Core Viewpoint - Landmark Bancorp (LARK) has shown strong earnings growth and expanding margins, leading to a 3% increase in share price following the release of its fourth-quarter 2025 results [1] Banking Operations of Landmark Bancorp - Landmark Bancorp operates as the holding company for Landmark National Bank, focusing on community banking services in Kansas, with performance driven by net interest income, loan growth, and deposit trends [1] - In 2025, the company experienced higher asset yields, lower funding costs, and steady loan production, indicating robust balance sheet strength [1] Q4 Earnings - Landmark reported a net income of $4.7 million, or 77 cents per diluted share, compared to $3.3 million, or 54 cents per share, in the same quarter last year [2] - For the full year 2025, net earnings rose 44.4% year over year to $18.8 million, with diluted earnings per share increasing to $3.07 from $2.15 in 2024 [2] Net Interest Income - Net interest income for the fourth quarter reached $14.8 million, marking a 19.3% increase from the previous year [3] - The net interest margin expanded to 4.03%, reflecting a 52-basis-point improvement year over year and a 20-basis-point increase sequentially [3] - Total revenues increased by 2.9% to $18.7 million compared to the prior quarter [3] Loan & Deposit Trends - As of December 31, 2025, gross loans totaled $1.1 billion, slightly down from the prior quarter due to lower commercial and residential balances, but partially offset by growth in commercial real estate and agriculture loans [4] - Average loans for the full year grew by 11.5%, primarily driven by commercial real estate and residential mortgage production [4] Deposits - Total deposits increased by $63.4 million in the quarter to $1.4 billion, mainly due to growth in money market and checking accounts [5] - The loan-to-deposit ratio stood at 79.1% at year-end [5] Asset Quality & Capital Position - Non-performing loans totaled $10 million, or 0.90% of gross loans, at year-end [6] - The allowance for credit losses was $12.5 million, representing 1.12% of total gross loans [6] - Capital levels remained solid, with tangible common equity to tangible assets improving to 8.03% from 7.66% in the prior quarter [6] - Book value per share increased to $26.44, while tangible book value per share rose to $20.79 [6] Dividend Announcement - Landmark's board declared a quarterly cash dividend of 21 cents per share, payable on February 26, 2026, to shareholders of record as of February 12, 2026 [7] - Overall, Landmark Bancorp demonstrated strong year-over-year earnings growth in the fourth quarter, supported by margin expansion, steady loan production, and disciplined cost control [7]

Core Viewpoint - Landmark Bancorp, Inc. demonstrated solid profitability growth in Q4 2025, with net earnings increasing to $4.7 million from $3.3 million year-over-year, outperforming the S&P 500 index during the same period [2][3]. Financial Performance - Net interest income rose 19.3% year-over-year to $14.8 million, driven by higher loan yields and lower funding costs [3]. - Diluted earnings per share (EPS) increased to 77 cents in Q4 2025 from 54 cents in Q4 2024, although it was slightly below the 81 cents reported in the previous quarter [2]. - For the full year 2025, net earnings totaled $18.8 million, a 44.4% increase from $13 million in 2024, with diluted EPS rising to $3.07 from $2.15 [3]. Profitability Metrics - Return on average assets improved to 1.17% for both Q4 and 2025, compared to 0.83% in the corresponding periods of 2024 [4]. - Return on average equity increased to 11.88% for Q4 and 12.68% for 2025, up from 9.54% and 10.01% respectively a year earlier [4]. - The net interest margin expanded to 4.03% in Q4 from 3.51% in the year-ago quarter, reflecting higher earning asset yields and lower deposit costs [4]. Balance Sheet Overview - Period-end loans totaled $1.1 billion as of December 31, 2025, slightly lower than the prior quarter but up from $1.05 billion at the end of 2024 [5]. - Total deposits increased by 4.5% year-over-year to $1.4 billion, with growth concentrated in money market and checking accounts [5]. - Non-performing loans decreased to $10 million, or 0.90% of gross loans, down from $13.1 million, or 1.25%, at the end of 2024 [5]. Management Insights - Management characterized the quarter as a strong close to a year of sustained revenue growth and profitability gains, emphasizing pricing discipline on deposits as a key contributor to margin improvement [6]. - The company plans to continue investing in personnel and operational capabilities while maintaining expense control [11]. - Capital levels remain well above regulatory thresholds, with tangible common equity to assets exceeding 8% by the end of 2025 [6]. Earnings Drivers - The primary driver of earnings growth was higher net interest income, supported by rising loan yields and declining funding costs [7]. - Non-interest income declined sequentially due to a loss on the sale of lower-yielding investment securities, part of a strategy to reposition the securities portfolio for improved future returns [7]. Expense Management - Non-interest expenses increased year-over-year due to higher compensation, professional fees, and a valuation allowance on repossessed assets [8]. - Provision for credit losses was $500,000, down from $1.5 million in the year-ago quarter, indicating moderated credit costs [8]. Dividend Declaration - The board declared a quarterly cash dividend of 21 cents per share, payable in February 2026, continuing the company's long-standing record of regular dividend payments [10].

Core Viewpoint - Landmark Bancorp held its Q4 and Full Year 2025 Earnings Conference Call, introducing new leadership and discussing financial performance and future outlook [1]. Group 1: Leadership and Management - Shelley Reed, who joined Landmark in August 2025, hosted the earnings call [1]. - The executive leadership team present included President and CEO Abby Wendel, CFO Mark Herpich, and Chief Credit Officer Raymond McLanahan [1]. Group 2: Financial Performance - The call focused on the financial results for the fourth quarter and the full year of 2025, although specific figures were not disclosed in the provided text [1]. Group 3: Forward-Looking Statements - The company made forward-looking statements regarding projections and future performance, emphasizing the inherent risks and uncertainties associated with such statements [2]. - Landmark cautioned against placing undue reliance on these forward-looking statements, noting that actual results may differ materially [2]. Group 4: Non-GAAP Financial Metrics - The remarks included references to non-GAAP financial metrics, which the company believes provide useful information to investors [3]. - Additional disclosures regarding these non-GAAP measures and their reconciliations were mentioned as part of the earnings release and SEC filings [3].

Core Insights - Landmark reported strong financial performance for Q4 and full year 2025, with net income of $4.7 million for Q4 and $18.8 million for the full year, representing a 43% increase in earnings per share compared to 2024 [1][5][9] Financial Performance - Q4 2025 net interest income reached $14.8 million, up $695,000 from Q3 2025 and $2.4 million year-over-year, driven by increased asset yields and lower funding costs [9][10] - The tangible book value increased to $20.79 per share, a rise of $0.83 from the previous quarter and $4.09 or 24% from year-end 2024 [5] - The efficiency ratio improved to 62.7% in 2025 from 69.1% in 2024, reflecting controlled expense growth [6] Revenue and Growth - Revenue growth for 2025 was 17%, primarily due to the expansion in net interest income, which increased each quarter [5] - Average total loan growth was 11.5%, with year-end loans totaling $1.1 billion, supported by strong commercial loan production [6][14] Deposits and Borrowings - Total deposits increased by $63.4 million in Q4 2025, totaling $1.4 billion, with significant growth in interest checking and money market deposits [15] - The loan-to-deposit ratio stood at 79.1% at year-end, indicating sufficient liquidity for future loan growth [16] Credit Quality - Nonperforming loans decreased to just under $10 million or 0.90% of gross loans, a 24% improvement from year-end 2024 [19] - The allowance for credit losses was $12.5 million, representing 1.12% of gross loans, indicating a strong position in managing credit risk [20] Future Outlook - The company plans to continue investing in talent and strategic initiatives to enhance customer service and capitalize on growth opportunities in 2026 [22]

Financial Data and Key Metrics Changes - Landmark Bancorp reported a net income of $4.7 million for Q4 2025, an increase from $3.3 million in Q4 2024, with diluted earnings per share of $0.77 [5][9] - For the full year 2025, net income reached $18.8 million, or $3.07 per share, representing a 43% increase over 2024 earnings per share [6] - Tangible book value increased to $20.79 per share, up $0.83 from the prior quarter and $4.09 or 24% over year-end 2024 [5][6] Business Line Data and Key Metrics Changes - Net interest income for Q4 2025 totaled $14.8 million, an increase of $695,000 from Q3 2025, and grew by $2.4 million compared to Q4 2024 [9] - Average total loan growth was 11.5% for the year, with loans ending at $1.1 billion [7] - Non-interest income for Q4 2025 was $3.9 million, a decrease of $169,000 from the prior quarter, primarily due to a loss on the sale of investment securities [12] Market Data and Key Metrics Changes - Deposits totaled $1.4 billion at December 31, 2025, increasing by $63.4 million in Q4 2025 [16] - Non-interest-bearing deposits accounted for 26.3% of total deposits at year-end [16] - The Kansas economy remains healthy, with an unemployment rate of 3.8% as of November 30 [21] Company Strategy and Development Direction - The company plans to continue investing in associates and making strategic investments to enhance customer service and capitalize on growth opportunities [23] - Management emphasized the importance of maintaining a strong and resilient balance sheet while proactively monitoring credit quality [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in building on the foundation set in 2025 and highlighted the importance of employee dedication and community connections [23] - The company is focused on addressing non-performing loans and improving overall loan portfolio quality [20] Other Important Information - The board declared a cash dividend of $0.21 per share, marking the 98th consecutive quarterly cash dividend since the company's formation [8] - The efficiency ratio improved to 62.7% in 2025 from 69.1% in 2024, reflecting controlled expense growth [7] Q&A Session Summary Question: What are the expectations for loan growth in 2026? - Management indicated a focus on maintaining loan growth while addressing credit quality and non-performing loans [19][20] Question: How is the company managing its investment portfolio? - The company is repositioning its investment securities portfolio to improve future income, which included a loss on the sale of lower-yielding securities [12]

Financial Data and Key Metrics Changes - Landmark Bancorp reported a net income of $4.7 million for Q4 2025, an increase from $3.3 million in Q4 2024, with diluted earnings per share rising to $0.77 [5][9] - For the full year 2025, net income reached $18.8 million, translating to $3.07 per share, marking a 43% increase over 2024 [6] - Tangible book value increased to $20.79 per share, up $0.83 from the previous quarter and $4.09 or 24% year-over-year [5][6] Business Line Data and Key Metrics Changes - Net interest income for Q4 2025 totaled $14.8 million, up $695,000 from Q3 2025 and $2.4 million year-over-year [9] - Average total loan growth was 11.5%, with loans ending the year at $1.1 billion, driven by strong commercial loan production [7] - Non-interest income for Q4 2025 was $3.9 million, a decrease of $169,000 compared to the prior quarter, primarily due to a loss on the sale of investment securities [12] Market Data and Key Metrics Changes - Deposits totaled $1.4 billion at December 31, 2025, increasing by $63.4 million in Q4, with interest checking and money market deposits rising by $71.6 million [16] - Non-interest-bearing deposits accounted for 26.3% of total deposits at year-end [16] - The Kansas economy remains healthy, with an unemployment rate of 3.8% as of November 30, 2025 [21] Company Strategy and Development Direction - The company plans to continue investing in its associates and make strategic investments to enhance customer service and capitalize on growth opportunities in its markets [23] - Management emphasized the importance of maintaining a strong and resilient balance sheet while proactively monitoring credit quality [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in building on the foundation set in 2025 and highlighted the importance of dedication to customer service and community engagement [23] - The company remains focused on addressing non-performing loans and improving overall loan portfolio quality [20] Other Important Information - The board declared a cash dividend of $0.21 per share, marking the 98th consecutive quarterly cash dividend since the company's formation [8] - The efficiency ratio improved to 62.7% in 2025 from 69.1% in 2024, reflecting controlled expense growth [6] Q&A Session Summary Question: What are the expectations for loan growth in 2026? - Management indicated a focus on maintaining loan growth while managing credit quality and addressing non-performing loans [19] Question: How does the company plan to handle rising interest rates? - The company plans to continue its pricing discipline and monitor the cost of deposits to maintain net interest margin [11] Question: What is the outlook for the Kansas housing market? - The Kansas housing market shows signs of normalization, with home sales down 9.6% year-over-year but median sale prices increasing [21]

Financial Data and Key Metrics Changes - Landmark Bancorp reported a net income of $4.7 million for Q4 2025, a significant increase from $3.3 million in Q4 2024, with diluted earnings per share rising to $0.77 [4][9] - For the full year 2025, net income reached $18.8 million or $3.07 per share, marking a 43% increase over 2024 earnings per share [5] - The tangible book value increased to $20.79 per share, up $0.83 from the previous quarter and $4.09 or 24% from year-end 2024 [4][5] - The efficiency ratio improved to 62.7% in 2025 from 69.1% in 2024, indicating better expense management [5] Business Line Data and Key Metrics Changes - Net interest income for Q4 2025 totaled $14.8 million, an increase of $695,000 from Q3 2025, driven by higher asset yields and lower funding costs [9] - Commercial loan production was strong, particularly in commercial real estate, with mortgage originations increasing by 11% year-over-year [6][19] - Non-interest income for Q4 2025 was $3.9 million, a decrease of $169,000 from the prior quarter, primarily due to a loss on the sale of investment securities [12] Market Data and Key Metrics Changes - Deposits totaled $1.4 billion at December 31, 2025, increasing by $63.4 million in Q4, with interest checking and money market deposits rising significantly [15][16] - Non-interest-bearing deposits accounted for 26.3% of total deposits at year-end [16] - The Kansas economy remains healthy, with an unemployment rate of 3.8% as of November 30, 2025 [21] Company Strategy and Development Direction - The company plans to continue investing in its associates and make strategic investments to enhance customer service and capitalize on growth opportunities in its markets [23] - Management emphasized the importance of maintaining a strong and resilient balance sheet while proactively monitoring credit quality to minimize future losses [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in building on the foundation set in 2025 and highlighted the dedication of associates in serving customers and strengthening communities [23] - The company remains focused on addressing non-performing loans and improving the overall quality of its loan portfolio [20] Other Important Information - The board of directors declared a cash dividend of $0.21 per share, marking the 98th consecutive quarterly cash dividend since the company's formation [8] - The allowance for credit losses stood at $12.5 million, representing 1.12% of gross loans, indicating a strong position in managing credit risk [20] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the call may have concluded without a formal Q&A segment [24]

Core Insights - Landmark Bancorp, Inc. reported a 44.4% increase in net earnings for the year ended December 31, 2025, totaling $18.8 million compared to $13.0 million in 2024, with diluted earnings per share rising to $3.07 from $2.15 [2][6] - The company declared a quarterly cash dividend of $0.21 per share, to be paid on February 26, 2026 [9] Fourth Quarter Performance - For the fourth quarter of 2025, diluted earnings per share were $0.77, down from $0.81 in the previous quarter but up from $0.54 in the same quarter of the prior year [1][6] - Net income for the fourth quarter was $4.7 million, compared to $4.9 million in the prior quarter and $3.3 million in the fourth quarter of 2024 [1][6] - The return on average assets was 1.17%, and the return on average equity was 11.88% for the fourth quarter [1][2] Annual Performance Highlights - Total revenue for 2025 increased to $18.7 million, a 2.9% increase over the prior quarter [8] - The net interest margin improved to 4.03%, a 20-basis-point increase compared to the prior quarter, driven by higher yields on earning assets and lower funding costs [8][11] - Average loans grew by $112.3 million, or 11.5%, primarily due to strong growth in commercial real estate loan originations and residential mortgages [8][11] Efficiency and Cost Management - The efficiency ratio improved to 62.7% for the year, down from 69.1% in 2024, indicating better cost management [2][8] - Non-interest expense for the fourth quarter totaled $12.3 million, an increase of 9.0% compared to the prior quarter, primarily due to higher compensation and benefits expenses [14][8] Balance Sheet Highlights - As of December 31, 2025, total assets were $1.6 billion, with gross loans totaling $1.1 billion [26][19] - Period-end deposit balances increased by $63.4 million to $1.4 billion, an annualized increase of 19.0% compared to the prior quarter [18][19] - Stockholders' equity increased to $160.6 million, with a book value of $26.44 per share [19][26] Credit Quality - Non-performing loans totaled $10.0 million, or 0.90% of gross loans, at year-end 2025, unchanged from the previous quarter [21][20] - The allowance for credit losses was $12.5 million, or 1.12% of total gross loans, reflecting a slight increase from the prior quarter [20][19]

Financial Performance - Net earnings for the year ended December 31, 2025, totaled $18.8 million, a 44.4% increase from $13.0 million in 2024[3] - Diluted earnings per share for the fourth quarter of 2025 were $0.77, compared to $0.81 in the previous quarter and $0.54 in the same quarter of the prior year[2] - Basic net earnings per share for the year ended December 31, 2025, were $3.09, compared to $2.15 for the year ended December 31, 2024[25] - The net earnings for the year ended December 31, 2025, were $18,775,000, a significant increase from $13,003,000 in 2024, representing a 44.1% growth[25] Revenue and Income - Total revenue for the fourth quarter increased to $18.7 million, a 2.9% increase over the prior quarter[7] - Total interest income for the three months ended December 31, 2025, was $20,837,000, an increase of 9.9% compared to $18,952,000 for the same period in 2024[25] - Net interest income for the fourth quarter was $14.8 million, a 4.9% increase from the previous quarter and a 19.3% increase from the same quarter of the prior year[10] - Net interest income increased to $14,789 thousand from $14,094 thousand, reflecting a growth of 4.9%[31] - Non-interest income totaled $3,899,000 for the three months ended December 31, 2025, compared to $3,371,000 in the same period of 2024, reflecting a 15.6% increase[25] - Adjusted non-interest income decreased slightly to $3,983 thousand from $4,013 thousand, a decline of 0.7%[31] Loans and Deposits - Average loans grew by $112.3 million, or 11.5%, for the year ended December 31, 2025, primarily due to strong growth in commercial real estate and residential mortgages[7] - Total year-end deposits increased by $60.1 million, or 4.5%, with a loan to deposit ratio of 79.1%[7] - Total deposits increased to $1,388,854 thousand in December 2025, up from $1,325,500 thousand in September 2025, reflecting a growth of about 4.8%[23] - Total deposits increased to $1,356,125,000 as of December 31, 2025, from $1,314,338,000 as of December 31, 2024, marking a growth of 3.2%[27] Asset and Equity - Stockholders' equity increased to $160.6 million, with a book value of $26.44 per share as of December 31, 2025[17] - The total stockholders' equity rose to $160,631 thousand in December 2025, up from $155,727 thousand in September 2025, indicating an increase of about 3.0%[23] - Tangible book value per share increased to $20.79 from $19.96, a rise of 4.1%[31] - The total assets decreased to $1,606,642 thousand as of December 31, 2025, from $1,617,075 thousand in September 2025, representing a decline of approximately 0.9%[23] Efficiency and Performance Ratios - The efficiency ratio improved to 62.7% for the year ended December 31, 2025, compared to 69.1% for 2024[7] - The efficiency ratio improved to 62.8% for the three months ended December 31, 2025, compared to 70.0% in the same period of 2024[27] - Efficiency ratio improved to 62.8% from 61.2%, indicating better cost management[31] - Return on average assets was 1.17% for the three months ended December 31, 2025, compared to 0.83% for the same period in 2024[27] - Return on average equity was 11.88% for the three months ended December 31, 2025, up from 9.54% in the same period of 2024[27] Credit Quality - Non-performing loans totaled $10.0 million, or 0.90% of gross loans, as of December 31, 2025[19] - Total non-performing loans to gross loans outstanding remained stable at 0.90%, compared to 0.89% in the previous quarter[28] - The allowance for credit losses stood at $12,458 thousand as of December 31, 2025, compared to $12,299 thousand in September 2025, indicating a slight increase in provisions[23] - The allowance for credit losses for loans was $12,458,000 as of December 31, 2025, compared to $12,825,000 as of December 31, 2024, indicating a slight decrease in provisions[27] - Loans 30-89 days delinquent decreased to $4,274 thousand from $4,853 thousand, a reduction of 11.8%[28] - Net loan charge-offs to average loans decreased to 0.12% from 0.83%, showing improved loan performance[28] Dividends - The Board of Directors declared a cash dividend of $0.21 per share, payable on February 26, 2026[8]

Group 1 - Landmark Bancorp, Inc. will release its earnings for the fourth quarter of 2025 on January 28, 2026, after market close [1] - A conference call to discuss the earnings results is scheduled for January 29, 2026, at 10:00 am Central Time [2] - The company is listed on the NASDAQ Global Market under the symbol "LARK" and is headquartered in Manhattan, Kansas [3] Group 2 - Landmark National Bank operates 29 locations across 23 communities in Kansas, providing quality financial and banking services [3] - The bank's locations include major cities such as Manhattan, Dodge City, and Topeka, among others [3] - For further information, the company’s website is www.banklandmark.com [3]