Landmark’s second quarter delinquency ratio of .23% is significantly lower than that of our local and national peer groups whose delinquency ratios at March 31, 2020 were 1.47% and 1.53%, respectively.
The Texas ratio is a measure of the bank’s credit risk in its portfolio and the ultimate impact on earnings. At the end of this quarter, Landmark’s Texas ratio was 3.88% compared to 8.88% as of June 30,2019. The change in Landmark’s current Texas ratio reinforces our improved position due to the exceptional credit quality assets on our balance sheet which, in turn, will also assure increased long‐term profitability.
Landmark Community Bank remains well capitalized with Tier 1 capital of 10.13% at June 30, 2020 compared to 9.49% at June 30, 2019.
As a community bank, it is incumbent upon us to give back to the community by serving our new and existing clients, especially in a time of need. As COVID‐19 challenged the physical well‐being and economic health of the members our community, we launched a comprehensive set of financial support initiatives to help our employees along with the individuals, businesses and communities we serve to help withstand the extraordinary pressures caused by the health crisis. Landmark assisted by issuing SBA Paycheck Protection Program loans in an expeditiously and compassionate manner for existing and first‐time customers. Specifically, 412 loans were granted for an aggregate amount of $35,986,350 to business owners in the communities we serve. For our consumer clients, we have offered payment deferrals on personal loans, auto loans, and residential mortgage products, as well as offering special rates and discounts on our mortgage Loans and lines of credits. The bank is waiving other fees to help customers manage costs and will allow customers to withdraw from a CD, without a fee, if they need funds for living expenses.
As we approach the second half of 2020, we remain focused on the health and welfare of our employees, customers, shareholders, and the communities we serve. Our board of directors and executive management team will continue to approach this heath and financial crisis in a considerate, disciplined, and trusting fashion. We believe Landmark Community Bank has prepared itself to withstand the challenges and the adverse influence of the COVID‐19 pandemic. With improved capital and liquidity, our experienced and skilled management team is well prepared to effectively navigate fluidly through changing financial and medical environments. We look forward to providing updates on our progress in the third and fourth quarters.
Please continue to follow us on Facebook, Instagram, Twitter and YouTube for all the latest news at Landmark. We invite you to take a close look at what we have to offer and discover the difference at Landmark Community Bank. Please refer to the bank’s website, www.lcbbbank.com, for additional metrics and information on 2020’s financial results.