EX-99.1 2 ex99-1.htm

Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE	Contacts:
February 1, 2022	Michael E. Scheopner
	President and Chief Executive Officer
	Mark A. Herpich
	Chief Financial Officer
	(785) 565-2000

Landmark Bancorp, Inc. Increases Cash Dividend to $0.21 per Share

Announces Fourth Quarter 2021 Diluted Earnings Per Share of $0.63

(Manhattan, KS, February 1, 2022) – Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.63 for the three months ended December 31, 2021, compared to $1.12 per share in the same quarter last year and $0.90 per share in the third quarter of 2021. Net earnings for the fourth quarter of 2021 amounted to $3.1 million, compared to $5.6 million for the fourth quarter of 2020 and $4.5 million in the third quarter of 2021. For the three months ended December 31, 2021, the return on average assets was 0.98%, the return on average equity was 9.25%, and the efficiency ratio was 68.3%.

For the year ended December 31, 2021, diluted earnings per share totaled $3.60 compared to $3.91 during 2020 while net income amounted to $18.0 million in 2021 compared to $19.5 million in 2020. For the year ended December 31, 2021, the return on average assets was 1.44%, the return on average equity was 13.80% and the efficiency ratio was 61.8%.

In making this announcement, Michael E. Scheopner, President and Chief Executive Officer of Landmark, said, “Low interest rates, coupled with a decline in mortgage banking activities and a declining balance of Paycheck Protection Program (PPP) loans, reduced current quarter earnings compared to the prior quarter. However, net income for the twelve months ended December 31, 2021 remained strong due to continued core loan and deposit growth, solid credit results and good expense control. For the twelve months ended December 31, 2021, total loans excluding PPP loans, grew $31.8 million or 5.2% while total deposits grew 13.0% to $1.2 billion. Also, capital and liquidity levels remain excellent, positioning us well for growth in the coming year.”

“During the fourth quarter 2021, our core loan portfolio (excluding PPP loans) increased $9.1 million, or 5.6%, primarily from solid growth in our commercial real estate, residential real estate and agricultural loan portfolios. Gain on sales of loans this quarter declined $2.4 million from the same quarter last year, mostly resulting from tight housing supplies and lower refinancing activities; however, fees and service charge income grew by 6.7%. Non-interest expense this quarter increased slightly from the same quarter last year. Total deposits this quarter increased by $81.8 million, or 28.3%, and overall deposit costs remained at very low levels. Our net interest margin remained solid at 3.17% this quarter.”

Mr. Scheopner continued, “Credit quality remained strong this quarter as the Company recorded net loan recoveries of $9,000 in the current quarter compared to net loan charge-offs of $397,000 in the prior quarter and $291,000 in the same quarter last year. The allowance for loan losses totaled $8.8 million at December 31, 2021, and there was no provision for loan losses this quarter. The allowance for loan losses totaled 1.36% of period end loans, excluding PPP loans for which no loan loss reserve has been provided. Non-accrual loans declined to $5.2 million in the current quarter compared to $9.8 million in the prior quarter. Our equity to assets ratio totaled 10.21% while loans to deposits totaled 56.9%. 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.”

During the fourth quarter, the Company distributed a 5% stock dividend on its common stock and paid a cash dividend of $0.19 per share (as restated for the 5% stock dividend). Also in January 2022, Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid March 2, 2022, to common stockholders of record as of the close of business on February 16, 2022, representing an increase of 10.3% from 2021.

Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Wednesday, February 2, 2022. Investors may participate via telephone by dialing (844) 200-6205 and using access code 922863. A replay of the call will be available through March 3, 2022, by dialing (866) 813-9403 and using access code 996978.

SUMMARY OF FOURTH QUARTER RESULTS

Net Interest Income

Net interest income amounted to $9.1 million for the three months ended December 31, 2021, compared to $10.1 million in the same period last year and $9.6 million in the third quarter of 2021. The decrease of $964,000, or 9.5%, from the fourth quarter of 2020 was primarily the result of a decrease in interest on loans, which declined $1.0 million or 11.2%. This decrease in loan interest income was mainly due to lower interest and fees earned on PPP loans compared to the same period last year. Interest and fees recognized on PPP loans in the fourth quarter of 2021 totaled $661,000 compared to $1.6 million in the third quarter of 2021, and $1.5 million in the same period last year. The average tax-equivalent yield on the loan portfolio was 4.81% in the current quarter compared to 4.86% in the same quarter last year and 5.03% in the prior quarter. Interest costs on interest-bearing deposits totaled 0.12% in the current quarter, 0.17% in the fourth quarter of 2020 and 0.13% in the prior quarter. On a tax-equivalent basis, the net interest margin totaled 3.17% in the fourth quarter 2021, compared to 3.36% in the prior quarter and 3.87% in the fourth quarter 2020.

Non-Interest Income

Total non-interest income was $4.6 million for the fourth quarter of 2021, a decrease of $2.3 million, or 33.1%, compared to the same period last year and a decrease of $867,000, or 15.9% from the previous quarter. The decrease in non-interest income during the fourth quarter of 2021 compared to the same period last year and the third quarter of 2021 was primarily due to decreases of $2.4 million and $837,000, respectively in gains on sales of mortgage loans as originations of residential real estate loans declined. Decreased loan originations mainly resulted from lower housing inventories coupled with higher mortgage interest rates during the fourth quarter of 2021, which reduced refinancing activity. Fees and service charges increased $150,000, or 6.7%, compared to the same quarter last year and $135,000, or 6.0%, compared to the prior quarter primarily due to growth in deposit and loan servicing fees.

Non-Interest Expense

During the fourth quarter of 2021, non-interest expense totaled $9.6 million, a slight increase over the same period last year and prior quarter. The increase in non-interest expense in the fourth quarter of 2021 compared to the same period of last year was primarily due to higher professional fees and other non-interest expense, which was mostly offset by a $202,000 decrease in compensation and benefits related expenses, due to lower commissions paid on residential real estate loans originated. Amortization of mortgage servicing rights also declined. The growth in other non-interest expense from the same quarter last year of $154,000 was primarily due to higher costs associated with advertising and foreclosed real estate expense.

Income Tax Expense

Landmark recorded income tax expense of $1.0 million in the fourth quarter of 2021 compared to $1.1 million in the fourth quarter of 2020 and $1.1 million in the third quarter of 2021. The effective tax rate increased to 24.8% in the current quarter compared to 17.0% in the fourth quarter of 2020 and 19.8% in the prior quarter. The fourth quarter of 2021 included income tax expense of $162,000 related to an increase in unrecognized tax benefits, which increased the effective tax rate. The fourth quarter of 2020 included the recognition of $229,000 of previously unrecognized tax benefits, which reduced the effective tax rate.

Balance Sheet Highlights

As of December 31, 2021, gross loans totaled $662.4 million, a decrease of $2.4 million over the prior quarter-end and a decrease of $51.1 million since December 31, 2020. Declines over both periods were primarily due to lower PPP loans, which have been paying off over the last twelve months. The balance of PPP loans totaled $17.2 million at the end of 2021 compared to $28.7 million at September 30, 2021 and $100.1 million at December 31, 2020. Excluding these loans, gross loans increased $9.1 million, or 5.6% annualized, during the fourth quarter of 2021, primarily due to increases of $5.0 million each in both commercial real estate and residential real estate loans. Compared to September 30, 2021, investment securities increased $9.6 million to $388.1 million as of December 31, 2021, while deposits increased $81.8 million to $1.1 billion.

Stockholders’ equity increased to $135.6 million (book value of $27.14 per share) as of December 31, 2021, from $135.4 million (book value of $27.09 per share) as of September 30, 2021. The ratio of equity to total assets decreased to 10.21% on December 31, 2021, from 10.79% at September 30, 2021.

The allowance for loan losses totaled $8.8 million, or 1.36% of total gross loans (excluding PPP loans) on December 31, 2021, compared to $8.8 million, or 1.38% of total gross loans (excluding PPP loans) on September 30, 2021. No allowance for loan losses has been allocated to PPP loans because they are guaranteed by the SBA. Net loan recoveries totaled $9,000 in the fourth quarter of 2021, compared to net loan charge-offs of $291,000 during the same quarter last year and $397,000 during the third quarter of 2021. The ratio of annualized net loan charge-offs to total average loans was -0.01% in the current quarter, 0.24% in the prior quarter and 0.16% in the fourth quarter of last year. There was no provision for loan losses made in the fourth quarter 2021.

During the fourth quarter of 2021, non-performing loans decreased $4.6 million to $5.2 million, or 0.79% of gross loans, while loans 30-89 days delinquent increased $448,000 to $2.0 million, or 0.30% of gross loans, as of December 31, 2021. Real estate owned totaled $2.6 million at December 31, 2021; however, subsequent to the end of the year the balance has been reduced to $1.5 million due the sale of a commercial real estate property for $1.0 million at no gain or loss.

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.

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

(Dollars in thousands)		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
Assets
Cash and cash equivalents		$	189,213			$	117,314			$	131,018			$	109,151			$	84,818
Interest-bearing deposits at other financial institutions			7,378				7,629				5,205				5,455				5,460
Investment securities:
U.S. treasury securities			42,675				40,314				36,646				20,359				2,037
U.S. federal agency obligations			17,195				17,297				22,852				18,861				18,924
Municipal obligations, tax exempt			137,984				140,788				140,526				143,105				142,676
Municipal obligations, taxable			40,046				38,988				38,779				41,138				49,535
Agency mortgage-backed securities			142,817				133,502				99,936				91,987				78,638
Investment securities available-for-sale, at fair value			380,717				370,889				338,739				315,450				291,810
Bank stocks, at cost			2,905				2,985				3,220				4,062				4,473
Loans:
One-to-four family residential real estate			166,081				161,120				162,606				159,798				157,984
Construction and land			27,644				26,658				27,092				26,591				26,106
Commercial real estate			198,472				193,455				189,093				179,781				172,307
Commercial			132,154				135,790				127,672				126,998				134,047
Paycheck Protection Program (PPP)			17,179				28,671				61,236				117,297				100,084
Agriculture			94,267				91,305				89,667				92,486				96,532
Municipal			2,050				2,115				2,178				2,183				2,332
Consumer			24,541				25,624				25,676				25,557				24,122
Total gross loans			662,388				664,738				685,220				730,691				713,514
Net deferred loan (fees) costs and loans in process			(380	)			936				(2,361	)			(3,611	)			(1,957	)
Allowance for loan losses			(8,775	)			(8,766	)			(9,163	)			(9,271	)			(8,775	)
Loans, net			653,233				656,908				673,696				717,809				702,782
Loans held for sale			4,795				8,929				10,952				13,995				15,533
Bank owned life insurance			32,106				31,914				31,722				25,568				25,420
Premises and equipment, net			20,803				20,361				20,137				20,320				20,493
Goodwill			17,532				17,532				17,532				17,532				17,532
Other intangible assets, net			84				104				132				168				206
Mortgage servicing rights			4,193				4,201				4,143				3,966				3,726
Real estate owned, net			2,551				2,578				1,385				1,474				1,774
Other assets			13,458				13,190				12,545				13,925				14,000
Total assets		$	1,328,968			$	1,254,534			$	1,250,426			$	1,248,875			$	1,188,027
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest-bearing demand			350,005				317,827				307,125				314,616				264,878
Money market and checking			536,868				488,213				504,025				490,634				491,275
Savings			155,501				151,380				150,874				142,507				126,124
Certificates of deposit			106,107				109,267				115,739				123,489				133,750
Total deposits			1,148,481				1,066,687				1,077,763				1,071,246				1,016,027
Subordinated debentures			21,651				21,651				21,651				21,651				21,651
Other borrowings			7,403				6,219				4,534				4,165				6,371
Accrued interest and other liabilities			15,790				24,571				14,122				23,532				17,306
Total liabilities			1,193,325				1,119,128				1,118,070				1,120,594				1,061,355
Stockholders’ equity:
Common stock			50				48				48				48				48
Additional paid-in capital			79,120				72,489				72,413				72,336				72,230
Retained earnings			52,593				56,957				53,391				49,363				44,947
Accumulated other comprehensive income			3,880				5,912				6,504				6,534				9,447
Total stockholders’ equity			135,643				135,406				132,356				128,281				126,672
Total liabilities and stockholders’ equity		$	1,328,968			$	1,254,534			$	1,250,426			$	1,248,875			$	1,188,027

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings (unaudited)

(Dollars in thousands, except per share amounts)		Three months ended,												Year ended,
		December 31,				September 30,				December 31,				December 31,				December 31,
		2021				2021				2020				2021				2020
Interest income:
Loans		$	7,907			$	8,461			$	8,907			$	33,612			$	31,797
Investment securities:
Taxable			836				782				842				3,192				4,177
Tax-exempt			737				748				788				3,022				3,279
Total interest income			9,480				9,991				10,537				39,826				39,253
Interest expense:
Deposits			223				258				307				1,023				2,105
Borrowed funds			121				120				130				483				664
Total interest expense			344				378				437				1,506				2,769
Net interest income			9,136				9,613				10,100				38,320				36,484
Provision for loan losses			-				-				700				500				3,300
Net interest income after provision for loan losses			9,136				9,613				9,400				37,820				33,184
Non-interest income:
Fees and service charges			2,403				2,268				2,253				8,857				8,091
Gains on sales of loans, net			1,823				2,660				4,194				10,487				15,155
Bank owned life insurance			192				193				151				686				611
Gains on sales of investment securities, net			-				30				-				1,138				2,448
Other			180				314				270				1,093				1,053
Total non-interest income			4,598				5,465				6,868				22,261				27,358
Non-interest expense:
Compensation and benefits			5,061				5,132				5,263				20,157				20,657
Occupancy and equipment			1,214				1,101				1,184				4,482				4,432
Data processing			525				498				520				2,016				1,831
Amortization of mortgage servicing rights and other intangibles			376				376				436				1,601				1,602
Professional fees			595				413				489				1,831				1,584
Other			1,779				1,923				1,625				7,169				6,156
Total non-interest expense			9,550				9,443				9,517				37,256				36,262
Earnings before income taxes			4,184				5,635				6,751				22,825				24,280
Income tax expense			1,037				1,118				1,148				4,814				4,787
Net earnings		$	3,147			$	4,517			$	5,603			$	18,011			$	19,493
Net earnings per share (1)
Basic		$	0.63			$	0.90			$	1.12			$	3.61			$	3.91
Diluted			0.63				0.90				1.12				3.60				3.91
Dividends per share (1)			0.19				0.19				0.18				0.76				0.73
Shares outstanding at end of period (1)			4,997,459				4,997,618				4,988,380				4,997,459				4,988,380
Weighted average common shares outstanding - basic (1)			4,997,423				4,996,419				4,979,228				4,994,546				4,987,322
Weighted average common shares outstanding - diluted (1)			5,016,722				5,010,973				4,983,956				5,006,612				4,991,901
Tax equivalent net interest income		$	9,335			$	9,815			$	10,312			$	39,136			$	37,361

(1) Share and per share values at or for the periods ended December 31, 2020 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,												As of or for the Year ended,
		December 31,				September 30,				December 31,				December 31,				December 31,
		2021				2021				2020				2021				2020
Performance ratios:
Return on average assets (1)			0.98	%			1.42	%			1.93	%			1.44	%			1.77	%
Return on average equity (1)			9.25	%			13.36	%			18.10	%			13.80	%			16.70	%
Net interest margin (1)(2)			3.17	%			3.36	%			3.87	%			3.39	%			3.72	%
Effective tax rate			24.8	%			19.8	%			17.0	%			21.1	%			19.7	%
Efficiency ratio (3)			68.3	%			61.2	%			55.5	%			61.8	%			58.5	%
Non-interest income to total income (3)			33.6	%			36.0	%			40.4	%			35.5	%			40.6	%
Average balances:
Investment securities		$	391,050			$	357,652			$	300,135			$	335,186			$	320,702
Loans			652,691				667,952				730,247				702,450				668,326
Assets			1,276,079				1,261,954				1,157,856				1,248,827				1,101,422
Interest-bearing deposits			758,061				769,658				702,219				768,057				673,217
Subordinated debentures and other borrowings			29,633				27,003				35,053				26,872				38,816
Stockholders’ equity			135,015				134,167				123,119				130,521				116,747
Average tax equivalent yield/cost (1):
Investment securities			1.74	%			1.86	%			2.42	%			1.96	%			2.58	%
Loans			4.81	%			5.03	%			4.86	%			4.88	%			4.76	%
Total interest-bearing assets			3.29	%			3.49	%			4.04	%			3.52	%			3.99	%
Interest-bearing deposits			0.12	%			0.13	%			0.17	%			0.13	%			0.31	%
Subordinated debentures and other borrowings			1.62	%			1.76	%			1.48	%			1.75	%			1.71	%
Total interest-bearing liabilities			0.17	%			0.19	%			0.24	%			0.19	%			0.39	%
Capital ratios:
Equity to total assets			10.21	%			10.79	%			10.66	%
Tangible equity to tangible assets (3)			9.00	%			9.52	%			9.31	%
Book value per share		$	27.14			$	27.09			$	25.39
Tangible book value per share (3)		$	23.62			$	23.57			$	21.84
Rollforward of allowance for loan losses:
Beginning balance		$	8,766			$	9,163			$	8,366			$	8,775			$	6,467
Charge-offs			(70	)			(616	)			(313	)			(978	)			(1,116	)
Recoveries			79				219				22				478				124
Provision for loan losses			-				-				700				500				3,300
Ending balance		$	8,775			$	8,766			$	8,775			$	8,775			$	8,775
Non-performing assets:
Non-accrual loans		$	5,230			$	9,829			$	10,515
Accruing loans over 90 days past due			-				-				-
Non-performing investment securities			-				-				-
Real estate owned			2,551				2,578				1,774
Total non-performing assets		$	7,781			$	12,407			$	12,289
30-89 days delinquent loans		$	1,990			$	1,542			$	1,530
Other ratios:
Loans to deposits			56.88	%			61.58	%			69.17	%
Loans 30-89 days delinquent and still accruing to gross loans outstanding			0.30	%			0.23	%			0.21	%
Total non-performing loans to gross loans outstanding			0.79	%			1.48	%			1.47	%
Total non-performing assets to total assets			0.59	%			0.99	%			1.03	%
Allowance for loan losses to gross loans outstanding			1.32	%			1.32	%			1.23	%
Allowance for loan losses to gross loans outstanding excluding PPP loans			1.36	%			1.38	%			1.43	%
Allowance for loan losses to total non-performing loans			167.78	%			89.19	%			83.45	%
Net loan charge-offs to average loans (1)			-0.01	%			0.24	%			0.16	%			0.07	%			0.15	%

(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 Year ended,
		December 31,				September 30,				December 31,				December 31,				December 31,
		2021				2021				2020				2021				2020
Non-GAAP financial ratio reconciliation:
Total non-interest expense		$	9,550			$	9,443			$	9,517			$	37,256			$	36,262
Less: foreclosure and real estate owned expense			(124	)			(215	)			(62	)			(415	)			(172	)
Less: amortization of other intangibles			(20	)			(28	)			(40	)			(102	)			(177	)
Adjusted non-interest expense (A)			9,406				9,200				9,415				36,739				35,913
Net interest income (B)			9,136				9,613				10,100				38,320				36,484
Non-interest income			4,598				5,465				6,868				22,261				27,358
Less: gains on sales of investment securities, net			-				(30	)			-				(1,138	)			(2,448	)
Less: gains on sales of premises and equipment and foreclosed assets			28				(19	)			(10	)			4				29
Adjusted non-interest income (C)		$	4,626			$	5,416			$	6,858			$	21,127			$	24,939
Efficiency ratio (A/(B+C))			68.3	%			61.2	%			55.5	%			61.8	%			58.5	%
Non-interest income to total income (C/(B+C))			33.6	%			36.0	%			40.4	%			35.5	%			40.6	%
Total stockholders’ equity		$	135,643			$	135,406			$	126,672
Less: goodwill and other intangible assets			(17,616	)			(17,636	)			(17,738	)
Tangible equity (D)		$	118,027			$	117,770			$	108,934
Total assets		$	1,328,968			$	1,254,534			$	1,188,027
Less: goodwill and other intangible assets			(17,616	)			(17,636	)			(17,738	)
Tangible assets (E)		$	1,311,352			$	1,236,898			$	1,170,289
Tangible equity to tangible assets (D/E)			9.00	%			9.52	%			9.31	%
Shares outstanding at end of period (F)			4,997,459				4,997,618				4,988,380
Tangible book value per share (D/F)		$	23.62			$	23.57			$	21.84