SOURCE: Landmark National Bank

January 23, 2007 16:33 ET

Landmark National Bank Reports 109% Increase in Net Income

SOLANA BEACH, CA -- (MARKET WIRE) -- January 23, 2007 -- Landmark National Bank (OTCBB: LMRK) announces operating results for the year ending December 31, 2006.

Net income for the twelve months ending December 31, 2006 was $942,301, or 49 cents per share compared to the previous twelve months ending December 31, 2005 when net income was $450,139, and 30 cents per share. As of December 31, 2006, loans totaled $75,930,000, deposits totaled $102,459,000 and assets totaled $125,016,000.

The locally owned and operated community bank is managed by Rick Mandelbaum, chief executive officer and president.

About Landmark National Bank

Landmark National Bank offers traditional full-service banking to individual customers, professionals and small- and medium-sized businesses. In addition to a variety of deposit accounts and cash management services, the Bank offers a mix of loan products that include commercial, professional and industrial lending packages, as well as Small Business Administration loans and consumer, installment, home equity, construction and real estate loans.

Landmark National Bank's Lomas Santa Fe office, loan center and corporate headquarters are located at 937 Lomas Santa Fe Drive. The La Jolla office is located at 7817 Ivanhoe Avenue in La Jolla. The Bank also operates an office two days a week at the White Sands of La Jolla Retirement Community at 7450 Olivetas Avenue in La Jolla.

Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business and the intent, belief or current expectations of the Bank, its Directors or its Officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance, regulatory matters and those discussed in filings by the Bank with the Office of the Comptroller of the Currency.



CONDENSED BALANCE SHEET (unaudited)
(dollars in thousands)

                                      December 31, 2006  December 31, 2005
                                      -----------------  -----------------
ASSETS
Cash and cash equivalents             $          18,501  $           5,303
Investments and interest bearing
 deposits in financial institutions              22,814             24,758

Loans                                            75,930             86,610
   Less allowance for loan losses                (1,084)            (1,046)
                                      -----------------  -----------------
      Net loans held for investment              74,846             85,564
Premises and equipment, net                       1,060              1,070
Goodwill and other intangible assets              5,227              5,674
Accrued interest and other assets                 2,568              1,965
                                      -----------------  -----------------

      Total Assets                    $         125,016  $         124,334
                                      =================  =================

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits                              $         102,459  $         104,538
Other Borrowings                                  3,968              1,862
Accrued Interest and Other
 Liabilities                                        836              1,357
                                      -----------------  -----------------
      Total Liabilities                         107,263            107,757
Shareholders' Equity                             17,753             16,577

      Total Liabilities and
       shareholders' equity           $         125,016  $         124,334
                                      =================  =================



CONDENSED STATEMENT OF OPERATIONS (unaudited)
(dollars in thousands, except per share data)


                                        At or for the Twelve Months Ended
                                      December 31, 2006  December 31, 2005
                                      -----------------  -----------------

Interest Income                       $           8,738  $           6,205
Interest Expense                                 (2,541)            (1,417)
                                      -----------------  -----------------
Net Interest Income                               6,197              4,788
Provision for Loan Losses                           (46)              (230)
Non-interest Income                                 225                361
Non-interest Expense                             (5,433)            (4,468)
Income tax                                           (1)                (1)
                                      -----------------  -----------------
NET INCOME                            $             942  $             450

Per Share Data
Basic average shares outstanding              1,911,192          1,508,511
Diluted average shares outstanding            1,959,704          1,552,869
Basic earnings per common share       $            0.49  $            0.30
Diluted earnings per common share     $            0.48  $            0.29
Ending shares outstanding                     1,917,448          1,907,948
Book value per share                  $            9.26  $            8.69
Tangible book value per share         $            6.53  $            5.71




SELECTED RATIOS  (unaudited)
                                      December 31, 2006  December 31, 2005
                                      -----------------  -----------------
Allowance for loan loss as a percent
 of gross loans                                    1.43%              1.21%
Non-performing assets as a percent of
 total assets                                      0.39%              0.00%
Return on Average Assets YTD                       0.77%              0.46%
Return on Average Equity YTD                       5.49%              4.03%
Net Interest Margin YTD                            5.47%              5.18%
Tier 1 Capital (to quarterly average
 assets)                                          11.19%             12.78%
Tier 1 Capital (to risk-weighted
 assets)                                          14.03%             11.64%
Total Capital (to risk-weighted
 assets)                                          15.31%              9.41%

Contact Information

  • Contact:
    F. J. "Rick" Mandelbaum
    Landmark National Bank
    858-947-2323

    Tony DiVita
    Landmark National Bank
    858-332-1015

    Contact Landmark National Bank
    937 Lomas Santa Fe Drive
    Solana Beach, CA 92075
    Telephone: 858-509-2700
    Fax: 858-509-0898
    E-mail: Email Contact