Liquidity management remains active, as evidenced by significant portfolio rotation, including $33.9 million in securities purchases and $39.7 million in sales during 2025Q4, while maintaining a steady quarterly dividend distribution of approximately $1.2 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 20.44M | 21.63M | 14.24M | 12.6M | 24.78M | 31.16M | 14.81M | 9.11M | 21.38M | 3.06M | 19.02M | 7.04M | 8.67M | 12.1M | 12.38M | 13.07M | -2.06M | 4.03M | 5.33M | 7.77M | -1.62M | 5.82M | 4.74M | 5.72M | 9.11M | 9.86M | 1.67M | 5.9M | 3.3M | 9.7M | 1.5M |
| Operating CF Growth % | 284.87% | 51.97% | 12.95% | -49.14% | -20.47% | 110.39% | 62.62% | -57.41% | 599.71% | -83.93% | 170.2% | -18.85% | -28.31% | -2.32% | -5.24% | 734.77% | -151.08% | -24.41% | -31.37% | 579.6% | -127.82% | 22.91% | -17.13% | -37.25% | -7.56% | 491.45% | -71.75% | 78.79% | -65.98% | 546.67% | -55.88% |
| Net Income | 19.14M | 18.77M | 13M | 12.24M | 9.88M | 18.01M | 19.49M | 10.66M | 10.43M | 4.37M | 8.96M | 10.51M | 8.05M | 4.66M | 6.37M | 4.48M | 2.04M | 3.27M | 4.55M | 5.4M | 6.01M | 3.9M | 4.25M | 4.85M | 4.58M | 2.49M | 2.38M | 2.4M | 2.4M | 2.5M | 1.4M |
| Depreciation & Amortization | 1.15M | 2.23M | 2.5M | 3.11M | 2.58M | 2.6M | 2.59M | 2.22M | 2.12M | 2.29M | 2.54M | 2.52M | 2.42M | 1.71M | 2.13M | 1.66M | 1.76M | 1.71M | 1.84M | 1.8M | 1.88M | 1.15M | 1.02M | 888.28K | 851.03K | 523.88K | 445.81K | 500K | 500K | 300K | 300K |
| Deferred Taxes | 96K | -136K | -212K | 404K | -1.19M | 808K | -503K | -195K | 969K | 487K | 919K | 625K | -103K | -418K | 227K | -793K | -523K | -1.57M | 368K | 114.41K | 1.63M | 879.61K | 625.9K | 364.46K | 83.67K | -185.38K | -127.68K | 0 | 0 | 0 | -200K |
| Other Non-Cash Items | 1.28M | -1.59M | -1.73M | 1.15M | 3.07M | 9.54M | -8.3M | -2.26M | 3.92M | 115K | 10.24M | -3.77M | -1.41M | 4.84M | 5.06M | 5.29M | -1.64M | 1.08M | 1.93M | -646.63K | -336.78K | -353.99K | -45.69K | 4M | 668.92K | 5.9M | -812.5K | 2.3M | 1M | 6.7M | -600K |
| Working Capital Changes | -1.56M | 2M | 153K | -4.65M | 10.14M | -125K | 1.23M | -1.61M | 3.58M | -4.38M | -3.7M | -2.86M | -340K | 1.27M | -1.49M | 2.33M | -3.8M | -628K | -3.49M | 1.1M | -10.81M | 250.3K | -1.12M | -4.38M | 2.93M | 1.13M | -222.31K | 700K | -600K | 200K | 600K |
| Cash from Investing | -6.7M | -21.37M | -18.11M | -50.61M | -197.16M | -56.45M | -104.55M | -7.76M | -64.14M | -21.15M | -40.28M | -8.37M | -48.45M | -16.6M | 10.38M | -32.48M | 20.05M | 25.63M | -338K | -16.53M | -747.1K | 21.75M | 15.84M | -3.25M | -2.83M | 59.8M | -6.75M | -18.4M | 600K | -17.2M | -4.3M |
| Purchase of Investments | -63.95M | -68.11M | -38.3M | -42.96M | -232.41M | -175.6M | -46.39M | -59.38M | -92.47M | -84.41M | -99.55M | -103.53M | -102.75M | -92.09M | -81.69M | -87M | -55.91M | -57.07M | -51.53M | -34.28M | -50.83M | -54.93M | -6.5M | -66.45M | -40.59M | -10K | -825K | -42.1M | -14.7M | -6.7M | -20.2M |
| Sale/Maturity of Investments | 85.8M | 106.8M | 120.19M | 86.64M | 110.68M | 79.94M | 0 | 90.87M | 86.13M | 82.11M | 60.85M | 99.45M | 58.06M | 52.95M | 81.22M | 61.5M | 48.24M | 58.92M | 45.32M | 16.49M | 60.1M | 46.2M | 33.91M | 53.81M | 27.5M | 37.21M | 7.07M | 15.7M | 33.7M | 24.7M | 46.2M |
| Net Investment Activity | 21.84M | 38.69M | 81.89M | 43.69M | -121.73M | -95.65M | -46.39M | 31.49M | -6.34M | -2.3M | -38.7M | -4.08M | -44.69M | -39.14M | -472K | -25.51M | -7.67M | 1.85M | -6.21M | -17.79M | 9.27M | -8.74M | 27.41M | -12.65M | -13.08M | 37.2M | 6.25M | -26.4M | 19M | 18M | 26M |
| Acquisitions | 332K | 0 | 0 | 0 | -572K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.03M | 3.96M | 0 | 0 | -130K | 0 | 0 | -9.15M | 0 | -17.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -28.58M | -59.45M | -97.67M | -93.3M | -73.98M | 40.52M | -57.8M | -38.21M | -56.49M | -17.4M | -988K | -3.07M | -2.3M | -1.84M | 7.69M | -6.62M | 28.04M | 24.73M | 6.62M | 2.38M | 2.33M | 32.41M | 7.52M | 9.74M | 11.01M | 22.64M | -12.9M | 8.2M | -17.7M | -34.8M | -30.2M |
| Cash from Financing | -3.76M | 441K | -2.96M | 41.95M | 6.32M | 129.69M | 160.86M | -6.77M | 45.44M | 14.68M | 27.69M | 2.14M | 22.8M | 19.32M | -25.35M | 27.17M | -20.64M | -31.07M | -5.94M | 8.74M | -4.37M | -13.93M | -20.44M | -6.21M | -17M | -54.75M | 4.2M | 15.6M | -3.8M | 9.8M | 2.8M |
| Dividends Paid | -4.92M | -4.86M | -4.61M | -4.39M | -4.2M | -3.82M | -3.63M | -3.51M | -3.33M | -3.11M | -2.91M | -2.55M | -2.42M | -2.24M | -2.12M | -2.01M | -1.91M | -1.81M | -1.75M | -1.77M | -1.57M | -1.44M | -1.42M | -1.33M | -1.24M | -632.12K | -650.89K | -800K | -900K | -700K | -800K |
| Share Repurchases | 0 | 0 | -338K | -75K | -1.24M | 0 | -2.35M | -36K | -7K | 0 | 0 | 0 | 0 | 0 | 47.92M | 0 | 0 | -12K | -3.48M | 0 | -138.51K | 0 | -3.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36K | 7K | 228K | 1.8M | 0 | 0 | 1.24M | 5K | 57K | 228K | 0 | 36.98K | 41.12K | 26.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | 0 | 0 | -338K | -75K | -1.24M | 0 | -2.35M | 0 | 0 | 228K | 1.8M | 0 | 0 | 1.24M | 47.92M | 57K | 228K | -12K | -3.44M | 41.12K | -111.61K | 0 | -3.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K |
| Other Financing | -13.49M | 47.78M | 13.61M | -1.04M | 1.56M | 133.51M | 169.84M | 11.44M | 58.62M | 24.27M | 28.6M | 10.78M | 17.61M | 24.3M | -6.6M | 22.83M | -7.24M | -7.35M | -13.1M | 8.28M | -5.78M | -4.83M | -21.61M | -11.17M | -8.97M | -17.84M | 6.58M | 4.3M | 10.3M | 1M | -800K |
| Net Change in Cash | 9.98M | 707K | -6.83M | 3.94M | -166.06M | 104.39M | 71.12M | -5.42M | 2.53M | -3.41M | 6.43M | 809K | -16.98M | 14.81M | -2.58M | 7.77M | -2.64M | -1.41M | -951K | -12.77K | -6.74M | 13.65M | 137.32K | -3.74M | -10.71M | 14.91M | -885.76K | 3.2M | 100K | -500K | -500K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 |
| Cash at Beginning | 20.98M | 20.27M | 27.1M | 23.16M | 189.21M | 84.82M | 13.69M | 19.11M | 16.58M | 20M | 13.57M | 12.76M | 29.73M | 14.92M | 17.5M | 9.73M | 12.38M | 13.79M | 14.74M | 14.75M | 21.49M | 7.85M | 7.71M | 11.45M | 22.16M | 5.09M | 5.98M | 2.8M | 2.7M | 500K | 500K |
| Cash at End | 31.87M | 20.98M | 20.27M | 27.1M | 23.16M | 189.21M | 84.82M | 13.69M | 19.11M | 16.58M | 20M | 13.57M | 12.76M | 29.73M | 14.92M | 17.5M | 9.73M | 12.38M | 13.79M | 14.74M | 14.75M | 21.49M | 7.85M | 7.71M | 11.45M | 20M | 5.09M | 6M | 2.8M | 2.8M | 500K |
| Interest Paid | 12.92M | 25.29M | 28.32M | 19.85M | 4.03M | 1.55M | 3M | 6.79M | 0 | 3.38M | 3.02M | 3.09M | 3.22M | 3.16M | 4.03M | 4.8M | 6.66M | 9.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 1.25M | 3.42M | 834K | 55K | 1.1M | 4.46M | 4.13M | 722K | 0 | 850K | 945K | 3.39M | 1.98M | 800K | 2.32M | 103K | 942K | 862K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 20.15M | 21.03M | 11.92M | 11.61M | 23.9M | 29.84M | 14.45M | 8.07M | 20.07M | 1.61M | 18.42M | 5.82M | 7.21M | 11.45M | 11.59M | 12.72M | -2.38M | 3.22M | 4.58M | 6.66M | -4.83M | 3.9M | 3.51M | 5.38M | 8.35M | 9.82M | 1.56M | 5.7M | 2.6M | 9.3M | 1.4M |
| FCF Growth % | 9.87% | 76.48% | 2.64% | -51.43% | -19.88% | 106.46% | 79.09% | -59.81% | 1149.22% | -91.28% | 216.78% | -19.37% | -37% | -1.19% | -8.92% | 634.72% | -173.95% | -29.82% | -31.12% | 237.86% | -223.74% | 11.29% | -34.83% | -35.59% | -14.94% | 529.46% | -72.63% | 119.23% | -72.04% | 564.29% | -56.25% |
Regional agricultural credit concentration
Based on Landmark Bancorp's reported financial statements, the bank has consistently generated positive net income, reaching $5.1 million in 2026Q1, which provides a stable foundation for organic capital growth while maintaining a disciplined approach to dividend distributions that have remained steady at approximately $1.2 million per quarter.
The bank's ability to retain earnings suggests a conservative capital management philosophy that prioritizes long-term solvency over aggressive expansion. Investors should monitor whether this internal capital generation remains sufficient to support loan growth without necessitating external equity dilution, particularly given the bank's localized Kansas footprint.
As reported in recent SEC filings, Landmark Bancorp frequently rotates its investment securities portfolio, evidenced by significant quarterly purchase and sale activity, such as the $33.9 million in purchases and $39.7 million in sales observed during 2025Q4, indicating active management of the bank's liquidity and duration profile.
This high turnover in the investment portfolio appears to be a tactical response to interest rate volatility, allowing the bank to rebalance its asset mix. Analysts should interpret this activity as a mechanism to preserve net interest margin rather than a speculative strategy, though it introduces non-recurring volatility into cash flow statements.
According to historical cash flow data, Landmark Bancorp maintains a highly predictable dividend payout, consistently distributing roughly $1.2 million quarterly, while share buyback activity has been negligible, totaling only $17,000 in 2024Q4 and ceasing entirely in subsequent periods, reflecting a focus on capital preservation over shareholder yield.
The absence of meaningful share repurchases suggests that management views current capital levels as necessary for supporting the bank's regional lending operations. This approach appears prudent given the inherent risks associated with the bank's concentrated agricultural and commercial real estate exposures in the Kansas market.
Based on reported figures, Landmark Bancorp's provision for loan losses has fluctuated significantly, peaking at $1.5 million in 2024Q4 before moderating to $570,000 in 2026Q1, which indicates a reactive approach to credit risk management within the bank's localized agricultural and small-business loan portfolios.
The variability in these non-cash charges suggests that management is actively adjusting its reserve levels in response to shifting economic forecasts for the Kansas region. Investors should monitor whether these provisions remain adequate to cover potential credit deterioration, as the bank's localized exposure leaves it vulnerable to regional economic shocks.
Quick answers to the most common questions about buying LARK stock.
Landmark Bancorp, Inc. (LARK) generated $21.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Landmark Bancorp, Inc. (LARK) generated $21.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Landmark Bancorp, Inc. (LARK) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Landmark Bancorp, Inc. (LARK) returned $4.9M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.