Landmark Bancorp Inc. · NASDAQ:LARK
Landmark Bancorp — Shareholder Meeting (May 2023)
30 slides from Landmark Bancorp's shareholder meeting presentation, May 24, 2023
Slide 1: Annual Meeting of Stockholders
Annual Meeting of Stockholders May 24, 2023 Manhattan, KS
Slide 2: Voting on Proposals
Voting on Proposals Proposal 1: • To elect four Class I directors for a term of three years – Sarah Hill-Nelson – David H. Snapp – Angela S. Hurt – Angelia K. Stanland • Board recommends a vote FOR each nominee Proposal 2: • Ratification of Crowe LLP as Independent Registered Public Accounting Firm
Slide 3: Voting Results and Adjournment of Formal Business Meeting
Voting Results and Adjournment of Formal Business Meeting
Slide 4: Annual Meeting of Stockholders
Annual Meeting of Stockholders May 24, 2023 Manhattan, KS
Slide 5: 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 6: 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) 5.2 million • Market Cap (2) $105.0 million • Total Assets (3) $1.5 billion • Total Deposits (3) $1.3 billion
Slide 7: Landmark Stock (NASDAQ: LARK)
Landmark Stock (NASDAQ: LARK) • Price-to-Book Value 89% • Price-to-Tangible Book Value 128% • Price-to-2022 Earnings 10.7x • Dividend Yield 4.2% • Book Value Per Share $22.58 • TBV Per Share $15.67 Based on financial information as of March 31, 2023 and the May 15, 2023 closing price of $20.13 per c
Slide 8: Track Record for Dividends
Track Record for Dividends • Quarterly cash dividends currently $0.21 / share – Landmark’s 2023 1st quarter cash dividend increased over 2022 by 5.0% – Landmark has approved 87 consecutive quarterly cash dividends since its formation in October 2001 • Annual stock dividends for 22 consecutive years
Slide 9: Financial Performance Highlights
Financial Performance Highlights Three months ended, (Dollars in thousands) March 31, December 31, March 31, 2023 2022 2022 Net earnings $ 3,357 $ 1,212 $ 3,133 Net earnings excluding acquisition costs $ 3,357 $ 3,509 $ 3,133 Diluted EPS $ 0.64 $ 0.23 $ 0.59 Diluted EPS excluding acquisition costs $
Slide 10: Financial Performance Highlights
Financial Performance Highlights Years ended December 31, (Dollars in thousands) 2022 2021 Net earnings $ 9,878 $ 18,011 Net earnings excluding acquisition costs $ 12,443 $ 18,011 Diluted EPS $ 1.88 $ 3.42 Diluted EPS excluding acquisition costs $ 2.37 $ 3.42 Return on average assets 0.73% 1.43% ROA
Slide 11: Financial Ratios Highlights
Financial Ratios Highlights Three months ended March 31, Years ended December 31, (Dollars in thousands) 2023 2022 2021 Dividends per share $ 0.21 $ 0.80 $ 0.73 Net interest margin (TE) 3.31% 3.21% 3.39% Loans to deposits 66.42% 64.67% 56.88% Non-performing loans to gross loans 0.38% 0.39% 0.79% Non
Slide 12: Financial Highlights – Quarterly Trends
Financial Highlights – Quarterly Trends (Dollars in millions)
Slide 13: Financial Highlights – Quarterly Trends
Financial Highlights – Quarterly Trends
Slide 14: Financial Highlights
Financial Highlights Total Assets Net Loans (Dollars in Millions) (Dollars in Millions) $1,750.0 5 $1,0000 - $1,502.9 $1,520.8 $841.1 $859.5 1,500.0 + $1,329.0 $800.0) $702.8 $1,250.09 | _91,188.0 $653.2 $600.0 $1,000.0 + <ao0.0 $750.0 + $500.0 + $200.0 4 $2500 - $0.0 + T T T $0.0 + T T 2020 2021 20
Slide 15: Stable and Diversified Non-Interest Income
Stable and Diversified Non-Interest Income Quarter ended March 31, 2023 Quarter ended March 31, 2022 Total $3.5 million Total $3.6 million Other Other $0.2 million Bank owned $0.3 million Bank owned life insurance life insurance $0.2 million $0.2 million Gains on sales of loans $0.7 million Gains on
Slide 16: Solid Low-cost Deposit Base
Solid Low-cost Deposit Base As of March 31, 2023 Solid deposit portfolio: CDs – Low cost of deposits was 8.8% 1.18% Savings Non-interest – Primary funding is from core 13.1% bearing 32.6% deposits (99% of total deposits) – Uninsured deposits less than 18% of total deposits – Geographically located a
Slide 17: Strong Capital Base
Strong Capital Base Risk Based Capital Ratio as of March 31, 2023 15.00% 2.96% 3.62% 10.00% 5.00% 10.50% 10.50% 0.00% LBI LNB Adequate Well capitalized Excess capital
Slide 18: Annual Meeting of Stockholders
Annual Meeting of Stockholders May 24, 2023 Manhattan, KS
Slide 19: Diverse Loan Portfolio
Diverse Loan Portfolio As of March 31, 2023 Loan portfolio diversification: 1-4 Family RE Commercial – Attractive yield on loans of 28.3% 19.8% 5.43% – Geographically across state of Kansas – Across loan categories and Owner Occupied collateral types Other CRE 3.5% 18.5% Construction and Land 2.7% A
Slide 20: Asset Quality
Asset Quality 1.40% 4 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% 0.16% 4 0.14% 0.12% 0.10% 0.08% 0.06% - 0.04% 0.02% 0.00% ACL to Gross Loans 1.32% 1.23% I | 2020 2021 2022 Net Charge-offs (Recoveries) to Average Net Loans 0.15% 0.07% 0.00% 2020 2021 2022 1.18% Q1 2023 0.02% _ Q1 2023 350.00% 300.00%
Slide 21: Asset Quality
Asset Quality $14.0 $12.0 $10.0 $8.0 $6.0 $4.0 $2.0 $0.0 1.60% 4 1.40% + 1.20% + 1.00% + 0.80% + 0.60% + 0.40% + 0.20% + 0.00% + Non-performing Assets (Dollars in Millions) law. 2020 2021 2022 Q1 2023 @Non-accrual Loans .s ORE Non-performing Loans to Loans 1.47% 0.79% 0.39% 0.38% 2020 2021 2022 Q1 2
Slide 22: Annual Meeting of Stockholders
Annual Meeting of Stockholders May 24, 2023 Manhattan, KS
Slide 23: 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 24: Kansas Commercial Banks
Kansas Commercial Banks Number Total Assets of Banks $0-$100 million 66 $100 million - $250 million 65 $250 million - $500 million 41 $500 million - $1 billion 13 > $1 billion 15 Total 200 At $1.5 billion in assets, Landmark is the 9th largest bank headquartered in Kansas With 200 banks headquartere
Slide 25: 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 26: Strategy for Continued Performance
Strategy for Continued Performance • Continue 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 through acquisitions • Control
Slide 27: The Landmark Team
The Landmark Team • Associates • Board of Directors • Shareholders
Slide 28: Questions
Questions /AALANDMARK ees BANCORP, INC.
Slide 29: Thank you for attending today’s meeting!
Thank you for attending today’s meeting!
Slide 30: Serving Communities Across Kansas
Serving Communities Across Kansas