Landmark National Bank Reports 2005 Third-Quarter Results; Bank Posts Major Gains Over Prior Year.
SOLANA BEACH, Calif. -- Landmark National Bank (OTCBB:LMRK) announced total assets of $125,949,000 as of September 30th, a 103 percent increase over $62,154,000 reported at the end of the third quarter last year.
Total loans had increased 105 percent to $92,335,000, up from $45,143,000 a year ago. Deposits were $101,278,000, an 83 percent increase over $55,400,000 at the end of last year's third quarter. Total liabilities at the end of the quarter were 109,673,000.
Net income for the nine months ending September 30 was $82,000 or 6 cents per share, versus last year's nine-month operating loss of $1,417,000 or $1.22 per share. Earnings for the quarter were $6,000, or $0 per share, compared to last year's third-quarter loss of $363,000, or 31 cents per share.
The merger of Landmark National Bank and Legacy Bank, NA became effective at the close of business, July 15 with the merged bank now operating as Landmark National Bank. Legacy's La Jolla branch has been consolidated with Landmark National's La Jolla office.
Also during the third quarter, the bank incurred merger and conversion expenses of $194,000, of which approximately $172,000 were non-recurring costs.
Shareholder equity increased from $6,530,000 at September 30, 2004 to $16,277,000 at September 30, 2005, due primarily to the capital obtained in the merger with Legacy Bank, NA. Included in shareholder equity at September 30, 2005 is $4,540,000 in Goodwill from the Legacy merger. The capital ratios remain strong, with the tier one leverage ratio of 9.7 percent, the tier one risk-based ratio of 11.7 percent and the total risk-based capital ratio of 12.8 percent, all above the minimum to qualify as "well capitalized."
The locally owned and operated community bank continues to be managed by Ron Carlson, chairman and CEO; Rick Mandelbaum, president and chief operating officer; and Catherine Wright, executive vice president and CFO. Joining the management team from the former Legacy Bank NA were Janice Kassebaum, senior vice president, client services; Catherine Anthony, vice president, administrative officer; and Milinda Martinez, operations officer.
Landmark National Bank's Solana Beach office and corporate headquarters are in the Lomas Santa Fe Plaza shopping center at 937 Lomas Santa Fe Drive. The Bank's La Jolla office is at 7817 Ivanhoe Ave.
