Toggle SGML Header (+)


Section 1: 10-Q

0001141688 false --12-31 Accelerated Filer 2020 Q2 0001141688 0001141688 2020-01-01 2020-06-30 0001141688 2020-08-06 0001141688 2020-06-30 0001141688 2019-12-31 0001141688 2020-04-01 2020-06-30 0001141688 2019-04-01 2019-06-30 0001141688 2019-01-01 2019-06-30 0001141688 2019-01-01 2019-12-31 0001141688 us-gaap:CommonStockMember 2019-03-31 0001141688 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001141688 us-gaap:RetainedEarningsMember 2019-03-31 0001141688 us-gaap:TreasuryStockMember 2019-03-31 0001141688 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001141688 2019-03-31 0001141688 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001141688 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001141688 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001141688 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0001141688 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001141688 us-gaap:CommonStockMember 2019-06-30 0001141688 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001141688 us-gaap:RetainedEarningsMember 2019-06-30 0001141688 us-gaap:TreasuryStockMember 2019-06-30 0001141688 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001141688 2019-06-30 0001141688 us-gaap:CommonStockMember 2020-03-31 0001141688 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001141688 us-gaap:RetainedEarningsMember 2020-03-31 0001141688 us-gaap:TreasuryStockMember 2020-03-31 0001141688 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001141688 2020-03-31 0001141688 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001141688 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001141688 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001141688 us-gaap:TreasuryStockMember 2020-04-01 2020-06-30 0001141688 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001141688 us-gaap:CommonStockMember 2020-06-30 0001141688 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001141688 us-gaap:RetainedEarningsMember 2020-06-30 0001141688 us-gaap:TreasuryStockMember 2020-06-30 0001141688 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001141688 us-gaap:CommonStockMember 2018-12-31 0001141688 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001141688 us-gaap:RetainedEarningsMember 2018-12-31 0001141688 us-gaap:TreasuryStockMember 2018-12-31 0001141688 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001141688 2018-12-31 0001141688 us-gaap:CommonStockMember 2019-01-01 2019-06-30 0001141688 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0001141688 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0001141688 us-gaap:TreasuryStockMember 2019-01-01 2019-06-30 0001141688 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0001141688 us-gaap:CommonStockMember 2019-12-31 0001141688 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001141688 us-gaap:RetainedEarningsMember 2019-12-31 0001141688 us-gaap:TreasuryStockMember 2019-12-31 0001141688 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001141688 us-gaap:CommonStockMember 2020-01-01 2020-06-30 0001141688 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-06-30 0001141688 us-gaap:RetainedEarningsMember 2020-01-01 2020-06-30 0001141688 us-gaap:TreasuryStockMember 2020-01-01 2020-06-30 0001141688 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-06-30 0001141688 us-gaap:USTreasurySecuritiesMember 2020-06-30 0001141688 LARK:USFederalAgencyObligationsMember 2020-06-30 0001141688 LARK:MunicipalObligationsTaxExemptMember 2020-06-30 0001141688 LARK:MunicipalObligationsTaxableMember 2020-06-30 0001141688 LARK:AgencyMortgageBackedSecuritiesMember 2020-06-30 0001141688 us-gaap:CertificatesOfDepositMember 2020-06-30 0001141688 us-gaap:USTreasurySecuritiesMember 2019-12-31 0001141688 LARK:USFederalAgencyObligationsMember 2019-12-31 0001141688 LARK:MunicipalObligationsTaxExemptMember 2019-12-31 0001141688 LARK:MunicipalObligationsTaxableMember 2019-12-31 0001141688 LARK:AgencyMortgageBackedSecuritiesMember 2019-12-31 0001141688 us-gaap:CertificatesOfDepositMember 2019-12-31 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember 2020-06-30 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember 2019-12-31 0001141688 LARK:ConstructionAndLandLoansMember 2020-06-30 0001141688 LARK:ConstructionAndLandLoansMember 2019-12-31 0001141688 LARK:CommercialRealEstateLoanMember 2020-06-30 0001141688 LARK:CommercialRealEstateLoanMember 2019-12-31 0001141688 us-gaap:CommercialLoanMember 2020-06-30 0001141688 us-gaap:CommercialLoanMember 2019-12-31 0001141688 LARK:PaycheckProtectionProgramLoansMember 2020-06-30 0001141688 LARK:PaycheckProtectionProgramLoansMember 2019-12-31 0001141688 LARK:AgricultureLoansMember 2020-06-30 0001141688 LARK:AgricultureLoansMember 2019-12-31 0001141688 LARK:MunicipalLoansMember 2020-06-30 0001141688 LARK:MunicipalLoansMember 2019-12-31 0001141688 us-gaap:ConsumerLoanMember 2020-06-30 0001141688 us-gaap:ConsumerLoanMember 2019-12-31 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember 2020-03-31 0001141688 LARK:ConstructionAndLandLoansMember 2020-03-31 0001141688 LARK:CommercialRealEstateLoanMember 2020-03-31 0001141688 us-gaap:CommercialLoanMember 2020-03-31 0001141688 LARK:AgricultureLoansMember 2020-03-31 0001141688 LARK:MunicipalLoansMember 2020-03-31 0001141688 us-gaap:ConsumerLoanMember 2020-03-31 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember 2020-04-01 2020-06-30 0001141688 LARK:ConstructionAndLandLoansMember 2020-04-01 2020-06-30 0001141688 LARK:CommercialRealEstateLoanMember 2020-04-01 2020-06-30 0001141688 us-gaap:CommercialLoanMember 2020-04-01 2020-06-30 0001141688 LARK:AgricultureLoansMember 2020-04-01 2020-06-30 0001141688 LARK:MunicipalLoansMember 2020-04-01 2020-06-30 0001141688 us-gaap:ConsumerLoanMember 2020-04-01 2020-06-30 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember 2020-01-01 2020-06-30 0001141688 LARK:ConstructionAndLandLoansMember 2020-01-01 2020-06-30 0001141688 LARK:CommercialRealEstateLoanMember 2020-01-01 2020-06-30 0001141688 us-gaap:CommercialLoanMember 2020-01-01 2020-06-30 0001141688 LARK:AgricultureLoansMember 2020-01-01 2020-06-30 0001141688 LARK:MunicipalLoansMember 2020-01-01 2020-06-30 0001141688 us-gaap:ConsumerLoanMember 2020-01-01 2020-06-30 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember 2019-03-31 0001141688 LARK:ConstructionAndLandLoansMember 2019-03-31 0001141688 LARK:CommercialRealEstateLoanMember 2019-03-31 0001141688 us-gaap:CommercialLoanMember 2019-03-31 0001141688 LARK:AgricultureLoansMember 2019-03-31 0001141688 LARK:MunicipalLoansMember 2019-03-31 0001141688 us-gaap:ConsumerLoanMember 2019-03-31 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember 2019-04-01 2019-06-30 0001141688 LARK:ConstructionAndLandLoansMember 2019-04-01 2019-06-30 0001141688 LARK:CommercialRealEstateLoanMember 2019-04-01 2019-06-30 0001141688 us-gaap:CommercialLoanMember 2019-04-01 2019-06-30 0001141688 LARK:AgricultureLoansMember 2019-04-01 2019-06-30 0001141688 LARK:MunicipalLoansMember 2019-04-01 2019-06-30 0001141688 us-gaap:ConsumerLoanMember 2019-04-01 2019-06-30 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember 2019-06-30 0001141688 LARK:ConstructionAndLandLoansMember 2019-06-30 0001141688 LARK:CommercialRealEstateLoanMember 2019-06-30 0001141688 us-gaap:CommercialLoanMember 2019-06-30 0001141688 LARK:AgricultureLoansMember 2019-06-30 0001141688 LARK:MunicipalLoansMember 2019-06-30 0001141688 us-gaap:ConsumerLoanMember 2019-06-30 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember 2018-12-31 0001141688 LARK:ConstructionAndLandLoansMember 2018-12-31 0001141688 LARK:CommercialRealEstateLoanMember 2018-12-31 0001141688 us-gaap:CommercialLoanMember 2018-12-31 0001141688 LARK:AgricultureLoansMember 2018-12-31 0001141688 LARK:MunicipalLoansMember 2018-12-31 0001141688 us-gaap:ConsumerLoanMember 2018-12-31 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember 2019-01-01 2019-06-30 0001141688 LARK:ConstructionAndLandLoansMember 2019-01-01 2019-06-30 0001141688 LARK:CommercialRealEstateLoanMember 2019-01-01 2019-06-30 0001141688 us-gaap:CommercialLoanMember 2019-01-01 2019-06-30 0001141688 LARK:AgricultureLoansMember 2019-01-01 2019-06-30 0001141688 LARK:MunicipalLoansMember 2019-01-01 2019-06-30 0001141688 us-gaap:ConsumerLoanMember 2019-01-01 2019-06-30 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember 2019-01-01 2019-12-31 0001141688 LARK:ConstructionAndLandLoansMember 2019-01-01 2019-12-31 0001141688 LARK:CommercialRealEstateLoanMember 2019-01-01 2019-12-31 0001141688 us-gaap:CommercialLoanMember 2019-01-01 2019-12-31 0001141688 LARK:AgricultureLoansMember 2019-01-01 2019-12-31 0001141688 LARK:MunicipalLoansMember 2019-01-01 2019-12-31 0001141688 us-gaap:ConsumerLoanMember 2019-01-01 2019-12-31 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:ConstructionAndLandLoansMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:ConstructionAndLandLoansMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:ConstructionAndLandLoansMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2020-06-30 0001141688 us-gaap:CommercialRealEstateMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 us-gaap:CommercialRealEstateMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 us-gaap:CommercialRealEstateMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2020-06-30 0001141688 us-gaap:CommercialRealEstateMember 2020-06-30 0001141688 LARK:CommercialLoansMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:CommercialLoansMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:CommercialLoansMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:CommercialLoansMember 2020-06-30 0001141688 LARK:PaycheckProtectionLoansMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:PaycheckProtectionLoansMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:PaycheckProtectionLoansMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:PaycheckProtectionLoansMember 2020-06-30 0001141688 LARK:AgricultureLoanMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:AgricultureLoansMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:AgricultureLoanMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:MunicipalLoansMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:MunicipalLoansMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:MunicipalLoansMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2020-06-30 0001141688 us-gaap:ConsumerLoanMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:ConsumerLoansMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 us-gaap:ConsumerLoanMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:ConsumerLoansMember 2020-06-30 0001141688 LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2020-06-30 0001141688 LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2020-01-01 2020-06-30 0001141688 LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2020-01-01 2020-06-30 0001141688 LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2020-01-01 2020-06-30 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:ConstructionAndLandLoansMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:ConstructionAndLandLoansMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:ConstructionAndLandLoansMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2019-12-31 0001141688 us-gaap:CommercialRealEstateMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 us-gaap:CommercialRealEstateMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 us-gaap:CommercialRealEstateMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2019-12-31 0001141688 us-gaap:CommercialRealEstateMember 2019-12-31 0001141688 LARK:CommercialLoansMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:CommercialLoansMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:CommercialLoansMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:CommercialLoansMember 2019-12-31 0001141688 LARK:PaycheckProtectionLoansMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:PaycheckProtectionLoansMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:PaycheckProtectionLoansMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:PaycheckProtectionLoansMember 2019-12-31 0001141688 LARK:AgricultureLoanMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:AgricultureLoansMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:AgricultureLoanMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:MunicipalLoansMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:MunicipalLoansMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:MunicipalLoansMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2019-12-31 0001141688 us-gaap:ConsumerLoanMember LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:ConsumerLoansMember LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 us-gaap:ConsumerLoanMember LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:ConsumerLoansMember 2019-12-31 0001141688 LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2019-12-31 0001141688 LARK:ThirtyToFiftyNineDaysDelinquentAndAccruingMember 2019-01-01 2019-12-31 0001141688 LARK:SixtyToEightyNineDaysDelinquentAndAccruingMember 2019-01-01 2019-12-31 0001141688 LARK:NinetyDaysOrMoreDelinquentAndAccruingMember 2019-01-01 2019-12-31 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:OneToFourFamilyResidentialRealEstateMember 2020-06-30 0001141688 LARK:LoansReceivablesClassifiedMember LARK:OneToFourFamilyResidentialRealEstateMember 2020-06-30 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:OneToFourFamilyResidentialRealEstateMember 2019-12-31 0001141688 LARK:LoansReceivablesClassifiedMember LARK:OneToFourFamilyResidentialRealEstateMember 2019-12-31 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:ConstructionAndLandLoansMember 2020-06-30 0001141688 LARK:LoansReceivablesClassifiedMember LARK:ConstructionAndLandLoansMember 2020-06-30 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:ConstructionAndLandLoansMember 2019-12-31 0001141688 LARK:LoansReceivablesClassifiedMember LARK:ConstructionAndLandLoansMember 2019-12-31 0001141688 LARK:LoansReceivablesNonClassifiedMember us-gaap:CommercialRealEstateMember 2020-06-30 0001141688 LARK:LoansReceivablesClassifiedMember us-gaap:CommercialRealEstateMember 2020-06-30 0001141688 LARK:LoansReceivablesNonClassifiedMember us-gaap:CommercialRealEstateMember 2019-12-31 0001141688 LARK:LoansReceivablesClassifiedMember us-gaap:CommercialRealEstateMember 2019-12-31 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:CommercialLoansMember 2020-06-30 0001141688 LARK:LoansReceivablesClassifiedMember LARK:CommercialLoansMember 2020-06-30 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:CommercialLoansMember 2019-12-31 0001141688 LARK:LoansReceivablesClassifiedMember LARK:CommercialLoansMember 2019-12-31 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:PayrollProtectionLoansLoansMember 2020-06-30 0001141688 LARK:LoansReceivablesClassifiedMember LARK:PayrollProtectionLoansLoansMember 2020-06-30 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:PayrollProtectionLoansLoansMember 2019-12-31 0001141688 LARK:LoansReceivablesClassifiedMember LARK:PayrollProtectionLoansLoansMember 2019-12-31 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:AgricultureLoansMember 2020-06-30 0001141688 LARK:LoansReceivablesClassifiedMember LARK:AgricultureLoansMember 2020-06-30 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:AgricultureLoansMember 2019-12-31 0001141688 LARK:LoansReceivablesClassifiedMember LARK:AgricultureLoansMember 2019-12-31 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:MunicipalLoansMember 2020-06-30 0001141688 LARK:LoansReceivablesClassifiedMember LARK:MunicipalLoansMember 2020-06-30 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:MunicipalLoansMember 2019-12-31 0001141688 LARK:LoansReceivablesClassifiedMember LARK:MunicipalLoansMember 2019-12-31 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:ConsumerLoansMember 2020-06-30 0001141688 LARK:LoansReceivablesClassifiedMember LARK:ConsumerLoansMember 2020-06-30 0001141688 LARK:LoansReceivablesNonClassifiedMember LARK:ConsumerLoansMember 2019-12-31 0001141688 LARK:LoansReceivablesClassifiedMember LARK:ConsumerLoansMember 2019-12-31 0001141688 LARK:LoansReceivablesNonClassifiedMember 2020-06-30 0001141688 LARK:LoansReceivablesClassifiedMember 2020-06-30 0001141688 LARK:LoansReceivablesNonClassifiedMember 2019-12-31 0001141688 LARK:LoansReceivablesClassifiedMember 2019-12-31 0001141688 LARK:TroubleDebtRestructuringsMember LARK:FiveLoansMember 2020-01-01 2020-06-30 0001141688 LARK:TroubleDebtRestructuringsMember 2020-04-01 2020-06-30 0001141688 LARK:TroubleDebtRestructuringsMember 2019-04-01 2019-06-30 0001141688 LARK:TroubleDebtRestructuringsMember 2020-01-01 2020-06-30 0001141688 LARK:TroubleDebtRestructuringsMember 2019-01-01 2019-06-30 0001141688 LARK:TroubleDebtRestructuringsMember 2020-06-30 0001141688 LARK:TroubleDebtRestructuringsMember 2019-12-31 0001141688 LARK:AgricultureLoanMember 2020-01-01 2020-06-30 0001141688 LARK:AgricultureLoanMember 2020-06-30 0001141688 LARK:AgricultureLoanMember 2019-01-01 2019-12-31 0001141688 LARK:AgricultureLoanMember 2019-12-31 0001141688 LARK:TroubledDebtRestructuringsMember 2020-01-01 2020-06-30 0001141688 LARK:TroubledDebtRestructuringsMember 2020-06-30 0001141688 LARK:TroubledDebtRestructuringsMember 2019-01-01 2019-12-31 0001141688 LARK:TroubledDebtRestructuringsMember 2019-12-31 0001141688 LARK:InConnectionWithCoronaVirusDiseaseMember 2020-06-30 0001141688 LARK:OneToFourFamilyResidentialRealEstateMember LARK:ShortTermRepaymentPlansMember 2020-01-01 2020-06-30 0001141688 us-gaap:CoreDepositsMember 2020-06-30 0001141688 us-gaap:LeaseAgreementsMember 2020-06-30 0001141688 LARK:MortgageServicingRightsMember 2020-06-30 0001141688 us-gaap:CoreDepositsMember 2019-12-31 0001141688 us-gaap:LeaseAgreementsMember 2019-12-31 0001141688 LARK:MortgageServicingRightsMember 2019-12-31 0001141688 us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember 2020-06-30 0001141688 us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember 2019-12-31 0001141688 us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember 2020-06-30 0001141688 us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember 2019-12-31 0001141688 LARK:MortgageLoansServicedMember 2020-06-30 0001141688 LARK:MortgageLoansServicedMember 2019-12-31 0001141688 LARK:MortgageLoansServicedMember 2020-04-01 2020-06-30 0001141688 LARK:MortgageLoansServicedMember 2019-04-01 2019-06-30 0001141688 LARK:MortgageLoansServicedMember 2020-01-01 2020-06-30 0001141688 LARK:MortgageLoansServicedMember 2019-01-01 2019-06-30 0001141688 LARK:MortgageLoansServicedMember srt:MinimumMember 2020-01-01 2020-06-30 0001141688 LARK:MortgageLoansServicedMember srt:MaximumMember 2020-01-01 2020-06-30 0001141688 srt:WeightedAverageMember 2020-01-01 2020-06-30 0001141688 LARK:MortgageLoansServicedMember srt:MinimumMember 2019-01-01 2019-12-31 0001141688 LARK:MortgageLoansServicedMember srt:MaximumMember 2019-01-01 2019-12-31 0001141688 srt:WeightedAverageMember 2019-01-01 2019-12-31 0001141688 srt:WeightedAverageMember 2020-06-30 0001141688 srt:WeightedAverageMember 2019-12-31 0001141688 us-gaap:RepurchaseAgreementsMember 2020-06-30 0001141688 us-gaap:RepurchaseAgreementsMember 2019-12-31 0001141688 LARK:OvernightAndContinuousMember LARK:USFederalAgencyObligationsMember 2020-06-30 0001141688 LARK:UptoThirtyDaysMember LARK:USFederalAgencyObligationsMember 2020-06-30 0001141688 LARK:ThirtyToNinetyDaysMember LARK:USFederalAgencyObligationsMember 2020-06-30 0001141688 LARK:GreaterThanNinetyDaysMember LARK:USFederalAgencyObligationsMember 2020-06-30 0001141688 LARK:USFederalAgencyObligationsMember 2020-06-30 0001141688 LARK:OvernightAndContinuousMember LARK:AgencyMortgageBackedSecuritiesMember 2020-06-30 0001141688 LARK:UptoThirtyDaysMember LARK:AgencyMortgageBackedSecuritiesMember 2020-06-30 0001141688 LARK:ThirtyToNinetyDaysMember LARK:AgencyMortgageBackedSecuritiesMember 2020-06-30 0001141688 LARK:GreaterThanNinetyDaysMember LARK:AgencyMortgageBackedSecuritiesMember 2020-06-30 0001141688 LARK:AgencyMortgageBackedSecuritiesMember 2020-06-30 0001141688 LARK:OvernightAndContinuousMember 2020-06-30 0001141688 LARK:UptoThirtyDaysMember 2020-06-30 0001141688 LARK:ThirtyToNinetyDaysMember 2020-06-30 0001141688 LARK:GreaterThanNinetyDaysMember 2020-06-30 0001141688 LARK:OvernightAndContinuousMember LARK:USTreasuryObligationsMember 2019-12-31 0001141688 LARK:UptoThirtyDaysMember LARK:USTreasuryObligationsMember 2019-12-31 0001141688 LARK:ThirtyToNinetyDaysMember LARK:USTreasuryObligationsMember 2019-12-31 0001141688 LARK:GreaterThanNinetyDaysMember LARK:USTreasuryObligationsMember 2019-12-31 0001141688 LARK:USTreasuryObligationsMember 2019-12-31 0001141688 LARK:OvernightAndContinuousMember LARK:USFederalAgencyObligationsMember 2019-12-31 0001141688 LARK:UptoThirtyDaysMember LARK:USFederalAgencyObligationsMember 2019-12-31 0001141688 LARK:ThirtyToNinetyDaysMember LARK:USFederalAgencyObligationsMember 2019-12-31 0001141688 LARK:GreaterThanNinetyDaysMember LARK:USFederalAgencyObligationsMember 2019-12-31 0001141688 LARK:USFederalAgencyObligationsMember 2019-12-31 0001141688 LARK:OvernightAndContinuousMember LARK:AgencyMortgageBackedSecuritiesMember 2019-12-31 0001141688 LARK:UptoThirtyDaysMember LARK:AgencyMortgageBackedSecuritiesMember 2019-12-31 0001141688 LARK:ThirtyToNinetyDaysMember LARK:AgencyMortgageBackedSecuritiesMember 2019-12-31 0001141688 LARK:GreaterThanNinetyDaysMember LARK:AgencyMortgageBackedSecuritiesMember 2019-12-31 0001141688 LARK:AgencyMortgageBackedSecuritiesMember 2019-12-31 0001141688 LARK:OvernightAndContinuousMember 2019-12-31 0001141688 LARK:UptoThirtyDaysMember 2019-12-31 0001141688 LARK:ThirtyToNinetyDaysMember 2019-12-31 0001141688 LARK:GreaterThanNinetyDaysMember 2019-12-31 0001141688 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0001141688 us-gaap:FairValueInputsLevel1Member 2020-06-30 0001141688 us-gaap:FairValueInputsLevel2Member 2020-06-30 0001141688 us-gaap:FairValueInputsLevel3Member 2020-06-30 0001141688 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2020-06-30 0001141688 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0001141688 us-gaap:FairValueInputsLevel1Member 2019-12-31 0001141688 us-gaap:FairValueInputsLevel2Member 2019-12-31 0001141688 us-gaap:FairValueInputsLevel3Member 2019-12-31 0001141688 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:USTreasurySecuritiesMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USTreasurySecuritiesMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember LARK:USFederalAgencyObligationsMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member LARK:USFederalAgencyObligationsMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member LARK:USFederalAgencyObligationsMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member LARK:USFederalAgencyObligationsMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember LARK:MunicipalObligationsTaxExemptMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member LARK:MunicipalObligationsTaxExemptMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member LARK:MunicipalObligationsTaxExemptMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member LARK:MunicipalObligationsTaxExemptMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember LARK:MunicipalObligationsTaxableMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member LARK:MunicipalObligationsTaxableMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member LARK:MunicipalObligationsTaxableMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member LARK:MunicipalObligationsTaxableMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember LARK:AgencyMortgageBackedSecuritiesMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member LARK:AgencyMortgageBackedSecuritiesMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member LARK:AgencyMortgageBackedSecuritiesMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member LARK:AgencyMortgageBackedSecuritiesMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CertificatesOfDepositMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:CertificatesOfDepositMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:CertificatesOfDepositMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:CertificatesOfDepositMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasurySecuritiesMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:USTreasurySecuritiesMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USTreasurySecuritiesMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember LARK:USFederalAgencyObligationsMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member LARK:USFederalAgencyObligationsMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member LARK:USFederalAgencyObligationsMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member LARK:USFederalAgencyObligationsMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember LARK:MunicipalObligationsTaxExemptMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member LARK:MunicipalObligationsTaxExemptMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member LARK:MunicipalObligationsTaxExemptMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member LARK:MunicipalObligationsTaxExemptMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember LARK:MunicipalObligationsTaxableMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member LARK:MunicipalObligationsTaxableMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member LARK:MunicipalObligationsTaxableMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member LARK:MunicipalObligationsTaxableMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember LARK:AgencyMortgageBackedSecuritiesMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member LARK:AgencyMortgageBackedSecuritiesMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member LARK:AgencyMortgageBackedSecuritiesMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member LARK:AgencyMortgageBackedSecuritiesMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CertificatesOfDepositMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:CertificatesOfDepositMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:CertificatesOfDepositMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:CertificatesOfDepositMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0001141688 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:OneToFourFamilyResidentialRealEstateMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:OneToFourFamilyResidentialRealEstateMember 2020-01-01 2020-06-30 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:OneToFourFamilyResidentialRealEstateMember srt:MinimumMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:OneToFourFamilyResidentialRealEstateMember srt:MaximumMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:CommercialLoanMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:CommercialLoanMember 2020-01-01 2020-06-30 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:CommercialLoanMember srt:MinimumMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:CommercialLoanMember srt:MaximumMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:AgricultureLoanMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:AgricultureLoanMember 2020-01-01 2020-06-30 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:AgricultureLoanMember srt:MinimumMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:AgricultureLoanMember srt:MaximumMember 2020-06-30 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:OneToFourFamilyResidentialRealEstateMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:OneToFourFamilyResidentialRealEstateMember 2019-01-01 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:OneToFourFamilyResidentialRealEstateMember srt:MinimumMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:OneToFourFamilyResidentialRealEstateMember srt:MaximumMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:CommercialRealEstateLoansMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:CommercialRealEstateLoansMember 2019-01-01 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:CommercialRealEstateLoansMember srt:MinimumMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:CommercialRealEstateLoansMember srt:MaximumMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:CommercialLoanMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:CommercialLoanMember 2019-01-01 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:CommercialLoanMember srt:MinimumMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:CommercialLoanMember srt:MaximumMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:AgricultureLoanMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:AgricultureLoanMember 2019-01-01 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:AgricultureLoanMember srt:MinimumMember 2019-12-31 0001141688 us-gaap:FairValueMeasurementsNonrecurringMember LARK:AgricultureLoanMember srt:MaximumMember 2019-12-31 0001141688 LARK:SmallBankHoldingCompaniesMember 2020-06-30 0001141688 LARK:CapitalConservationBufferMember 2020-01-01 2020-06-30 0001141688 LARK:CompanysRegulatoryCapitalRequirementsMember 2020-06-30 0001141688 LARK:CompanysRegulatoryCapitalRequirementsMember 2019-12-31 0001141688 LARK:CompanysRegulatoryCapitalRequirementsMember 2020-01-01 2020-06-30 0001141688 LARK:CompanysRegulatoryCapitalRequirementsMember 2019-01-01 2019-12-31 0001141688 LARK:BanksRegulatoryCapitalRequirementsMember 2020-06-30 0001141688 LARK:BanksRegulatoryCapitalRequirementsMember 2019-12-31 0001141688 LARK:BanksRegulatoryCapitalRequirementsMember 2020-01-01 2020-06-30 0001141688 LARK:BanksRegulatoryCapitalRequirementsMember 2019-01-01 2019-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure LARK:Number

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ________ to ________

 

Commission File Number 0-33203

 

LANDMARK BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   43-1930755
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification Number)

 

701 Poyntz Avenue, Manhattan, Kansas   66502
(Address of principal executive offices)   (Zip code)

 

(785) 565-2000

 

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:   Trading Symbol(s)   Name of exchange on which registered:
Common Stock, par value $0.01 per share   LARK   Nasdaq Global Market

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: as of August 6, 2020, the issuer had outstanding 4,617,882 shares of its common stock, $0.01 par value per share.

 

 

 

 

 

 

LANDMARK BANCORP, INC.

Form 10-Q Quarterly Report

 

Table of Contents

 

    Page Number
     
  PART I  
     
Item 1. Financial Statements 2 – 25
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 – 37
Item 3. Quantitative and Qualitative Disclosures about Market Risk 38
Item 4. Controls and Procedures 39
     
  PART II  
     
Item 1. Legal Proceedings 40
Item 1A. Risk Factors 40
Item 2. Unregistered Sales of Equity Securities and  Use of Proceeds 41
Item 3. Defaults Upon Senior Securities 41
Item 4. Mine Safety Disclosures 41
Item 5. Other Information 41
Item 6. Exhibits 41
     
  Signature Page 42

 

1

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

LANDMARK BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

 

(Dollars in thousands, except per share amounts)  June 30,   December 31, 
   2020   2019 
   (Unaudited)     
Assets          
Cash and cash equivalents  $18,187   $13,694 
Investment securities available-for-sale, at fair value   306,825    362,998 
Bank stocks, at cost   3,346    3,109 
Loans, net of allowance for loans losses of $7,747 at June 30, 2020 and $6,467 at December 31, 2019   689,626    532,180 
Loans held for sale, at fair value   20,473    8,497 
Premises and equipment, net   20,844    21,133 
Bank owned life insurance   25,117    24,809 
Goodwill   17,532    17,532 
Other intangible assets, net   3,097    2,829 
Real estate owned, net   314    290 
Accrued interest and other assets   13,576    11,394 
Total assets  $1,118,937   $998,465 
           
Liabilities and Stockholders’ Equity          
Liabilities:          
Deposits:          
Non-interest-bearing demand  $277,574   $182,717 
Money market and checking   431,805    405,746 
Savings   116,348    99,522 
Time   118,477    147,063 
Total deposits   944,204    835,048 
           
Federal Home Loan Bank borrowings   8,000    3,000 
Subordinated debentures   21,651    21,651 
Other borrowings   10,192    17,548 
Accrued interest, taxes, and other liabilities   17,610    12,611 
Total liabilities   1,001,657    889,858 
           
Commitments and contingencies          
           
Stockholders’ equity:          
Preferred stock, $0.01 par value per share, 200,000 shares authorized; none issued   -    - 
Common stock, $0.01 par value per share, 7,500,000 shares authorized; 4,600,532 and 4,597,396 shares issued at June 30, 2020 and December 31, 2019, respectively   46    46 
Additional paid-in capital   69,224    69,029 
Retained earnings   40,938    34,293 
Treasury stock, at cost: 106,894 and 0 shares at June 30, 2020 and December 31,2019, respectively   (2,349)   - 
Accumulated other comprehensive income   9,421    5,239 
Total stockholders’ equity   117,280    108,607 
Total liabilities and stockholders’ equity  $1,118,937   $998,465 

 

See accompanying notes to consolidated financial statements.

 

2

 

 

LANDMARK BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

 

             
(Dollars in thousands, except per share amounts)  Three months ended   Six months ended 
   June 30,   June 30, 
   2020   2019   2020   2019 
Interest income:                    
Loans:                    
Taxable  $7,742   $6,853   $14,845   $13,288 
Tax-exempt   24    26    47    52 
Investment securities:                    
Taxable   1,046    1,493    2,390    2,986 
Tax-exempt   829    921    1,677    1,851 
Total interest income   9,641    9,293    18,959    18,177 
Interest expense:                    
Deposits   461    1,380    1,444    2,711 
Borrowings   165    432    398    789 
Total interest expense   626    1,812    1,842    3,500 
Net interest income   9,015    7,481    17,117    14,677 
Provision for loan losses   400    400    1,600    600 
Net interest income after provision for loan losses   8,615    7,081    15,517    14,077 
Non-interest income:                    
Fees and service charges   1,754    1,931    3,716    3,620 
Gains on sales of loans, net   4,824    1,742    6,017    2,862 
Bank owned life insurance   154    160    308    319 
(Losses)/gains on sales of investment securities, net   -    (146)   1,770    (146)
Other   240    301    514    589 
Total non-interest income   6,972    3,988    12,325    7,244 
                     
Non-interest expense:                    
Compensation and benefits   5,253    4,251    9,835    8,394 
Occupancy and equipment   1,063    1,100    2,142    2,162 
Professional fees   351    443    714    839 
Data processing   439    414    864    828 
Amortization of intangibles   424    291    701    555 
Advertising   151    169    301    335 
Federal deposit insurance premiums   64    69    102    137 
Foreclosure and real estate owned expense   17    26    42    67 
Other   1,354    1,202    2,522    2,376 
Total non-interest expense   9,116    7,965    17,223    15,693 
Earnings before income taxes   6,471    3,104    10,619    5,628 
Income tax expense   1,371    506    2,156    847 
Net earnings  $5,100   $2,598   $8,463   $4,781 
Earnings per share:                    
Basic (1)  $1.13   $0.57   $1.87   $1.04 
Diluted (1)  $1.13   $0.56   $1.86   $1.04 
Dividends per share (1)  $0.20   $0.19   $0.40   $0.38 

 

(1) Per share amounts for the periods ended June 30, 2019 have been adjusted to give effect to the 5% stock dividend paid during December 2019.

  

See accompanying notes to consolidated financial statements.

 

3

 

 

LANDMARK BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

             
   Three months ended   Six months ended 
(Dollars in thousands)  June 30,   June 30, 
   2020   2019   2020   2019 
                 
Net earnings  $5,100   $2,598   $8,463   $4,781 
                     
Net unrealized holding gains on available-for-sale securities   2,904    5,481    7,309    10,208 
Reclassification adjustment for net losses (gains) included in earnings   -    146    (1,770)   146 
Net unrealized gains   2,904    5,627    5,539    10,354 
Income tax effect on net (losses) gains included in earnings   -    (36)   434    (36)
Income tax effect on net unrealized holding gains   (711)   (1,343)   (1,791)   (2,501)
Other comprehensive income   2,193    4,248    4,182    7,817 
                     
Total comprehensive income  $7,293   $6,846   $12,645   $12,598 

 

See accompanying notes to consolidated financial statements.

 

4

 

 

LANDMARK BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

(Dollars in thousands, except per
share amounts)
  Common
stock
   Additional
paid-in
capital
   Retained
earnings
   Treasury
stock
   Accumulated
other
comprehensive
income (loss)
   Total 
                         
Balance at April 1, 2019  $44   $63,844   $33,381   $-   $(422)  $96,847 
Net earnings   -    -    2,598    -    -    2,598 
Other comprehensive income   -    -    -    -    4,248    4,248 
Dividends paid ($0.19 per share)   -    -    (874)   -    -    (874)
Stock-based compensation   -    60    -    -    -    60 
Balance at June 30, 2019  $44   $63,904   $35,105   $-   $3,826   $102,879 
                               
Balance at April 1, 2020  $46   $69,147   $36,736   $(2,023)  $7,228   $111,134 
Net earnings   -    -    5,100    -    -    5,100 
Other comprehensive income   -    -    -    -    2,193    2,193 
Dividends paid ($0.20 per share)   -    -    (898)   -    -    (898)
Stock-based compensation   -    77    -    -    -    77 
Purchase of 15,757 treasury shares   -    -    -    (326)   -    (326)
Balance at June 30, 2020  $46   $69,224   $40,938   $(2,349)  $9,421   $117,280 

 

(Dollars in thousands, except per
share amounts)
  Common
stock
   Additional
paid-in
capital
   Retained
earnings
   Treasury
stock
   Accumulated
other
comprehensive
income (loss)
   Total 
                         
Balance at January 1, 2019  $44   $63,775   $32,073   $-   $(3,991)  $91,901 
Net earnings   -    -    4,781    -    -    4,781 
Other comprehensive income   -    -    -    -    7,817    7,817 
Dividends paid ($0.38 per share)   -    -    (1,749)   -    -    (1,749)
Stock-based compensation   -    129    -    -    -    129 
Balance at June 30, 2019  $44   $63,904   $35,105   $-   $3,826   $102,879 
                               
Balance at January 1, 2020  $46   $69,029   $34,293   $-   $5,239   $108,607 
Net earnings   -    -    8,463    -    -    8,463 
Other comprehensive income   -    -    -    -    4,182    4,182 
Dividends paid ($0.40 per share)   -    -    (1,818)   -    -    (1,818)
Stock-based compensation   -    162    -    -    -    162 
Exercise of stock options, 3,136 shares   -    33    -    -    -    33 
Purchase of 106,894 treasury shares   -    -    -    (2,349)   -    (2,349)
Balance at June 30, 2020  $46   $69,224   $40,938   $(2,349)  $9,421   $117,280 

 

See accompanying notes to consolidated financial statements.

 

5

 

 

LANDMARK BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

       
(Dollars in thousands)  Six months ended June 30, 
   2020   2019 
Cash flows from operating activities:          
Net earnings  $8,463   $4,781 
Adjustments to reconcile net earnings to net cash provided by operating activities:          
Provision for loan losses   1,600    600 
Amortization of investment security premiums, net   628    870 
Amortization of purchase accounting adjustment on loans   (28)   (32)
Amortization of intangibles   701    555 
Depreciation   497    496 
Increase in cash surrender value of bank owned life insurance   (308)   (319)
Stock-based compensation   162    129 
Deferred income taxes   1,326    (571)
Net (gains) losses on sales of investment securities   (1,770)   146 
Net loss (gain) on sales of premises, equipment and real estate owned   45    (4)
Net gains on sales of loans   (6,017)   (2,862)
Proceeds from sales of loans   151,310    74,813 
Origination of loans held for sale   (157,269)   (80,372)
Changes in assets and liabilities:          
Accrued interest and other assets   (3,464)   (1,031)
Accrued expenses, taxes, and other liabilities   1,656    (2,459)
Net cash used in operating activities   (2,468)   (5,260)
Cash flows from investing activities:          
Net increase in loans   (159,019)   (21,345)
Maturities and prepayments of investment securities   31,210    30,903 
Purchases of investment securities   (12,204)   (24,741)
Proceeds from sales of investment securities   44,508    9,491 
Redemption of bank stocks   895    6,584 
Purchase of bank stocks   (1,132)   (5,337)
Proceeds from sales of premises and equipment and foreclosed assets   257    15 
Purchases of premises and equipment, net   (220)   (697)
Net cash used in investing activities   (95,705)   (5,127)
Cash flows from financing activities:          
Net increase in deposits   109,156    5,884 
Federal Home Loan Bank advance borrowings   135,843    232,167 
Federal Home Loan Bank advance repayments   (130,843)   (229,767)
Proceeds from other borrowings   1,075    - 
Repayments on other borrowings   (8,431)   (963)
Proceeds from exercise of stock options   33    - 
Payment of dividends   (1,818)   (1,749)
Purchase of treasury stock   (2,349)   - 
Net cash provided by financing activities   102,666    5,572 
Net increase (decrease) in cash and cash equivalents   4,493    (4,815)
Cash and cash equivalents at beginning of period   13,694    19,114 
Cash and cash equivalents at end of period  $18,187   $14,299 

 

6

 

 

LANDMARK BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

(Unaudited)

 

   Six months ended 
(Dollars in thousands)  June 30, 
   2020   2019 
   (Unaudited) 
Supplemental disclosure of cash flow information:        
Cash payments for income taxes  $-   $51 
Cash paid for interest   1,973    3,420 
Cash paid for operating leases   89    72 
           
Supplemental schedule of noncash investing and financing activities:          
Transfer of loans to real estate owned   314    57 
Investment securities purchases not yet settled   (659)   (265)
Operating lease asset and related lease liability recorded   -    353 

 

See accompanying notes to consolidated financial statements.

 

7

 

   

LANDMARK BANCORP, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

1. Interim Financial Statements

 

The unaudited consolidated financial statements of Landmark Bancorp, Inc. (the “Company”) and its wholly owned subsidiaries, Landmark National Bank (the “Bank”) and Landmark Risk Management Inc., have been prepared in accordance with the instructions to Form 10-Q. Accordingly, they do not include all the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s most recent Annual Report on Form 10-K, containing the latest audited consolidated financial statements and notes thereto. The consolidated financial statements in this report have not been audited by an independent registered public accounting firm, but in the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of financial statements have been reflected herein. The results of the three month and six month interim periods ended June 30, 2020 are not necessarily indicative of the results expected for the year ending December 31, 2020 or any other future time period. The Company has evaluated subsequent events for recognition and disclosure up to the date the financial statements were issued.

 

8

 

 

2. Investments

 

A summary of investment securities available-for-sale is as follows:

 

(Dollars in thousands)  As of June 30, 2020
       Gross   Gross     
   Amortized   unrealized   unrealized   Estimated 
   cost   gains   losses   fair value 
                 
U. S. treasury securities  $2,000   $55   $-   $2,055 
U. S. federal agency obligations   2,014    156    -    2,170 
Municipal obligations, tax exempt   136,895    5,892    (1)   142,786 
Municipal obligations, taxable   46,622    2,243    (26)   48,839 
Agency mortgage-backed securities   105,094    4,159    -    109,253 
Certificates of deposit   1,722    -    -    1,722 
Total  $294,347   $12,505   $(27)  $306,825 
                     
(Dollars in thousands)   As of December 31, 2019 
         Gross    Gross      
    Amortized    unrealized    unrealized    Estimated 
    cost    gains    losses    fair value 
                     
U. S. treasury securities  $2,300   $16   $-   $2,316 
U. S. federal agency obligations   4,015    91    -    4,106 
Municipal obligations, tax exempt   142,391    3,513    (42)   145,862 
Municipal obligations, taxable   45,541    1,293    (55)   46,779 
Agency mortgage-backed securities   159,908    2,353    (230)   162,031 
Certificates of deposit   1,904    -    -    1,904 
Total  $356,059   $7,266   $(327)  $362,998 

 

 

The tables above show that some of the securities in the available-for-sale investment portfolio had unrealized losses, or were temporarily impaired, as of June 30, 2020 and December 31, 2019. This temporary impairment represents the estimated amount of loss that would be realized if the securities were sold on the valuation date. Securities which were temporarily impaired are shown below, along with the length of time in a continuous unrealized loss position.

 

(Dollars in thousands)      As of June 30, 2020 
       Less than 12 months   12 months or longer   Total 
   No. of   Fair   Unrealized   Fair   Unrealized   Fair   Unrealized 
   securities   value   losses   value   losses   value   losses 
Municipal obligations, tax exempt   2   $1,032   $(1)  $-   $-   $1,032   $(1)
Municipal obligations, taxable   3    1,742    (26)   -    -    1,742    (26)
Total   5   $2,774   $(27)  $-   $-   $2,774   $(27)