Landmark Bancorp Inc. · NASDAQ:LARK
Landmark Bancorp — Shareholder Meeting (May 2024)
31 slides from Landmark Bancorp's shareholder meeting presentation, May 22, 2024
Slide 1: Annual Meeting of Stockholders
Annual Meeting of Stockholders May 22, 2024 Manhattan, KS
Slide 2: Voting on Proposals
Voting on Proposals Proposal 1: • To elect three Class II directors for a term of three years – Mark J. Kohlrus – Sandra J. Moll – Wayne R. Sloan • Board recommends a vote FOR each nominee Proposal 2: • Approval of the Landmark Bancorp, Inc. 2024 Stock Incentive Plan • Board recommends a vote FOR th
Slide 3: Voting on Proposals
Voting on Proposals Proposal 3: • Ratification of Crowe LLP as Independent Registered Public Accounting Firm • Board recommends a vote FOR this proposal
Slide 4: Voting Results and Adjournment of Formal Business Meeting
Voting Results and Adjournment of Formal Business Meeting
Slide 5: Annual Meeting of Stockholders
Annual Meeting of Stockholders May 22, 2024 Manhattan, KS
Slide 6: Disclaimers
Disclaimers Special Note Concerning Forward-Looking Statements This presentation contains forward-looking statements, within the meaning of such term in the Private Securities Litigation Reform Act of 1995, with respect to the financial condition, results of operations, plans, objectives, future per
Slide 7: Landmark Corporate Profile
Landmark Corporate Profile Landmark Bancorp is the holding company for Landmark National Bank, a community banking organization serving 24 communities across Kansas • Shares Outstanding (1) 5.5 million • Market Cap (2) $104.4 million • Total Assets (3) $1.6 billion • Total Deposits (3) $1.3 billion
Slide 8: Landmark Stock (NASDAQ: LARK)
Landmark Stock (NASDAQ: LARK) • Price-to-Book Value 82% • Price-to-Tangible Book Value 114% • Price-to-2023 Earnings 8.6x • Dividend Yield 4.4% • Book Value Per Share $23.14 • TBV Per Share $16.67 Based on financial information as of March 31, 2024 and the May 16, 2024 closing price of $19.07 per co
Slide 9: Track Record for Dividends
Track Record for Dividends • Quarterly cash dividends currently $0.21 / share – Landmark’s 2024 1st quarter cash dividend increased over 2023 by 5.0% – Landmark has approved 91 consecutive quarterly cash dividends since its formation in October 2001 • Annual stock dividends for 23 consecutive years
Slide 10: Financial Performance Highlights
Financial Performance Highlights Three months ended, (Dollars in thousands) March 31, December 31, March 31, 2024 2023 2023 Net earnings $ 2,778 $ 2,639 $ 3,357 Diluted EPS $ 0.51 $ 0.48 $ 0.61 Return on average assets 0.72% 0.67% 0.90% Return on average equity 8.88% 9.39% 12.04%
Slide 11: Financial Performance Highlights
Financial Performance Highlights Years ended December 31, (Dollars in thousands) 2023 2022 Net earnings $ 12,236 $ 9,878 Diluted EPS $ 2.23 $ 1.79 Return on average assets 0.80% 0.73% Return on average equity 10.70% 8.25%
Slide 12: Financial Ratios Highlights
Financial Ratios Highlights Three months ended March 31, Years ended December 31, (Dollars in thousands) 2024 2023 2022 Dividends per share $ 0.21 $ 0.80 $ 0.76 Net interest margin (TE) 3.12% 3.17% 3.21% Loans to deposits 73.64% 71.31% 64.67% Non-performing loans to gross loans 0.38% 0.25% 0.39% Non
Slide 13: Financial Highlights – Quarterly Trends
Financial Highlights – Quarterly Trends (Dollars in millions)
Slide 14: Financial Highlights – Quarterly Trends
Financial Highlights – Quarterly Trends
Slide 15: Financial Highlights
Financial Highlights Total Assets Net Loans (Dollars in Millions) (Dollars in Millions) $1,750.0 5 1,562.7 $1,000.0 + $937.6 $952.6 $1,502.9 5 91,553.2 $841.4 $1500.0 | §1,329.0 $800.0 4 5053.2 $1,2500 4 $600.0 4 $1,000.0 + sa00.0 | $750.0 4 $500.0 + $200.0 5 $250.0 + soo 4 : - soo 4 ; - 2021 2022 2
Slide 16: Stable and Diversified Non-Interest Income
Stable and Diversified Non-Interest Income Quarter ended March 31, 2024 Quarter ended March 31, 2023 Total $3.4 million Total $3.5 million Other Bank owned Other $0.2 million life insurance $0.2 million Bank owned life insurance $0.2 million $0.2 million Gains on sales of loans $0.5 million Gains on
Slide 17: Solid Low-cost Deposit Base
Solid Low-cost Deposit Base Solid deposit portfolio: As of March 31, 2024 – Low cost of deposits was 2.35% CDs 14.8% – Primary funding is from core Non-interest bearing deposits (92% of total 28.2% deposits) Savings – Uninsured deposits, 11.9% excluding collateralized deposits, less than 14% of tota
Slide 18: Strong Capital Base
Strong Capital Base Risk Based Capital Ratio as of March 31, 2024 15.00% 2.95% 3.25% 10.00% 5.00% 10.50% 10.50% 0.00% LBI LNB Adequate Well capitalized Excess capital
Slide 19: Annual Meeting of Stockholders
Annual Meeting of Stockholders May 22, 2024 Manhattan, KS
Slide 20: Diverse Loan Portfolio
Diverse Loan Portfolio As of March 31, 2024 Loan portfolio diversification: Commercial – Attractive yield on loans of 1-4 Family RE 18.9% 6.16% 32.5% – Geographically across state of Kansas – Across loan categories and Owner Occupied collateral types CRE 19.6% Other 3.5% Construction and Land 2.6% N
Slide 21: Asset Quality
Asset Quality 1.40% 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% 0.08% 4 0.07% + 0.06% + 0.05% + 0.04% - 0.03% + 0.02% + 0.01% + 0.00% + ACL to Gross Loans Q1 2024 Net Charge-offs (Recoveries) to 0.07% 2021 Average Net Loans 0.00% 0.00% 0.00% 2022 2023 Q1 2024 500.00% 450.00% 400.00% 350.00% 300.00% 25
Slide 22: Asset Quality
Asset Quality $10.0 $8.0 $6.0 $4.0 $2.0 $0.0 0.90% 4 0.80% + 0.70% + 0.60% + 0.50% + 0.40% + 0.30% + 0.20% + 0.10% + 0.00% + Non-performing Assets (Dollars in Millions) Ry 2021 2022 2023 Q1 2024 m@Non-accrual Loans ORE Non-performing Loans to Loans 0.79% 0.39% 0.38% ins 7 | 2021 2022 2023 Q1 2024 1.
Slide 23: Annual Meeting of Stockholders
Annual Meeting of Stockholders May 22, 2024 Manhattan, KS
Slide 24: Track Record of Organic & Acquisitive Growth
Track Record of Organic & Acquisitive Growth Acquired First Kansas Acquired First Acquired Wellsville Acquired two Acquired Financial Corp. ($152M Manhattan Bancorp. Bank ($36M in assets) commercial banking Freedom in assets) ($130M in assets) teams (one in May Bancshares and one in ($200M in assets
Slide 25: Kansas Commercial Banks
Kansas Commercial Banks Number Total Assets of Banks $0-$100 million 62 $100 million - $250 million 64 $250 million - $500 million 36 $500 million - $1 billion 17 > $1 billion 17 Total 196 At $1.5 billion in assets, Landmark is the 9th largest bank headquartered in Kansas With 196 banks headquartere
Slide 26: Landmark Investment Rationale
Landmark Investment Rationale • Strong asset quality and capital • Diversified loan portfolio and low-cost core deposit base • Stable non-interest income levels, including a history of proven mortgage loan production • Consistent dividend history • Significant opportunities for consolidation • Track
Slide 27: Strategy for Continued Performance
Strategy for Continued Performance • Smooth CEO transition supported by rigorous management disciplines • Refine and improve new business targeting and recruitment strategies • Capitalize on mortgage banking capabilities and infrastructure • Continue efforts to grow profitably – organically and thro
Slide 28: The Landmark Team
The Landmark Team • Associates • Board of Directors • Shareholders
Slide 29: Questions
Questions /AALANDMARK ees BANCORP, INC.
Slide 30: Thank you for attending today's meeting!
Thank you for attending today’s meeting!
Slide 31: Serving Communities Across Kansas
Serving Communities Across Kansas