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UNITED STATES

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, 2023

 

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 of November 10, 2023, the issuer had outstanding 5,220,767 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 Statements 2 - 30
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 31 – 39
Item 3. Quantitative and Qualitative Disclosures about Market Risk 40 – 41
Item 4. Controls and Procedures 42
     
  PART II  
     
Item 1. Legal Proceedings 42
Item 1A. Risk Factors 42
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 42
Item 3. Defaults Upon Senior Securities 42
Item 4. Mine Safety Disclosures 42
Item 5. Other Information 42
Item 6. Exhibits 43
     
  Signature Page 44

 

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, 
   2023   2022 
   (Unaudited)     
Assets          
Cash and cash equivalents  $23,821   $23,156 
Interest-bearing deposits at other banks   5,904    9,084 
Investment securities available-for-sale, at fair value   456,857    489,306 
Investment securities, held-to-maturity, net of allowance for credit losses of $91 and $0, fair value of $3,225 and $3,452   3,525    3,524 
Bank stocks, at cost   8,009    5,470 
Loans, net of allowance for credit losses of $10,970 and $8,791   926,060    841,149 
Loans held for sale, at fair value   1,857    2,488 
Bank owned life insurance   38,090    37,323 
Premises and equipment, net   23,911    24,327 
Goodwill   32,377    32,199 
Other intangible assets, net   3,414    4,006 
Mortgage servicing rights   3,368    3,813 
Real estate owned, net   934    934 
Accrued interest and other assets   29,459    26,088 
Total assets  $1,557,586   $1,502,867 
           
Liabilities and Stockholders’ Equity          
Liabilities:          
Deposits:          
Non-interest-bearing demand  $395,046   $410,142 
Money market and checking   586,651    626,659 
Savings   157,112    170,570 
Certificates of deposit   169,225    93,278 
Total deposits   1,308,034    1,300,649 
           
Federal Home Loan Bank and other borrowings   82,569    17,200 
Subordinated debentures   21,651    21,651 
Repurchase agreements   12,590    29,402 
Accrued interest and other liabilities   23,185    22,532 
Total liabilities   1,448,029    1,391,434 
           
Commitments and contingencies          
           
Stockholders’ equity:          
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; 5,221,117 and 5,213,232 shares issued at September 30, 2023 and December 31, 2022, respectively   52    52 
Additional paid-in capital   84,568    84,273 
Retained earnings   57,280    52,174 
Accumulated other comprehensive loss   (32,343)   (25,066)
Total stockholders’ equity   109,557    111,433 
Total liabilities and stockholders’ equity  $1,557,586   $1,502,867 

 

See accompanying notes to consolidated financial statements.

 

2
 

 

LANDMARK BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

 

   2023   2022   2023   2022 
   Three months ended   Nine months ended 
(Dollars in thousands, except per share amounts)  September 30,   September 30, 
   2023   2022   2023   2022 
Interest income:                    
Loans  $13,531   $8,025   $37,530   $22,372 
Investment securities:                    
Taxable   2,445    1,739    7,141    4,147 
Tax-exempt   772    780    2,333    2,232 
Interest-bearing deposits at banks   46    44    193    232 
Total interest income   16,794    10,588    47,197    28,983 
Interest expense:                    
Deposits   4,384    771    10,375    1,324 
Federal Home Loan Bank and other borrowings   1,251    106    2,845    106 
Subordinated debentures   417    234    1,168    522 
Repurchase agreements   116    26    403    37 
Total interest expense   6,168    1,137    14,791    1,989 
Net interest income   10,626    9,451    32,406    26,994 
Provision for credit losses   -    500    299    - 
Net interest income after provision for credit losses   10,626    8,951    32,107    26,994 
Non-interest income:                    
Fees and service charges   2,618    2,511    7,457    7,079 
Gains on sales of loans, net   491    1,049    2,014    3,027 
Increase in cash surrender value of bank owned life insurance   230    189    671    566 
Losses on sales of investment securities, net   -    (353)   -    (353)
Other   313    133    834    569 
Total non-interest income   3,652    3,529    10,976    10,888 
                     
Non-interest expense:                    
Compensation and benefits   5,811    5,051    16,925    14,779 
Occupancy and equipment   1,373    1,335    4,136    3,745 
Data processing   458    383    1,478    1,085 
Amortization of mortgage servicing rights and other intangibles   474    314    1,407    965 
Professional fees   624    472    1,722    1,338 
Acquisition costs   -    134    -    355 
Other   1,989    1,769    5,753    5,051 
Total non-interest expense   10,729    9,458    31,421    27,318 
Earnings before income taxes   3,549    3,022    11,662    10,564 
Income tax expense   671    522    2,065    1,898 
Net earnings  $2,878   $2,500   $9,597   $8,666 
Earnings per share:                    
Basic (1)  $0.55   $0.48   $1.84   $1.65 
Diluted (1)  $0.55   $0.48   $1.84   $1.65 
Dividends per share (1)  $0.21   $0.20   $0.63   $0.60 

 

(1)Per share amounts for the periods ended September 30, 2022 have been adjusted to give effect to the 5% stock dividend paid during December 2022.

 

See accompanying notes to consolidated financial statements.

 

3
 

 

LANDMARK BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

                 
   Three months ended   Nine months ended 
(Dollars in thousands)  September 30,   September 30, 
   2023   2022   2023   2022 
                 
Net earnings  $2,878   $2,500   $9,597   $8,666 
                     
Net unrealized holding losses on available-for-sale securities   (12,810)   (17,324)   (9,639)   (46,510)
Reclassification adjustment for net losses included in earnings   -    353    -    353 
Net unrealized losses   (12,810)   (16,971)   (9,639)   (46,157)
Income tax effect on net losses included in earnings   -    (86)   -    (87)
Income tax effect on net unrealized holding losses   3,139    4,244    2,362    11,395 
Other comprehensive loss   (9,671)   (12,813)   (7,277)   (34,849)
                     
Total comprehensive (loss) income  $(6,793)  $(10,313)  $2,320   $(26,183)

 

See accompanying notes to consolidated financial statements.

 

4
 

 

LANDMARK BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

(Dollars in thousands, except per share amounts)  Common stock   Additional paid-in capital   Retained earnings   Treasury stock   Accumulated other comprehensive income (loss)   Total 
                         
Balance at July 1, 2022  $50   $79,284   $56,662   $(538)  $(18,156)  $117,302 
Net earnings   -    -    2,500    -    -    2,500 
Other comprehensive loss   -    -    -    -    (12,813)   (12,813)
Dividends paid ($0.20 per share)   -    -    (1,048)   -    -    (1,048)
Issue of restricted common stock, 17,551 shares   -    -    -    -    -    - 
Stock-based compensation   -    45    -    -    -    45 
Purchase of 19,691 treasury shares   -    -    -    (502)   -    (502)
Balance at September 30, 2022  $50   $79,329   $58,114   $(1,040)  $(30,969)  $105,484 
                               
Balance at July 1, 2023  $52   $84,475   $55,498   $-   $(22,672)  $117,353 
Net earnings   -    -    2,878    -    -    2,878 
Other comprehensive loss   -    -    -    -    (9,671)   (9,671)
Dividends paid ($0.21 per share)   -    -    (1,096)   -    -    (1,096)
Issuance of restricted common stock, 5,192 shares   -    -    -    -    -    - 
Stock-based compensation   -    93    -    -    -    93 
Balance at September 30, 2023  $52   $84,568   $57,280   $-   $(32,343)  $109,557 

 

(Dollars in thousands, except per share amounts)  Common stock   Additional paid-in capital   Retained earnings   Treasury stock   Accumulated other comprehensive income (loss)   Total 
Balance at January 1, 2022  $50   $79,120   $52,593   $-   $3,880   $135,643 
Net earnings   -    -    8,666         -    8,666 
Other comprehensive loss   -    -    -    -    (34,849)   (34,849)
Dividends paid ($0.60 per share)   -    -    (3,145)   -    -    (3,145)
Issuance of restricted common stock, 17,551 shares   -    -    -    -    -    - 
Stock-based compensation   -    209    -    -    -    209 
Purchase of 40,806 treasury shares   -    -    -    (1,040)   -    (1,040)
Balance at September 30, 2022  $50   $79,329   $58,114   $(1,040)  $(30,969)  $105,484 
                               
Balance at January 1, 2023  $52   $84,273   $52,174   $-   $(25,066)  $111,433 
Net earnings   -    -    9,597         -    9,597 
Other comprehensive loss   -    -    -    -    (7,277)   (7,277)
Dividends paid ($0.63 per share)   -    -    (3,287)   -    -    (3,287)
Cumulative effect of change in accounting  principle from implementation of ASU 2016-13   -    -    (1,204)   -    -    (1,204)
Forfeiture of restricted common stock, 350 shares   -    -    -    -    -    - 
Issuance of restricted common stock, 5,192 shares   -    -    -    -    -    - 
Stock-based compensation   -    243    -    -    -    243 
Exercise of stock options, 2,693 shares   -    52    -    -    -    52 
Balance at September 30, 2023  $52   $84,568   $57,280   $-   $(32,343)  $109,557 

 

See accompanying notes to consolidated financial statements.

 

5
 

 

LANDMARK BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

Cash flows from operating activities:  2023   2022 
   Nine months ended 
(Dollars in thousands)  September 30 
Cash flows from operating activities:  2023   2022 
Net earnings  $9,597   $8,666 
Adjustments to reconcile net earnings to net cash provided by operating activities:          
Provision for credit losses   299    - 
Amortization of investment security premiums, net   221    1,272 
Accretion of purchase accounting adjustments   (750)   (22)
Amortization of mortgage servicing rights and other intangibles   1,407    965 
Depreciation   936    836 
Increase in cash surrender value of bank owned life insurance   (671)   (566)
Stock-based compensation   243    209 
Deferred income taxes   7    139 
Net losses on sales of investment securities   -    353 
Net gains on sales of premises and equipment and foreclosed assets   -    (114)
Net gains on sales of loans   (2,014)   (3,027)
Proceeds from sales of loans   69,747    124,886 
Origination of loans held for sale   (67,472)   (120,509)
Changes in assets and liabilities:          
Accrued interest and other assets   (625)   (828)
Accrued expenses, taxes, and other liabilities   445    2,243 
Net cash provided by operating activities   11,370    14,503 
Cash flows from investing activities:          
Net increase in loans   (86,015)   (48,883)
Net change in interest-bearing deposits at banks   3,166    (1,482)
Maturities and prepayments of investment securities   41,250    40,885 
Purchases of investment securities   (18,647)   (201,511)
Proceeds from sales of available-for-sale securities   -    11,210 
Redemption of bank stocks   8,564    185 
Purchase of bank stocks   (11,103)   (3,921)
Premiums paid on bank owned life insurance   (96)   - 
Proceeds from sales of premises and equipment and foreclosed assets   -    1,379