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    Landmark Bancorp (LARK)

    Market Price (11/6/2026): $31.95 | Market Cap: $195.1 MilSector: Financials | Industry: Regional Banks

    Landmark Bancorp (LARK)

    Market Price (11/6/2026): $31.95
    Market Cap: $195.1 Mil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.7%, FCF Yield is 12%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%

    Low stock price volatility
    Vol 12M is 28%

    Trading close to highs
    Dist 52W High is -4.9%, Dist 3Y High is -4.9%

    Significant short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.59

    Key risks
    LARK key risks include [1] a significant long-term trend of declining earnings and an uncertain outlook for future growth, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.7%, FCF Yield is 12%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%
    2 Low stock price volatility
    Vol 12M is 28%
    3 Trading close to highs
    Dist 52W High is -4.9%, Dist 3Y High is -4.9%
    4 Significant short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.59
    5 Key risks
    LARK key risks include [1] a significant long-term trend of declining earnings and an uncertain outlook for future growth, Show more.

    LARK in ETFs

    Weight = LARK's share of each fund

    VTI0.00%
    IWM0.00%
    IWN0.01%
    VTWO0.01%
    DFAS0.00%
    DFAC0.00%

    Valuation & Metrics

    FYE: 12/31LARK [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$74.8 Mil—
    FY 2026 Sales$76.4 Mil—
    FY 2027 Sales$80.0 Mil—
    FY 2026 Sales Growth2.1%—
    FY 2027 Sales Growth4.7%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$20.1 Mil—
    FY 2026 Net Income (Non-GAAP)$21.2 Mil—
    FY 2027 Net Income (Non-GAAP)$20.9 Mil—
    FY 2027 Net Income Growth-1.4%13.9%
    FY 2026 EPS (Non-GAAP)$3.46—
    FY 2027 EPS (Non-GAAP)$3.41—
    FY 2027 EPS Growth-1.4%—
    VALUATION
    FY 2026 P/S2.61.7
    FY 2027 P/S2.4—
    FY 2026 P/E9.28.7
    FY 2027 P/E9.4—

    [1] LARK forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    LARKS&P 500
    REVENUE GROWTHGOOD
    Rev LTM ($ Bil)0.1
    Rev Chg Q10.8%8.9%
    Rev Chg LTM14.4%8.6%
    Rev Chg 3Y Avg9.9%6.3%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)0.0
    CFO/Rev LTM31.3%21.5%
    Net Inc Mgn26.9%13.5%
    VALUATIONLOW
    P/S2.63.3
    P/CFO8.315.7
    P/FCF8.620.6
    P/E9.722.9

    AI Analysis | Feedback

    MetricValueDateSource
    Efficiency Ratio60.7%9302025Link
    Net Interest Margin3.83%9302025Link
    Book Value per Share$25.666302025Link
    Number of Branches3110012022Link
    Allowance for credit losses as a percentage of total loans1.23%6302025Link
    Loan to Deposits Ratio78.2%12312024Link
    Total risk-based capital ratio13.5%12312024Link
    Leverage Ratio9.10%12312024Link

    Price Chart

    Upcoming
    11/12/2026DividendAmount: $0.21
    Payment On: 11/27/2026
    12/02/2026Stock SplitRatio: 21-for-20
    1/27/2027Earnings ReleaseRev: $19 Mil (E)
    EPS: $0.87 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/1/2026

    Landmark Bancorp (LARK) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

    1. Landmark Bancorp reported strong financial results for fiscal Q3 2026, which ended September 30, 2026. The company announced diluted earnings per share (EPS) of $0.89, surpassing analyst estimates of $0.88 and showing a notable increase from $0.81 in fiscal Q3 2025. Net earnings for the quarter reached $5.5 million, a 1.5% rise from the prior quarter and a 12.3% increase year-over-year. Additionally, the company recorded a record revenue of $19.2 million for the quarter, exceeding estimates of $19.1 million.

    2. The company experienced significant expansion in its net interest income and net interest margin (NIM) during fiscal Q3 2026. Net interest income grew to $15.6 million, representing a 3.7% increase quarter-over-quarter and an 11.0% increase compared to fiscal Q3 2025. The net interest margin improved by 13 basis points from the previous quarter to 4.35%, and by 52 basis points year-over-year. This growth was primarily driven by higher rates on interest-earning assets, despite a slight decline in average balances, partially offset by increased interest expense on other borrowings.

    Show more
    Updated on 11/1/2026

    Landmark Bancorp (LARK) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

    1. Landmark Bancorp reported strong financial results for fiscal Q3 2026, which ended September 30, 2026. The company announced diluted earnings per share (EPS) of $0.89, surpassing analyst estimates of $0.88 and showing a notable increase from $0.81 in fiscal Q3 2025. Net earnings for the quarter reached $5.5 million, a 1.5% rise from the prior quarter and a 12.3% increase year-over-year. Additionally, the company recorded a record revenue of $19.2 million for the quarter, exceeding estimates of $19.1 million.

    2. The company experienced significant expansion in its net interest income and net interest margin (NIM) during fiscal Q3 2026. Net interest income grew to $15.6 million, representing a 3.7% increase quarter-over-quarter and an 11.0% increase compared to fiscal Q3 2025. The net interest margin improved by 13 basis points from the previous quarter to 4.35%, and by 52 basis points year-over-year. This growth was primarily driven by higher rates on interest-earning assets, despite a slight decline in average balances, partially offset by increased interest expense on other borrowings.

    3. Landmark Bancorp's commitment to shareholder returns was highlighted by the declaration of both cash and stock dividends. On October 26, 2026, the company's Board of Directors declared a cash dividend of $0.21 per share, payable on November 27, 2026. Concurrently, a 5% stock dividend was declared, to be issued on December 16, 2026. This marks the 26th consecutive year that Landmark Bancorp has declared a 5% stock dividend, signaling consistent financial health and a focus on delivering value to shareholders.

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    Stock Movement Drivers

    Fundamental Drivers

    The 1.8% change in LARK stock from 7/31/2026 to 11/5/2026 was primarily driven by a 2.6% change in the company's Total Revenues ($ Mil).
    (LTM values as of)731202611052026Change
    Stock Price ($)31.1431.701.8%
    Change Contribution By: 
    Total Revenues ($ Mil)73752.6%
    Net Income Margin (%)26.2%26.9%2.5%
    P/E Multiple9.99.6-2.9%
    Shares Outstanding (Mil)66-0.2%
    Cumulative Contribution1.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/5/2026
    ReturnCorrelation
    LARK1.8% 
    Market (SPY)-1.9%9.3%
    Sector (XLF)1.0%34.8%

    Fundamental Drivers

    The 21.2% change in LARK stock from 4/30/2026 to 11/5/2026 was primarily driven by a 13.5% change in the company's P/E Multiple.
    (LTM values as of)430202611052026Change
    Stock Price ($)26.1531.7021.2%
    Change Contribution By: 
    Total Revenues ($ Mil)71755.9%
    Net Income Margin (%)26.6%26.9%1.2%
    P/E Multiple8.59.613.5%
    Shares Outstanding (Mil)66-0.4%
    Cumulative Contribution21.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/5/2026
    ReturnCorrelation
    LARK21.2% 
    Market (SPY)2.3%6.2%
    Sector (XLF)10.7%32.0%

    Fundamental Drivers

    The 33.5% change in LARK stock from 10/31/2025 to 11/5/2026 was primarily driven by a 14.4% change in the company's Total Revenues ($ Mil).
    (LTM values as of)1031202511052026Change
    Stock Price ($)23.7531.7033.5%
    Change Contribution By: 
    Total Revenues ($ Mil)657514.4%
    Net Income Margin (%)24.9%26.9%7.9%
    P/E Multiple8.89.68.7%
    Shares Outstanding (Mil)66-0.4%
    Cumulative Contribution33.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/5/2026
    ReturnCorrelation
    LARK33.5% 
    Market (SPY)8.4%15.2%
    Sector (XLF)11.1%34.6%

    Fundamental Drivers

    The 144.2% change in LARK stock from 10/31/2023 to 11/5/2026 was primarily driven by a 46.5% change in the company's Net Income Margin (%).
    (LTM values as of)1031202311052026Change
    Stock Price ($)12.9831.70144.2%
    Change Contribution By: 
    Total Revenues ($ Mil)577531.8%
    Net Income Margin (%)18.4%26.9%46.5%
    P/E Multiple7.59.627.8%
    Shares Outstanding (Mil)66-1.0%
    Cumulative Contribution144.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/5/2026
    ReturnCorrelation
    LARK144.2% 
    Market (SPY)81.3%13.2%
    Sector (XLF)85.5%21.7%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    LARK Return36%-14%-4%33%18%24%116%
    Peers Return38%-6%2%24%4%10%85%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    LARK Win Rate83%33%42%58%67%73% 
    Peers Win Rate70%47%48%62%52%55% 
    S&P 500 Win Rate75%42%67%75%67%45% 

    Max Drawdowns [4]
    LARK Max Drawdown-17%-23%-28%-16%-21%-17% 
    Peers Max Drawdown-16%-21%-37%-17%-25%-15% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: CBSH, UMBF, EQBK, NBHC, HWBK.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/5/2026 (YTD)

    How Low Can It Go

    EventLARKS&P 500
    2025 US Tariff Shock
      % Loss-10.1%-18.8%
      % Gain to Breakeven11.3%23.1%
      Time to Breakeven15 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-21.6%-9.5%
      % Gain to Breakeven27.6%10.5%
      Time to Breakeven40 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-13.8%-6.7%
      % Gain to Breakeven16.0%7.1%
      Time to Breakeven266 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-13.4%-24.5%
      % Gain to Breakeven15.4%32.4%
      Time to Breakeven916 days427 days
    2020 COVID-19 Crash
      % Loss-28.7%-33.7%
      % Gain to Breakeven40.2%50.9%
      Time to Breakeven51 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-21.0%-19.2%
      % Gain to Breakeven26.6%23.8%
      Time to Breakeven409 days105 days

    Compare to CBSH, UMBF, EQBK, NBHC, HWBK

    In The Past

    Landmark Bancorp's stock fell -10.1% during the 2025 US Tariff Shock. Such a loss loss requires a 11.3% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventLARKS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-21.6%-9.5%
      % Gain to Breakeven27.6%10.5%
      Time to Breakeven40 days24 days
    2020 COVID-19 Crash
      % Loss-28.7%-33.7%
      % Gain to Breakeven40.2%50.9%
      Time to Breakeven51 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-21.0%-19.2%
      % Gain to Breakeven26.6%23.8%
      Time to Breakeven409 days105 days
    2008-2009 Global Financial Crisis
      % Loss-43.8%-53.4%
      % Gain to Breakeven77.9%114.4%
      Time to Breakeven1023 days1085 days

    Compare to CBSH, UMBF, EQBK, NBHC, HWBK

    In The Past

    Landmark Bancorp's stock fell -10.1% during the 2025 US Tariff Shock. Such a loss loss requires a 11.3% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Landmark Bancorp (LARK)

    Landmark Bancorp, Inc. (LARK) operates as a financial holding company, primarily through its subsidiary, Landmark National Bank. The company specializes in providing a full range of financial and banking services to its local communities across the state of Kansas. With a network of 30 branch offices situated in 24 communities, LARK is deeply embedded in its regional market, serving the banking needs of residents and businesses.

    The company's core offerings include traditional deposit and lending products. For deposits, it provides non-interest bearing demand, money market, checking, and savings accounts, along with certificates of deposit. On the lending side, Landmark Bancorp offers a diverse portfolio that includes one-to-four family residential real estate, construction and land, commercial real estate, and general commercial loans. It also extends municipal and agriculture loans, as well as various consumer loans for purposes such as automobiles, boats, home improvements, and home equity, and previously participated in the Paycheck Protection Program (PPP).

    In addition to these primary banking services, Landmark Bancorp offers insurance and leverages modern technology with mobile and online banking services. The company also allocates capital to investments in certain investment and mortgage-related securities. Established in 1885 and headquartered in Manhattan, Kansas, LARK maintains a long-standing commitment to serving its Kansas-based clientele.

    AI Analysis | Feedback

    Here are 1-3 brief analogies to describe Landmark Bancorp (LARK):

    • A Kansas-focused Bank of America, providing traditional banking services to local communities.

    • Imagine a community-oriented Chase Bank, specifically tailored for towns and cities throughout Kansas.

    • It's a traditional full-service bank, like a U.S. Bank or PNC, but operating exclusively for Kansas communities.

    AI Analysis | Feedback

    ```html
    • Deposit Accounts: Offers a variety of checking, savings, money market accounts, and certificates of deposit.
    • Real Estate Loans: Provides financing for residential, construction and land, and commercial real estate properties.
    • Commercial & Agriculture Loans: Offers loans tailored for commercial businesses, including municipal and agriculture sectors.
    • Consumer Loans: Provides personal financing options for automobiles, boats, home improvement, and home equity.
    • Digital Banking Services: Delivers convenient mobile and online banking platforms for managing accounts.
    • Insurance Services: Offers various insurance products to meet customer needs.
    ```

    AI Analysis | Feedback

    Major Customers of Landmark Bancorp (LARK)

    Landmark Bancorp (LARK) is a financial institution that provides banking services primarily to a diverse customer base within the communities it serves across Kansas. It does not have a few specific "major customers" in the traditional sense of a company selling products to other businesses. Instead, it serves various categories of clients, including:

    • Individuals/Consumers: This category includes residents seeking personal banking services such as checking, savings, money market accounts, certificates of deposit, residential real estate loans, consumer loans (e.g., automobile, boat, home improvement, home equity), and online/mobile banking services.
    • Businesses/Commercial Entities: This category encompasses local businesses, including those in agriculture, seeking commercial loans, commercial real estate loans, checking and savings accounts, and other business banking solutions.
    • Municipalities: The company provides municipal loans, indicating it serves local government entities within its operating communities.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Abigail M. Wendel, President and Chief Executive Officer

    Abigail (Abby) M. Wendel assumed the role of President and Chief Executive Officer of Landmark Bancorp and Landmark National Bank, effective March 29, 2024. Prior to joining Landmark, she served as President of Consumer Banking for UMB Bank, N.A. since 2018, overseeing retail, mortgage, and private banking functions. Her tenure at UMB also included roles as Senior Vice President and Director of Corporate Strategy, Government & Investor Relations, and Executive Vice President, Chief Strategy Officer. Before UMB, Ms. Wendel spent over a decade in various roles at the Federal Reserve Bank of Kansas City.

    Mark A. Herpich, Executive Vice President, Secretary & Chief Financial Officer

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

    Patrick L. Alexander, Executive Chairman of the Board

    Patrick L. Alexander has served as Executive Chairman of Landmark Bancorp, Inc. and Landmark National Bank since January 2014. He previously held the positions of President and Chief Executive Officer of the Company and the Bank from October 2001 until stepping down as President in May 2013 and CEO in January 2014. Mr. Alexander became President and Chief Executive Officer of Manhattan Federal Savings and Loan Association (a predecessor to Security National Bank) in 1990, and subsequently of MNB Bancshares and Security National Bank in 1992 and 1993, respectively. His earlier experience includes serving as President of the Kansas State Bank of Manhattan from 1986 to 1990.

    Raymond McLanahan, Chief Credit Officer

    Raymond McLanahan serves as the Chief Credit Officer for Landmark Bancorp. He was mentioned in the Q4 2025 earnings transcript as noting improvements in nonperforming loans.

    AI Analysis | Feedback

    Here are the key risks to Landmark Bancorp's business:

    1. Concentration in Kansas Economy

      Landmark Bancorp operates 30 branch offices across 24 communities within the state of Kansas, making its financial performance highly dependent on the economic health and stability of this specific region. A downturn in the Kansas economy, driven by factors impacting key local industries such as agriculture or real estate, could significantly affect the bank's loan demand, credit quality, and deposit growth. While general statements from the company acknowledge the impact of local and state economies on financial markets, this geographic concentration represents a significant inherent risk for a regional bank.

    2. Credit Risk from Real Estate and Agriculture Loan Portfolios

      A substantial portion of Landmark Bancorp's lending is in real estate, including residential, commercial, and construction and land loans, as well as agriculture loans. Regional banks often have significant concentrations in commercial real estate (CRE), and this sector faces elevated risks due to higher interest rates and evolving work trends, which could lead to increased loan defaults and challenges for exposed banks. Similarly, agricultural lending is inherently risky, subject to volatility in commodity prices, production fluctuations, and climate conditions, which can lead to margin compression for farmers and impact loan repayment rates. Although Landmark Bancorp reported a reduction in non-performing loans by 24% to $10.0 million at the end of 2025, with some covered by government guarantees, continued growth in commercial real estate and agriculture loans means ongoing exposure to these sector-specific vulnerabilities.

    3. Interest Rate Risk

      As a financial institution, Landmark Bancorp is susceptible to fluctuations in interest rates, which can impact its profitability and financial position. Changes in interest rates can affect the cost of funds, the yield on assets, and the prepayment rates of loans, thereby influencing the bank's net interest margin. For instance, higher interest rates have previously led to a decline in the fair value of the bank's investment securities and increased other net comprehensive losses, directly affecting stockholders' equity. Managing interest rate sensitivity is crucial for maintaining the bank's earnings and capital stability.

    AI Analysis | Feedback

    The clear emerging threat for Landmark Bancorp (LARK) comes from the proliferation of digital-only banks (neobanks) and various financial technology (fintech) companies. These competitors operate with significantly lower overhead due to their lack of physical branches, allowing them to offer more competitive interest rates on deposits, lower fees, and highly convenient, mobile-first user experiences. This business model directly challenges Landmark Bancorp's traditional branch-based community banking approach, potentially eroding its customer base and deposit share, especially among younger and tech-savvy demographics who prioritize digital convenience and cost over physical branch interactions.

    AI Analysis | Feedback

    For Landmark Bancorp (symbol: LARK), the addressable market sizes for its main products and services in Kansas are as follows:

    • Deposits: The total deposits across banks operating in Kansas were $99.7 billion in 2024.
    • New Home Loans (Residential Real Estate): In 2024, new home loans booked in Kansas amounted to $6.3 billion.
    • Commercial Real Estate Loans: The Kansas commercial real estate market generated approximately $3.8 billion in annual transaction volume for commercial real estate lending.
    • Commercial Loans (Small Business Loans): Small business loans in Kansas totaled $5 billion in 2024.
    • Agriculture Loans (Small Farm Loans): Small farm loans in Kansas amounted to $291.6 million in 2024.
    • Life Insurance and Annuities: The life insurance industry pays out $2.3 billion each year in life insurance and annuity benefits to Kansas families.

    AI Analysis | Feedback

    Landmark Bancorp (NASDAQ: LARK) is expected to drive future revenue growth over the next two to three years through several key strategies:

    1. Continued Expansion of Net Interest Income (NII): Landmark Bancorp has consistently demonstrated growth in net interest income, which is a primary driver of its overall revenue. This expansion is attributed to increased asset yields and diligent management of funding costs, resulting in an improved net interest margin (NIM).
    2. Robust Loan Growth: The company has experienced significant average total loan growth, with an 11.5% increase for the year 2025. This growth is particularly notable in commercial real estate loan production and mortgage originations, which were up 11% year over year. The bank's healthy loan-to-deposit ratio indicates sufficient liquidity to support further loan expansion. Management is focused on expanding its lending businesses across all its markets.
    3. Growth in Fee-Based Businesses: Beyond traditional interest income from loans, Landmark Bancorp is strategically focused on growing its fee-based businesses. This diversified approach to revenue generation aims to enhance overall profitability.
    4. Strengthening Customer Relationships and Expanding Customer Base: Landmark Bancorp emphasizes a community-focused approach, aiming to strengthen existing customer relationships and grow its customer base. This includes ongoing investments in talent and service capabilities to enhance customer acquisition and experience, laying a foundation for sustained growth.

    AI Analysis | Feedback

    Share Repurchases

    • Landmark Bancorp purchased $502 thousand of its common stock in the third quarter of 2022.

    Share Issuance

    • Landmark Bancorp declared a 5% stock dividend payable on December 15, 2025, and another 5% stock dividend payable on December 16, 2022.
    • In March 2026, the CFO received a 2,199-share stock award, and the CEO was awarded 4,542 common shares.
    • The number of shares outstanding increased by 1.10% in one year (as of a recent report, reflecting 2025 data).

    Inbound Investments

    • As of November 12, 2025, investment affiliates of Manulife Financial Corporation reported a beneficial ownership stake of 5.26% of Landmark Bancorp's common stock.
    • As of June 30, 2025, Kornitzer Capital Management, Inc. reported a passive ownership position of 6.5% of the outstanding common stock.

    Outbound Investments

    • Landmark Bancorp completed the acquisition of Freedom Bancshares, Inc. on October 1, 2022.

    Capital Expenditures

    • Landmark Banc invested $251 thousand in capital expenditures in the third quarter of 2025.
    • Cash from investing activities showed a net outflow of -$50.45 million for the trailing twelve months ending February 2026.

    Peer Outperformance in Regional Banks

    LARK has outperformed 65% of its 262 Regional Banks peers over 5Y. Among the peers that beat it is SRCE. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that LARK has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    59%
    of 281 industry peers · 34.1% return
    3Y
    83%
    of 273 industry peers · 129.5% return
    5Y
    65%
    of 262 industry peers · 64.8% return
    Regional Banks peers with revenue growth within 4pp of LARK's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    LARK Landmark Bancorp 9.9% 9.6x 34.1%129.5%64.8% —
    SRCE 1st Source 7.5% 11.8x 46.3%95.9%95.9% +31pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is LARK's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
    Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
    Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
    Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
    Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
    Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
    Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
    Regional Banks ← 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
    Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
    Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
    Asset Management & Custody Banks 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
    Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
    Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
    Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
    Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
    Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
    Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
    Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1How Low Can Landmark Bancorp Stock Really Go?10/17/2025
    Title
    0ARTICLES

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    More From Trefis

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    Peer Comparisons

    Peers to compare with:

    Financials

    LARKCBSHUMBFEQBKNBHCHWBKMedian
    NameLandmark.Commerce.UMB Fina.Equity B.National.Hawthorn. 
    Mkt Price31.9555.20134.7048.8937.2538.8843.89
    Mkt Cap0.28.010.21.01.70.31.3
    Rev LTM751,9002,79025247885365
    Op Inc LTM-------
    FCF LTM231,2131,1423916128100
    FCF 3Y Avg17734770601392399
    CFO LTM231,2621,1875618234119
    CFO 3Y Avg187868067216927121

    Growth & Margins

    LARKCBSHUMBFEQBKNBHCHWBKMedian
    NameLandmark.Commerce.UMB Fina.Equity B.National.Hawthorn. 
    Rev Chg LTM14.4%10.8%29.2%10.1%16.0%12.7%13.5%
    Rev Chg 3Y Avg9.9%6.4%29.5%13.8%4.4%8.7%9.3%
    Rev Chg Q10.8%14.7%15.3%40.0%15.7%16.4%15.5%
    QoQ Delta Rev Chg LTM2.6%3.6%3.5%10.0%3.7%3.9%3.6%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM31.3%66.4%42.5%22.0%38.2%39.5%38.8%
    CFO/Rev 3Y Avg27.0%44.1%36.3%36.1%39.2%37.1%36.7%
    FCF/Rev LTM30.3%63.9%40.9%15.5%33.6%32.8%33.2%
    FCF/Rev 3Y Avg24.8%41.1%34.7%29.9%32.0%32.3%32.2%

    Valuation

    LARKCBSHUMBFEQBKNBHCHWBKMedian
    NameLandmark.Commerce.UMB Fina.Equity B.National.Hawthorn. 
    Mkt Cap0.28.010.21.01.70.31.3
    P/S2.64.23.74.03.53.23.6
    P/Op Inc-------
    P/EBIT-------
    P/E9.713.69.928.130.310.612.1
    P/CFO8.36.38.618.19.18.08.5
    Total Yield13.0%9.3%11.7%4.9%6.7%11.6%10.4%
    Dividend Yield2.6%2.0%1.6%1.3%3.4%2.1%2.0%
    FCF Yield 3Y Avg10.6%9.1%9.2%8.3%8.7%12.0%9.1%
    D/E0.50.00.00.50.20.30.3
    Net D/E0.2-0.7-0.5-1.2-0.4-0.1-0.5

    Returns

    LARKCBSHUMBFEQBKNBHCHWBKMedian
    NameLandmark.Commerce.UMB Fina.Equity B.National.Hawthorn. 
    1M Rtn2.2%0.8%3.6%2.9%-2.6%0.9%1.5%
    3M Rtn0.2%-6.2%-6.9%-4.1%-12.4%-2.8%-5.2%
    6M Rtn15.6%6.2%3.4%7.7%-11.6%6.2%6.2%
    12M Rtn35.1%10.1%27.5%20.0%5.7%28.4%23.8%
    3Y Rtn131.3%39.6%106.6%95.1%27.6%114.1%100.8%
    1M Excs Rtn2.9%3.9%6.5%5.5%0.3%3.4%3.6%
    3M Excs Rtn1.5%-5.2%-6.3%-2.7%-11.0%-2.1%-4.0%
    6M Excs Rtn10.8%1.5%-1.4%2.9%-16.4%1.4%1.5%
    12M Excs Rtn21.6%-3.0%15.0%8.2%-6.4%17.5%11.6%
    3Y Excs Rtn62.1%-36.4%41.8%28.1%-52.5%59.3%34.9%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/12/20265/6/20264/14/202611/13/20258/13/20255/14/20253/25/202511/13/20248/13/20245/14/20243/27/202411/13/2023
    Key Financials Quarterly            
    Total Revenue191919181716161615141314
    Net Income555545343333
    EPS0.880.830.780.810.730.770.540.650.500.460.440.48
    Key Financials TTM            
    Total Revenue TTM757371686563605856565758
    Net Income TTM201919171615131211121211
    Growth Rates Quarterly            
    Total Revenue Growth10.8%14.0%18.5%14.5%17.8%16.5%20.0%11.1%0.2%-2.0%-10.6%10.0%
    Net Income Growth22.4%7.8%44.4%25.4%46.2%69.2%24.4%36.6%-10.4%-17.2%117.7%15.1%
    Margins Quarterly            
    Net Income Margin28.1%27.0%25.4%27.1%25.4%28.5%20.8%24.8%20.5%19.6%20.1%20.2%
    Cash & Debt            
    Total Cash757563605955397437449459485487
    Total Debt105893211217770751141539686117
    Net Debt / (Cash)3013-315211816-322-323-296-362-398-370
    Cash Flows Quarterly            
    FCF from Operations3731008-184316
    Cash Flows TTM            
    FCF from Operations TTM232022181519141715121322
    Returns to Shareholders Quarterly            
    Dividends111111111111
    Share Repurchases-0-0-0-0-0-000000-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC17.3%18.9%28.8%14.0%8.7%19.2%------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM16.1%17.8%28.5%12.3%8.1%15.2%------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Banking operations7160575361
    Total7160575361


    Price Behavior

    Price Behavior
    Market Price$31.70 
    Market Cap ($ Bil)0.2 
    First Trading Date03/28/1994 
    Distance from 52W High-4.9% 
       50 Days200 Days
    DMA Price$31.85$29.09
    DMA Trendindeterminateup
    Distance from DMA-0.5%9.0%
     3M1YR
    Volatility22.3%28.2%
    Downside Capture-10.0716.76
    Upside Capture1.3651.42
    Correlation (S&P 500)-1.6%14.5%
    LARK Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta-0.82-0.11-0.13-0.010.290.24
    Up Beta-2.520.12-0.11-0.120.380.24
    Down Beta-0.58-0.79-0.54-0.080.040.05
    Up Capture-55%10%5%24%39%19%
    Bmk +ve Days12182862130427
    Stock +ve Days11223366133372
    Down Capture-108%3%-13%-30%23%40%
    Bmk -ve Days10253664121325
    Stock -ve Days10202958114348

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with LARK
    LARK34.3%28.2%1.03-
    Sector ETF (XLF)11.1%15.2%0.4734.5%
    Equity (SPY)9.5%13.6%0.4115.3%
    Gold (GLD)3.6%28.7%0.115.7%
    Commodities (DBC)37.7%21.2%1.40-24.4%
    Real Estate (VNQ)12.0%14.2%0.5531.4%
    Bitcoin (BTCUSD)-20.8%43.3%-0.42-3.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with LARK
    LARK13.2%27.2%0.48-
    Sector ETF (XLF)9.1%18.4%0.3618.8%
    Equity (SPY)11.3%17.3%0.4812.4%
    Gold (GLD)17.5%19.1%0.742.1%
    Commodities (DBC)8.0%19.6%0.29-0.7%
    Real Estate (VNQ)1.2%18.9%-0.0516.5%
    Bitcoin (BTCUSD)5.9%51.5%0.296.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with LARK
    LARK11.2%27.9%0.43-
    Sector ETF (XLF)13.3%22.1%0.5427.3%
    Equity (SPY)14.9%18.0%0.7020.8%
    Gold (GLD)12.0%16.5%0.591.4%
    Commodities (DBC)7.6%18.1%0.337.4%
    Real Estate (VNQ)5.7%20.7%0.2321.4%
    Bitcoin (BTCUSD)61.3%66.2%1.016.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity0.1 Mil
    Short Interest: % Change Since 9302026-5.6%
    Average Daily Volume0.0 Mil
    Days-to-Cover Short Interest16.6 days
    Basic Shares Quantity6.1 Mil
    Short % of Basic Shares1.4%

    Returns Analyses

    Earnings Returns History

    Updated 11/6/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/28/20260.6%0.9% 
    7/29/2026-0.1%-0.9%-0.1%
    4/29/2026-3.2%1.1%4.5%
    1/28/20266.1%7.8%5.9%
    10/29/2025-0.0%-1.3%12.7%
    7/24/20250.3%-7.0%3.6%
    4/30/20255.7%2.7%3.9%
    2/5/20253.2%3.9%-3.1%
    ...
    SUMMARY STATS   
    # Positive121216
    # Negative12127
    Median Positive1.2%3.3%5.4%
    Median Negative-1.0%-2.2%-3.1%
    Max Positive6.1%7.8%25.6%
    Max Negative-3.3%-9.6%-8.8%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/28/20260.6%0.9% 
    7/29/2026-0.1%-0.9%-0.1%
    4/29/2026-3.2%1.1%4.5%
    1/28/20266.1%7.8%5.9%
    10/29/2025-0.0%-1.3%12.7%
    7/24/20250.3%-7.0%3.6%
    4/30/20255.7%2.7%3.9%
    2/5/20253.2%3.9%-3.1%
    10/30/20244.9%6.9%25.6%
    8/5/20240.0%-2.2%6.5%
    5/1/20241.3%4.0%7.9%
    1/31/20240.7%-9.6%-7.4%
    10/31/20231.8%4.8%21.6%
    8/8/2023-2.1%-4.0%-8.8%
    5/2/2023-0.9%-3.9%2.2%
    1/31/20230.4%5.0%4.9%
    11/2/20221.0%-2.1%2.7%
    7/26/2022-0.2%-0.2%4.9%
    4/27/2022-1.2%-1.2%-0.8%
    2/1/2022-2.4%-1.2%-3.2%
    10/27/2021-0.9%1.9%6.3%
    7/27/2021-0.2%1.4%-0.0%
    5/4/2021-3.3%2.6%9.7%
    2/2/2021-2.2%-3.4%2.7%
    SUMMARY STATS   
    # Positive121216
    # Negative12127
    Median Positive1.2%3.3%5.4%
    Median Negative-1.0%-2.2%-3.1%
    Max Positive6.1%7.8%25.6%
    Max Negative-3.3%-9.6%-8.8%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/12/202610-Q
    03/31/202605/06/202610-Q
    12/31/202504/14/202610-K
    09/30/202511/13/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/25/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/14/202410-Q
    12/31/202303/27/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/11/202310-Q
    03/31/202305/12/202310-Q
    12/31/202203/30/202310-K
    09/30/202211/10/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/12/202610-Q
    03/31/202605/06/202610-Q
    12/31/202504/14/202610-K
    09/30/202511/13/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/25/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/14/202410-Q
    12/31/202303/27/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/11/202310-Q
    03/31/202305/12/202310-Q
    12/31/202203/30/202310-K
    09/30/202211/10/202210-Q
    06/30/202208/12/202210-Q
    03/31/202205/12/202210-Q
    12/31/202103/22/202210-K
    09/30/202111/12/202110-Q
    06/30/202108/12/202110-Q
    03/31/202105/17/202110-Q
    12/31/202003/22/202110-K
    09/30/202011/06/202010-Q
    06/30/202008/07/202010-Q
    03/31/202005/08/202010-Q
    12/31/201903/12/202010-K
    09/30/201911/08/201910-Q

    Insider Activity

    Updated 11/5/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Alexander, Patrick LDirectSell1105202632.5035011,3752,180,522Form
    2Alexander, Patrick LDirectSell1105202632.503,01898,0852,191,898Form
    3Alexander, Patrick LDirectSell1103202632.502652,267,395Form
    4Alexander, Patrick LDirectSell1103202632.501,00032,5002,267,460Form
    5Lewis, JimDirectSell1030202632.1655017,6894,912,060Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Alexander, Patrick LDirectSell1105202632.5035011,3752,180,522Form
    2Alexander, Patrick LDirectSell1105202632.503,01898,0852,191,898Form
    3Alexander, Patrick LDirectSell1103202632.502652,267,395Form
    4Alexander, Patrick LDirectSell1103202632.501,00032,5002,267,460Form
    5Lewis, JimDirectSell1030202632.1655017,6894,912,060Form
    6Lewis, JimDirectSell1030202632.48268444,978,599Form
    7Lewis, JimDirectSell1028202632.401835,9294,967,179Form
    8Alexander, Patrick LDirectSell915202632.502267,3452,299,960Form
    9Kohlrus, Mark JIRABuy807202631.8379925,436106,327Form
    10Kohlrus, Mark JIRABuy807202631.502016,33280,042Form
    11Lewis, JimDirectSell612202629.4890026,5364,516,892Form
    12Lewis, JimDirectSell612202629.0836710,6724,481,096Form
    13Lewis, JimDirectSell610202629.10982,8524,494,873Form
    14Lewis, JimDirectSell610202629.00257254,482,269Form
    15Alexander, Patrick LSee FootnoteSell602202628.50700  Form
    16Alexander, Patrick LSee FootnoteSell529202628.513,30094,08319,957Form
    17Alexander, Patrick LSee FootnoteSell529202628.501,48242,237114,000Form
    18Lewis, JimDirectSell529202628.1480022,5124,350,050Form
    19Hurt, Angela SDirectBuy527202627.912356,559167,293Form
    20Alexander, Patrick LDirectSell1211202528.549,000256,8602,041,152Form

    Industry Resources

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