UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the 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 of incorporation or organization)	(I.R.S. Employer Identification Number)

701 Poyntz Avenue, Manhattan, Kansas 66502

(Address of principal executive offices) (Zip code)

(785) 565-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:	Trading Symbol(s)	Name of exchange on which registered:
Common Stock, par value $0.01 per share	LARK	Nasdaq Global Market

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: as of November 5, 2020, the issuer had outstanding 4,510,988 shares of its common stock, $0.01 par value per share.

LANDMARK BANCORP, INC.

Form 10-Q Quarterly Report

Table of Contents

		Page Number
PART I
Item 1.	Financial Statements	2-25
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26-40
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	40-41
Item 4.	Controls and Procedures	41
PART II
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42-43
Item 3.	Defaults Upon Senior Securities	43
Item 4.	Mine Safety Disclosures	43
Item 5.	Other Information	43
Item 6.	Exhibits	43
		43
	Signature Page	44

1

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

LANDMARK BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)	September 30,			December 31,
	2020			2019
	(Unaudited)
Assets
Cash and cash equivalents	$	15,820		$	13,694
Investment securities available-for-sale, at fair value		299,530			362,998
Bank stocks, at cost		4,459			3,109
Loans, net of allowance for loans losses of $8,366 at September 30, 2020 and $6,467 at December 31, 2019		728,150			532,180
Loans held for sale, at fair value		18,253			8,497
Premises and equipment, net		20,617			21,133
Bank owned life insurance		25,269			24,809
Goodwill		17,532			17,532
Other intangible assets, net		3,578			2,829
Real estate owned, net		1,488			290
Accrued interest and other assets		14,246			11,394
Total assets	$	1,148,942		$	998,465
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest-bearing demand	$	272,864		$	182,717
Money market and checking		437,056			405,746
Savings		120,424			99,522
Time		127,598			147,063
Total deposits		957,942			835,048
Federal Home Loan Bank borrowings		20,069			3,000
Subordinated debentures		21,651			21,651
Other borrowings		8,400			17,548
Accrued interest, taxes, and other liabilities		19,010			12,611
Total liabilities		1,027,072			889,858
Commitments and contingencies		-			-
Stockholders’ equity:
Preferred stock, $0.01 par value per share, 200,000 shares authorized; none issued		-			-
Common stock, $0.01 par value per share, 7,500,000 shares authorized; 4,617,882 and 4,597,396 shares issued at September 30, 2020 and December 31, 2019, respectively		46			46
Additional paid-in capital		69,303			69,029
Retained earnings		45,462			34,293
Treasury stock, at cost: 106,894 and 0 shares at September 30, 2020 and December 31, 2019, respectively		(2,349	)		-
Accumulated other comprehensive income		9,408			5,239
Total stockholders’ equity		121,870			108,607
Total liabilities and stockholders’ equity	$	1,148,942		$	998,465

See accompanying notes to consolidated financial statements.

2

LANDMARK BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

	Three months ended					Nine months ended
(Dollars in thousands, except per share amounts)	September 30,					September 30,
	2020		2019			2020		2019
Interest income:
Loans:
Taxable	$	7,975	$	7,070		$	22,819	$	20,358
Tax-exempt		23		26			71		78
Investment securities:
Taxable		945		1,444			3,335		4,430
Tax-exempt		814		905			2,491		2,756
Total interest income		9,757		9,445			28,716		27,622
Interest expense:
Deposits		354		1,433			1,798		4,144
Borrowings		136		353			534		1,142
Total interest expense		490		1,786			2,332		5,286
Net interest income		9,267		7,659			26,384		22,336
Provision for loan losses		1,000		400			2,600		1,000
Net interest income after provision for loan losses		8,267		7,259			23,784		21,336
Non-interest income:
Fees and service charges		2,122		2,057			5,838		5,677
Gains on sales of loans, net		4,944		2,081			10,961		4,943
Bank owned life insurance		152		159			460		478
(Losses)/gains on sales of investment securities, net		678		-			2,448		(146	)
Other		269		258			783		847
Total non-interest income		8,165		4,555			20,490		11,799
Non-interest expense:
Compensation and benefits		5,559		4,678			15,394		13,072
Occupancy and equipment		1,106		1,207			3,248		3,369
Professional fees		381		446			1,095		1,285
Data processing		447		405			1,311		1,233
Amortization of intangibles		465		332			1,166		887
Advertising		150		166			451		501
Federal deposit insurance premiums		64		(66	)		166		71
Foreclosure and real estate owned expense		68		75			110		142
Other		1,282		1,375			3,804		3,751
Total non-interest expense		9,522		8,618			26,745		24,311
Earnings before income taxes		6,910		3,196			17,529		8,824
Income tax expense		1,483		583			3,639		1,430
Net earnings	$	5,427	$	2,613		$	13,890	$	7,394
Earnings per share:
Basic (1)	$	1.21	$	0.57		$	3.07	$	1.61
Diluted (1)	$	1.20	$	0.57		$	3.06	$	1.61
Dividends per share (1)	$	0.20	$	0.19		$	0.60	$	0.57

(1) Per share amounts for the periods ended September 30, 2019 have been adjusted to give effect to the 5% stock dividend paid during December 2019.

See accompanying notes to consolidated financial statements.

3

LANDMARK BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three months ended						Nine months ended
(Dollars in thousands)	September 30,						September 30,
	2020			2019			2020			2019
Net earnings	$	5,427		$	2,613		$	13,890		$	7,394
Net unrealized holding gains on available-for-sale securities		661			1,787			7,970			11,995
Reclassification adjustment for net losses (gains) included in earnings		(678	)		-			(2,448	)		146
Net unrealized gains		(17	)		1,787			5,522			12,141
Income tax effect on net (losses) gains included in earnings		166			-			600			(36	)
Income tax effect on net unrealized holding gains		(162	)		(437	)		(1,953	)		(2,938	)
Other comprehensive (loss) income		(13	)		1,350			4,169			9,167
Total comprehensive income	$	5,414		$	3,963		$	18,059		$	16,561

See accompanying notes to consolidated financial statements.

4

LANDMARK BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(Dollars in thousands, except per share amounts)	Common stock		Additional paid-in capital		Retained earnings			Treasury stock			Accumulated other comprehensive income (loss)			Total
Balance at July 1, 2019	$	44	$	63,904	$	35,105		$	-		$	3,826		$	102,879
Net earnings		-		-		2,613			-			-			2,613
Other comprehensive income		-		-		-			-			1,350			1,350
Dividends paid ($0.19 per share)		-		-		(875	)		-			-			(875	)
Stock-based compensation		-		71		-			-			-			71
Balance at September 30, 2019	$	44	$	63,975	$	36,843		$	-		$	5,176		$	106,038
Balance at July 1, 2020	$	46	$	69,224	$	40,938		$	(2,349	)	$	9,421		$	117,280
Net earnings		-		-		5,427			-			-			5,427
Other comprehensive loss		-		-		-			-			(13	)		(13	)
Dividends paid ($0.20 per share)		-		-		(903	)		-			-			(903	)
Stock-based compensation		-		79		-			-			-			79
Balance at September 30, 2020	$	46	$	69,303	$	45,462		$	(2,349	)	$	9,408		$	121,870

(Dollars in thousands, except per share amounts)	Common stock		Additional paid-in capital		Retained earnings			Treasury stock			Accumulated other comprehensive income (loss)			Total
Balance at January 1, 2019	$	44	$	63,775	$	32,073		$	-		$	(3,991	)	$	91,901
Net earnings		-		-		7,394			-			-			7,394
Other comprehensive income		-		-		-			-			9,167			9,167
Dividends paid ($0.57 per share)		-		-		(2,624	)		-			-			(2,624	)
Stock-based compensation		-		200		-			-			-			200
Balance at September 30, 2019	$	44	$	63,975	$	36,843		$	-		$	5,176		$	106,038
Balance at January 1, 2020	$	46	$	69,029	$	34,293		$	-		$	5,239		$	108,607
Net earnings		-		-		13,890			-			-			13,890
Other comprehensive income		-		-		-			-			4,169			4,169
Dividends paid ($0.60 per share)		-		-		(2,721	)		-			-			(2,721	)
Stock-based compensation		-		241		-			-			-			241
Exercise of stock options, 3,136 shares		-		33		-			-			-			33
Purchase of 106,894 treasury shares		-		-		-			(2,349	)		-			(2,349	)
Balance at September 30, 2020	$	46	$	69,303	$	45,462		$	(2,349	)	$	9,408		$	121,870

See accompanying notes to consolidated financial statements.

5

LANDMARK BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)	Nine months ended September 30,
	2020			2019
Cash flows from operating activities:
Net earnings	$	13,890		$	7,394
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for loan losses		2,600			1,000
Valuation allowance on real estate owned		19			31
Amortization of investment security premiums, net		906			1,285
Amortization of purchase accounting adjustment on loans		(42	)		(27	)
Amortization of intangibles		1,166			887
Depreciation		743			761
Increase in cash surrender value of bank owned life insurance		(460	)		(478	)
Stock-based compensation		241			200
Deferred income taxes		1,041			(430	)
Net (gains) losses on sales of investment securities		(2,448	)		146
Net loss (gain) on sales of premises, equipment and real estate owned		38			(2	)
Net gains on sales of loans		(10,961	)		(4,943	)
Proceeds from sales of loans		285,497			146,990
Origination of loans held for sale		(286,207	)		(152,983	)
Changes in assets and liabilities:
Accrued interest and other assets		(3,615	)		338
Accrued expenses, taxes, and other liabilities		4,005			(1,208	)
Net cash provided by (used in) operating activities		6,413			(1,039	)
Cash flows from investing activities:
Net increase in loans		(199,351	)		(32,377	)
Maturities and prepayments of investment securities		46,231			54,998
Purchases of investment securities		(36,863	)		(34,751	)
Proceeds from sales of investment securities		61,164			9,491
Redemption of bank stocks		1,655			7,498
Purchase of bank stocks		(3,005	)		(5,953	)
Proceeds from sales of premises and equipment and foreclosed assets		343			26
Purchases of premises and equipment, net		(239	)		(986	)
Net cash used in investing activities		(130,065	)		(2,054	)
Cash flows from financing activities:
Net increase in deposits		122,894			10,106
Federal Home Loan Bank advance borrowings		156,950			325,497
Federal Home Loan Bank advance repayments		(139,881	)		(328,297	)
Proceeds from other borrowings		1,075			1,033
Repayments on other borrowings		(10,223	)		-
Proceeds from exercise of stock options		33			-
Payment of dividends		(2,721	)		(2,624	)
Purchase of treasury stock		(2,349	)		-
Net cash provided by financing activities		125,778			5,715
Net increase in cash and cash equivalents		2,126			2,622
Cash and cash equivalents at beginning of period		13,694			19,114
Cash and cash equivalents at end of period	$	15,820		$	21,736

6

LANDMARK BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

(Unaudited)

	Nine months ended
(Dollars in thousands)	September 30,
	2020		2019
	(Unaudited)
Supplemental disclosure of cash flow information:
Cash payments for income taxes	$	2,890	$	511
Cash paid for interest		2,523		5,156
Cash paid for operating leases		134		116
Supplemental schedule of noncash investing and financing activities:
Transfer of loans to real estate owned		1,586		482
Operating lease asset and related lease liability recorded		-		353

See accompanying notes to consolidated financial statements.

7

LANDMARK BANCORP, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Interim Financial Statements

The unaudited consolidated financial statements of Landmark Bancorp, Inc. (the “Company”) and its wholly owned subsidiaries, Landmark National Bank (the “Bank”) and Landmark Risk Management Inc., have been prepared in accordance with the instructions to Form 10-Q. Accordingly, they do not include all the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s most recent Annual Report on Form 10-K, containing the latest audited consolidated financial statements and notes thereto. The consolidated financial statements in this report have not been audited by an independent registered public accounting firm, but in the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of financial statements have been reflected herein. The results of the three month and nine month interim periods ended September 30, 2020 are not necessarily indicative of the results expected for the year ending December 31, 2020 or any other future time period. The Company has evaluated subsequent events for recognition and disclosure up to the date the financial statements were issued.

2. Investments

A summary of investment securities available-for-sale is as follows:

(Dollars in thousands)	As of September 30, 2020
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gains		losses			fair value
U. S. treasury securities	$	2,000	$	47	$	-		$	2,047
U. S. federal agency obligations		18,860		146		(18	)		18,988
Municipal obligations, tax exempt		135,700		6,179		(2	)		141,877
Municipal obligations, taxable		45,414		2,965		-			48,379
Agency mortgage-backed securities		80,421		3,144		-			83,565
Certificates of deposit		4,674		-		-			4,674
Total	$	287,069	$	12,481	$	(20	)	$	299,530

(Dollars in thousands)	As of December 31, 2019
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gains		losses			fair value
U. S. treasury securities	$	2,300	$	16	$	-		$	2,316
U. S. federal agency obligations		4,015		91		-			4,106
Municipal obligations, tax exempt		142,391		3,513		(42	)		145,862
Municipal obligations, taxable		45,541		1,293		(55	)		46,779
Agency mortgage-backed securities		159,908		2,353		(230	)		162,031
Certificates of deposit		1,904		-		-			1,904
Total	$	356,059	$	7,266	$	(327	)	$	362,998

8

The tables above show that some of the securities in the available-for-sale investment portfolio had unrealized losses, or were temporarily impaired, as of September 30, 2020 and December 31, 2019. This temporary impairment represents the estimated amount of loss that would be realized if the securities were sold on the valuation date. Securities which were temporarily impaired are shown below, along with the length of time in a continuous unrealized loss position.

(Dollars in thousands)			As of September 30, 2020
			Less than 12 months					12 months or longer				Total
	No. of		Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
	securities		value		losses			value		losses		value		losses
U.S. federal agency obligations		5	$	13,848	$	(18	)	$	-	$	-	$	13,848	$	(18	)
Municipal obligations, tax exempt		3		1,329		(2	)		-		-		1,329		(2	)
Total		8	$	15,177	$	(20	)	$	-	$	-	$	15,177	$	(20	)

(Dollars in thousands)			As of December 31, 2019
			Less than 12 months					12 months or longer					Total
	No. of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	securities		value		losses			value		losses			value		losses
Municipal obligations, tax exempt		23	$	5,676	$	(16	)	$	3,473	$	(26	)	$	9,149	$	(42	)
Municipal obligations, taxable		4		2,563		(55	)		-		-			2,563		(55	)
Agency mortgage-backed securities		21		15,735		(43	)		17,137		(187	)		32,872		(230	)
Total		48	$	23,974	$	(114	)	$	20,610	$	(213	)	$	44,584	$	(327	)

The Company’s U.S. federal agency obligations portfolio consists of securities issued by the government-sponsored agencies of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Bank (“FHLB”). The receipt of principal and interest on U.S. federal agency obligations is guaranteed by the respective government-sponsored agency guarantor, such that the Company believes that its U.S. federal agency obligations do not expose the Company to credit-related losses. Based on these factors, along with the Company’s intent to not sell the securities and its belief that it was more likely than not that the Company will not be required to sell the securities before recovery of their cost basis, the Company believed that the U.S. federal agency obligations identified in the tables above were temporarily impaired as of September 30, 2020.

The Company’s portfolio of municipal obligations consists of both tax-exempt and taxable general obligations securities issued by various municipalities. The Company did not intend to sell and it was more likely than not that the Company will not be required to sell its municipal obligations in an unrealized loss position until the recovery of their costs. Due to the issuers’ continued satisfaction of the securities’ obligations in accordance with their contractual terms and the expectation that they will continue to do so, the evaluation of the fundamentals of the issuers’ financial condition and other objective evidence, the Company believed that the municipal obligations identified in the tables above were temporarily impaired as of September 30, 2020 and December 31, 2019.

The table below sets forth amortized cost and fair value of investment securities at September 30, 2020. The table includes scheduled principal payments and estimated prepayments, based on observable market inputs, for agency mortgage-backed securities. Actual maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.

(Dollars in thousands)	Amortized		Estimated
	cost		fair value
Due in less than one year	$	12,464	$	12,489
Due after one year but within five years		146,177		151,148
Due after five years but within ten years		63,935		67,775
Due after ten years		64,493		68,118
Total	$	287,069	$	299,530

9

Sales proceeds and gross realized gains and losses on sales of available-for-sale securities were as follows:

(Dollars in thousands)	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020			2019
Sales proceeds	$	16,655	$	-	$	61,164		$	9,491
Realized gains	$	678	$	-	$	2,450		$	2
Realized losses		-		-		(2	)		(148	)
Net realized losses	$	678	$	-	$	2,448		$	(146	)

Securities with carrying values of $279.9 million and $240.0 million were pledged to secure public funds on deposit, repurchase agreements and as collateral for borrowings at September 30, 2020 and December 31, 2019, respectively. Except for U.S. federal agency obligations, no investment in a single issuer exceeded 10% of consolidated stockholders’ equity.

3. Loans and Allowance for Loan Losses

Loans consisted of the following as of the dates indicated below:

	September 30,			December 31,
(Dollars in thousands)	2020			2019
One-to-four family residential real estate	$	162,344		$	146,505
Construction and land		28,094			22,459
Commercial real estate		154,804			133,501
Commercial		137,286			109,612
Paycheck protection program		130,977			-
Agriculture		99,430			98,558
Municipal		2,389			2,656
Consumer		23,988			25,101
Total gross loans		739,312			538,392
Net deferred loan (fees)/costs and loans in process		(2,796	)		255
Allowance for loan losses		(8,366	)		(6,467	)
Loans, net	$	728,150		$	532,180

10

The following tables provide information on the Company’s activity in the allowance for loan losses by loan class:

(Dollars in thousands)	Three and nine months ended September 30, 2020
	One-to-four family residential real estate			Construction and land			Commercial real estate			Commercial			Agriculture			Municipal			Consumer			Total
Allowance for loan losses:
Balance at July 1, 2020	$	707		$	273		$	1,693		$	2,356		$	2,565		$	6		$	147		$	7,747
Charge-offs		(89	)		(91	)		-			(167	)		(3	)		-			(57	)		(407	)
Recoveries		-			-			-			1			-			-			25			26
Provision for loan losses		213			22			264			436			15			-			50			1,000
Balance at September 30, 2020		831			204			1,957			2,626			2,577			6			165			8,366
Balance at January 1, 2020	$	501		$	271		$	1,386		$	1,815		$	2,347		$	7		$	140		$	6,467
Charge-offs		(109	)		(191	)		(120	)		(200	)		(3	)		-			(180	)		(803	)
Recoveries		-			-			13			3			-			6			80			102
Provision for loan losses		439			124			678			1,008			233			(7	)		125			2,600
Balance at September 30, 2020		831			204			1,957			2,626			2,577			6			165			8,366

(Dollars in thousands)	Three and nine months ended September 30, 2019
	One-to-four family residential real estate			Construction and land			Commercial real estate			Commercial			Agriculture		Municipal			Consumer			Total
Allowance for loan losses:
Balance at July 1, 2019	$	441		$	255		$	1,758		$	1,404		$	2,260	$	7		$	141		$	6,266
Charge-offs		(15	)		(31	)		-			(284	)		-		-			(81	)		(411	)
Recoveries		-			-			-			1			-		-			23			24
Provision for loan losses		249			(156	)		(326	)		490			40		(1	)		104			400
Balance at September 30, 2019		675			68			1,432			1,611			2,300		6			187			6,279
Balance at January 1, 2019	$	449		$	168		$	1,686		$	1,051		$	2,238	$	7		$	166		$	5,765
Charge-offs		(56	)		(31	)		-			(324	)		-		-			(183	)		(594	)
Recoveries		1			-			-			52			-		6			49			108
Provision for loan losses		281			(69	)		(254	)		832			62		(7	)		155			1,000
Balance at September 30, 2019		675			68			1,432			1,611			2,300		6			187			6,279

11

The following tables provide information on the Company’s activity in the allowance for loan losses by loan class and allowance methodology:

(Dollars in thousands)	As of September 30, 2020
	One-to-four family residential real estate		Construction and land		Commercial real estate		Commercial		Paycheck protection loans		Agriculture		Municipal		Consumer		Total
Allowance for loan losses:
Individually evaluated for loss		213		-		-		25		-		-		-		-		238
Collectively evaluated for loss		618		204		1,957		2,601		-		2,577		6		165		8,128
Total		831		204		1,957		2,626		-		2,577		6		165		8,366
Loan balances:
Individually evaluated for loss		1,259		1,198		4,929		2,055		-		1,059		58		2		10,560
Collectively evaluated for loss		161,085		26,896		149,875		135,231		130,977		98,371		2,331		23,986		728,752
Total	$	162,344	$	28,094	$	154,804	$	137,286	$	130,977	$	99,430	$	2,389	$	23,988	$	739,312

(Dollars in thousands)	As of December 31, 2019
	One-to-four family residential real estate		Construction and land		Commercial real estate		Commercial		Paycheck protection loans		Agriculture		Municipal		Consumer		Total
Allowance for loan losses:
Individually evaluated for loss		129		191		103		204		-		106		-		-		733
Collectively evaluated for loss		372		80		1,283		1,611		-		2,241		7		140		5,734
Total		501		271		1,386		1,815		-		2,347		7		140		6,467
Loan balances: