Landmark Bancorp Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Landmark Bancorp Inc. filed its Q1 2024 10-Q, detailing financial positions and investment holdings.</b>

AI Summary

LANDMARK BANCORP INC (LARK) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Landmark Bancorp Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is national commercial banking. The filing includes detailed financial data for common stock, additional paid-in capital, retained earnings, treasury stock, and accumulated other comprehensive income. Specific investment categories like U.S. Treasury Securities, Municipal Obligations (Tax-Exempt and Taxable), and Agency Mortgage-Backed Securities are detailed as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking LANDMARK BANCORP INC, this filing contains several important signals. This 10-Q filing provides stakeholders with the latest financial performance and position of Landmark Bancorp Inc. for the first quarter of 2024. The detailed breakdown of investment securities offers insight into the company's asset allocation and risk exposure in the current market environment.

Risk Assessment

Risk Level: low — LANDMARK BANCORP INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) for a publicly traded company, indicating routine financial disclosure rather than significant new risks.

Analyst Insight

Review the detailed investment portfolio breakdown to understand asset allocation and potential interest rate sensitivity.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-14 — Filing Date (Filed as of date)
• 2024-01-01 — Q1 Start Date (Reporting period start date)
• 2023-03-31 — Prior Year Q1 End Date (Comparison period)

Key Players & Entities

• LANDMARK BANCORP INC (company) — Filer name
• LARK (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-14 (date) — Filed as of date
• NATIONAL COMMERCIAL BANKS (industry) — Standard Industrial Classification
• 7855652000 (phone) — Business phone

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and position between annual reports.)

U.S. Treasury Securities

Debt securities issued by the U.S. Department of the Treasury. (Represents a significant portion of the company's investment portfolio, indicating exposure to government debt.)

Municipal Obligations

Debt securities issued by state and local governments. (Part of the investment portfolio, these can be tax-exempt or taxable, affecting yield and tax implications.)

Key Financial Figures

• $0.01 — h registered: Common Stock, par value $0.01 per share LARK Nasdaq Global Marke

Filing Documents

• form10-q.htm (10-Q) — 2470KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• ex99.htm (EX-99) — 35KB
• 0001493152-24-019210.txt (&nbsp;) — 12381KB
• lark-20240331.xsd (EX-101.SCH) — 60KB
• lark-20240331_cal.xml (EX-101.CAL) — 82KB
• lark-20240331_def.xml (EX-101.DEF) — 229KB
• lark-20240331_lab.xml (EX-101.LAB) — 437KB
• lark-20240331_pre.xml (EX-101.PRE) — 362KB
• form10-q_htm.xml (XML) — 3400KB

Financial Statements

Financial Statements 2 - 26 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 – 35 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 36 Signature Page 37 1 PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS LANDMARK BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share amounts) March 31, December 31, 2024 2023 (Unaudited) Assets Cash and cash equivalents $ 16,468 $ 27,101 Interest-bearing deposits at other banks 4,920 4,918 Investment securities available-for-sale, at fair value 437,276 452,769 Investment securities, held-to-maturity, net of allowance for credit losses of $ 91 and $ 91 , fair value of $ 3,104 and $ 3,049 3,584 3,555 Bank stocks, at cost 7,850 8,123 Loans, net of allowance for credit losses of $ 10,851 and $ 10,608 952,611 937,619 Loans held for sale, at fair value 2,697 853 Bank owned life insurance 38,578 38,333 Premises and equipment, net 20,696 19,709 Goodwill 32,377 32,377 Other intangible assets, net 3,071 3,241 Mortgage servicing rights 2,977 3,158 Real estate owned, net 428 928 Accrued interest and other assets 29,684 28,988 Total assets $ 1,553,217 $ 1,561,672 Liabilities and Stockholders' Equity Liabilities: Deposits: Non-interest-bearing demand $ 364,386 $ 367,103 Money market and checking 583,315 613,613 Savings 154,000 152,381 Certificates of deposit 191,823 183,154 Total deposits 1,293,524 1,316,251 Federal Home Loan Bank and other borrowings 74,716 64,662 Subordinated debentures 21,651 21,651 Repurchase agreements 15,895 12,714 Accrued interest and other liabilities 20,760 19,480 Total liabilities 1,426,546 1,434,758 Commitments and contingencies - - Stockholders' equity: Preferred stock, $ 0.01 par value per share, 200,000 shares authorized; none is

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View this 10-Q filing on SEC EDGAR