Record Revenue and EPS Growth
Total revenue reached a record $18.8 million for Q1 2026. Earnings per share were $0.83, up 6.7% versus Q4 2025 and up 7.2% versus Q1 2025. Net income totaled $5.1 million compared to $4.7 million in Q1 2025.
Landmark Bancorp
· LARK
April 29th, 2026
Summary
- Earnings Call Date:
- 2026-04-29
- Change Since:
- +11.07%
- Next Earnings Date:
- 2026-07-28
Earnings Call Sentiment
PositiveThe call presented broadly positive operating and profitability momentum—record revenue, EPS growth, improved net interest margin, higher net interest income, mortgage originations growth, core deposit expansion and stronger investment yields—while noting manageable but meaningful headwinds including a $66.2 million deposit decline, modest loan balance declines, a small uptick in nonperforming and past-due loans, increased unrealized investment losses from rising rates, and a quarter impact from fraud-related expense. Capital levels remain strong and the dividend was maintained, and management emphasized disciplined underwriting and active balance sheet management.
Company Guidance
Management did not provide formal numeric forward guidance but reiterated qualitative guidance to continue targeted investments in revenue-generating activities, pursue efficiency and modernization, grow core customer deposits with disciplined pricing, and strengthen credit oversight and capital to remain resilient across environments; they pointed to Q1 results as support: total revenue $18.8M, net income $5.1M, EPS $0.83 (+6.7% q/q, +7.2% y/y), ROA 1.29% (+12 bps q/q), net interest income $15.0M (+1.6% q/q) and NIM 4.24% (+21 bps q/q; +48 bps y/y). Balance sheet metrics cited included loans $1.1B (‑$13.5M q/q, +$23.3M y/y; CRE +$13.6M, agriculture ‑$16.2M), mortgage originations +9% y/y, deposits $1.3B (‑$66.2M q/q) with core customer deposits +1.6% q/q, borrowings +$57.3M and a loan‑to‑deposit ratio around 82.1%. Credit and liquidity metrics referenced were nonperforming loans $10.4M (0.94%), 30–89 day delinquencies $7.4M (0.68%), net charge‑offs $349k (≈0.13% annualized), allowance for credit losses $12.6M (1.15% of loans) with a $500k provision; investment portfolio duration 4.3 years, 12‑month cash flow $68.7M and unrealized losses $11.3M; capital remained strong (book value $26.50, tangible book $20.89, stockholders’ equity $161.6M) and the Board declared a $0.21 per share cash dividend.
Improved Profitability and Margins
Return on assets rose to 1.29% (up 12 basis points linked-quarter, up 7 basis points year-over-year). Net interest margin expanded to 4.24% (up 21 bps q/q and 48 bps y/y). Net interest income was $15.0 million, increasing 1.6% q/q and approximately $1.9 million y/y.
Core Customer Deposit Growth
Core customer deposits increased 1.6% on a linked-quarter basis, demonstrating growth in customer relationships despite overall seasonal deposit outflows.
Mortgage Originations and Gains on Sale
Mortgage originations were up 9% versus Q1 2025, with more originations sold into the secondary market driving higher gain-on-sale income.
Commercial Real Estate Growth
Commercial real estate loans increased by $13.6 million during the quarter, partially offsetting declines in other portfolios. Total loans were $1.1 billion (down $13.5 million q/q but up $23.3 million y/y).
Capital, Book Value and Dividend Continuity
Tangible book value per share ended the quarter at $20.89 and book value increased to $26.50 from $26.44. Tangible common equity to assets was reported at 8.11%. The Board declared a $0.21 per share cash dividend payable May 28, marking the 99th consecutive quarterly dividend.
Improved Investment Yields and Lower Funding Costs
Interest income on investments increased to $2.9 million and investment yields improved from 3.39% to 3.55% q/q. Interest expense on deposits decreased $527,000 q/q; average rate on interest-bearing deposits fell 16 bps to 1.90%, and borrowing costs also declined.
Expense Management
Noninterest expense decreased $362,000 q/q, primarily driven by a $492,000 reduction in compensation and benefits (lower incentive comp). Effective tax rate remained ~20% (19.8% in Q1 2026).
Operator
Hello, everyone, and thank you for standing by. My name is Ian, and I will be your conference operator today. At this time, I would like to welcome everyone to the Landmark Bancorp, Inc. Q1 Earnings Call. [Operator Instructions] I would like to now turn the call over to Shelley Reed. Please go ahead.
Shelley Reed
Thanks, Ian. Good morning, everyone, and welcome to Landmark Bancorp's First Quarter Earnings Conference Call. My name is Shelley Reed, and I'm the Head of Corporate Strategy and Development and Head of Investor Relations. Joining me today are several members of our executive leadership team, including our President and CEO, Abby Wendel; Chief Financial Officer, Mark Herpich; and Chief Credit Officer, Raymond McLanahan. During today's call, we may make statements that constitute projections, plans, objectives, future performance, beliefs, expectations and similar forward-looking statements. These statements involve risks and uncertainties, which should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. We caution that such statements and predictions only and that actual results may differ materially. We include more information on these factors in our earnings release furnished with our Form 8-K yesterday as well as our Form 10-K and Form 10-Q filings and subsequent filings with the SEC.
Additionally, all statements, including forward-looking statements speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. Also, our rema...
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