LANDMARK BANCORP INC LARK
Bancorp, Inc. (the "Company," "our," and "we") is a financial holding company that was incorporated
under the laws of the State of Delaware in 2001. Currently, the Company's business consists of the ownership of Landmark National
Bank (the "Bank") and Landmark Risk Management, Inc. (the "Captive"), which are wholly-owned subsidiaries of
the Company. As of December 31, 2025, the Company had approximately $1.6 billion in consolidated total assets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $81.0M | $73.9M | $64.7M | $43.2M | $39.8M | $39.3M | $37.1M | $33.2M | $29.7M | $29.2M |
| Interest expense | $55.7M | $45.7M | $43.3M | $38.9M | $1.5M | $2.8M | $6.8M | $5.4M | $3.6M | $3.2M |
| Pre-tax income | $23.1M | $14.1M | $14.2M | $11.3M | $22.8M | $24.3M | $12.1M | $11.6M | $3.5M | $11.3M |
| Income tax | $4.3M | $1.1M | $2.0M | $1.4M | $4.8M | $4.8M | $1.5M | $1.2M | $897.0K | $2.3M |
| Net income | $18.8K | $13.0K | $12.2K | $9.9M | $18.0M | $19.5M | $10.7M | $10.4M | $4.4M | $9.0M |
| EPS, basic | 3.09 | 2.15 | 2.03 | 1.71 | 3.27 | 3.72 | 2.11 | 2.17 | 0.97 | 2.13 |
| EPS, diluted | 3.07 | 2.15 | 2.03 | 1.71 | 3.26 | 3.72 | 2.10 | 2.17 | 0.96 | 2.10 |
| Shares, diluted (wtd. avg.) | $6.12B | $6.05B | $6.04B | $5.78B | $5.52B | $5.24B | $5.08B | $4.8M | $4.6M | $4.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | — | — | — | — | — | $84.8M | $13.7M | $19.1M | $16.6M | $20.0M |
| Property, plant and equipment | $19.3M | $20.2M | $19.7M | $24.3M | $20.8M | $20.5M | $21.1M | $21.1M | $20.8M | $20.4M |
| Goodwill | $32.4M | $32.4M | $32.4M | $32.2M | $17.5M | $17.5M | $17.5M | $17.5M | $17.5M | $17.5M |
| Other intangibles | $2.0M | $2.6M | $3.2M | $4.0M | $84.0K | $206.0K | $383.0K | $3.1M | $3.7M | $4.0M |
| Total assets | $1.61B | $1.57B | $1.56B | $1.50B | $1.33B | $1.19B | $998.5M | $985.8M | $929.5M | $911.4M |
| Total liabilities | $1.45B | $1.44B | $1.43B | $1.39B | $1.19B | $1.06B | $889.9M | $893.9M | $841.8M | $826.4M |
| Retained earnings | $63.7M | $56.9M | $54.3M | $52.2M | $52.6M | $44.9M | $34.3M | $32.1M | $30.2M | $34.3M |
| Total equity | $160.6M | $136.2M | $126.9M | $110.2M | $135.6M | $126.7M | $108.6M | $91.9M | $87.6M | $85.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $21.6M | $14.2M | $12.6M | $24.8M | $31.2M | $14.8M | $9.1M | $21.2M | $3.1M | $19.0M |
| Depreciation and amortisation | $1.3M | $1.3M | $1.3M | $1.1M | $997.0K | $987.0K | $1.0M | $1.0M | $1.0M | — |
| Stock-based compensation | $359.0K | $520.0K | $352.0K | $295.0K | $323.0K | $304.0K | $286.0K | $223.0K | $172.0K | $59.0K |
| Capital expenditure | $605.0K | $2.3M | $995.0K | $876.0K | $1.3M | $359.0K | $1.0M | $1.3M | $1.4M | $596.0K |
| Investing cash flow | -$21.4M | -$18.1M | -$50.6M | -$197.2M | -$56.5M | -$104.5M | -$7.8M | -$64.1M | -$21.2M | -$40.3M |
| Financing cash flow | $441.0K | -$3.0M | $42.0M | $6.3M | $129.7M | $160.9M | -$6.8M | $45.4M | $14.7M | $27.7M |
| Dividends paid | $4.9M | $4.6M | $4.4M | $4.2M | $3.8M | $3.6M | $3.5M | $3.3M | $3.1M | $2.9M |
| Buybacks | — | $338.0K | $75.0K | $1.2M | — | $2.3M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-018137.
Others in SIC 6021
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO | $953.33B | 17.9x | 2.8% |
| BAC | BANK OF AMERICA CORP /DE/ | $438.31B | 16.5x | 6.8% |
| WFC | WELLS FARGO & COMPANY/MN | $272.07B | 14.4x | -3.8% |
| C | CITIGROUP INC | $240.92B | 19.7x | 5.6% |
| COF | CAPITAL ONE FINANCIAL CORP | $136.66B | 54.5x | 36.3% |
| USB | US BANCORP \DE\ | $98.73B | 13.7x | 4.4% |
| PNC | PNC FINANCIAL SERVICES GROUP, INC. | $97.98B | 14.8x | 7.2% |
| TFC | TRUIST FINANCIAL CORP | $63.10B | 13.5x | -2.1% |