Good day, and welcome to the Landmark Bancorp Q3 Earnings call. [Operator Instructions]. Please note, this event is being recorded. I would like now to turn the conference over to Michael Scheopner. Please go ahead.

Thank you, and good morning. Thank you for joining our call today to discuss Landmark's earnings and results of operations for the third quarter and year-to-date 2020. Joining the call with me to discuss various aspects of our third quarter performance is Mark Herpich, Chief Financial Officer of the company. 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. With respect to our 2020 third quarter performance, we reported net earnings of $5.4 million or $1.20 per share on a fully diluted basis. This represented a record quarter for the company. Year-to-date, net earnings totaled $13.9 million. Our third quarter earnings benefited from an increase of $2.9 million in gains on sales of loans as the continued low mortgage interest rate environment drove an active housing market and refinance activity. In addition, we continued a strategic liquidation of our higher coupon mortgage-backed investment securities based on the market conditions, resulting in a $678,000 gain on sale of investments. As a result of continued economic uncertainty surrounding the impact of COVID-19 on our loan portfolio, as well as year-to-date net loan growth, we recorded a $1 million provision for loan losses in the third quarter, which brings our year-to-date provision to $2.6 million. Year-to-date, in 2020,…

Thanks, Michael, and good morning to everyone. Michael mentioned our record net earnings for the third quarter and 9 months ended September 30, 2020. And now I would like to make a few comments on various elements comprising those results. Starting with highlights of the third quarter income statement, net interest income was $9.3 million, an increase of $1.6 million or 21% in comparison to the prior year's third quarter. The improvement in net interest income built upon a $136.9 million or 15% increase in average interest-earning assets to $1.048 billion in comparison to the prior year third quarter period. This growth was entirely attributable to loan growth of $191.2 million or 36.1% as our average investment balance actually declined by $73.3 million. The loan growth was impacted significantly by our SBA PPP loans, which totaled $131 million at September 30. In addition, Landmark's net interest margin on a tax-equivalent basis improved to 3.6% in the third quarter of 2020 as compared to 3.44% in the same period of 2019. The net interest margin benefited significantly from the increase in average loan balances as our asset allocation continues to be weighted more heavily to loans and less to investments as a proportion. While our overall cost of interest-bearing liabilities declined from 1.01% in the third quarter of 2019 to 0.27% in the current quarter. Our loans-to-deposit ratio increased 76% as of September 30, 2020, as compared to 53.7% as of December 31, 2019. Looking at our provision for loan losses, our analysis resulted in providing $1 million to the allowance for loan losses in the third quarter of 2020 as compared to $400,000 in the third quarter of 2019. On a year-to-date basis, as Michael mentioned earlier, our 2020 provision for loan losses is $2.6 million in comparison to $1…

Thank you for your comments, Mark. As Mark noted, net loans outstanding as of the end of the third quarter 2020 totaled $728.2 million. This is a 36.8% increase from our year-end 2019 net loan total of $532.2 million. PPP loans made up $131 million of the net loan total. Year-to-date commercial loan growth, excluding the PPP volume is $65 million or 12.2%. And as of September 30, 2020, our construction and land loan portfolio balances totaled $28 million or 3.8% of our total loan portfolio. Outstanding loan balances in our commercial real estate portfolio totaled $154.8 million, representing 20.9% of our total loan portfolio. Construction and industrial loans were $268.3 million as of September 30, or 36.3% of the portfolio. This includes the $131 million in PPP loans. With regard to our agricultural loan portfolio, total balances were $99 million or 13.4% of our total loan portfolio as of the end of the third quarter. And our mortgage 1-4 family loan portfolio represented 22% of the portfolio as of 162 -- at $162.3 million as of September 30, 2020. As I noted in my opening comments, our mortgage banking activity during this year has been extremely strong, driven by historically low loan rates. As of the end of September 2020, our single-family loan production totaled approximately $328.3 million. Production volume has been equally split this year, 50% purchase money transactions versus 50% refinance activity. Our mortgage pipeline levels remain elevated, and we anticipate significant production volumes extending through the end of this year. As previously noted, we recorded a $2.6 million provision for loan losses during the first 3 quarters of this year based on the continued economic uncertainty surrounding the impact of COVID-19 on our loan portfolio as well as year-to-date net loan growth. We may need to…

Thank you. And I want to thank everyone for participating in today's earnings call. I appreciate your continued support and confidence in the company, and I look forward to sharing news related to our year-end 2020 results at our next earnings conference call. Thank you.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.