Landmark Bancorp, holding company for Landmark Bank, said it earned a record $285,000 in the second quarter, up 18.8% from $240,000. For the first half of the year, the La Habra-based bank company said, net income rose 13.5% to $470,000 from $414,000.
The earnings do not include profits the bank expects from the purchase of assets of the failed Saddleback National Bank in Laguna Hills, which regulators took over May 15.
Landmark closed Saddleback's office June 15 because the lease for the building was "too much for our blood," said Craig Collette, the bank's president and chief executive.
Collette said he was "pleasantly surprised" that about a third of the accounts--700--stayed with Landmark when they were transferred a few miles away to Landmark's branch in Lake Forest.
Landmark has not yet settled the transaction with the Federal Deposit Insurance Corp., which serves as liquidator for the closed bank, so some figures were not part of the first-half financial report. About $2 million in deposits and $1 million in loans, for instance, were not part of the six-month statement, Collette said.
Landmark paid $8 million for selected Saddleback assets.
Landmark Bancorp's total assets rose 37.8% to $142 million at the end of June from $103 million a year earlier. Total deposits of the bank, the company's only subsidiary, rose 32.2% to $122 million from $92.3 million, and total loans increased 45.9% to $84.8 million from $58.1 million.