Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 5, 2024

Landmark Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 000-33203

Delaware

43-1930755

(State or other jurisdiction

of incorporation)

(I.R.S. Employer

Identification Number)

701 Poyntz

Manhattan, Kansas 66502

(Address of principal executive offices, including zip code)

(785) 565-2000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 Par Value		LARK		The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition.

On August 5, 2024, Landmark Bancorp, Inc. (the “Company”) issued a press release announcing financial results for the three and six months ended June 30, 2024. The press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

The information in this item and the attached exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

Item 8.01.

Other Events.

The Company also announced on August 5, 2024, that its Board of Directors approved a cash dividend of $0.21 per share. The cash dividend will be paid to all stockholders of record as of the close of business on August 21, 2024 and payable on September 4, 2024.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits

99.1 Press Release dated August 5, 2024

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		LANDMARK BANCORP, INC

Dated: August 5, 2024	By:	/s/ Mark A. Herpich
		Mark A. Herpich
		Chief Financial Officer

Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE	Contact:
August 5, 2024	Mark A. Herpich
	Chief Financial Officer
	(785) 565-2000

Landmark Bancorp, Inc. Announces Second Quarter Earnings Per Share of $0.55

Declares Cash Dividend of $0.21 per Share

(Manhattan, KS, August 5, 2024) – Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.55 for the three months ended June 30, 2024, compared to $0.51 per share in the first quarter of 2024 and $0.61 per share in the same quarter last year. Net earnings for the second quarter of 2024 amounted to $3.0 million, compared to $2.8 million in the prior quarter and $3.4 million for the second quarter of 2023. For the three months ended June 30, 2024, the return on average assets was 0.78%, the return on average equity was 9.72%, and the efficiency ratio was 67.9%.

For the first six months of 2024, diluted earnings per share totaled $1.06 compared to $1.23 during the same period in 2023. Net earnings for the six months of 2024 totaled $5.8 million, compared to $6.7 million in the first six months of 2023. For the six months ended June 30, 2024, the return on average assets was 0.75%, the return on average equity was 9.30%, and the efficiency ratio was 70.0%.

In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, said, “During the second quarter, we continued to see good growth in loans coupled with solid credit quality. Also, both our net interest income and our fee-based income grew nicely this quarter. During the second quarter 2024, non-interest expense grew by $544,000 but included a $979,000 valuation adjustment on a former branch facility that is currently under contract to be sold. Excluding these adjustments, non-interest expense would have declined by $306,000, or 2.9% from the prior quarter. This quarter total loans grew $16.5 million, or 6.9% annualized, driven mainly by strong growth in residential mortgage and construction loans. Additionally, net interest income grew 2.1%, to $11.0 million, as higher interest on loans exceeded interest costs on deposits and our net interest margin expanded by nine basis points and totaled 3.21%. Non-interest income also increased $320,000 over the prior quarter mainly due to higher fees and service charges along with higher gains on sales of mortgage loans. Excluding a decline in brokered deposits on the last day of the quarter, deposit balances were stable during the second quarter while average interest-bearing deposits increased slightly from the prior quarter.”

Ms. Wendel continued, “Loan credit quality remains excellent. Landmark recorded net loan recoveries of $52,000 in the second quarter of 2024 compared to net loan charge-offs of $7,000 in the first quarter of 2024 and $68,000 in the second quarter of 2023. The ratio of net loan charge-offs to loans remains low. No provision for credit losses was recorded in the second quarter 2024. Non-accrual loans totaled $5.0 million, or 0.51%, of gross loans at June 30, 2024 while the balance of loans past due 30 to 89 days totaled $1.9 million, or 0.19%, of gross loans at June 30, 2024. The allowance for credit losses totaled $10.9 million at June 30, 2024, or 1.11% of period end gross loans. At the end of the second quarter 2024 our equity to assets ratio grew to 8.22% while our loans to deposits ratio totaled 77.5% and reflects strong liquidity for future loan growth.”

Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid September 4, 2024, to common stockholders of record as of the close of business on August 21, 2024.

Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Tuesday, August 6, 2024. Investors may participate via telephone by dialing (833) 470-1428 and using access code 974885. A replay of the call will be available through September 5, 2024, by dialing (866) 813-9403 and using access code 416026.

SUMMARY OF SECOND QUARTER RESULTS

Net earnings in the second quarter of 2024 increased 8.4% to $3.0 million compared to the first quarter 2024 but decreased $350,000 from the same period last year. As previously mentioned, the current quarter included a valuation adjustment on a former branch under a sales contract which after tax reduced net income by $739,000, or $0.14 per share. During the second quarter, loans grew 6.9% annualized, and both net interest income and non-interest income increased over the first quarter. Non-interest expense, excluding the valuation adjustment, declined and no provision for credit losses was taken.

Net Interest Income

Net interest income in the second quarter of 2024 amounted to $11.0 million representing an increase of $227,000, or 2.1%, compared to the previous quarter. The increase in net interest income was due mainly to growth in interest income on loans, but partially offset by higher interest expense on deposits. The net interest margin increased to 3.21% during the second quarter from 3.12% during the prior quarter. Compared to the previous quarter, interest income on loans increased $532,000, or 3.7%, to $15.0 million due to both higher average balances and rates. The average tax-equivalent yield on the loan portfolio increased 17 basis points to 6.33%. Interest expense on deposits increased $216,000, or 4.0%, in the second quarter 2024, compared to the prior quarter, mainly due to higher rates on interest-bearing deposits. The average rate on interest-bearing deposits increased in the second quarter to 2.44% compared to 2.35% in the prior quarter. Interest on borrowed funds declined slightly due to a small decline in average balances.

Non-Interest Income

Non-interest income totaled $3.7 million for the second quarter of 2024, an increase of $320,000, or 9.4%, from the previous quarter. The increase in non-interest income compared to the first quarter of 2024 was primarily the result of increases of $230,000 in fees and service charges and $136,000 in gains on sales of one-to-four family residential real estate loans.

Non-Interest Expense

During the second quarter of 2024, non-interest expense totaled $11.1 million, an increase of $544,000, or 5.2%, compared to the prior quarter. As mentioned above, the increase in non-interest expense this quarter was primarily related to a valuation allowance of $979,000 recorded on a former branch facility that is currently under contract to be sold. A valuation allowance of $129,000 on this facility was also recorded in the first quarter of 2024. Excluding these valuation allowances, non-interest expense totaled $10.1 million in the second quarter of 2024 compared to $10.4 million in the first quarter of 2024, a decline of $306,000, or 2.9%. Compensation and benefits, occupancy and equipment and amortization of mortgage servicing rights and other intangibles were all lower this quarter.

Income Tax Expense

Landmark recorded income tax expense of $587,000 in the second quarter of 2024 compared to $518,000 in the prior quarter. The effective tax rate was 16.3% in the second quarter of 2024 compared to 15.7% in the first quarter of 2024. The increase in the effective tax rate was primarily due to higher earnings before taxes as tax-exempt income was consistent between the periods.

Balance Sheet Highlights

As of June 30, 2024, gross loans totaled $980.6 million, an increase of $16.5 million, or 6.9% annualized since March 31, 2024. During the quarter, loan growth was primarily comprised of one-to-four family residential real estate (growth of $19.3 million) and construction and land (growth of $5.7 million) loans. The increase in one-to-four family residential real estate loans is primarily related to continued demand for adjustable-rate mortgage loans which are retained in our portfolio. Investment securities decreased $16.8 million during the second quarter of 2024, while pre-tax unrealized net losses on these investment securities increased slightly from $24.4 million at March 31, 2024 to $24.8 million at June 30, 2024.

Period end deposit balances decreased $43.0 million to $1.3 billion at June 30, 2024. The decrease in deposits was mainly driven by declines in money market and checking (decrease of $36.9 million) non-interest-bearing demand (decrease of $3.8 million) and savings (decrease of $3.0 million) in the second quarter. The decrease in money market and checking accounts was mainly driven by a decline in brokered deposits on the last day of the quarter. Average interest-bearing deposits increased slightly this quarter compared to the first quarter. Total borrowings increased $49.5 million during the second quarter 2024. The increase was due to increased borrowing on our FHLB line of credit which was primarily related to the decline in brokered deposits. Average borrowings, including FHLB advances and repurchase agreements decreased $2.6 million this quarter compared to the first quarter. At June 30, 2024, the loan to deposits ratio was 77.5% compared to 73.6% in the prior quarter.

Stockholders’ equity increased to $128.3 million (book value of $23.45 per share) as of June 30, 2024, from $126.7 million (book value of $23.14 per share) as of March 31, 2024. The ratio of equity to total assets increased to 8.22% on June 30, 2024, from 8.16% on March 31, 2024.

The allowance for credit losses totaled $10.9 million, or 1.11% of total gross loans on June 30, 2024, compared to $10.9 million, or 1.13% of total gross loans on March 31, 2024. Net loan recoveries totaled $52,000 in the second quarter of 2024, compared to net loan charge-offs of $7,000 during the first quarter of 2024. No provision for credit losses was recorded in the second quarter of 2024 compared to a provision for credit losses of $300,000 in the first quarter of 2024.

Non-performing loans totaled $5.0 million, or 0.51% of gross loans at June 30, 2024 compared to $3.6 million, or 0.38% of gross loans at March 31, 2024. Loans 30-89 days delinquent totaled $1.9 million, or 0.19% of gross loans, as of June 30, 2024, compared to $3.9 million, or 0.42% of gross loans, as of March 31, 2024. Foreclosed real estate owned totaled $428,000 at June 30, 2024.

About Landmark

Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 30 locations in 24 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, Kincaid, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

Special Note Concerning Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, national and international economies, including the effects of inflationary pressures and supply chain constraints on such economies; (ii) changes in state and federal laws, regulations and governmental policies concerning banking, securities, consumer protection, insurance, monetary, trade and tax matters, including any changes in response to the recent failures of other banks; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) changes and uncertainty in benchmark interest rates, including the timing of rate changes, if any, by the Federal Reserve; (x) the effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) unexpected outcomes of existing or new litigation; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including the current Israeli-Palestinian conflict and the conflict in Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) cyber-attacks; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; and (xxvi) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

(Dollars in thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2024			2024			2023			2023			2023
Assets
Cash and cash equivalents	$	23,889		$	16,468		$	27,101		$	23,821		$	20,038
Interest-bearing deposits at other banks		4,881			4,920			4,918			5,904			8,336
Investment securities available-for-sale, at fair value:
U.S. treasury securities		89,325			93,683			95,667			118,341			121,480
Municipal obligations, tax exempt		114,047			118,445			120,623			115,706			124,451
Municipal obligations, taxable		74,588			75,371			79,083			73,993			77,713
Agency mortgage-backed securities		142,499			149,777			157,396			148,817			160,734
Total investment securities available-for-sale		420,459			437,276			452,769			456,857			484,378
Investment securities held-to-maturity		3,613			3,584			3,555			3,525			3,496
Bank stocks, at cost		9,647			7,850			8,123			8,009			9,445
Loans:
One-to-four family residential real estate		332,090			312,833			302,544			289,571			259,655
Construction and land		30,480			24,823			21,090			21,657			22,016
Commercial real estate		318,850			323,397			320,962			323,427			314,889
Commercial		178,876			181,945			180,942			185,831			181,424
Agriculture		84,523			86,808			89,680			84,560			84,345
Municipal		6,556			5,690			4,507			3,200			2,711
Consumer		29,200			28,544			28,931			29,180			28,219
Total gross loans		980,575			964,040			948,656			937,426			893,259
Net deferred loan (fees) costs and loans in process		(583	)		(578	)		(429	)		(396	)		(261	)
Allowance for credit losses		(10,903	)		(10,851	)		(10,608	)		(10,970	)		(10,449	)
Loans, net		969,089			952,611			937,619			926,060			882,549
Loans held for sale, at fair value		2,513			2,697			853			1,857			3,900
Bank owned life insurance		38,826			38,578			38,333			38,090			37,764
Premises and equipment, net		20,986			20,696			19,709			23,911			24,027
Goodwill		32,377			32,377			32,377			32,377			32,199
Other intangible assets, net		2,900			3,071			3,241			3,414			3,612
Mortgage servicing rights		2,997			2,977			3,158			3,368			3,514
Real estate owned, net		428			428			928			934			934
Other assets		28,149			29,684			28,988			29,459			25,148
Total assets	$	1,560,754		$	1,553,217		$	1,561,672		$	1,557,586		$	1,539,340

Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest-bearing demand		360,631			364,386			367,103			395,046			382,410
Money market and checking		546,385			583,315			613,613			586,651			606,474
Savings		150,996			154,000			152,381			157,112			160,426
Certificates of deposit		192,470			191,823			183,154			169,225			131,661
Total deposits		1,250,482			1,293,524			1,316,251			1,308,034			1,280,971
FHLB and other borrowings		131,330			74,716			64,662			82,569			84,520
Subordinated debentures		21,651			21,651			21,651			21,651			21,651
Repurchase agreements		8,745			15,895			12,714			12,590			13,958
Accrued interest and other liabilities		20,292			20,760			19,480			23,185			20,887
Total liabilities		1,432,500			1,426,546			1,434,758			1,448,029			1,421,987
Stockholders’ equity:
Common stock		55			55			55			52			52
Additional paid-in capital		89,469			89,364			89,208			84,568			84,475
Retained earnings		57,774			55,912			54,282			57,280			55,498
Treasury stock, at cost		(330	)		(249	)		(75	)		-			-
Accumulated other comprehensive (loss) income		(18,714	)		(18,411	)		(16,556	)		(32,343	)		(22,672	)
Total stockholders’ equity		128,254			126,671			126,914			109,557			117,353
Total liabilities and stockholders’ equity	$	1,560,754		$	1,553,217		$	1,561,672		$	1,557,586		$	1,539,340

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings (unaudited)

(Dollars in thousands, except per share amounts)	Three months ended,						Six months ended,
	June 30,		March 31,		June 30,		June 30,		June 30,
	2024		2024		2023		2024		2023
Interest income:
Loans	$	15,022	$	14,490	$	12,623	$	29,512	$	23,999
Investment securities:
Taxable		2,359		2,428		2,379		4,787		4,696
Tax-exempt		759		764		775		1,523		1,561
Interest-bearing deposits at banks		40		63		49		103		147
Total interest income		18,180		17,745		15,826		35,925		30,403
Interest expense:
Deposits		5,673		5,457		3,452		11,130		5,991
FHLB and other borrowings		1,027		1,022		1,027		2,049		1,594
Subordinated debentures		418		412		387		830		751
Repurchase agreements		88		107		127		195		287
Total interest expense		7,206		6,998		4,993		14,204		8,623
Net interest income		10,974		10,747		10,833		21,721		21,780
Provision for credit losses		-		300		250		300		299
Net interest income after provision for credit losses		10,974		10,447		10,583		21,421		21,481
Non-interest income:
Fees and service charges		2,691		2,461		2,481		5,152		4,839
Gains on sales of loans, net		648		512		830		1,160		1,523
Bank owned life insurance		248		245		223		493		441
Other		133		182		295		315		521
Total non-interest income		3,720		3,400		3,829		7,120		7,324
Non-interest expense:
Compensation and benefits		5,504		5,532		5,572		11,036		11,114
Occupancy and equipment		1,294		1,390		1,394		2,684		2,763
Data processing		492		481		431		973		1,020
Amortization of mortgage servicing rights and other intangibles		256		412		472		668		933
Professional fees		649		647		607		1,296		1,098
Valuation allowance on real estate held for sale		979		129		-		1,108		-
Other		1,921		1,960		1,873		3,881		3,764
Total non-interest expense		11,095		10,551		10,349		21,646		20,692
Earnings before income taxes		3,599		3,296		4,063		6,895		8,113
Income tax expense		587		518		701		1,105		1,394
Net earnings	$	3,012	$	2,778	$	3,362	$	5,790	$	6,719

Net earnings per share (1)
Basic	$	0.55	$	0.51	$	0.61	$	1.06	$	1.23
Diluted		0.55		0.51		0.61		1.06		1.23
Dividends per share (1)		0.21		0.21		0.20		0.42		0.40
Shares outstanding at end of period (1)		5,469,566		5,473,867		5,476,354		5,469,566		5,476,354
Weighted average common shares outstanding - basic (1)		5,471,724		5,469,954		5,476,354		5,470,839		5,475,075
Weighted average common shares outstanding - diluted (1)		5,474,336		5,474,852		5,480,528		5,474,602		5,480,748

Tax equivalent net interest income	$	11,167	$	10,925	$	11,021	$	22,075	$	22,165

(1) Share and per share values at or for the period ended June 30, 2023 have been adjusted to give effect to the 5% stock dividend paid during December 2023.

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Select Ratios and Other Data (unaudited)

(Dollars in thousands, except per share amounts)	As of or for the three months ended,									As of or for the six months ended,
	June 30,			March 31,			June 30,			June 30,			June 30,
	2024			2024			2023			2024			2023
Performance ratios:
Return on average assets (1)		0.78	%		0.72	%		0.88	%		0.75	%		0.89	%
Return on average equity (1)		9.72	%		8.88	%		11.52	%		9.30	%		11.77	%
Net interest margin (1)(2)		3.21	%		3.12	%		3.21	%		3.16	%		3.26	%
Effective tax rate		16.3	%		15.7	%		17.3	%		16.0	%		17.2	%
Efficiency ratio (3)		67.9	%		72.1	%		69.2	%		70.0	%		69.7	%
Non-interest income to total income (3)		25.3	%		24.1	%		26.1	%		24.7	%		25.2	%

Average balances:
Investment securities	$	437,136		$	456,933		$	495,456		$	447,034		$	497,486
Loans		955,104			945,737			873,910			950,420			862,186
Assets		1,545,816			1,555,662			1,525,589			1,550,739			1,518,373
Interest-bearing deposits		936,237			935,417			882,726			935,827			877,841
FHLB and other borrowings		72,875			72,618			77,176			72,747			61,285
Subordinated debentures		21,651			21,651			21,651			21,651			21,651
Repurchase agreements		11,524			14,371			16,909			12,947			22,199
Stockholders’ equity	$	124,624		$	125,846		$	117,038		$	125,235		$	115,087

Average tax equivalent yield/cost (1):
Investment securities		3.04	%		2.96	%		2.70	%		2.99	%		2.69	%
Loans		6.33	%		6.16	%		5.80	%		6.25	%		5.62	%
Total interest-bearing assets		5.29	%		5.11	%		4.66	%		5.20	%		4.53	%
Interest-bearing deposits		2.44	%		2.35	%		1.57	%		2.39	%		1.38	%
FHLB and other borrowings		5.67	%		5.66	%		5.34	%		5.66	%		5.25	%
Subordinated debentures		7.76	%		7.65	%		7.17	%		7.71	%		6.99	%
Repurchase agreements		3.07	%		2.99	%		3.01	%		3.03	%		2.61	%
Total interest-bearing liabilities		2.78	%		2.70	%		2.01	%		2.74	%		1.77	%

Capital ratios:
Equity to total assets		8.22	%		8.16	%		7.62	%
Tangible equity to tangible assets (3)		6.09	%		6.01	%		5.42	%
Book value per share	$	23.45		$	23.14		$	21.43
Tangible book value per share (3)	$	17.00		$	16.67		$	14.89

Rollforward of allowance for credit losses (loans):
Beginning balance	$	10,851		$	10,608		$	10,267		$	10,608		$	8,791
Adoption of CECL		-			-			-			-			1,523
Charge-offs		(119	)		(141	)		(158	)		(260	)		(266	)
Recoveries		171			134			90			305			151
Provision for credit losses for loans		-			250			250			250			250
Ending balance	$	10,903		$	10,851		$	10,449		$	10,903		$	10,449

Allowance for unfunded loan commitments	$	300		$	300		$	200

Non-performing assets:
Non-accrual loans	$	5,007		$	3,621		$	2,784
Accruing loans over 90 days past due		-			-			-
Real estate owned		428			428			934
Total non-performing assets	$	5,435		$	4,049		$	3,718

Loans 30-89 days delinquent	$	1,872		$	4,064		$	614

Other ratios:
Loans to deposits		77.50	%		73.64	%		68.90	%
Loans 30-89 days delinquent and still accruing to gross loans outstanding		0.19	%		0.42	%		0.07	%
Total non-performing loans to gross loans outstanding		0.51	%		0.38	%		0.31	%
Total non-performing assets to total assets		0.35	%		0.26	%		0.24	%
Allowance for credit losses to gross loans outstanding		1.11	%		1.13	%		1.17	%
Allowance for credit losses to total non-performing loans		217.76	%		299.67	%		375.32	%
Net loan charge-offs to average loans (1)		-0.02	%		0.00	%		0.03	%		0.00	%		0.01	%

(1) Information is annualized.

(2) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.

(3) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Non-GAAP Finacials Measures (unaudited)

(Dollars in thousands, except per share amounts)	As of or for the three months ended,									As of or for the six months ended,
	June 30,			March 31,			June 30,			June 30,			June 30,
	2024			2024			2023			2024			2023

Non-GAAP financial ratio reconciliation:
Total non-interest expense	$	11,095		$	10,551		$	10,349		$	21,646		$	20,692
Less: foreclosure and real estate owned expense		39			(50	)		(3	)		(11	)		(20	)
Less: amortization of other intangibles		(171	)		(170	)		(198	)		(341	)		(395	)
Less: valuation allowance on real estate held for sale		(979	)		(129	)		-			(1,108	)		-
Adjusted non-interest expense (A)		9,984			10,202			10,148			20,186			20,277

Net interest income (B)		10,974			10,747			10,833			21,721			21,780

Non-interest income		3,720			3,400			3,829			7,120			7,324
Less: losses (gains) on sales of investment securities, net		-			-			-			-			-
Less: gains on sales of premises and equipment and foreclosed assets		-			9			-			9			(1	)
Adjusted non-interest income (C)	$	3,720		$	3,409		$	3,829		$	7,129		$	7,323

Efficiency ratio (A/(B+C))		67.9	%		72.1	%		69.2	%		70.0	%		69.7	%
Non-interest income to total income (C/(B+C))		25.3	%		24.1	%		26.1	%		24.7	%		25.2	%

Total stockholders’ equity	$	128,254		$	126,671		$	117,353
Less: goodwill and other intangible assets		(35,277	)		(35,448	)		(35,811	)
Tangible equity (D)	$	92,977		$	91,223		$	81,542

Total assets	$	1,560,754		$	1,553,217		$	1,539,340
Less: goodwill and other intangible assets		(35,277	)		(35,448	)		(35,811	)
Tangible assets (E)	$	1,525,477		$	1,517,769		$	1,503,529

Tangible equity to tangible assets (D/E)		6.09	%		6.01	%		5.42	%

Shares outstanding at end of period (F)		5,469,566			5,473,867			5,476,354

Tangible book value per share (D/F)	$	17.00		$	16.67		$	14.89

Cover	Aug. 05, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 05, 2024
Entity File Number	000-33203
Entity Registrant Name	Landmark Bancorp, Inc.
Entity Central Index Key	0001141688
Entity Tax Identification Number	43-1930755
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	701 Poyntz
Entity Address, City or Town	Manhattan
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66502
City Area Code	(785)
Local Phone Number	565-2000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	LARK
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false