Landmark Bancorp Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Landmark Bancorp Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>

AI Summary

LANDMARK BANCORP INC (LARK) filed a Annual Report (10-K) with the SEC on March 27, 2024. Landmark Bancorp Inc. filed its 2023 Form 10-K on March 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 701 Poyntz Avenue, Manhattan, KS 66502. The company was incorporated in California (CA). The SIC code for Landmark Bancorp Inc. is 6021 (National Commercial Banks).

Why It Matters

For investors and stakeholders tracking LANDMARK BANCORP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance, risk factors, and business operations for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The detailed financial data and disclosures within the 10-K allow stakeholders to understand the company's financial position, including assets, liabilities, equity, and changes therein, as well as its operational performance and strategic direction.

Risk Assessment

Risk Level: medium — LANDMARK BANCORP INC shows moderate risk based on this filing. The company operates in the banking sector, which is subject to significant regulatory oversight and economic fluctuations that can impact financial performance and stability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Landmark Bancorp's financial health and strategic positioning within the banking industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-27 — Filing Date (Filed as of date)
• 140 — Document Count (Public document count)
• 000-33203 — SEC File Number (SEC file number)

Key Players & Entities

• LANDMARK BANCORP INC (company) — Filer name
• LARK (company) — Ticker symbol
• 701 POYNTZ AVENUE (company) — Business address street 1
• MANHATTAN (company) — Business address city
• KS (company) — Business address state
• 66502 (company) — Business address zip
• CA (company) — State of incorporation
• 6021 (company) — Standard Industrial Classification

FAQ

Industry Context

Landmark Bancorp Inc. operates within the national commercial banking industry, a sector characterized by its sensitivity to interest rate changes, economic conditions, and regulatory policies.

Regulatory Implications

As a commercial bank, Landmark Bancorp Inc. is subject to extensive regulation by federal and state authorities, including oversight from the Federal Reserve and state banking departments, to ensure financial stability and consumer protection.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset growth for FY 2023.
2. Review the risk factors section for any new or evolving risks impacting the banking sector or the company specifically.
3. Compare key financial metrics from this 10-K to previous filings to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-27: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing a comprehensive update on the company's financial status and operations compared to previous periods.

Key Financial Figures

• $0.01 — h registered: Common Stock, par value $0.01 per share LARK Nasdaq Global Market
• $20.75 — trant, based on the last sales price of $20.75 quoted on the Nasdaq Global Market on t
• $1.6 billion — 31, 2023, the Company had approximately $1.6 billion in consolidated total assets. The Com
• $202.0 m — , Freedom Bank reported total assets of $202.0 million, gross loans of $118.0 million, a
• $118.0 m — ssets of $202.0 million, gross loans of $118.0 million, and total deposits of $150.4 mil
• $150.4 million — f $118.0 million, and total deposits of $150.4 million. The acquisition was accounted for as a
• $83.2 m — kered deposits at December 31, 2023 was $83.2 million, or 6.3% of total deposits compar
• $10.3 m — , or 6.3% of total deposits compared to $10.3 million, or 0.8% of total deposits at Dec
• $250,000 — nces that exceed the insurance limit of $250,000. The ICS accounts are integrated with t

Filing Documents

• form10-k.htm (10-K) — 3045KB
• ex13-1.htm (EX-13.1) — 45KB
• ex21-1.htm (EX-21.1) — 3KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001493152-24-011513.txt (&nbsp;) — 15439KB
• lark-20231231.xsd (EX-101.SCH) — 108KB
• lark-20231231_cal.xml (EX-101.CAL) — 135KB
• lark-20231231_def.xml (EX-101.DEF) — 399KB
• lark-20231231_lab.xml (EX-101.LAB) — 802KB
• lark-20231231_pre.xml (EX-101.PRE) — 640KB
• form10-k_htm.xml (XML) — 3268KB

BUSINESS

BUSINESS 3 ITEM 1A. RISK FACTORS 25 ITEM 1B. UNRESOLVED STAFF COMMENTS 38 ITEM 1C. CYBERSECURITY 38 ITEM 2.

PROPERTIES

PROPERTIES 39 ITEM 3. LEGAL PROCEEDINGS 39 ITEM 4. MINE SAFETY DISCLOSURES 39 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 40 ITEM 6. [RESERVED] 40 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 40 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 47 ITEM 8. FINANCIAL 50 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 96 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 96 ITEM 9B. OTHER INFORMATION 96 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 96 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 97 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 97 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 97 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 98 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 98 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 99 ITEM 16. FORM 10-K SUMMARY 100

SIGNATURES

SIGNATURES 101 2 PART I. ITEM 1. BUSINESS The Company Landmark Bancorp, Inc. (the "Company") is a financial holding company that was incorporated under the laws of the State of Delaware in 2001. Currently, the Company's business consists of the ownership of Landmark National Bank (the "Bank") and Landmark Risk Management, Inc., which are wholly-owned subsidiaries of the Company. As of December 31, 2023, the Company had approximately $1.6 billion in consolidated total assets. The Company is headquartered in Manhattan, Kansas, and has expanded its geographic presence through opening new branches and acquisitions. In February 2024, the Bank opened a loan production office in Kansas City, Missouri. On October 1, 2022, the Company completed its acquisition of Freedom Bancshares, Inc. ("Freedom"), the holding company of Freedom Bank. Freedom Bank was founded in 2006 and operated out of a single location in Overland Park, Kansas. As of September 30, 2022, Freedom Bank reported total assets of $202.0 million, gross loans of $118.0 million, and total deposits of $150.4 million. The acquisition was accounted for as a business combination under ASC 805. The Bank has continued to focus on increasing its originations of commercial, commercial real estate and agricultural loans, which management believes will be more profitable and provide more growth for the Bank than traditional one-to-four family residential real estate lending. The Bank has grown its one-to-four family residential loan portfolio over the past two years as higher interest rates increased consumer demand for variable rate loans, which were retained in the Bank's portfolio. Additionally, greater emphasis has been placed on diversification of the deposit mix through the expansion of core deposit accounts such as checking, savings, and money market accounts. The Bank has also diversified its geographical markets as a result of its acquisitions and branching opportunities. The Company's main office

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View this 10-K filing on SEC EDGAR