8,357  $8,775  $9,271  $8,775  $8,775 
Charge-offs  (76)  (53)  (228)  (129)  (292)
Recoveries  34   135   120   169   180 
Provision for loan losses  -   (500)  -   (500)  500 
Ending balance $8,315  $8,357  $9,163  $8,315  $9,163 
                     
Non-performing assets:                    
Non-accrual loans $4,887  $4,676  $13,297         
Accruing loans over 90 days past due  -   -   -         
Real estate owned  1,288   1,288   1,385         
Total non-performing assets $6,175  $5,964  $14,682         
                     
Loans 30-89 days delinquent $877  $846  $1,881         
                     
Other ratios:                    
Loans to deposits  58.49%  54.86%  62.51%        
Loans 30-89 days delinquent and still accruing to gross loans outstanding  0.13%  0.13%  0.27%        
Total non-performing loans to gross loans outstanding  0.73%  0.74%  1.94%        
Total non-performing assets to total assets  0.48%  0.46%  1.17%        
Allowance for loan losses to gross loans outstanding  1.24%  1.32%  1.34%        
Allowance for loan losses to gross loans outstanding excluding PPP loans  1.24%  1.33%  1.47%        
Allowance for loan losses to total non-performing loans  170.15%  178.72%  68.91%        
Net loan charge-offs to average loans (1)  0.03%  -0.05%  0.06%  -0.01%  0.03%

(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 Financials Measures (unaudited)

(Dollars in thousands, except per share amounts) As of or for the three months ended,  Six months ended, 
  June 30,  March 31,  June 30,  June 30,  June 30, 
  2022  2022  2021  2022  2021 
Non-GAAP financial ratio reconciliation:                    
Total non-interest expense $9,022  $8,838  $9,190  $17,860  $18,263 
Less: foreclosure and real estate owned expense  (9)  (23)  (65)  (32)  (76)
Less: amortization of other intangibles  (15)  (17)  (36)  (32)  (74)
Less: acquisition costs  (221)  -   -   (221)  - 
Adjusted non-interest expense (A)  8,777   8,798   9,089   17,575   18,113 
                     
Net interest income (B)  8,898   8,645   9,980   17,543   19,571 
                     
Non-interest income  3,796   3,563   5,473   7,359   12,198 
Less: gains on sales of investment securities, net  -   -   (33)  -   (1,108)
Less: gains on sales of premises and equipment and foreclosed assets  -   (114)  -   (114)  (5)
Adjusted non-interest income (C) $3,796  $3,449  $5,440  $7,245  $11,085 
                     
Efficiency ratio (A/(B+C))  69.1%  72.7%  58.9%  70.9%  59.1%
Non-interest income to total income (C/(B+C))  29.9%  28.5%  35.3%  29.2%  36.2%
                     
Total stockholders’ equity $117,302  $123,513  $132,356         
Less: goodwill and other intangible assets  (17,584)  (17,599)  (17,664)        
Tangible equity (D) $99,718  $105,914  $114,692         
                     
Total assets $1,292,351  $1,306,434  $1,250,426         
Less: goodwill and other intangible assets  (17,584)  (17,599)  (17,664)        
Tangible assets (E) $1,274,767  $1,288,835  $1,232,762         
                     
Tangible equity to tangible assets (D/E)  7.82%  8.22%  9.30%        
                     
Shares outstanding at end of period (F)  4,976,344   4,997,459   4,994,434         
                     
Tangible book value per share (D/F) $20.04  $21.19  $22.96