Landmark Bank, Manhattan, Kan., broke its previous quarterly earnings record in the third quarter by earning $5.4 million compared to $2.6 million last year. Michael Scheopner, president, told investors the bank benefited from an increase of $2.9 million in gains on the sale of loans as continued low interest rates boosted their region’s housing market.
Additionally, Landmark assisted 1,095 customers in securing approximately $131 million of Paycheck Protection Program funding, with an average loan size of $120,000.
“COVID-19 loan modifications have declined significantly, with most of our borrowers returning to their loan contracted terms,” Scheopner said. “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 across Kansas during this challenging time.
“The company’s risk management practices and capital strength position us well as we navigate these uncertain economic times. It has been an entire team effort. Each of these associates have taken their role as part of the nation’s critical infrastructure sector seriously, and I am proud of the way that they have responded. They have focused daily on executing our strategies, delivering extraordinary service to our clients and carrying out our company vision that everyone starts as a customer and leaves as a friend.”