AI Analysis | Feedback

• It's like a local, community-focused version of **Wells Fargo**, operating exclusively in Kansas.
• Think of it as **Bank of America**, but scaled down significantly to serve specific communities within Kansas.

AI Analysis | Feedback

• Deposit Accounts: Offer various checking, savings, money market, and certificate of deposit accounts for individuals and businesses to hold funds.
• Lending Services: Provide a range of loans including commercial, real estate (residential and commercial), agricultural, and consumer loans to individuals and businesses.
• Treasury Management Services: Offer services like remote deposit capture, ACH origination, and positive pay to help businesses manage their cash flow and financial operations.
• Wealth Management & Trust Services: Provide financial planning, investment management, and trust administration services to help clients manage and grow their assets.

AI Analysis | Feedback

Landmark Bancorp (LARK) is a community bank holding company. As such, it primarily serves a diverse base of individuals and small to medium-sized businesses within its operating regions, rather than having a few large corporate customers. The company sells primarily to individuals and businesses, and its major customer categories include:

• Individuals and Consumers: Residents of its service areas (primarily northeastern and central Kansas) who utilize personal banking services such as checking and savings accounts, certificates of deposit, residential mortgage loans, home equity loans, auto loans, and other consumer installment loans.

• Small to Medium-Sized Businesses: Local businesses within its service areas that require commercial banking services, including business checking and savings accounts, commercial real estate loans, commercial and industrial loans (e.g., for equipment, working capital), and other business-related financial products.

• Agricultural Businesses: Farmers and agricultural enterprises, particularly prevalent in its Kansas markets, who utilize specialized agricultural loans for purposes such as land acquisition, equipment financing, livestock purchases, and operating expenses.

AI Analysis | Feedback

AI Analysis | Feedback

Abigail M. Wendel, Chief Executive Officer and President

Abigail M. Wendel became President and Chief Executive Officer of Landmark Bancorp and Landmark National Bank effective March 29, 2024. Prior to this role, she served as President of Consumer Banking for UMB Bank, N.A. from 2018. Before becoming President of Consumer Banking, Ms. Wendel held positions at UMB as Senior Vice President and Director of Corporate Strategy, Government & Investor Relations from 2008 to 2015, and Executive Vice President, Chief Strategy Officer from 2015 to 2018. Her career also includes twelve years in various roles at the Federal Reserve Bank of Kansas City.

Mark A. Herpich, Vice President, Secretary, Treasurer and Chief Financial Officer

Mark A. Herpich has served as Vice President, Secretary, Treasurer, and Chief Financial Officer of Landmark Bancorp, Inc. and as Executive Vice President, Secretary, and Chief Financial Officer of Landmark National Bank since October 2001. Before joining Landmark, he held the same positions at MNB Bancshares and Security National Bank from September 1998 to October 2001. Mr. Herpich was also a Senior Manager and certified public accountant at KPMG LLP from August 1989 to September 1998.

Michael E. Scheopner, Director

Michael E. Scheopner served as President of Landmark Bancorp and Landmark National Bank since May 2013 and as Chief Executive Officer from January 2014 until his retirement from these executive roles effective March 29, 2024. He will continue in a non-executive employee role until December 31, 2024, and remain on the boards of directors. His previous roles include Executive Vice President and Credit Risk Manager at Landmark National Bank from October 2001 to May 2013. Before that, he was an Executive Vice President at Security National Bank from March 1998 to October 2001, and a Senior Vice President of Security National Bank from May 1996 to March 1998.

Patrick L. Alexander, Chairman of the Board

Patrick L. Alexander has served as Chairman of Landmark Bancorp and Landmark National Bank since January 2019, and as Executive Chairman from January 2014 to December 2018. He was President and Chief Executive Officer of Landmark Bancorp and Landmark National Bank from October 2001 until May 2013 (President) and January 2014 (CEO). Mr. Alexander was President and Chief Executive Officer of Manhattan Federal Savings and Loan Association (a predecessor to Security National Bank) in 1990, and then President and CEO of MNB Bancshares and Security National Bank in 1992 and 1993, respectively. From 1986 to 1990, he was President of the Kansas State Bank of Manhattan. During his tenure as President of Landmark, the company completed the acquisition of First Manhattan Bancorporation, Inc. in 2006.

Mark J. Kohlrus, Independent Director

Mark J. Kohlrus served as Chief Financial Officer of Balance Innovations, LLC from 2006 to 2019, a company that was later acquired by Brink's. He also held the position of Chief Operating Officer of BV Solutions Group, Inc. from 2000 to 2005. From 1996 to 2000, Mr. Kohlrus was the Chief Financial Officer of NovaStar Financial, Inc. His earlier career includes working as a certified public accountant with KPMG from 1982 to 1996, where he gained extensive experience in the banking industry and with public companies. Additionally, Mr. Kohlrus served on the Kansas State Accounting Advisory Council for over 20 years and was a College of Business Executive Mentor for 10 years.

AI Analysis | Feedback

The key risks to Landmark Bancorp (LARK) are primarily related to its long-term financial performance trends and the inherent challenges within the banking sector.

1. Long-term Earnings Decline and Uncertain Future Growth

   Despite recent strong quarterly financial results, Landmark Bancorp has experienced a significant long-term trend of declining earnings, with a five-year average annual earnings decline of 11.1%. This raises concerns among analysts regarding the sustainability of recent positive momentum and the company's ability to achieve consistent future growth, as there is a lack of clear forecasts for its long-term growth trajectory.

2. Credit Quality and Loan Portfolio Risk

   While the company reported a decrease in non-performing loans in the third quarter of 2025, earlier reports indicated a rise in non-accruing loans, particularly within its commercial loan segment. For some of these loans, repayment is dependent on the sale of collateral, suggesting potential vulnerability within its loan portfolio, even if efforts are underway to resolve these issues.

3. Highly Competitive Banking Environment

   As a community banking organization, Landmark Bancorp operates in a highly competitive industry. It faces significant competition from various other banking institutions, which can pressure its ability to attract and retain customers, grow its loan and deposit base, and maintain profit margins.

AI Analysis | Feedback

AI Analysis | Feedback

Landmark Bancorp (symbol: LARK) operates as a bank holding company for Landmark National Bank, providing a range of commercial and retail banking services. Their main products and services include checking and savings accounts, mortgage loans, personal loans, term loans, lines of credit, commercial real estate financing, financial planning, investment management, and trust services. The company primarily operates in Kansas, with 29 to 30 locations, and has expanded its presence into the Kansas City metropolitan area, which spans parts of Kansas and Missouri.

The addressable markets for Landmark Bancorp's main products and services can be contextualized within the U.S. community banking market and the broader banking sectors of Kansas and Missouri.

• The U.S. community banking market was valued at approximately $17.79 billion in 2024 and is projected to reach $19.39 billion in 2025, with a compound annual growth rate (CAGR) of 9.0%. North America held a dominant share of over 40% of the global community banking market in 2024, accounting for $6.68 billion in revenue. As of December 2022, community banks in the U.S. controlled $3.2 trillion in assets.
• In Kansas, there were 206 banks headquartered in the state as of January 2024, making it the 6th most in the country. Total assets in Kansas banks amounted to $89.6 billion as of the second quarter of 2025. Trust assets in Kansas totaled $84.3 billion as of December 31, 2023.
• For Missouri, the commercial banking industry market size is estimated at $29.4 billion in 2025. As of June 30, 2024, state-chartered banks in Missouri held total assets of $196.4 billion, with deposits totaling $166.5 billion and loan volume at $136.7 billion. The total assets for all banks in Missouri were $289.35 billion as of the second quarter of 2025.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Landmark Bancorp (LARK) over the next 2-3 years:

1. Continued Loan Growth: Landmark Bancorp has consistently demonstrated strong loan growth across various categories, including commercial real estate, residential real estate, and consumer portfolios. This expansion of its lending portfolio is a primary driver of increased net interest income. For example, in Q2 2025, gross loans increased by $42.9 million, an annualized rate of 16%, and in Q3 2025, average loan balances grew by $26.7 million compared to the previous quarter. The company's management has highlighted good loan demand as a key factor driving the expansion of net interest income.
2. Expansion of Customer Relationships: The company's strategic focus involves deepening existing customer relationships and expanding its customer base. This approach is expected to contribute to overall performance, leading to growth in both lending activities and deposit gathering.
3. Growth in Non-Interest Income: Landmark Bancorp has seen increases in non-interest income, particularly from gains on sales of mortgage loans and higher fees and service charges, especially those related to deposits. This diversification of revenue streams beyond traditional interest income is anticipated to continue contributing to overall revenue growth. In Q3 2025, non-interest income increased by $442,000 from the previous quarter, largely due to gains on residential mortgage loan sales and increased fees and service charges.
4. Stable to Improving Net Interest Margin (NIM): While not a direct driver of new business, a stable and healthy net interest margin significantly impacts net interest income, a major component of total revenue. The company has reported a steady net interest margin, which, coupled with loan growth, directly boosts its net interest income. For instance, the net interest margin remained steady at 3.83% in Q3 2025, an increase of 53 basis points from the prior-year quarter.
5. Intensified Deposit Gathering Strategy: To support its loan growth initiatives and maintain ample liquidity, Landmark Bancorp is focused on gathering deposits from its network of community branches across its franchise. A successful deposit strategy ensures a stable funding base for future loan expansion and overall revenue generation.

AI Analysis | Feedback

Share Repurchases

• Landmark Bancorp authorized share repurchases as recently as 2020.
• The company made quarterly share repurchases of $156,000 in March 2024, $81,060 in June 2024, $66,450 in September 2024, and $17,240 in December 2024.
• In 2022, quarterly share repurchases included $538,270 in June, $501,600 in September, and $199,040 in December.

Share Issuance

• Landmark Bancorp distributed a 5% stock dividend for 2023 and the 24th consecutive year in 2024. A 5% stock dividend was also declared for 2025, marking the 25th consecutive year.
• The company paid quarterly cash dividends of $0.20 per share in 2024 and $0.21 per share in 2025.

Outbound Investments

• Landmark Bancorp completed the acquisition of Freedom Bancshares, Inc. in October 2022. [cite: 16 in original search]
• At the time of acquisition, Freedom Bank had approximately $117 million in total loans and $150 million in deposits. [cite: 16 in original search]

Capital Expenditures

• Capital expenditures were $2.38 million in 2020, -$988,000 in 2021, $503,000 in 2022, -$723,000 in 2023, and $7,000 in 2024. [cite: 14 in original search]