Thank you for joining our call today to discuss Landmark's third quarter earnings and results of operations. Joining the call with me to discuss various aspects of our third quarter performance is Mark Herpich, Chief Financial Officer of the company; and the company's Chief Credit Officer, Raymond McLanahan. 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. Before I get into the specifics regarding our financial performance, I want to briefly comment on the acquisition of Freedom Bancshares, Inc., which was completed at the opening of business on October 1, 2022. While their financial information is not included in Landmark's third quarter results, we are very excited about the opportunities that Freedom acquisition brings to Landmark. Freedom Bank has been a strong commercial bank in Overland Park, Kansas since its formation, and this transaction allows us an excellent opportunity to expand our presence in the Kansas City metro market. Freedom had total loans of approximately $118 million and total deposits of approximately $150 million. We are excited to have Freedom Bank's employees join our community banking team and we look forward to continuing Freedom's commitment to its customers and the community it serves. Landmark reported net earnings of $2.5 million during the third quarter of…

Thanks, Michael, and good morning to everyone. Michael has already alluded to our financial performance in 2022 with solid growth in both our loans and net interest income. And now I'd like to discuss various aspects comprising our third quarter 2022 results. Net income of $2.5 million in the third quarter of 2022 was lower by $533,000 in comparison to the second quarter of 2022, mainly the result of a credit loss provision to our allowance for loan losses of $500,000 in the third quarter of 2022, while no loan loss provision was made in the second quarter. Also, we recognized a $353,000 loss on the sale of some of our lowest yielding investments that we strategically sold this quarter. Excluding those two items, the third quarter income statement showed growth in net interest income and non-interest income. Loan growth this quarter was also very strong as loans grew by an annualized rate of 24.5%. In the third quarter of 2022, net interest income totaled $9.5 million, an increase of $553,000 compared to the second quarter of 2022, due primarily to growth in interest on investment securities and loans, but offset by higher interest costs. Landmark's net interest margin on a tax equivalent basis increased to 3.21% in the third quarter of 2022 as compared to 3.05% in the second quarter of 2022. The average tax equivalent yield on the loan portfolio increased this quarter to 4.63% compared to 4.40% in the prior quarter. Interest income on investment securities increased $290,000 this quarter compared to the second quarter of 2022 due to a growth in average investment balances of $17.2 million, along with increased yields. Yields on investment securities totaled 2.18% in the current quarter compared to 1.97% in the prior quarter and 1.88% in the third quarter of 2021.…

Thank you, Mark, and good morning to everyone. As mentioned earlier, loan growth this quarter was strong. Gross loans outstanding as of September 30, 2022, totaled $711.3 million, an increase just over 24% on an annualized basis from the previous quarter. We experienced solid growth in our one to four family residential real estate, commercial real estate, commercial and agricultural loan portfolios. One to four family was up $13 million, commercial real estate was up $19 million, our commercial portfolio was up $7 million, and our agricultural portfolio was at $8 million this quarter. We remain focused on growing our commercial and commercial real estate portfolios. Competition for quality opportunities remains present in all of our markets. However, we believe we have the right mix of talent and the tools available to navigate any challenges. Additionally, with the completed acquisition of Freedom Bancshares on October 1 and as part of that transaction, we added three very experienced commercial bankers to our Kansas City team. Credit disciplines are aligned among our two organizations, and we're very excited about the future of our expanded portfolio in that market. Turning to credit quality. Credit quality within the portfolio remains strong. Nonperforming loans, which primarily consists of nonaccrual loans and accruing loans greater than 90 days past due, totaled $4.8 million or 0.68% of gross loans as of September 30, 2022. Total foreclosed real estate was unchanged at $1.3 million from the prior quarter, and we continue to actively pursue the sale of all foreclosed real estate. Another indicator that we monitor as part of our credit risk management efforts is the level of loans past due between 30 and 89 days. The level of past due loans between 30 and 89 days still accruing interest remains low and was only 0.09% of gross…

Thanks, Raymond, and Mark, thank you for your earlier comments. Before we go to questions, I want to summarize by saying we are pleased with our performance this quarter, with our strong loan growth and improved net interest margin and we are excited to begin our partnership with our new associates from Freedom Bank. I want to express my thanks and appreciation to all of the associates at Landmark National Bank. Their daily focus on executing our strategies, delivering extraordinary service to our clients and communities and carrying out our company vision that everyone starts as a customer and leaves as a friend, is the key to our success. With that, I'll open the call up to questions that anyone might have.

Thank you. [Operator Instructions] Our first question today comes from the line of John Rodis from Janney Montgomery. Please go ahead. Your line is now open.

Good morning, guys. Thanks for the update.

Hey, thanks John. Good morning.

Good morning. Michael, maybe just a question for you. Obviously, now two quarters in a row of really strong loan growth. But as you look forward, excluding the Freedom loan portfolio, what do you think is a more reasonable growth rate kind of going forward? I think in the past, we've talked about sort of maybe mid to high single-digit loan growth. And just wanted to hear your thoughts.

Yes. I'd probably still stick to that, John. I think some of the momentum we've seen in the loan growth we've experienced over the last couple of quarters is a result of the human resource investments that we made in commercial banking talent across the franchise and the resulting growth is in part attributed to those additional resources. But on a going-forward basis, I think that metric of mid single-digit growth is probably still a pretty accurate barometer.

Okay. And then just could you remind me again the portfolio you've acquired with Freedom, what is – I'm assuming that's primarily a commercial portfolio.

Yes, it's exclusively a commercial banking portfolio, John. It'd be focused on CRE and C&I assets.

Okay. And then Michael, just one other question for you. Just given the Freedom deal, the deal has closed now, have you had maybe an increased level of conversations following this deal being announced and so forth? Or just your thoughts on M&A going forward overall?

Yes, our real focus has been on this Freedom transaction, John. So our attention has really been centered on that. And in the near future, we'll be centered on making sure the assimilation of their associates and their client base is as seamless as possible. Regarding future activity, I think the – we're interested in continuing to pursue opportunities that provide an increase in our franchise value and the return to our shareholders. Market is a little bit volatile, I guess, right now with the investment portfolio losses that are other AOCI losses that are impacting maybe the M&A market to some extent. But from an opportunity standpoint, I mean, we've always had success in organic growth following transaction. We expect that success to continue in 2020 – the rest of this year and into next year, for sure, in the organic growth but looking for additional acquisitive growth opportunities will remain a corporate priority going forward.

Okay, sounds good.

Hey, John, thank you.

[Operator Instructions] There are no additional questions waiting at this time. So I'd like to pass the conference back over to Michael Scheopner for any closing remarks. Please go ahead.

Thank you and I do want to thank everyone for participating in today's earnings call. I truly appreciate your continued support and the confidence that you have in the company. And I look forward to sharing news related to our fourth quarter and year-end 2022 results at our next earnings conference call. Thank you.