Looks like a change in how the options are being exercised in the last couple of days. Appears selling enough of the option exercised shares back to Landmark at around 25.49 and then keeping the remainder. Works out that about 35% of the shares end up as issued and the rest either held as Treasury stock or never issued. I'm not quite sure how this works. Anyway seems downside risk is limited at this time. Looking forward to first quarter earnings report. I'm thinking some growth in Ag loans will help the net as well as interest paid on deposits continues to trend lower due to maturing time deposits going into money market and demand accounts, But unsure if enough to offset loan loss reversal of a year ago. Overall, expect to continue trend of solid operating performance.
Well so far about every option exercised, the shares have been immediately sold, Insider reports of the sales appear several times a week since the start of option s being exercised in Late November. I believe this group of options expire on April 16th. It appears the key employees have options of around 25,000 to 30,000+ shares each.
It will be interesting whether or not the exectives can get the shares sold without driving down the price too much. I believe the options exipre April 1st. Selling started late November 2015 for those nearing expiration.