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Call sheet · Q1'26

Landmark Bancorp (LARK)

Q1'26 earnings call · held April 30, 2026 · compared with the Q4'25 call · management-credibility review
7/12
Disclosure score
2 high, 3 medium, 3 low flags
Financial quality
Bottom line
The sleeper story is credit, not revenue: 30-89 day delinquencies nearly doubled to $7.4M and the Kansas macro dashboard that used to back up management's 'stable economy' claims was not repeated this quarter. The headline record revenue and EPS beat is real but is built on a shrinking loan book and deposit base, down $13.5M and $66.2M respectively, with CRE growth as the only bright spot offsetting ag and residential runoff. The binding constraint here isn't demand, it's credit discipline and disclosure: management admitted 'strategic exits were more limited this quarter' right as delinquencies spiked, and there was no Q&A session to press them on either the $433,000 fraud loss or the AOCI deterioration. My view changes if Q2 delinquency and NPL data show the spike was truly a two-borrower blip rather than the start of broader credit normalization, and if management restores the macro disclosure and Q&A format next quarter.

The 30-second version

  • Credit quality is quietly normalizing while management buries it under 'manageable' language
  • Record revenue headline masks a shrinking balance sheet
  • A nonexecutive officer fraud loss and a vanished Kansas economic dashboard are the real tells this quarter

What changed this quarter

MetricQ4'25Q1'26Change
Total RevenueImplied in FY25 17% growth narrative$18.8M, record quarterRecord level cited, but no YoY revenue growth rate disclosed this quarter
Diluted EPS$0.77 (Q4'25)$0.83, +6.7% QoQ, +7.2% YoYModest beat sequentially
Net Income$4.7M (Q4'25)$5.1M vs $4.7M Q1'25+8.5% QoQ
ROANot explicitly given at 1.29% level prior quarter1.29%, +12bps QoQ, +7bps YoYImproving profitability
Net Interest Margin4.03% (Q4'25)4.24%, +21bps QoQContinued NIM expansion
Total Loans11.5% avg FY growth narrative$1.1B, down $13.5M QoQ, up $23.3M YoYGrowth narrative reversing into contraction
Total Deposits$1.4B, +$63.4M QoQDown $66.2M QoQ on seasonal/broker runoffFull reversal of prior quarter's deposit build
Nonperforming Loans$10.0M, 0.90% of gross loans, -24% YoY$10.4M, 0.94% of gross loansReversal of prior quarter's improvement trend
30-89 Day Delinquencies$4.3M, 0.38% of gross loans$7.4M, 0.68% of gross loansNearly 2x increase in one quarter
Net Charge-offs (annualized)0.25% YTD FY25 / $341K Q40.13% annualized, $349KStable, roughly flat dollar amount

Accountability tracked

1 new promise made4 narrative shifts flagged
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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