LANDMARK BANCORP INC

Listed Company

LARKCIK 0001141688NasdaqNon-AcceleratedSmaller ReportingNational Commercial BanksCaliforniaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$18.77M

Total Assets

$1.61B

Equity

$160.63M

Shares Out

6.10M

Op. Cash Flow

$21.63M

Business

Landmark Bancorp, Inc. is a financial holding company that owns and manages a national bank and a captive insurance subsidiary. The company provides a range of banking services including commercial, commercial real estate, agricultural and one-to-four family residential lending, deposit accounts, mortgage origination and sales, loan servicing and customer deposit services, and captive property and casualty insurance coverage. Its principal business segments are Landmark National Bank and Landmark Risk Management, Inc. The company distributes products primarily through a network of community branches across Kansas and a loan production office in Kansas City, with mortgage sales into the secondary market and other services delivered to local businesses and consumers.

Summary from filing dated 2025-03-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans	69	61	52	33	34
Taxable	9	9	10	6	3
Tax-exempt	3	3	3	3	3
Interest-bearing deposits at banks	225,000	193,000	242,000	321,000	187,000
Total interest income	81	74	65	43	40
Deposits	21	22	15	3	1
FHLB and other borrowings	3	4	4	584,000	—
Subordinated debentures	1	2	2	840,000	472,000
Repurchase agreements	150,000	344,000	499,000	146,000	11,000
Total interest expense	25	28	21	4	—
Net interest income	56	46	43	39	38
Provision for credit losses	2	2	349,000	—	500,000
Net interest income after provision for credit losses	53	43	43	39	38
Fees and service charges	10	11	10	10	9
Gains on sales of loans, net	3	2	2	3	10
Increase in cash surrender value of bank owned life insurance	1	2	913,000	780,000	686,000
Losses on sales of investment securities, net	−103,000	−1	−1	−1	1
Other	565,000	924,000	1	928,000	1
Total non-interest income	15	15	13	14	22
Compensation and benefits	26	23	23	20	20
Occupancy and equipment	5	6	6	5	4
Data processing	2	2	2	2	2
Amortization of mortgage servicing rights and other intangibles	948,000	1	2	1	2
Professional fees	3	3	2	2	2
Valuation allowance on assets held for sale	356,000	1	—	—	—
Other	8	8	8	7	7
Total non-interest expense	45	44	42	41	37
Earnings before income taxes	23	14	14	11	23
Income tax expense	4	1	2	1	5
Net earnings	19	13	12	10	18
Basic	3.09	2.15	2.03	1.71	3.27
Diluted	3.07	2.15	2.03	1.71	3.26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	21	20	27	23	189
Interest-bearing deposits at other banks	3	4	5	9	7
Investment securities available-for-sale, at fair value	348	373	453	489	381
Investment securities, held-to-maturity, net of allowance for credit losses of $91 and $91, fair value of $3,477 and $3,290	4	4	4	4	—
Bank stocks, at cost	6	7	8	5	3
Loans, net of allowance for credit losses of $12,458 and $12,825	1,098	1,039	938	841	—
Loans held for sale, at fair value	5	3	853,000	2	5
Bank owned life insurance	40	39	38	37	32
Premises and equipment, net	19	20	20	24	21
Goodwill	32	32	32	32	18
Other intangible assets, net	2	3	3	4	84,000
Mortgage servicing rights	3	3	3	4	4
Real estate owned, net	—	167,000	928,000	934,000	3
Accrued interest and other assets	24	27	29	26	13
Total assets	1,607	1,574	1,562	1,503	1,329
Non-interest-bearing demand	365	352	367	410	350
Money market and checking	651	637	614	627	537
Savings	151	146	152	171	156
Certificates of deposit	222	195	183	93	106
Total deposits	1,389	1,329	1,316	1,301	1,148
Federal Home Loan Bank and other borrowings	11	53	65	17	—
Subordinated debentures	22	22	22	22	22
Repurchase agreements	2	14	13	29	7
Accrued interest and other liabilities	23	21	19	23	16
Total liabilities	1,446	1,438	1,435	1,391	1,193
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value per share, 200,000 shares authorized; none issued	—	—	—	—	—
Common stock, $0.01 par value per share, 7,500,000 shares authorized; 6,074,381 and 6,063,958 shares issued at December 31, 2025 and 2024, respectively	61,000	58,000	55,000	52,000	50,000
Additional paid-in capital	103	95	89	84	79
Retained earnings	64	57	54	52	53
Treasury stock, at cost; zero shares at December 31, 2025 and 2024, respectively	—	—	−75,000	—	—
Accumulated other comprehensive loss	−6	−16	−17	−25	4
Total stockholders equity	161	136	127	110	136
Total liabilities and stockholders equity	1,607	1,574	1,562	1,503	1,329

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Valuation allowance on assets held for sale	356,000	1	6,000	—	—
Amortization of investment security (discounts) premiums, net	−195,000	−111,000	240,000	1	2
Accretion of purchase accounting adjustments	−794,000	−1	−993,000	−460,000	−55,000
Depreciation	1	1	1	1	997,000
Stock-based compensation	359,000	520,000	352,000	295,000	323,000
Deferred income taxes	−136,000	−212,000	404,000	−1	808,000
Net losses on investment securities	103,000	1	1	1	−1
Net gains on sales of premises and equipment and foreclosed assets	−81,000	−326,000	−1,000	−114,000	5,000
Proceeds from sale of loans	104	86	80	146	344
Origination of loans held for sale	−103	−86	−77	−141	−325
Accrued interest and other assets	−785,000	−1	−1	5	611,000
Accrued interest, expenses and other liabilities	3	1	−3	5	−736,000
Net cash provided by operating activities	22	14	13	25	31
Net increase in loans	−62	−103	−97	−74	48
Net change in interest-bearing deposits at banks	892,000	808,000	4	—	—
Maturities and prepayments of investment securities	62	71	55	54	61
Purchases of investment securities	−53	−23	−29	−226	−175
Proceeds from sale of available-for-sale securities	28	33	21	53	17
Redemption of bank stocks	16	16	11	4	2
Purchase of bank stocks	−15	−15	−14	−6	−850,000
Proceeds from sales of premises and equipment and foreclosed assets	406,000	5	7,000	—	—
Premiums paid on bank owned life insurance	—	−95,000	−97,000	−63,000	—
Proceeds from bank owned life insurance	1	—	—	—	—
Purchases of premises and equipment, net	−605,000	−2	−995,000	−876,000	−1
Net cash used in investing activities	−21	−18	−51	−197	−56
Net increase in deposits	60	13	16	2	132
Federal Home Loan Bank advance borrowings	840	779	728	327	—
Federal Home Loan Bank advance repayments	−880	−788	−678	−326	—
Proceeds from other borrowings	—	360,000	—	10	—
Repayments on other borrowings	−3	−3	−2	−1	—
Change in repurchase agreements	−12	1	−17	−199,000	1
Proceeds from exercise of stock options	—	—	52,000	—	22,000
Payment of dividends	−5	−5	−4	−4	−4
Purchase of treasury stock	—	−338,000	−75,000	−1	—
Net cash provided by (used in) financing activities	441,000	−3	42	6	130
Net increase (decrease) in cash and cash equivalents	707,000	−7	4	−166	104
Cash payments paid during the year for income taxes	3	834,000	55,000	1	4
Cash paid during the year for interest	25	28	20	4	2
Cash paid during the year for operating leases	209,000	177,000	156,000	175,000	141,000
Transfer of premises and equipment to real estate held for sale	—	—	4	—	—
Transfer of loans to repossessed assets	1	—	—	—	—
Operating lease asset and related liability recorded	—	—	61,000	—	219,000

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