Landmark Bancorp, Inc. (LARK): History, Ownership, Mission, How It Works & Makes Money

As a seasoned investor, you know that the community banking sector is facing real pressure from interest rate volatility and deposit competition, so how is Landmark Bancorp, Inc. (LARK)-a bank founded in 1885-not only surviving but thriving? Their Q3 2025 results show a clear answer: a focused strategy that drove net earnings for the first nine months of the year up an impressive 44.4% to $14.0 million, proving their model is defintely resilient. We need to look closely at how a regional player with $1.6 billion in total assets is generating a 13.00% Return on Average Equity (ROAE) and what that means for your portfolio's stability and future growth.

Landmark Bancorp, Inc. (LARK) History

If you're looking at Landmark Bancorp, Inc. (LARK), you're looking at a classic community bank story: deep Kansas roots coupled with a smart, aggressive expansion strategy. The company's trajectory shows how a local institution can successfully navigate over a century of financial shifts by staying focused on relationship lending and strategic acquisitions.

Given Company's Founding Timeline

Year established

The roots of Landmark Bancorp, Inc. trace back to 1885, which is when the original institution was founded. The modern holding company structure is a much later development, but that initial date is where the community commitment began.

Original location

The company started in Manhattan, Kansas, which remains its headquarters today. This focus on a key Kansas community has been a defintely foundational element of its business model.

Founding team members

While the specific names of the original founders are not publicly emphasized in the corporate narrative, the institution was established by a group of local businessmen and community leaders. This initial team laid the groundwork for the bank's long-standing community-first approach.

Initial capital/funding

The exact initial capital is not available from the founding period. However, the subsequent growth has been fueled by retained earnings and strategic debt, leading to total assets of approximately $1.6 billion as of September 30, 2025.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most recent transformative moments center on leadership and financial performance, showing a clear focus on efficiency and loan portfolio quality, which is crucial in a rising rate environment.

Here's the quick math on their recent performance: for the first nine months of 2025, net earnings hit $14.0 million, a massive 44.4% increase from the same period in 2024. This kind of growth doesn't happen by accident; it's a result of deliberate strategic moves.

Key transformative decisions shaping the company today include:

• Efficiency Improvement: The efficiency ratio (operating expenses as a percentage of revenue) improved to a strong 60.7% in Q3 2025, down from 66.5% a year prior. This tells you management is tightly controlling costs.
• Loan Portfolio Focus: Management has aggressively grown the loan book, with gross loans totaling $1.1 billion as of September 30, 2025. They are specifically targeting commercial and agricultural segments for growth.
• Shareholder Commitment: The company has a remarkable track record, declaring a 5% stock dividend for the 25th consecutive year. That's a powerful signal of capital discipline and commitment to long-term shareholder returns.
• Strong Profitability: The Return on Average Equity (ROAE) for Q3 2025 was a robust 13.00%, signaling excellent use of shareholder capital.

To understand what this financial health means for future growth, you should check out Breaking Down Landmark Bancorp, Inc. (LARK) Financial Health: Key Insights for Investors.

Landmark Bancorp, Inc. (LARK) Ownership Structure

Landmark Bancorp, Inc. (LARK) operates with a balanced ownership structure, where retail investors hold the largest single stake, but institutional and insider holdings together represent a significant, influential block of the company's capital.

This distribution means that while the general public has a strong voice, the strategic direction is defintely shaped by large financial firms and the executives who know the business best.

Landmark Bancorp, Inc.'s Current Status

Landmark Bancorp, Inc. is a publicly traded bank holding company, a structure that allows it to own and control its main operating entity, Landmark National Bank. It is listed on the NASDAQ Global Market under the ticker symbol LARK.

As of November 2025, the company has a market capitalization of approximately $156.72 million, reflecting its size as a community-focused financial services provider. The wholly-owned subsidiary, Landmark National Bank, is a Kansas community banking organization with 30 locations across 24 communities in the state. For a deeper dive into the organizational purpose, you can read the Mission Statement, Vision, & Core Values of Landmark Bancorp, Inc. (LARK).

Landmark Bancorp, Inc.'s Ownership Breakdown

The company's ownership is split across three main categories, which is pretty typical for a regional bank of this size. What's interesting is the high insider percentage-it suggests management and directors have a lot of skin in the game.

Here's the quick math on who controls the shares, based on the latest available fiscal year data for 2025:

What this estimate hides is the potential for institutional influence, even with a sub-30% stake; those large blocks of shares can sway proxy votes and board decisions.

Landmark Bancorp, Inc.'s Leadership

The company is steered by a seasoned executive team, with a recent transition at the top that brought in outside experience. The leadership team is responsible for managing the bank's $1.57 billion in total assets and driving profitability, which saw earnings per share (EPS) climb to $1.56 for the first six months of 2025.

The key executive officers, as of November 2025, are:

• Abigail (Abby) M. Wendel: Chief Executive Officer and President. She took the helm in March 2024, bringing experience from UMB Bank, N.A. and the Federal Reserve Bank of Kansas City.
• Mark A. Herpich: Executive Vice President (EVP), Secretary & Chief Financial Officer (CFO). He has held a top financial role since 2001, providing long-term continuity and financial oversight.

The combination of a new CEO with a deep background in consumer banking and corporate strategy, plus a long-serving CFO, provides a blend of fresh perspective and institutional knowledge. This is crucial for navigating the near-term risks in the banking sector, especially around deposit retention and loan growth.

Landmark Bancorp, Inc. (LARK) Mission and Values

Landmark Bancorp, Inc. (LARK) is fundamentally driven by a community-focused model, aiming to balance shareholder value with a deep commitment to the economic health of the Kansas regions it serves. The company's core values center on integrity and relationship-driven service, which is defintely the bedrock of a successful community bank.

This isn't just about moving money; it's about providing stable financial services that foster local growth, a strategy that has paid off in 2025 with net earnings reaching $14.0 million for the first nine months.

Given Company's Core Purpose

While Landmark Bancorp does not publish a formal, single-sentence mission statement, its public actions and strategic focus clearly define its purpose: to be a pillar of financial stability and growth in its local communities. This inferred mission is a dual mandate of community service and responsible shareholder return, a common structure for regional banks.

Official mission statement

The company's activities point to a clear, three-part mission that guides its operations across its 30 locations in Kansas:

• Provide community-focused financial services, fostering local economic stability.
• Deliver value to shareholders through sustainable profitability and responsible risk management.
• Cultivate a positive and supportive environment for all employees.

For example, a focus on responsible risk management is reflected in the asset quality metrics; non-performing loans stood at just 0.89% of gross loans as of September 30, 2025. You can dig deeper into the ownership structure and market positioning by reading Exploring Landmark Bancorp, Inc. (LARK) Investor Profile: Who's Buying and Why?

Vision statement

The long-term vision for Landmark Bancorp is to be the recognized leader in community banking within its market, which means constantly adapting to customer needs while maintaining a strong balance sheet. The company's strategic goals imply a clear path for expansion and operational excellence.

• Be a leading community bank, known for exceptional customer service.
• Expand market presence while maintaining a strong financial position, like the 12.98% Return on Average Equity (ROAE) reported for the first nine months of 2025.
• Invest strategically in technology and talent to meet evolving customer needs.

This focus on strong financials is critical. The company's total assets were approximately $1.6 billion as of September 30, 2025, which shows a solid foundation for that expansion.

Given Company slogan/tagline

Landmark Bancorp, Inc. does not have a widely publicized or officially declared slogan or tagline as of late 2025. However, the consistent messaging from leadership, such as the commitment to a 'resilient, relationship-driven approach,' serves as a de facto theme. That relationship focus is the real tagline here.

Landmark Bancorp, Inc. (LARK) How It Works

Landmark Bancorp, Inc. (LARK) operates as a financial holding company, with its primary value creation engine being its wholly-owned subsidiary, Landmark National Bank, a community bank focused on relationship-based lending in Kansas. The bank generates the bulk of its revenue by using its substantial, low-cost core deposit base to fund a diversified portfolio of commercial, residential, and agricultural loans, which drove net interest income to $14.1 million in the third quarter of 2025.

Landmark Bancorp's Product/Service Portfolio

Landmark Bancorp's Operational Framework

The company's operational framework is built on the classic community banking model, but it's enhanced by a focus on efficiency and digital tools, which is why the efficiency ratio improved to a strong 60.7% in Q3 2025. Honestly, it's about local knowledge meeting modern banking tech.

• Deposit Aggregation: Focus on attracting stable, low-cost core deposits from retail and small business customers across its 29-30 Kansas branch locations; this funding source minimizes reliance on more expensive wholesale funding.
• Localized Credit Underwriting: Loan decisions are made by local lenders who understand the specific commercial and agricultural market risks in their Kansas communities, leading to better-informed credit quality.
• Digital Integration: Ongoing investment in infrastructure upgrades and digital platforms supports online banking, mobile banking, and mobile remote deposit capture, ensuring convenience without sacrificing the personal touch.
• Value Chain: Deposits (low-cost liability) are channeled into higher-yielding, relationship-based loans (commercial, residential, and agricultural), which drives the net interest income (NII) that surged 21.5% year-over-year in Q3 2025.

You can see how this all ties back to the balance sheet in Exploring Landmark Bancorp, Inc. (LARK) Investor Profile: Who's Buying and Why?

Landmark Bancorp's Strategic Advantages

Landmark Bancorp's sustained market success isn't just about good numbers; it's rooted in tangible, defensible advantages that keep its return on average equity high at 13.00% for Q3 2025.

• Deep Community Penetration: A physical footprint of 30 banking locations across 24 Kansas communities provides a strong local brand and fosters the long-term customer relationships necessary for a stable, low-cost deposit base.
• Credit Quality Discipline: Prudent, localized underwriting helps maintain stable asset quality, evidenced by a $7.0 million decline in non-accrual loans due to the resolution of a major commercial loan in Q3 2025.
• Defensive Financial Profile: The company is often viewed as a stable, defensive investment due to consistent margin outperformance and capital discipline, trading at a lower price-to-earnings ratio of 9.2x compared to the US Banks industry average of 11x.
• Shareholder Commitment: A proven track record of returning capital, including the declaration of its 97th consecutive quarterly cash dividend and the 25th consecutive year of a 5% stock dividend, defintely signals management's confidence.

Landmark Bancorp, Inc. (LARK) How It Makes Money

Landmark Bancorp, Inc. primarily makes money through the classic banking model of net interest income (NII), which is the difference between the interest earned on its loans and investments and the interest paid out on customer deposits and borrowings. This core function is supplemented by a smaller, but important, stream of non-interest income from fees and service charges.

Landmark Bancorp's Revenue Breakdown

For the first nine months of the 2025 fiscal year, the company's revenue engine was overwhelmingly driven by its lending activities, a common structure for community banks. The total revenue for the nine months ended September 30, 2025, was approximately $52.0 million, with the bulk coming from the spread on loans and securities.

The 78.7% share from Net Interest Income reflects a strong performance, with NII rising 22.7% for the first nine months of 2025 compared to the same period in 2024, largely due to higher average loan balances. Conversely, Non-interest Income, which includes fees and service charges, saw a slight year-over-year decrease of 2.8% for the nine-month period, though it did increase quarter-over-quarter in Q3 2025.

Business Economics

Landmark Bancorp's economic fundamentals are rooted in its community banking model across its 29 locations in Kansas. The bank's profitability hinges on effective asset-liability management, specifically maintaining a healthy net interest margin (NIM) and controlling the cost of funds.

• Net Interest Margin (NIM): This is the core profitability metric. In Q3 2025, the NIM held steady at a robust 3.83%, which is a significant improvement of 53 basis points compared to the third quarter of 2024. This means the bank is earning a solid spread on its interest-earning assets relative to its interest-bearing liabilities.
• Loan Portfolio Growth: The primary driver of NII growth is loan expansion. Average loan balances grew by $26.7 million in Q3 2025 compared to Q2 2025, with strong demand in residential real estate, commercial, and commercial real estate segments. The average tax-equivalent yield on the loan portfolio remained stable at 6.37% in Q3 2025.
• Non-Interest Income Drivers: While a smaller piece of the pie, non-interest income is crucial for diversification. Key components include gains on the sale of residential mortgage loans and various fees and service charges. The increase in non-interest income in Q3 2025 was primarily due to a $208,000 increase in gains on mortgage loan sales and a $184,000 increase in deposit-related fees compared to the prior quarter.
• Funding Strategy: The bank focuses on attracting and retaining low-cost core deposits, with non-interest-bearing deposits providing a significant funding advantage. The total cost of funds for Q3 2025 was 2.44%, a decrease of 38 basis points from Q3 2024. That's a defintely good sign for margin health.

For a deeper dive into the bank's guiding principles, you can check out the Mission Statement, Vision, & Core Values of Landmark Bancorp, Inc. (LARK).

Landmark Bancorp's Financial Performance

The company's financial health as of the end of Q3 2025 shows a strong trajectory, with key profitability and efficiency metrics improving year-over-year.

• Net Earnings: Net earnings for the third quarter of 2025 totaled $4.9 million, a substantial increase of 24.1% compared to the $3.9 million reported in Q3 2024. For the first nine months of 2025, net earnings reached $14.0 million, up 44.4% from the same period in 2024.
• Profitability Ratios: The annualized Return on Average Assets (ROAA) improved to 1.21% in Q3 2025, up from 1.00% a year prior. Similarly, the Return on Average Equity (ROAE) increased to 13.0% in Q3 2025, demonstrating effective use of shareholder capital.
• Efficiency Ratio: The efficiency ratio, which measures non-interest expense as a percentage of total revenue (lower is better), improved to 60.7% in Q3 2025. This is a solid sign of cost management and operational leverage, down from 66.5% in Q3 2024.
• Credit Quality: Credit quality saw a positive shift in Q3 2025, with non-accrual loans declining by $7.0 million due to the resolution of a single commercial loan. The allowance for credit losses remains strong at $12.3 million, representing 1.10% of gross loans as of September 30, 2025.
• Shareholder Value: The company declared its 97th consecutive quarterly cash dividend of $0.21 per share in Q3 2025, plus a 5% stock dividend, underscoring its commitment to shareholder returns. Book value per share reached $26.92 as of September 30, 2025.

Landmark Bancorp, Inc. (LARK) Market Position & Future Outlook

Landmark Bancorp, Inc. (LARK) is a resilient, Kansas-focused community bank that is successfully navigating the current high-rate environment, evidenced by its Q3 2025 Return on Average Assets (ROAA) of 1.21% and a healthy Net Interest Margin (NIM) of 3.83%. The company's future trajectory hinges on its ability to sustain strong loan growth while executing its intensified deposit gathering strategy to offset rising funding costs and manage asset quality risks.

Competitive Landscape

In the highly fragmented Kansas banking market, Landmark Bancorp competes primarily with other community and regional banks. While national players dominate overall, Landmark's strength is its hyperlocal focus across 24 communities. Here's how it stacks up against key regional peers based on asset size and estimated statewide deposit market share as of mid-2025:

Opportunities & Challenges

You need to look past the strong quarterly numbers and assess the near-term strategic landscape. The opportunity is clearly in leveraging the bank's NIM, but the core challenge remains a long-term earnings trend that requires aggressive cost and credit management.

Industry Position

Landmark Bancorp is firmly positioned as a well-capitalized, high-performing community bank in Kansas. Its ratio of equity to total assets increased to 9.63% at September 30, 2025, up from 9.13% in the prior quarter, which is a strong capital base for a bank of its size. The efficiency ratio improved to 60.7% in Q3 2025, indicating better cost control compared to the prior year. That's a clean efficiency gain.

• Maintain a Defensive Profile: The market views Landmark as a stable, defensive pick due to its capital discipline and consistent margin outperformance.
• Focus on Core Deposits: Management is prioritizing increasing non-interest-bearing deposits, which grew by $14.0 million in Q3 2025, to lower the blended cost of funds.
• Dividend Consistency: The company's declaration of a 5% stock dividend for the 25th consecutive year highlights its commitment to shareholder returns, even if it creates some share dilution.

To really understand the foundation of this strategy, you should review the Mission Statement, Vision, & Core Values of Landmark Bancorp, Inc. (LARK).