Core Viewpoint - Landmark Bancorp (LARK) has not yet published its fourth-quarter results, prompting an analysis of its previous quarterly performance to update the investment thesis [1]. Group 1: Company Overview - Landmark Bancorp is being analyzed for its quarterly results to assess investment opportunities [1]. Group 2: Investment Strategy - The focus is on a portfolio that includes a mix of dividend and growth stocks, emphasizing capital gains and dividend income for continuous cash flow [1]. - The investment group European Small Cap Ideas provides exclusive access to actionable research on appealing Europe-focused investment opportunities [1]. Group 3: Features of the Investment Group - The group offers two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio [1]. - Weekly updates and educational content are provided to enhance understanding of European investment opportunities [1]. - An active chat room is available for discussions on the latest developments of the portfolio holdings [1].

Core Insights - Landmark Bancorp (LARK) has not yet published its fourth-quarter results, prompting an analysis of its previous quarterly performance to update the investment thesis [1] Company Overview - The Investment Doctor focuses on European small-cap stocks with a 5-7 year investment horizon, advocating for a portfolio that includes both dividend and growth stocks [1] - The investment group European Small Cap Ideas provides exclusive access to actionable research on attractive Europe-focused investment opportunities [1] Investment Strategy - The emphasis is on high-quality small-cap ideas, targeting capital gains and dividend income for continuous cash flow [1] - The group features two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content [1]

Core Insights - Landmark Bancorp, Inc. has been recognized in Piper Sandler's SM-All Stars Class of 2025, being one of only 24 banks in the U.S. to receive this honor [1][2] - The recognition is based on metrics such as growth, profitability, credit quality, and capital strength, with Landmark being one of 6 new banks included this year [2] - The CEO of Landmark expressed that this achievement reflects the dedication of the team and the support from the Board, emphasizing the bank's commitment to community relationships and growth [3] Company Overview - Landmark Bancorp, Inc. is the parent company of Landmark National Bank, listed on the Nasdaq Global Market under the symbol "LARK" [4] - The bank operates 29 locations across 23 communities in Kansas, focusing on providing quality financial and banking services [4]

Core Insights - Landmark Bancorp, Inc. has been recognized in Piper Sandler's SM-All Stars Class of 2025, highlighting its status as one of the top-performing small-cap banks in the U.S. [1][2] - The recognition is based on metrics such as growth, profitability, credit quality, and capital strength, with Landmark being one of 6 new banks included this year [2] - The CEO of Landmark expressed that this achievement reflects the dedication of the team and the support from the Board, emphasizing the bank's commitment to community relationships and growth [3] Company Overview - Landmark Bancorp, Inc. operates as the holding company for Landmark National Bank, listed on the Nasdaq Global Market under the symbol "LARK" [4] - The bank is headquartered in Manhattan, Kansas, and serves 29 locations across 23 communities in Kansas [4] - Landmark National Bank focuses on providing quality financial and banking services as a community banking organization [4]

Group 1: Broadcom Inc. (AVGO) - Broadcom's shares have outperformed the Zacks Electronics - Semiconductors industry with a year-to-date increase of 68.7% compared to 48% for the industry [5] - The company is experiencing strong momentum driven by growth in AI semiconductors and successful VMware integration, with AI revenues expected to rise 66% year over year to $6.2 billion in Q4 fiscal 2025 [6][7] - Over 90% of Broadcom's largest 10,000 customers have adopted VCF, although gross margin is expected to contract sequentially due to high debt levels [7] Group 2: Meta Platforms, Inc. (META) - Meta's shares have outperformed the Zacks Internet - Software industry with a year-to-date increase of 9.1% compared to 5.4% for the industry [8] - The company benefits from steady user growth, particularly in Asia Pacific, and increased engagement across platforms like Instagram and WhatsApp [9] - Meta plans to invest significantly in developing advanced AI models, although monetization of these services may take time [9] Group 3: The Coca-Cola Co. (KO) - Coca-Cola's shares have outperformed the Zacks Beverages - Soft drinks industry with a year-to-date increase of 19.3% compared to 10.3% for the industry [10] - The company's performance is supported by solid organic revenue growth, effective pricing, and gains in global market share [10][11] - Despite facing pressures from soft volumes in key regions and currency headwinds, Coca-Cola's focus on innovation and digital transformation enhances its competitive edge [11][12] Group 4: Landmark Bancorp, Inc. (LARK) - Landmark Bancorp's shares have outperformed the Zacks Financial - Savings and Loan industry with a year-to-date increase of 24.7% compared to 2.9% for the industry [13] - The company benefits from a stable economic backdrop in Kansas, supporting demand for various credit types [13][14] - Ongoing loan expansion and improving asset yields contribute to steady net interest income and resilient margins [14][15] Group 5: Bridger Aerospace Group Holdings, Inc. (BAER) - Bridger Aerospace's shares have underperformed the Zacks Aerospace - Defense industry with a year-to-date decrease of 13.2% compared to a 26.8% increase for the industry [16] - The company faces cash flow pressure due to concentrated receivables and high fixed costs, with delays in the Spanish Scooper program impacting monetization [16][17] - Despite challenges, Bridger benefits from a global undersupply of amphibious aircraft, which supports strong pricing and high utilization [18]

Financial Performance - Net earnings for Q3 2025 were $4.9 million, a 25.4% increase from $3.9 million in Q3 2024[99] - Net earnings for the first nine months of 2025 reached $14.0 million, up 44.4% from $9.7 million in the same period of 2024[99] - Non-interest income decreased by $185,000, or 4.3%, to $4.1 million in the third quarter of 2025 compared to the same period in 2024, mainly due to lower fees and service charges[118] - Total non-interest income for the first nine months of 2025 was $11.1 million, a decrease of $321,000 or 2.8% from the same period in 2024, primarily due to lower fees related to deposit accounts[119] - Non-interest expense for the third quarter of 2025 totaled $11.3 million, an increase of $692,000 or 6.6% over the same quarter of 2024, driven by higher compensation and benefits[120] Interest Income and Expenses - Interest income for Q3 2025 was $20.7 million, a 9.0% increase from $19.0 million in Q3 2024[102] - Net interest income for Q3 2025 increased by $2.5 million, or 21.5%, to $14.1 million compared to Q3 2024[106] - The net interest margin for Q3 2025 was 3.83%, up from 3.30% in Q3 2024[106] - Interest expense for Q3 2025 decreased to $6.6 million, down from $7.4 million in Q3 2024[104] - The total cost of interest-bearing deposits decreased from 2.48% in Q3 2024 to 2.18% in Q3 2025[104] Asset and Liability Management - Average loan balances increased from $985.7 million in Q3 2024 to $1.1 billion in Q3 2025[102] - Total interest-earning assets increased to $1,478,010 thousand for the three months ended September 30, 2025, compared to $1,419,665 thousand for the same period in 2024, reflecting a growth of 4.1%[109] - Total interest-bearing liabilities rose to $1,080,690 thousand for the three months ended September 30, 2025, compared to $1,046,601 thousand for the same period in 2024, marking an increase of 3.2%[109] - The ratio of average interest-earning assets to average interest-bearing liabilities was 136.8% for the three months ended September 30, 2025, slightly up from 135.6% in the same period of 2024[109] Credit Quality - Provision for credit losses on loans was $850,000 in the third quarter of 2025, an increase from $500,000 in the same period of 2024, primarily due to loan growth[115] - Net loan charge-offs increased to $2.3 million during the third quarter of 2025, compared to $9,000 in the same period of 2024, primarily due to a single commercial credit charge-off[115] - The allowance for credit losses on loans was $12.3 million, or 1.10% of gross loans outstanding, as of September 30, 2025, down from $12.8 million or 1.22% at December 31, 2024[126] - Loans past due 30-89 days totaled $4.9 million, or 0.43% of gross loans, as of September 30, 2025, down from $6.2 million or 0.59% at December 31, 2024[128] Dividends and Shareholder Returns - The company declared a 5% stock dividend in October 2025, marking the 25th consecutive year of such dividends[97] - The company paid a quarterly cash dividend of $0.21 per share to stockholders during the quarter ended September 30, 2025[142] - As of September 30, 2025, approximately $18.8 million was available to be paid as dividends to the Company by the Bank without prior regulatory approval[143] Market Risk and Management - The primary component of market risk for the Company is interest rate volatility, which significantly impacts net interest income and the fair value of financial instruments[145] - The Asset/Liability Management Committee (ALCO) monitors interest rate sensitivity and has set policy limits for interest rate risk, assessing the position quarterly[146] - The ALCO formulates strategies based on the current outlook for interest rates and other economic factors, impacting earnings and capital[146] - The Company employs methodologies to manage interest rate risk, including analysis of interest-earning assets and interest-bearing liabilities[146] Forward-Looking Statements - Forward-looking statements in the document are based on management's beliefs and expectations, and are subject to uncertainties[148] - Factors affecting future performance include the strength of local, state, national, and international economies, as well as inflationary pressures and monetary policies[149] - Risks and uncertainties should be considered when evaluating forward-looking statements, and undue reliance should not be placed on them[150]

Core Viewpoint - Landmark Bancorp, Inc. reported strong financial performance in the third quarter of 2025, with significant improvements in credit quality, net income, and overall efficiency, reflecting the company's commitment to growth and shareholder value. Financial Performance - Net income for the third quarter totaled $4.9 million or $0.85 per diluted share, an increase of 24.1% compared to $3.9 million or $0.68 per diluted share in the same period last year [4] - The tangible book value per share increased to $20.96, up 6.6% on a linked quarter basis and 15.7% from the end of 2024 [2] - Non-interest income totaled $4.1 million, an increase of $442,000 compared to the prior quarter [9] Credit Quality - Nonperforming loans declined by almost $7 million, primarily due to the resolution of a large commercial loan on nonaccrual status [2][16] - The allowance for credit losses stood at $12.3 million, representing 1.1% of gross loans [17] - Net charge-offs totaled $2.3 million, compared to just $40,000 in the prior quarter [9][16] Loan and Deposit Growth - Average loans increased by $26.7 million, or approximately 10% annualized during the third quarter [11][15] - Total deposits increased by $51.6 million on a linked quarter basis, totaling $1.3 billion [12] - Broker deposits were the primary driver of deposit growth, alongside solid growth in non-interest-bearing demand deposits [3] Efficiency and Cost Management - The efficiency ratio improved to 60.7% for the third quarter, compared to 66.5% in the same period last year [10] - Non-interest expense totaled $11.3 million, an increase of $290,000 compared to the prior quarter, driven by higher professional fees and occupancy expenses [10] Future Outlook - The company plans to continue investing in talent and infrastructure to support customer growth and enhance operational efficiency [5][19] - Landmark Bancorp remains focused on maintaining solid credit quality and exploring efficiencies in operations amid economic uncertainties [19]

Core Insights - Landmark Bancorp, Inc. reported a 25% increase in diluted earnings per share (EPS) for Q3 2025, reaching 85 cents compared to 68 cents in the same quarter last year, with net income rising to $4.9 million from $3.9 million [2] - The company's total revenues increased to $18.2 million, up from $15.9 million a year earlier, driven by higher net interest income and improved credit quality [2] Financial Performance - Net interest income rose to $14.1 million, reflecting a 21.5% year-over-year increase, with a steady net interest margin of 3.83%, up 53 basis points from the prior year [3] - The efficiency ratio improved to 60.7% from 66.5% a year earlier, indicating better cost management [4] - Average loan balances grew by $26.7 million from the previous quarter, with significant growth in commercial real estate, residential real estate, and consumer portfolios [3][5] Loan and Deposit Trends - Gross loans at the quarter-end stood at $1.1 billion, flat with the prior quarter, but average loans expanded nearly 10% on an annualized basis [5] - Deposits increased by $51.6 million sequentially to $1.3 billion, with growth in certificates of deposit and money market accounts [6] - The loan-to-deposit ratio improved to 83.4% from 86.6% in the previous quarter, indicating better liquidity for future loan expansion [6] Credit Quality - Non-performing loans decreased by $7 million to $10 million, or 0.89% of gross loans, from 1.52% in the previous quarter, reflecting improved credit quality [7] - The allowance for credit losses ended the quarter at $12.3 million, representing 1.10% of total loans [7] Management Commentary - The CEO described the quarter as a solid period of earnings and increased profitability, attributing it to growth in both net interest and non-interest income [9] - Management emphasized ongoing investments in talent and infrastructure to support customer expansion and long-term shareholder value [11] Factors Influencing Results - The quarterly performance benefited from loan-driven revenue growth, improved funding mix, and reduced credit costs, with tangible book value increasing by 6.6% sequentially to $20.96 per share [12] - Unrealized losses on the securities portfolio declined to $9.2 million from $13.9 million in the previous quarter [12] Future Outlook - Management expressed confidence in sustaining earnings momentum, with expectations of stable credit trends and a healthy Kansas economy supporting lending opportunities [14] - The board declared a cash dividend of 21 cents per share and a 5% stock dividend, marking the 25th consecutive annual stock dividend [15]

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Financial Data and Key Metrics Changes - Net income for Q3 2025 totaled $4.9 million, or $0.85 per diluted share, an increase of 24.1% in diluted earnings per share year-over-year compared to $3.9 million, or $0.68 per diluted share in Q3 2024 [3][8] - Return on average assets improved to 1.21% and return on average equity improved to 13.0% [3] - Efficiency ratio improved to 60.7% in Q3 2025 from 66.5% in Q3 2024 [12] Business Line Data and Key Metrics Changes - Total loans were flat based on period-end balances, while average loans grew nearly 10% on an annualized basis compared to the prior quarter [4][12] - Non-interest income totaled $4.1 million, an increase of $442,000 compared to the prior quarter, driven by gains on sales of mortgage loans and higher deposit-related fee income [11] - Non-performing loans declined by almost $7 million, primarily from the resolution of a large commercial real estate loan [4][16] Market Data and Key Metrics Changes - Deposits totaled $1.3 billion at September 30, 2025, increasing by $51.6 million on a linked quarter basis [13] - The Kansas economy remains healthy, with an unemployment rate of 3.8% and a 1.2% year-over-year increase in home sales [17] Company Strategy and Development Direction - The company remains risk-averse, focusing on monitoring interest rate and concentration risk while maintaining strong credit discipline [6] - The strategy emphasizes a resilient, relationship-driven approach to navigate evolving market dynamics [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the loan portfolio and the ability to navigate market dynamics, while focusing on maintaining solid credit quality amid economic uncertainties [19][18] - The company plans to continue investing in talent and infrastructure to support customer growth [6] Other Important Information - The Board declared a cash dividend of $0.21 per share and a 5% stock dividend, marking the 97th consecutive quarterly cash dividend and the 25th consecutive year of a 5% stock dividend [5] Q&A Session Summary - No questions were submitted during the Q&A session, and the call concluded with management expressing gratitude for the support and confidence in the company [20][21]