Executive Summary

EPS was $0.81, up from $0.57 in Q4 2024 and $0.48 in Q1 2024; net income rose to $4.7M, with ROA 1.21%, ROE 13.71%, and the efficiency ratio improving to 64.1% .
Net interest margin expanded 25 bps to 3.76% on lower deposit and borrowing costs and higher loan yields; net interest income grew 5.8% QoQ to $13.1M .
Balance sheet momentum continued: loans +$22.6M (~8.7% annualized), deposits +$7.1M, and other borrowings −$11.8M QoQ; credit quality remained solid (net charge-offs $23K; no provision) .
Quarterly dividend of $0.21 per share was maintained (payable June 4, 2025; record date May 21, 2025) .
Stock reaction catalysts: visible NIM expansion, lower operating expenses from 2024 branch closures, and stable credit quality despite an uptick in 30–89 day delinquencies (management framed as isolated and monitored) .

What Went Well and What Went Wrong

Net interest margin expanded to 3.76% (+25 bps QoQ) as average deposit rates fell 8 bps to 2.17% and average other borrowing rates fell 15 bps to 5.09%; net interest income rose to $13.1M (+$720K QoQ) .
Operating discipline: non-interest expense fell $1.1M QoQ, driven by lower other expense, occupancy/equipment, and professional fees; management cited realized savings from 2024 branch closures and lower consulting costs .
Broad-based loan growth: gross loans +$22.6M with strength in commercial real estate (+$14.4M), 1–4 family residential (+$3.4M), and construction/land (+$3.3M) .
Quote (CEO): “Strong growth in net income this quarter driven by growth in net interest income, lower expenses and excellent credit quality” .
Quote (CFO): “Landmark’s net interest margin…increased to 3.76%…due to a combination of higher loan interest income and lower interest expense on deposits and borrowings” .

Delinquencies (30–89 days) rose to $10.0M (0.93% of loans) from $6.2M in Q4, largely tied to a guaranteed commercial relationship; management does not view this as a broader portfolio weakness and noted post-quarter curing on a portion .
Non-interest income edged down $13K QoQ as bank-owned life insurance fell $704K from one-time benefits in Q4 and deposit-related fees declined $322K (fewer days in quarter), partly offset by investment securities sale losses dropping to $2K from $1.0M in Q4 .
Non-performing loans stayed elevated at $13.3M (1.24% of loans), roughly flat QoQ, warranting continued monitoring even with minimal net charge-offs .

Metric	Q3 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$15.86	$15.77	$16.48*
EPS (Diluted, $)	$0.72	$0.57	$0.81
Net Interest Margin (%)	3.30%	3.51%	3.76%
Efficiency Ratio (%)	66.5%	70.0%	64.1%
ROA (%)	1.00%	0.83%	1.21%
ROE (%)	11.82%	9.54%	13.71%

Values retrieved from S&P Global for cells marked with an asterisk.

Supporting components:

Metric	Q3 2024	Q4 2024	Q1 2025
Net Interest Income ($USD Millions)	$11.60	$12.40	$13.12
Non-Interest Income ($USD Millions)	$4.25	$3.37	$3.36
Non-Interest Expense ($USD Millions)	$10.56	$11.87	$10.76

KPIs and balance sheet metrics:

KPI	Q3 2024	Q4 2024	Q1 2025
Gross Loans ($USD)	$1.002B	$1.052B	$1.075B
Deposits ($USD)	$1.276B	$1.329B	$1.336B
Loan-to-Deposit Ratio (%)	77.64%	78.21%	79.48%
Net Charge-offs ($USD)	$9K	$219K	$23K
ACL / Loans (%)	1.15%	1.22%	1.19%
Non-Performing Loans ($USD / %)	$13.4M / 1.34%	$13.1M / 1.25%	$13.3M / 1.24%
30–89 Day Delinquencies ($USD)	$7.3M	$6.2M	$10.0M
Book Value per Share ($)	$25.39	$23.59	$24.69
Equity / Assets (%)	8.93%	8.65%	9.04%

Note: CEO opening remark referenced NIM “3.6%” but CFO and press materials consistently state 3.76%; treat 3.76% as the correct figure .

Metric	Period	Previous Guidance	Current Guidance	Change
Dividend per share (Quarterly)	Q1 2025	$0.21 declared for Q4 2024 (paid Mar 5, 2025)	$0.21 payable Jun 4, 2025 (record May 21, 2025)	Maintained

No explicit quantitative guidance for revenue, margins, OpEx, OI&E, or tax rate was provided.

Topic	Previous Mentions (Q-2: Q3 2024)	Previous Mentions (Q-1: Q4 2024)	Current Period (Q1 2025)	Trend
Net Interest Margin trajectory	NIM expanded to 3.30% on higher loan yields	NIM expanded to 3.51% on lower funding costs	NIM expanded to 3.76%; deposit and borrowing rates fell; loan yields up	Improving
Loan growth	+$21.3M, led by residential, agri, CRE	+$50.5M, broad-based	+$22.6M, led by CRE, residential, construction/land	Sustained
Deposit mix and funding	Deposits +$25.0M; MM/checking and CDs up	Deposits +$53.3M; seasonal MM/checking growth	Deposits +$7.1M; non-interest demand +$16.9M; MM/checking −$23.5M seasonal	Stable; seasonal shifts
Credit quality	NPLs up to $13.4M due to one commercial loan	NPLs $13.1M; provision $1.5M	NPLs $13.3M; delinquencies $10.0M; minimal net charge-offs; no provision	Stable with isolated issues
Cost discipline / branch actions	Prior quarter had valuation hit; costs down QoQ	Professional fees and compensation up	Non-interest expense −$1.1M; savings from branch closures; lower consulting	Improving
Macro / tariffs	Not highlighted	General macro factors in risk disclosures	Management discussing tariff uncertainty; staying close to customers	Cautious tone
Technology/AI mentions	Not highlighted	Risk disclosures (cyber)	Risk disclosures include AI-related cyber risk	Risk awareness (no initiatives discussed)

Abby Wendel (CEO): “Strong growth in net income this quarter driven by growth in net interest income, lower expenses and excellent credit quality.” She noted deposits increased despite typical seasonal declines, borrowings fell, and no provision was taken .
Mark Herpich (CFO): Detailed margin drivers: deposit costs −8 bps to 2.17%, other borrowings −15 bps to 5.09%, loan yields +6 bps to 6.34%; NII +$720K QoQ to $13.1M; non-interest income decline tied to prior quarter one-time BOLI and fees .
Raymond McLanahan (CCO): Credit update: gross loans $1.075B; NPLs ~$13.3M; 30–89 day delinquencies to $10.0M largely from guaranteed commercial credits; one relationship brought current post-quarter; macro uncertainty around tariffs but customers expect resolution over time .

S&P Global consensus for quarterly EPS and revenue was unavailable; actual revenue (Total Operating Revenue) for Q1 2025 was $16.48M*, with prior quarters as shown in the Financial Results table. EPS actual was $0.81 .
Given the magnitude of NIM expansion and expense reductions, models may need to reflect higher net interest income run-rate and lower non-interest expense trajectory, while monitoring delinquency normalization and fee trends .

Values retrieved from S&P Global for cells marked with an asterisk.

Earnings power inflected: NIM up to 3.76% (+25 bps QoQ) with NII +5.8% QoQ; operating leverage visible as the efficiency ratio improved to 64.1% .
Expense tailwinds: $1.1M QoQ reduction in non-interest expense from branch closures and lower consulting spend supports margin durability .
Balanced growth: Loans +$22.6M (CRE, residential, construction/land) and deposits +$7.1M; borrowings −$11.8M reduced funding costs .
Credit steady but watchlist: Minimal net charge-offs ($23K) and no provision, though 30–89 day delinquencies rose to $10.0M; management sees issues as isolated and actively managed .
Capital and book value strengthening: Equity/assets rose to 9.04%; book value/share increased to $24.69, aided by lower unrealized securities losses .
Dividend maintained at $0.21, reinforcing capital return amid improving fundamentals .
Near-term setup: Continued NIM support from lower funding costs and mix shift, plus expense control, are potential positive catalysts; monitor fee income recovery and delinquency progression into Q2 .