UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
ý |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
|
For the quarterly period ended March 31, 2004 |
|
|
|
|
|
OR |
|
|
|
|
|
o |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
|
For 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 |
|
(I.R.S. Employer Identification Number) |
800 Poyntz Avenue, Manhattan, Kansas 66502
(Address of principal executive offices) (Zip Code)
(785) 565-2000
(Registrant’s telephone number, including area code)
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 ý No o
Indicate by check mark whether the Registrant is an accelerated filer (as defined by Rule 12b-2 of the Exchange Act). Yes o No ý
Indicate the number of shares outstanding of each of the Registrant’s classes of common stock as of the latest practicable date: As of May 5, 2004, the Registrant had outstanding 2,091,307 shares of its common stock, $.01 par value per share.
LANDMARK BANCORP, INC.
Form 10-Q Quarterly Report
Table of Contents
|
PART I |
|
|
|
|
|
|
|
Item 1. |
Financial Statements and Related Notes |
|
|
Management’s Discussion and Analysis of
Financial |
|
|
|
|
||
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Changes in Securities, Use of
Proceeds and Issuer |
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
|
|
|
||
1
LANDMARK BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
March 31, |
|
December 31, |
|
||
|
|
|
(Unaudited) |
|
|
|
||
|
ASSETS |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
5,044,196 |
|
$ |
7,708,115 |
|
|
Investment securities available for sale |
|
100,606,310 |
|
99,746,365 |
|
||
|
Loans, net |
|
211,064,556 |
|
214,295,940 |
|
||
|
Loans held for sale |
|
1,666,338 |
|
734,456 |
|
||
|
Premises and equipment, net |
|
3,667,031 |
|
3,631,102 |
|
||
|
Goodwill |
|
1,971,178 |
|
1,971,178 |
|
||
|
Other intangible assets, net |
|
937,859 |
|
959,532 |
|
||
|
Accrued interest and other assets |
|
5,629,500 |
|
4,999,601 |
|
||
|
|
|
|
|
|
|
||
|
Total assets |
|
$ |
330,586,968 |
|
$ |
334,046,289 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Liabilities: |
|
|
|
|
|
||
|
Deposits |
|
$ |
251,368,202 |
|
$ |
253,108,220 |
|
|
Federal Home Loan Bank borrowings |
|
23,047,912 |
|
25,257,104 |
|
||
|
Other borrowings |
|
8,498,000 |
|
8,498,000 |
|
||
|
Accrued expenses, taxes and other liabilities |
|
4,545,451 |
|
4,610,862 |
|
||
|
Total liabilities |
|
287,459,565 |
|
291,474,186 |
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Common stock, $0.01 par, 3,000,000 shares authorized, issued 2,230,435 and 2,207,807 shares, respectively |
|
22,304 |
|
22,078 |
|
||
|
Additional paid-in capital |
|
19,654,363 |
|
19,332,130 |
|
||
|
Retained earnings |
|
25,805,547 |
|
25,213,188 |
|
||
|
Accumulated other comprehensive income |
|
1,022,639 |
|
796,932 |
|
||
|
Treasury stock, at cost; 139,128 and 119,657 shares, respectively |
|
(3,377,450 |
) |
(2,792,225 |
) |
||
|
Total stockholders’ equity |
|
43,127,403 |
|
42,572,103 |
|
||
|
|
|
|
|
|
|
||
|
Total liabilities and stockholders’ equity |
|
$ |
330,586,968 |
|
$ |
334,046,289 |
|
See accompanying notes to condensed consolidated financial statements.
2
LANDMARK BANCORP, INC. AND SUBSIDIARY
(Unaudited)
|
|
|
Three Months Ended March 31, |
|
||||
|
|
|
2004 |
|
2003 |
|
||
|
Interest income: |
|
|
|
|
|
||
|
Loans |
|
$ |
3,227,509 |
|
$ |
3,819,834 |
|
|
Investment securities |
|
811,325 |
|
809,811 |
|
||
|
Other |
|
8,332 |
|
5,520 |
|
||
|
Total interest income |
|
4,047,166 |
|
4,635,165 |
|
||
|
|
|
|
|
|
|
||
|
Interest expense: |
|
|
|
|
|
||
|
Deposits |
|
932,801 |
|
1,248,897 |
|
||
|
Borrowed funds |
|
349,444 |
|
300,521 |
|
||
|
Total interest expense |
|
1,282,245 |
|
1,549,418 |
|
||
|
|
|
|
|
|
|
||
|
Net interest income |
|
2,764,921 |
|
3,085,747 |
|
||
|
|
|
|
|
|
|
||
|
Provision for loan losses |
|
60,000 |
|
60,000 |
|
||
|
|
|
|
|
|
|
||
|
Net interest income after provision for loan losses |
|
2,704,921 |
|
3,025,747 |
|
||
|
|
|
|
|
|
|
||
|
Non-interest income: |
|
|
|
|
|
||
|
Fees and service charges |
|
532,735 |
|
611,997 |
|
||
|
Gains on sale of loans |
|
234,885 |
|
634,507 |
|
||
|
Gains on sale of investments |
|
97,687 |
|
25,682 |
|
||
|
Other |
|
81,501 |
|
69,042 |
|
||
|
Total non-interest income |
|
946,808 |
|
1,341,228 |
|
||
|
|
|
|
|
|
|
||
|
Non-interest expense: |
|
|
|
|
|
||
|
Compensation and benefits |
|
1,217,804 |
|
1,213,100 |
|
||
|
Occupancy and equipment |
|
319,046 |
|
312,377 |
|
||
|
Professional fees |
|
78,694 |
|
122,779 |
|
||
|
Amortization |
|
75,147 |
|
111,319 |
|
||
|
Data processing |
|
78,865 |
|
80,079 |
|
||
|
Other |
|
487,765 |
|
513,536 |
|
||
|
Total non-interest expense |
|
2,257,321 |
|
2,353,190 |
|
||
|
|
|
|
|
|
|
||
|
Earnings before income taxes |
|
1,394,408 |
|
2,013,785 |
|
||
|
|
|
|
|
|
|
||
|
Income tax expense |
|
445,647 |
|
690,252 |
|
||
|
|
|
|
|
|
|
||
|
Net earnings |
|
$ |
948,761 |
||||