Landmark Bancorp Files Q3 2024 10-Q

TL;DR

**LANDMARK BANCORP (LMRK) FILED Q3 2024 10-Q - CHECK FINANCIALS**

AI Summary

Landmark Bancorp Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing financial performance and operational updates for the national commercial bank. Specific financial figures and operational details for the quarter and year-to-date are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial health and performance indicators for Landmark Bancorp, crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — As a financial institution, Landmark Bancorp is subject to market, credit, and interest rate risks inherent in the banking sector.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-13 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-12-31 — Prior Year End Date (Provides a comparison point for year-end financial status.)

Key Players & Entities

• LANDMARK BANCORP INC (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 7855652000 (dollar_amount) — Business phone number
• MANHATTAN, KS (location) — Business and mailing address city and state

FAQ

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) — 2980KB
• ex10-6.htm (EX-10.6) — 53KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-045130.txt ( ) — 13960KB
• lark-20240930.xsd (EX-101.SCH) — 58KB
• lark-20240930_cal.xml (EX-101.CAL) — 84KB
• lark-20240930_def.xml (EX-101.DEF) — 225KB
• lark-20240930_lab.xml (EX-101.LAB) — 477KB
• lark-20240930_pre.xml (EX-101.PRE) — 396KB
• form10-q_htm.xml (XML) — 3887KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 0-33203 LANDMARK BANCORP, INC. (Exact name of registrant as specified in its charter) Delaware 43-1930755 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 701 Poyntz Avenue , Manhattan , Kansas 66502 (Address of principal executive offices) (Zip code) (785) 565-2000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class: Trading Symbol(s) Name of exchange on which registered: Common Stock, par value $0.01 per share LARK Nasdaq Global Market Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company 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. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date: as November 12, 2024, the issuer had outstanding 5,501,221 shares of its common stock, $ 0.01 par value per share. LANDMARK BANCORP, INC. Form 10-Q Quarterly Report Table of Contents Page Number PART I Item 1. Financial 2 - 25 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26 – 35 Item 3. Quantitative and Qualitative Disclosures about Market Risk 34 – 35 Item 4. Controls and Procedures 35 PART II Item 1. Legal Proceedings 36 Item 1A. Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37 Signature Page 38 1 PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS LANDMARK BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share amounts) September 30, December 31, 2024 2023 (Unaudited) Assets Cash and cash equivalents $ 21,211 $ 27,101 Interest-bearing deposits at other banks 4,363 4,918 Investment securities available-for-sale, at fair value 411,012 452,769 Investment securities, held-to-maturity, net of allowance for credit losses of $ 91 and $ 91 ,fair value of $ 3,131 and $ 3,049 3,643 3,555 Bank stocks, at cost 7,894 8,123 Loans, net of allowance for credit losses of $ 11,544 and $ 10,608 990,242 937,619 Loans held for sale, at fair value 3,250 853 Bank owned life insurance 39,176 38,333 Premises and equipment, net 20,976 19,709 Goodwill 32,377 32,377 Other intangible assets, net 2,729 3,241 Mortgage servicing rights 3,041 3,158 Real estate owned, net 428 928 Accrued interest and other assets 23,309 28,988 Total assets $ 1,563,651 $ 1,561,672 Liabilities and Stockholders' Equity Liabilities: Deposits: Non-interest-bearing demand $ 360,188 $ 367,103 Money market and checking 565,629 613,613 Savings 145,825 152,381 Certificates of deposit 203,860 183,154 Total deposits 1,275,502 1,316,251 Federal Home Loan Bank and other borrowings 92,050 64,662 Subordinated debentures 21,651 21,651 Repurchase agreements 9,528 12,714 Accrued interest and other liabilities 25,229 19,480 To

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