Landmark Bancorp Inc (NASDAQ:LARK) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 01:00 pm ET


Landmark Bancorp Inc (NASDAQ:LARK) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to Landmark Bancorp's Second Quarter Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Michael Scheopner, President and CEO. Please go ahead.

Michael E. Scheopner

Thank you, and good morning. Thank you for joining our call today to discuss Landmark's earnings and results of operations for the second quarter and year-to-date 2020. Joining the call with me to discuss various aspects of our second quarter performance is Mark Herpich, Chief Financial Officer, for the Company.

Before we get started, I would like to remind our listeners that some of the information we will be providing today falls under the guidelines for forward-looking statements as defined by the Securities and Exchange Commission.

As part of these guidelines, I must point out that any statements made during this presentation that discuss our hopes, beliefs, expectations or predictions of the future are forward-looking statements, and our actual results could differ materially from those expressed. Additional information on these factors is included from time to time in our 10-K and 10-Q filings, which can be obtained by contacting the company or the SEC.

I want to start the call today and take this opportunity to express my thanks and appreciation to all of the associates at Landmark National Bank. It has been an entire team effort during the first half of this year.

Each of these associates have taken their role as part of the nation's critical infrastructure sector seriously. And they have focused daily on executing our company vision that everyone starts as a customer and leaves as a friend.

Elements of our pandemic response plan remain in place as of today with the safety and well-being of our associates and customers foremost in mind. We have maintained limited access to our traditional bank lobby network and continue to have a portion of our associates working from home with enhanced precautions in place for the safety of those that remain in our bank facilities.

To ensure we are meeting customer needs, we have repositioned associates to support our customer care call center to handle client questions and to support client access to our mobile and digital banking platforms.

As a preferred lender with the Small Business Administration, we responded to help existing and new clients access the Paycheck Protection Program authorized by the CARES Act. As of June 30, we assisted 1,035 customers in securing approximately $130.1 million of funding through the Small Business Administration Payroll Protection Program. Our focus will now turn to assisting those clients in navigating the PPP loan forgiveness process as the SBA begins to accept forgiveness applications as of August 10th.

Moving on to our 2020 second quarter performance. We reported net earnings of $5.1 million or $1.13 per share on a fully diluted basis. This represented a record quarter for the company. Year-to-date, net earnings totaled $8.5 million.

Second quarter earnings were boosted by the impact of historically low mortgage interest rates, which resulted