Exhibit 99.1

 

 

PRESS RELEASE

 

FOR IMMEDIATE RELEASE	Contacts:
July 27, 2021	Michael E. Scheopner
	President and Chief Executive Officer
	Mark A. Herpich
	Chief Financial Officer
	(785) 565-2000

 

Landmark Bancorp, Inc. Announces Second Quarter Diluted Earnings Per Share of $1.04

 

Declares Cash Dividend of $0.20 per Share

 

(Manhattan, KS, July 27, 2021) – Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $1.04 for the three months ended June 30, 2021, compared to $1.08 per share in the same quarter last year and $1.13 per share in the first quarter of 2021. Net earnings for the second quarter of 2021 amounted to $5.0 million, compared to $5.1 million for the second quarter of 2020 and $5.4 million in the prior quarter. For the three months ended June 30, 2021, the return on average assets was 1.59%, the return on average equity was 15.40%, and the efficiency ratio was 58.9%.

 

For the first six months of 2021, diluted earnings per share totaled $2.17 compared to $1.77 during the same period of 2020 while net earnings increased 22.3% to $10.3 million. For the six months ended June 30, 2021, the return on average assets was 1.68% and the return on average equity was 16.22%.

 

Michael E. Scheopner, President and Chief Executive Officer of Landmark, said, “Our Company reported strong earnings during the second quarter of 2021, driven mainly by increased net interest income, lower credit costs, continued solid mortgage banking activities and good expense control. Compared to the second quarter of 2020, our net interest income grew 10.7% primarily due to increased interest income on loans and lower deposit costs. While fees from mortgage banking activities declined this quarter as a result of slightly higher mortgage rates and lower housing inventories, we continued to see solid loan origination activity in our markets. Excluding Paycheck Protection Program (PPP) loans, gross loans grew by $10.6 million, or 6.9% annualized, this quarter due mainly to growth in commercial real estate and residential real estate loans. PPP loans declined by $56.1 million this quarter mostly due to loan forgiveness by the Small Business Administration (SBA). Total deposits increased $6.5 million this quarter and have increased 14.1% since June 30, 2020. Lower total gross loans coupled with growth in deposits resulted in increases to cash and investment securities.”

 

Mr. Scheopner continued, “Credit quality remained strong this quarter as the Company recorded net loan charge-offs of $108,000 compared to net loan charge-offs of $4,000 in the prior quarter and $132,000 in the same quarter last year. The allowance for loan losses totaled $9.2 million at June 30, 2021, and there was no provision for loan losses this quarter as a result of an improving economy. The allowance for loan losses was 1.47% of period end loans, excluding PPP loans for which no loan loss reserve has been provided. Loan modifications related to COVID-19 made last year to support our customers have mostly been returned to their original contractual terms. Our capital position remains strong with total equity to assets of 10.58%. We believe Landmark’s risk management practices, liquidity and capital strength continue to position us well to meet the financial needs of families and businesses in our markets.”

 

Landmark’s Board of Directors declared a cash dividend of $0.20 per share, to be paid August 25, 2021, to common stockholders of record as of the close of business on August 11, 2021. Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Wednesday, July 28, 2021. Investors may participate via telephone by dialing (877) 510-0473. A replay of the call will be available through August 28, 2021, by dialing (877) 344-7529 and using conference number 10158612.

 

 

SUMMARY OF SECOND QUARTER RESULTS

 

Net Interest Income

 

Net interest income amounted to $10.0 million for the three months ended June 30, 2021, compared to $9.0 million in the same period last year and $9.6 million in the first quarter of 2021. The increase of $965,000, or 10.7%, from the second quarter of 2020 was primarily the result of an increase in interest on loans and stable deposit costs. During the second quarter of 2021, interest income on loans increased $1.1 million compared to the same period last year. This increase in loan interest income was mainly due to higher interest and fees earned on PPP loans, but also due to higher average loan balances, which increased $35.7 million, or 5.3%, compared to the same period last year. Interest and fees recognized on PPP loans in the second quarter of 2021 totaled $2.2 million compared to $1.1 million in the first quarter of 2021, and $665,000 in the same period last year. On a tax-equivalent basis, the net interest margin totaled 3.54% in the second quarter 2021, compared to 3.51% in the prior quarter and 3.72% in the second quarter 2020.

 

Non-Interest Income

 

Total non-interest income was $5.5 million for the second quarter of 2021, a decrease of $1.5 million, or 21.5%, compared to the same period last year and a decrease $1.3 million, or 18.6%, from the previous quarter. The decrease in non-interest income during the second quarter of 2021 compared to the same period last year was primarily due to a decrease of $2.0 million in gains on sales of mortgage loans as originations of one-to-four family residential loans declined. Decreased loan originations mainly resulted from higher mortgage interest rates during the second quarter of 2021, which reduced refinancing activity and decreased housing inventory. The first quarter of 2021 included gains of $1.1 million on the sale of higher-coupon municipal investment securities while the second quarter of 2021 only included gains of $33,000 on the sale of low balance mortgage-backed investment securities.

 

Non-Interest Expense

 

Non-interest expense totaled $9.2 million for the second quarter of 2021 compared to $9.1 million in the same period last year and $9.1 million in the first quarter of 2021. Non-interest expense increased $74,000, or 0.8%, from the second quarter of 2020 and $117,000, or 1.3%, from the prior quarter. The increase in non-interest expense in the second quarter of 2021 compared to the same period of last year was primarily due to an increase of $141,000 in other non-interest expense mostly related to costs associated with processing PPP loan forgiveness applications. The increase in non-interest expense from the first quarter of 2021 was related to increases in compensation and benefits, occupancy and equipment and professional fees.

 

Income Tax Expense

 

Landmark recorded income tax expense of $1.3 million in the second quarter of 2021 compared to $1.4 million in the second quarter of 2020 and the first quarter of 2020. The effective tax rate decreased from 21.2% in the second quarter of 2020 to 20.5% in the second quarter of 2021, and 20.4% in the first quarter of 2021.

 

Balance Sheet Highlights

 

During the second quarter of 2021, total assets increased $1.6 million, or 0.5% annualized, from March 31, 2021 to $1.3 billion. Compared to March 31, 2021, total gross loans decreased $45.5 million to $685.2 million primarily due to a decline of $56.1 million in PPP loans. The average balance of PPP loans totaled $97.5 million in the second quarter of 2021 compared to $111.0 million in the prior quarter and $102.8 million in the second quarter last year. Excluding these loans, gross loans increased $10.6 million, or 6.9% annualized, during the second quarter of 2021, primarily due to a $9.3 million increase in commercial real estate loans and growth of $2.8 million in one-to-four family residential real estate loans. Compared to March 31, 2021, investment securities increased $23.0 million to $343.9 million as of June 30, 2021, while deposits increased $6.5 million, or 2.4% annualized, to $1.1 billion. The combination of deposit growth and a decline in PPP loans resulted in increases to both investment securities and cash and cash equivalents.

 

Stockholders’ equity increased to $132.4 million (book value of $27.83 per share) as of June 30, 2021, from $128.3 million (book value of $26.97 per share) as of March 31, 2021. The ratio of equity to total assets increased to 10.58% on June 30, 2021, from 10.27% at March 31, 2021 while the ratio of tangible equity to tangible assets (a non-GAAP financial measure) increased from 8.98% to 9.30% between the same dates.

 

 

The allowance for loan losses totaled $9.2 million, or 1.47% of total gross loans (excluding PPP loans) on June 30, 2021, compared to $9.3 million, or 1.51% of total gross loans (excluding PPP loans) on March 31, 2021. No allowance for loan losses has been allocated to PPP loans because they are guaranteed by the SBA. Between March 31, 2021, and June 30, 2021, non-performing loans increased $2.3 million to $13.3 million, or 1.94% of total loans, on June 30, 2021, while loans 30-89 days delinquent loans decreased $3.1 million to $1.9 million, or 0.27% of gross loans, as of June 30, 2021. Net loan charge-offs totaled $108,000 in the second quarter of 2021, compared to $132,000 during the same quarter last year and $4,000 during the first quarter of 2021.

 

Loan Modifications and Forbearance Plans

 

As of June 30, 2021, the Company had 1 COVID-related loan modification with an outstanding loan balance of $3.8 million that had not yet returned to contractual terms, as compared to 4 loan modifications with a total outstanding balance of $6.8 million on March 31, 2021. This loan modification was related to a commercial real estate loan that was also on non-accrual status as of June 30, 2021. The Company also had one other small residential mortgage loan on a short-term forbearance plan as of June 30, 2021.

 

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, LaCrosse, 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 economy; (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.

 

 

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

 

(Dollars in thousands)		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
Assets
Cash and cash equivalents		$	131,018			$	109,151			$	84,818			$	15,820			$	18,187
Investment securities:
U.S. treasury securities			36,646				20,359				2,037				2,047				2,055
U.S. federal agency obligations			22,852				18,861				18,924				18,988				2,170
Municipal obligations, tax exempt			140,526				143,105				142,676				141,877				142,786
Municipal obligations, taxable			38,779				41,138				49,535				48,379				48,839
Agency mortgage-backed securities			99,936				91,987				78,638				83,565				109,253
Certificates of deposit			5,205				5,455				5,460				4,674				1,722
Investment securities available-for-sale, at fair value			343,944				320,905				297,270				299,530				306,825
Bank stocks, at cost			3,220				4,062				4,473				4,459				3,346
Loans:
One-to-four family residential real estate			162,606				159,798				157,984				162,344				154,430
Construction and land			27,092				26,591				26,106				28,094				29,438
Commercial real estate			189,093				179,781				172,307				154,804				144,249
Commercial			127,672				126,998				134,047				137,286				117,389
Paycheck Protection Program (PPP)			61,236				117,297				100,084				130,977				130,137
Agriculture			89,667				92,486				96,532				99,430				98,259
Municipal			2,178				2,183				2,332				2,389				2,488
Consumer			25,676				25,557				24,122				23,988				24,464
Total gross loans			685,220				730,691				713,514				739,312				700,854
Net deferred loan (fees) costs and loans in process			(2,361	)			(3,611	)			(1,957	)			(2,796	)			(3,481	)
Allowance for loan losses			(9,163	)			(9,271	)			(8,775	)			(8,366	)			(7,747	)
Loans, net			673,696				717,809				702,782				728,150				689,626
Loans held for sale			10,952				13,995				15,533				18,253				20,473
Bank owned life insurance			31,722				25,568				25,420				25,269				25,117
Premises and equipment, net			20,137				20,320				20,493				20,617				20,844
Goodwill			17,532				17,532				17,532				17,532				17,532
Other intangible assets, net			132				168				206				246				291
Mortgage servicing rights			4,143				3,966				3,726				3,332				2,806
Real estate owned, net			1,385				1,474				1,774				1,488				314
Other assets			12,545				13,925				14,000				14,246				13,576
Total assets		$	1,250,426			$	1,248,875			$	1,188,027			$	1,148,942			$	1,118,937
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest-bearing demand			307,125				314,616				264,878				272,864				277,574
Money market and checking			504,025				490,634				491,275				437,056				431,805
Savings			150,874				142,507				126,124				120,424				116,348
Certificates of deposit			115,739				123,489				133,750				127,598				118,477
Total deposits			1,077,763				1,071,246				1,016,027				957,942				944,204
Federal Home Loan Bank borrowings			-				-				-				20,069				8,000
Subordinated debentures			21,651				21,651				21,651				21,651				21,651
Other borrowings			4,534				4,165				6,371				8,400				10,192
Accrued interest and other liabilities			14,122				23,532				17,306				19,010				17,610
Total liabilities			1,118,070				1,120,594				1,061,355				1,027,072				1,001,657
Stockholders’ equity:
Common stock			48				48				48				46				46
Additional paid-in capital			72,413				72,336				72,230				69,303				69,224
Retained earnings			53,391				49,363				44,947				45,462				40,938
Treasury stock, at cost			-				-				-				(2,349	)			(2,349	)
Accumulated other comprehensive income			6,504				6,534				9,447				9,408				9,421
Total stockholders’ equity			132,356				128,281				126,672				121,870				117,280
Total liabilities and stockholders’ equity		$	1,250,426			$	1,248,875			$	1,188,027			$	1,148,942			$	1,118,937

 

 

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,
		2021				2021				2020				2021				2020
Interest income:
Loans		$	8,840			$	8,404			$	7,766			$	17,244			$	14,892
Investment securities:
Taxable			763				811				1,046				1,574				2,390
Tax-exempt			759				778				829				1,537				1,677
Total interest income			10,362				9,993				9,641				20,355				18,959
Interest expense:
Deposits			261				281				461				542				1,444
Borrowed funds			121				121				165				242				398
Total interest expense			382				402				626				784				1,842
Net interest income			9,980				9,591				9,015				19,571				17,117
Provision for loan losses			-				500				400				500				1,600
Net interest income after provision for loan losses			9,980				9,091				8,615				19,071				15,517
Non-interest income:
Fees and service charges			2,153				2,033				1,754				4,186				3,716
Gains on sales of loans, net			2,864				3,140				4,824				6,004				6,017
Bank owned life insurance			153				148				154				301				308
Gains on sales of investment securities, net			33				1,075				-				1,108				1,770
Other			270				329				240				599				514
Total non-interest income			5,473				6,725				6,972				12,198				12,325
Non-interest expense:
Compensation and benefits			5,023				4,941				5,253				9,964				9,835
Occupancy and equipment			1,105				1,062				1,063				2,167				2,142
Data processing			492				501				439				993				864
Amortization of mortgage servicing rights and other intangibles			412				437				424				849				701
Professional fees			431				392				351				823				714
Other			1,727				1,740				1,586				3,467				2,967
Total non-interest expense			9,190				9,073				9,116				18,263				17,223
Earnings before income taxes			6,263				6,743				6,471				13,006				10,619
Income tax expense			1,283				1,376				1,371				2,659				2,156
Net earnings		$	4,980			$	5,367			$	5,100			$	10,347			$	8,463
Net earnings per share (1)
Basic		$	1.05			$	1.13			$	1.08			$	2.18			$	1.78
Diluted			1.04				1.13				1.08				2.17				1.77
Dividends per share (1)			0.20				0.20				0.19				0.40				0.38
Shares outstanding at end of period (1)			4,756,604				4,756,604				4,718,320				4,756,604				4,718,320
Weighted average common shares outstanding - basic (1)			4,752,864				4,752,864				4,720,800				4,752,864				4,764,686
Weighted average common shares outstanding - diluted (1)			4,759,498				4,759,498				4,740,029				4,759,498				4,783,861
Tax equivalent net interest income		$	10,185			$	9,778			$	9,237			$	19,986			$	17,561

 

(1)	Share and per share values at or for the periods ended June 30, 2020 have been adjusted to give effect to the 5% stock dividend paid during December 2020.

 

 

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,												As of or for the six months ended,
		June 30,				March 31,				June 30,				June 30,				June 30,
		2021				2021				2020				2021				2020
Performance ratios:
Return on average assets (1)			1.59	%			1.77	%			1.87	%			1.68	%			1.62	%
Return on average equity (1)			15.40	%			17.06	%			18.08	%			16.22	%			15.18	%
Net interest margin (1)(2)			3.54	%			3.51	%			3.72	%			3.53	%			3.69	%
Effective tax rate			20.5	%			20.4	%			21.2	%			20.4	%			20.3	%
Efficiency ratio (3)			58.9	%			59.2	%			56.5	%			59.1	%			61.7	%
Non-interest income to total income (3)			35.3	%			37.1	%			43.8	%			36.2	%			38.2	%
Average balances:
Investment securities		$	340,306			$	307,045			$	313,872			$	323,767			$	337,568
Loans			709,872				730,210				674,149				719,985				610,529
Assets			1,253,995				1,230,184				1,097,403				1,242,155				1,050,941
Interest-bearing deposits			771,728				762,707				654,433				767,243				649,619
Subordinated debentures and other borrowings			26,038				27,580				38,964				26,805				40,052
Stockholders’ equity		$	129,744			$	127,580			$	113,471			$	128,668			$	112,120
Average tax equivalent yield/cost (1):
Investment securities			2.00	%			2.31	%			2.67	%			2.16	%			2.67	%
Loans			5.00	%			4.67	%			4.64	%			4.83	%			4.91	%
Total interest-bearing assets			3.67	%			3.65	%			3.97	%			3.66	%			4.08	%
Interest-bearing deposits			0.14	%			0.15	%			0.28	%			0.14	%			0.45	%
Subordinated debentures and other borrowings			1.86	%			1.78	%			1.70	%			1.82	%			2.00	%
Total interest-bearing liabilities			0.19	%			0.21	%			0.36	%			0.20	%			0.54	%
Capital ratios:
Equity to total assets			10.58	%			10.27	%			10.48	%
Tangible equity to tangible assets (3)			9.30	%			8.98	%			9.03	%
Book value per share		$	27.83			$	26.97			$	24.86
Tangible book value per share (3)		$	24.11			$	23.25			$	21.08
Rollforward of allowance for loan losses:
Beginning balance		$	9,271			$	8,775			$	7,479			$	8,775			$	6,467
Charge-offs			(228	)			(64	)			(176	)			(292	)			(396	)
Recoveries			120				60				44				180				76
Provision for loan losses			-				500				400				500				1,600
Ending balance		$	9,163			$	9,271			$	7,747			$	9,163			$	7,747
Non-performing assets:
Delinquent loans		$	1,881			$	5,025			$	4,213
Non-accrual loans			13,297				11,015				8,245
Accruing loans over 90 days past due			-				-				-
Non-performing investment securities			-				-				-
Real estate owned			1,385				1,474				314
Total non-performing assets		$	14,682			$	12,489			$	8,559
Other ratios:
Loans to deposits			62.51	%			67.01	%			73.04	%
Loans 30-89 days delinquent and still accruing to gross loans outstanding			0.27	%			0.69	%			0.60	%
Total non-performing loans to gross loans outstanding			1.94	%			1.51	%			1.18	%
Total non-performing assets to total assets			1.17	%			1.00	%			0.76	%
Allowance for loan losses to gross loans outstanding			1.34	%			1.27	%			1.11	%
Allowance for loan losses to gross loans outstanding excluding PPP loans			1.47	%			1.51	%			1.43	%
Allowance for loan losses to total non-performing loans			68.91	%			84.17	%			93.96	%
Net loan charge-offs to average loans (1)			0.06	%			0.00	%			0.08	%			0.03	%			0.11	%

 

(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)

 

(Dollars in thousands, except per share amounts)		As of or for the three months ended,												As of or for the six months ended,
		June 30,				March 31,				June 30,				June 30,				June 30,
		2021				2021				2020				2021				2020
Non-GAAP financial ratio reconciliation:
Total non-interest expense		$	9,190			$	9,073			$	9,116			$	18,263			$	17,223
Less: foreclosure and real estate owned expense			(65	)			(11	)			(17	)			(76	)			(42	)
Less: amortization of other intangibles			(36	)			(38	)			(45	)			(74	)			(92	)
Adjusted non-interest expense (A)			9,089				9,024				9,054				18,113				17,089
Net interest income (B)			9,980				9,591				9,015				19,571				17,117
Non-interest income			5,473				6,725				6,972				12,198				12,325
Less: gains on sales of investment securities, net			(33	)			(1,075	)			-				(1,108	)			(1,770	)
Less: gains on sales of premises and equipment and foreclosed assets			-				(5	)			44				(5	)			45
Adjusted non-interest income (C)		$	5,440			$	5,645			$	7,016			$	11,085			$	10,600
Efficiency ratio (A/(B+C))			58.9	%			59.2	%			56.5	%			59.1	%			61.7	%
Non-interest income to total income (C/(B+C))			35.3	%			37.1	%			43.8	%			36.2	%			38.2	%
Total stockholders’ equity		$	132,356			$	128,281			$	117,280
Less: goodwill and other intangible assets			(17,664	)			(17,700	)			(17,823	)
Tangible equity (D)		$	114,692			$	110,581			$	99,457
Total assets		$	1,250,426			$	1,248,875			$	1,118,937
Less: goodwill and other intangible assets			(17,664	)			(17,700	)			(17,823	)
Tangible assets (E)		$	1,232,762			$	1,231,175			$	1,101,114
Tangible equity to tangible assets (D/E)			9.30	%			8.98	%			9.03	%
Shares outstanding at end of period (F)			4,756,604				4,756,604				4,718,320
Tangible book value per share (D/F)		$	24.11			$	23.25			$	21.08