Form 8-K

8-K — LANDMARK BANCORP INC

Accession: 0001493152-26-035184

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0001141688

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — form8-k.htm (Primary)

EX-99.1 (ex99-1.htm)

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8-K

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Filename: form8-k.htm · Sequence: 1

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0001141688

2026-07-29

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

Current

Report

Pursuant

to Section 13 or 15(d) of

The

Securities Exchange Act of 1934

Date

of Report (Date of earliest event reported) July 29, 2026

Landmark

Bancorp, Inc.

(Exact

name of registrant as specified in its charter)

Commission

File Number: 000-33203

Delaware

43-1930755

(State

or other jurisdiction

incorporation)

(I.R.S.

Employer

Identification

Number)

701

Poyntz Avenue

Manhattan,

Kansas 66502

(Address

of principal executive offices, including zip code)

(785)

565-2000

(Registrant’s

telephone number, including area code)

N/A

(Former

name or former address, if changed since last report)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions (see General Instruction A.2 below):

☐

Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange

Securities

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

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common

Stock, $0.01 Par Value

LARK

The

Nasdaq Global Market

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)

or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

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. ☐

Item

2.02.

Results

of Operations and Financial Condition.

July 29, 2026, Landmark Bancorp, Inc. (the “Company”) issued a press release announcing financial results for the three and

six months ended June 30, 2026. The press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

The

information in this item and the attached exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities

Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as

amended, except as shall be expressly set forth by specific reference in any such filing.

Item

8.01.

Other

Events.

The

Company also announced on July 29, 2026, that its Board of Directors approved a cash dividend of $0.21 per share. The cash dividend will

be paid to all stockholders of record as of the close of business on August 13, 2026, and payable on August 27, 2026.

Item

9.01.

Financial

Statements and Exhibits.

(d)

Exhibits

99.1

Press Release dated July 29, 2026

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

LANDMARK

BANCORP, INC.

Dated:

July 29, 2026

By:

/s/

Mark A. Herpich

Mark

A. Herpich

Chief

Financial Officer

EX-99.1

Filename: ex99-1.htm · Sequence: 2

Exhibit

99.1

PRESS

RELEASE

FOR

IMMEDIATE RELEASE

July

29, 2026

Landmark

Bancorp, Inc. Reports Second Quarter 2026 Results

Announces

Second Quarter 2026 Earnings Per Share Growth of 6.1%

Declares

Quarterly Cash Dividend of $0.21 per Share

Manhattan,

KS – Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.88 for the second

quarter of 2026, compared to $0.83 per share in the first quarter of 2026 and $0.72 per share in the same quarter of the prior year.

Net earnings for the second quarter totaled $5.4 million, compared to $5.1 million in the prior quarter and $4.4 million in the second

quarter of 2025. For the three months ended June 30, 2026, the return on average assets was 1.35%, the return on average equity was 13.23%,

and the efficiency ratio(1) was 61.7%.

For

the first six months of 2026, diluted earnings per share totaled $1.70, compared to $1.49 during the same period in 2025. Net earnings

for the first six months of 2026 totaled $10.5 million, compared to $9.1 million in the first six months of 2025, or an increase of 14.9%,

driven primarily by higher net interest income. For the six months ended June 30, 2026, the return on average assets was 1.32%, the return

on average equity was 12.94%, and the efficiency ratio(1) was 62.2%.

Second

quarter 2026 Performance Highlights

● Return

on average assets improved to 1.35%, compared to 1.29% in the prior quarter and 1.11% in

the second quarter of 2025.

● Return

on average equity was 13.23%, compared to 12.65% in the prior quarter and 12.25% in the second

quarter of 2025.

● Net

interest margin decreased two basis points from the prior quarter to 4.22%, and improved

39 basis points compared to the second quarter of 2025. Net interest income expanded to $15.1

million, an increase of 0.4% as compared to the prior quarter and an increase of 10.2% from

the same quarter in 2025. Net interest margin improvement is due partially to improving funding

costs over the past year.

● Commercial,

commercial real estate, construction and land, and agricultural loans grew $7.4 million compared

to the prior quarter, an annualized increase of 4.3%, partially offset by a reduction in

on-balance sheet residential mortgage loans.

● Non-interest-bearing

deposits ended the quarter at 29.2% of total deposits. Total deposit costs improved to 1.30%,

a decrease of eight basis points as compared to the prior quarter and a decrease of 26 basis

points from the second quarter of 2025.

● Capital

continues to grow and capital ratios remain strong. Tangible common equity to assets(1)

increased to 8.44% as of June 30, 2026, from 8.11% as of March 31, 2026, and 7.15% as of

June 30, 2025.

● Book

value per share was $27.35 as of June 30, 2026, compared to $26.50 as of March 31, 2026.

Tangible book value per share(1) grew to $21.76, compared to $20.89 as of March

31, 2026.

(1)

Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation.

“Landmark’s

strong second quarter results reflected record revenue of more than $19 million, solid earnings performance, and continued improvement

in profitability,” said Abby Wendel, President and Chief Executive Officer. “Our continued revenue growth demonstrates the

strength of our relationship-based banking model, disciplined pricing strategies, and prudent balance sheet management.”

Ms.

Wendel continued, “We were pleased to see loan growth accelerate during the second quarter, especially across all areas of our

commercial and agricultural-related loan portfolios, driven by our team’s focus on attracting new clients while deepening relationships

with existing clients. And while nonperforming loans, which increased during the quarter, remain higher than we would like, we are making

steady progress improving the overall portfolio quality through proactive management and the resolution of credits that no longer align

with our credit risk profile. Strong capital generation continues to strengthen our balance sheet which supports ongoing investments

in talent, technology and facilities to enhance the customer and associate experience.”

Dividend

Declaration

Landmark’s

Board of Directors declared a cash dividend of $0.21 per share, to be paid August 27, 2026, to common stockholders of record as of the

close of business on August 13, 2026.

Earnings

Conference Call

Landmark

will host a conference call to review the Company’s second quarter financial results at 10:00 a.m. (Central time) on Thursday,

July 30, 2026. Interested parties may participate via telephone by dialing (800) 715-9871.

audio recording of the earnings call will be available through August 6, 2026. To access the recording, register via https://echo.registrations.events/signup

using Conference ID 78609 to receive a unique access code to listen to the playback, including the correct numbers to dial.

SUMMARY

OF SECOND QUARTER RESULTS

Net

Interest Income

Net

interest income in the second quarter of 2026 totaled $15.1 million, representing an increase of $57,000, or 0.4%, compared to the prior

quarter and an increase of $1.4 million, or 10.2%, compared to the same quarter of the prior year. The increase in net interest income

this quarter compared to both the prior quarter and the second quarter of 2025 was driven by higher rates on investments despite lower

average balances, coupled with lower interest expense on deposits and other borrowings which more than offset a slight decrease in loan

yields. The net interest margin for the second quarter of 2026 was 4.22%, a decrease of two basis points from 4.24% during the prior

quarter and an increase of 39 basis points from 3.83% during the second quarter of the prior year. The average tax-equivalent yield on

the investment securities portfolio grew to 3.66%, compared to 3.55% in the prior quarter and 3.34% in the second quarter of 2025 as

lower-rate securities matured during the quarter. The average tax-equivalent yield on the loan portfolio declined nine basis points as

compared to the prior quarter and decreased six basis points as compared to the second quarter of the prior year.

Compared

to the first quarter of 2026, interest on deposits decreased $262,000, or 5.7%, due to lower rates, coupled with decreased average balances

as brokered deposits declined. Interest on other borrowed funds increased $208,000 from the first quarter of 2026, driven by higher average

balances, partially offset by a decrease in rates. The average rate on interest-bearing deposits decreased eight basis points from the

prior quarter, to 1.82%, primarily due to lower rates on certificates of deposit. The average rate on other borrowed funds decreased

31 basis points to 4.54% in the second quarter of 2026, offset by an increase in average balances in borrowings from the FHLB.

Compared

to the second quarter of 2025, interest on deposits decreased $795,000, or 15.5%, due to lower rates, coupled with decreased average

balances. Interest on other borrowed funds decreased $449,000 from the second quarter of the prior year, due to lower rates and average

balances. The average rate on interest-bearing deposits decreased 32 basis points from the second quarter of 2025, primarily due to lower

rates on money market and checking accounts and certificates of deposit. The average rate on other borrowed funds decreased 44 basis

points as compared to the second quarter of 2025.

Non-Interest

Income

Non-interest

income totaled $4.1 million for the second quarter of 2026, an increase of $331,000 from the prior quarter and an increase of $469,000

from the same quarter in the prior year. The increase in non-interest income as compared to the prior quarter was primarily due to an

increase of $356,000 in gains on the sale of loans due to an increase in the volume of loans sold in the secondary market.

The

increase in non-interest income as compared to the second quarter of the prior year was primarily due to an increase of $501,000 in gains

on the sale of loans due to an increase in the volume of loans sold in the secondary market.

Non-Interest

Expense

During

the second quarter of 2026, non-interest expense totaled $12.0 million, an increase of $63,000, or 0.5%, compared to the prior quarter

and an increase of $1.0 million, or 9.1%, compared to the same period in the prior year. Compared to the prior quarter, the increase

in non-interest expense was primarily due to increases of $487,000 in professional fees and $246,000 in compensation and benefits expense.

These increases were partially offset by decreases of $364,000 in other expense and $243,000 in occupancy and equipment expense. The

increase in professional fees was attributable to $270,000 in one-time forensic accounting and legal costs related to previously disclosed

fraudulent activity by a non-executive officer of the bank, coupled with an increase in consulting expenses for talent recruitment and

development, and internal audit co-sourcing. The increase in compensation and benefits was attributable to higher incentive compensation

expense in the second quarter of 2026 as compared to the prior quarter. The decrease in other expense was primarily due to $433,000 of

fraud losses related to fraudulent activity by a non-executive officer of the bank, which was identified during the first quarter. The

decrease in occupancy and equipment expense was related to expenses incurred to upgrade our core branch operation systems during the

first quarter of 2026.

Compared

to the second quarter of 2025, the increase in non-interest expense was primarily due to increases of $711,000 in professional fees and

$335,000 in compensation and benefits. The increase in professional fees was attributable to $270,000 in one-time forensic accounting

and legal costs related to previously disclosed fraudulent activity as outlined above, coupled with an increase in consulting expenses

for talent recruitment and development, and internal audit co-sourcing. The increase in compensation and benefits was attributable to

an increase in the number of employees in the current year, coupled with higher benefits expense as compared to the prior year.

Income

Tax Expense

Landmark

recorded income tax expense of $1.3 million in the second quarter of 2026, compared to $1.3 million in the prior quarter, and $944,000

in the second quarter of 2025. The effective tax rate was 19.7% in the second quarter of 2026, compared to 19.8% in the prior quarter

and 17.7% in the second quarter of 2025.

Balance

Sheet Highlights

of June 30, 2026, gross period-end loans totaled $1.1 billion, an increase of $3.3 million from the prior quarter, while average loans

declined $3.2 million. The increase in period-end loans was primarily driven by higher construction and land loans (growth of $4.5 million),

commercial loans (growth of $1.5 million) and agriculture loans (growth of $1.5 million), offset by a decline in one-to-four family residential

real estate loans (decline of $4.0 million). Investment securities available-for-sale decreased $1.3 million during the second quarter

of 2026, primarily due to maturities occurring during the quarter.

Period-end

deposit balances decreased $17.7 million to $1.3 billion at June 30, 2026, an annualized decrease of 5.4% compared to the prior quarter.

The decrease in deposits was driven primarily by a decline in brokered deposits and more specifically by decreases in certificates of

deposit and savings accounts of $33.5 million and $3.6 million, respectively. These decreases were partially offset by increases in non-interest-bearing

demand deposits ($12.8 million increase) and money market and checking accounts ($6.7 million increase). Total period-end borrowings

increased $15.7 million during the second quarter of 2026. At June 30, 2026, the loan to deposits ratio was 83.5%, compared to 82.1%

in the prior quarter.

Stockholders’

equity increased to $166.9 million (book value of $27.35 per share) as of June 30, 2026, from $161.6 million (book value of $26.50 per

share) as of March 31, 2026. The increase in stockholders’ equity was primarily due to net earnings for the quarter net of dividends

paid, coupled with a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities). The ratio

of equity to total assets increased to 10.39% on June 30, 2026, from 10.06% on March 31, 2026.

The

allowance for credit losses totaled $12.7 million, or 1.15% of total gross loans, as of June 30, 2026, compared to $12.6 million, or

1.15% of total gross loans, as of March 31, 2026. Net loan charge-offs totaled $452,000 in the second quarter of 2026, compared to $349,000

during the first quarter of 2026 and $40,000 in the second quarter of the prior year. A provision for credit losses on loans of $500,000

was recorded in both the first and second quarters of 2026, a decrease of $500,000 as compared to the second quarter of the prior year.

Non-performing

loans totaled $13.1 million, or 1.18% of gross loans, at June 30, 2026, compared to $10.4 million, or 0.94% of gross loans, at March

31, 2026. Loans 30-89 days delinquent totaled $6.3 million, or 0.57% of gross loans, as of June 30, 2026, compared to $7.4 million, or

0.68% of gross loans, as of March 31, 2026.

About

Landmark

Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.”

Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial

and banking services. Landmark National Bank has 28 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2),

Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City,

Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka, Wamego and Wellsville, Kansas. Visit www.banklandmark.com

for more information.

Contact

Information

Mark Herpich

Shelley Reed

Chief Financial Officer

Investor Relations

(785) 565-2000

(913) 563-5672

mherpich@banklandmark.com

sreed@banklandmark.com

Special

Note Concerning Forward-Looking Statements

This

press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and

Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by

the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect

to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements,

which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management,

are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,”

“intend,” “estimate,” “may,” “will,” “would,” “could,” “should”

or other similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead,

they are based only on the Company’s current beliefs, expectations, and assumptions regarding its business, future plans and strategies,

projections, anticipated events and trends, the economy, and other future conditions. Actual results and financial condition may differ

materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and

Landmark undertakes no obligation to update any statement in light of new information or future events. Because forward-looking statements

relate to the future, they are subject to inherent known and unknown uncertainties, risks, changes in circumstances, and other factors

that are difficult to predict and many of which may be out of the Company’s control. These factors include, among others, the following:

(i) the strength of the local, state, national and international economies and financial markets, including the effects of inflationary

pressures and future monetary policies of the Federal Reserve in response thereto and changes in global energy market conditions; (ii)

effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs,

immigration enforcement, executive orders, and changes in foreign policy; (iii) changes in interest rates and prepayment rates of our

assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank

competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services;

(vi) rapid and expensive technological changes implemented by us and other parties in the financial services industry, including third-party

vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and

our customers, including the development and implementation of tools incorporating artificial intelligence; (vii) our risk management

framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) the economic

effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (x) the loss of key executives

or employees; (xi) changes in consumer spending; (xii) integration of acquired businesses; (xiii) the commencement, cost and outcome

of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xiv) changes

in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xv) past

and any future terrorist attacks, military conflicts, acts of war, changes in foreign relations, or other adverse external events, including

ongoing conflicts in the Middle East, wars in Iran and Ukraine, and other international military conflicts that can increase levels of

political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the

volatility of financial markets, and other matters beyond our control; (xvi) the ability to manage credit risk, forecast loan losses

and maintain an adequate allowance for loan losses; (xvii) fluctuations in the value of securities held in our securities portfolio;

(xviii) concentrations within our loan portfolio and large loans to certain borrowers (including commercial real estate loans); (xix)

the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits

to diversify their exposure; (xx) the level of non-performing assets on our balance sheets; (xxi) the ability to raise additional capital;

(xxii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls

or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or

as a result of insider fraud; (xxiii) emerging issues related to the development and use of artificial intelligence that could give rise

to legal or regulatory action, damage our reputation, or otherwise materially harm our business or customers; (xxiv) declines in real

estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxvi) the availability

of future equity or debt issuances and other capital raising opportunities on favorable terms; (xxvii) the Company’s success at

managing and responding to the risks involved in the foregoing items; and (xxviii) any other risks described in the “Risk Factors”

sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered

in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning

Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included

in our filings with the Securities and Exchange Commission.

LANDMARK

BANCORP, INC. AND SUBSIDIARIES

Consolidated

Balance Sheets (unaudited)

June 30,

March 31,

December 31,

September 30,

June 30,

(Dollars in thousands)

2026

2025

Assets

Cash and cash equivalents

$ 26,277

$ 31,866

$ 20,982

$ 23,947

$ 25,038

Interest-bearing deposits at other banks

5,935

2,970

3,218

3,463

Investment securities available-for-sale, at fair value:

U.S. treasury securities

43,478

50,001

53,183

50,833

51,624

Municipal obligations, tax exempt

75,143

77,495

87,809

97,383

100,802

Municipal obligations, taxable

97,718

94,738

90,603

82,236

75,037

Agency mortgage-backed securities

124,469

119,826

116,562

119,576

124,979

Total investment securities available-for-sale

340,808

342,060

348,157

350,028

352,442

Investment securities held-to-maturity

3,847

3,818

3,789

3,760

3,730

Bank stocks, at cost

8,079

7,123

5,756

8,021

10,946

Loans:

One-to-four family residential real estate

364,271

368,282

375,299

381,641

377,133

Construction and land

23,358

18,811

20,531

19,741

26,373

Commercial real estate

407,756

407,901

394,323

389,574

370,455

Commercial

177,904

176,373

178,201

186,656

204,303

Agriculture

88,055

86,603

102,829

99,897

100,348

Municipal

6,715

6,864

6,874

6,884

6,938

Consumer

33,417

33,392

33,666

33,660

32,234

Total gross loans

1,101,476

1,098,226

1,111,723

1,118,053

1,117,784

Net deferred loan costs (fees) and loans in process

886

(296 )

(872 )

(763 )

(615 )

Allowance for credit losses

(12,657 )

(12,609 )

(12,458 )

(12,299 )

(13,762 )

Loans, net

1,089,705

1,085,321

1,098,393

1,104,991

1,103,407

Loans held for sale, at fair value

3,740

3,202

5,141

3,578

4,773

Bank owned life insurance

40,572

40,287

40,176

39,890

39,607

Premises and equipment, net

18,907

19,118

19,325

19,449

19,654

Goodwill

32,377

Other intangible assets, net

1,725

1,858

1,990

2,123

2,275

Mortgage servicing rights

3,336

3,222

3,189

3,120

3,082

Real estate owned, net

167

Other assets

31,208

32,565

24,149

22,573

23,904

Total assets

$ 1,606,516

$ 1,605,787

$ 1,606,642

$ 1,617,075

$ 1,624,865

Liabilities and Stockholders’ Equity

Liabilities:

Deposits:

Non-interest-bearing demand

380,543

367,737

364,695

365,959

351,993

Money market and checking

596,083

589,410

650,987

579,413

562,919

Savings

150,961

154,607

151,406

146,291

148,092

Certificates of deposit

177,401

210,930

221,766

233,837

210,897

Total deposits

1,304,988

1,322,684

1,388,854

1,325,500

1,273,901

FHLB and other borrowings

83,415

67,062

10,567

90,483

155,110

Subordinated debentures

21,651

Repurchase agreements

1,599

2,263

1,501

1,420

5,825

Accrued interest and other liabilities

28,005

30,516

23,438

22,294

20,002

Total liabilities

1,439,658

1,444,176

1,446,011

1,461,348

1,476,489

Stockholders’ equity:

Common stock

Additional paid-in capital

102,810

102,675

102,597

95,330

95,266

Retained earnings

71,561

67,449

63,658

67,327

63,612

Accumulated other comprehensive loss

(7,574 )

(8,574 )

(5,685 )

(6,988 )

(10,560 )

Total stockholders’ equity

166,858

161,611

160,631

155,727

148,376

Total liabilities and stockholders’ equity

$ 1,606,516

$ 1,605,787

$ 1,606,642

$ 1,617,075

$ 1,624,865

LANDMARK

BANCORP, INC. AND SUBSIDIARIES

Consolidated

Statements of Earnings (unaudited)

Three months ended,

Six months ended,

June 30,

March 31,

June 30,

(Dollars in thousands, except per share amounts)

2026

2025

2026

2025

Interest income:

Loans

$ 17,147

$ 17,260

$ 17,186

$ 34,407

$ 33,581

Investment securities:

Taxable

2,482

2,334

2,163

4,816

4,343

Tax-exempt

571

595

701

1,166

1,420

Interest-bearing deposits at banks

110

Total interest income

20,251

20,248

20,098

40,499

39,440

Interest expense:

Deposits

4,349

4,611

5,144

8,960

10,380

FHLB and other borrowings

484

277

861

761

1,426

Subordinated debentures

324

322

358

646

715

Repurchase agreements

117

Total interest expense

5,171

5,225

6,415

10,396

12,638

Net interest income

15,080

15,023

13,683

30,103

26,802

Provision for credit losses

500

570

1,000

1,070

1,000

Net interest income after provision for credit losses

14,580

14,453

12,683

29,033

25,802

Non-interest income:

Fees and service charges

2,451

2,363

2,476

4,814

4,864

Gains on sales of loans, net

1,241

885

740

2,126

1,302

Bank owned life insurance

285

373

278

658

550

Losses on sales of investment securities, net

(2 )

Other

118

143

132

261

270

Total non-interest income

4,095

3,764

3,626

7,859

6,984

Non-interest expense:

Compensation and benefits

6,569

6,323

6,234

12,892

12,388

Occupancy and equipment

1,207

1,450

1,244

2,657

2,496

Data processing

494

554

629

1,048

1,025

Amortization of mortgage servicing rights and other intangibles

225

228

238

453

477

Professional fees

1,251

764

540

2,015

1,285

Other

2,215

2,579

2,076

4,794

4,051

Total non-interest expense

11,961

11,898

10,961

23,859

21,722

Earnings before income taxes

6,714

6,319

5,348

13,033

11,064

Income tax expense

1,322

1,253

944

2,575

1,959

Net earnings

$ 5,392

$ 5,066

$ 4,404

$ 10,458

$ 9,105

Net earnings per share (1)

Basic

$ 0.88

$ 0.83

$ 0.73

$ 1.72

$ 1.50

Diluted

0.88

0.83

0.72

1.70

1.49

Dividends per share (1)

0.21

0.20

0.42

0.40

Shares outstanding at end of period (1)

6,100,582

6,098,324

6,072,478

6,100,582

6,072,478

Weighted average common shares outstanding - basic (1)

6,098,229

6,083,271

6,071,683

6,090,791

6,069,977

Weighted average common shares outstanding - diluted (1)

6,161,461

6,139,357

6,132,969

6,149,859

6,119,236

Tax equivalent net interest income

$ 15,222

$ 15,170

$ 13,851

$ 30,391

$ 27,142

(1)

Share and per share values at or for the period ended June 30, 2025 have been adjusted to give effect to the 5% stock dividend paid during

December 2025.

LANDMARK

BANCORP, INC. AND SUBSIDIARIES

Select

Ratios and Other Data (unaudited)

As of or for the

three months ended,

As of or for the

six months ended,

June 30,

March 31,

June 30,

(Dollars in thousands, except per share amounts)

2026

2025

2026

2025

Performance ratios:

Return on average assets (1)

1.35 %

1.29 %

1.11 %

1.32 %

1.16 %

Return on average equity (1)

13.23 %

12.65 %

12.25 %

12.94 %

12.96 %

Net interest margin (1)(2)

4.22 %

4.24 %

3.83 %

4.23 %

3.80 %

Effective tax rate

19.7 %

19.8 %

17.7 %

19.8 %

17.7 %

Efficiency ratio (3)

61.7 %

62.7 %

62.8 %

62.2 %

63.4 %

Adjusted non-interest income to total income (3)

21.4 %

19.9 %

20.9 %

20.6 %

20.7 %

Average balances:

Investment securities

$ 349,813

$ 350,802

$ 363,878

$ 350,305

$ 370,823

Loans

1,090,422

1,093,593

1,081,865

1,091,999

1,065,317

Assets

1,602,782

1,594,612

1,592,939

1,598,719

1,583,669

Interest-bearing deposits

958,407

983,148

965,214

970,709

972,460

Total deposits

1,336,971

1,355,478

1,324,507

1,346,173

1,328,629

FHLB and other borrowings

49,201

27,851

74,007

38,585

61,288

Subordinated debentures

21,651

Repurchase agreements

1,809

1,871

6,683

1,840

7,653

Stockholders’ equity

$ 163,505

$ 162,463

$ 144,151

$ 162,987

$ 141,623

Average tax equivalent yield/cost (1):

Investment securities

3.66 %

3.55 %

3.34 %

3.61 %

3.32 %

Loans

6.31 %

6.40 %

6.37 %

6.35 %

6.36 %

Total interest-bearing assets

5.66 %

5.69 %

5.60 %

5.68 %

5.56 %

Interest-bearing deposits

1.82 %

1.90 %

2.14 %

1.86 %

2.15 %

Total deposits

1.30 %

1.38 %

1.56 %

1.34 %

1.58 %

FHLB and other borrowings

3.95 %

4.03 %

4.67 %

3.98 %

4.69 %

Subordinated debentures

6.00 %

6.03 %

6.63 %

6.02 %

6.66 %

Repurchase agreements

3.10 %

3.25 %

3.12 %

3.18 %

3.08 %

Total interest-bearing liabilities

2.01 %

2.05 %

2.41 %

2.03 %

2.40 %

Capital ratios:

Equity to total assets

10.39 %

10.06 %

9.13 %

Tangible equity to tangible assets (3)

8.44 %

8.11 %

7.15 %

Book value per share

$ 27.35

$ 26.50

$ 24.43

Tangible book value per share (3)

$ 21.76

$ 20.89

$ 18.73

Rollforward of allowance for credit losses (loans):

Beginning balance

$ 12,609

$ 12,458

$ 12,802

$ 12,458

$ 12,825

Charge-offs

(825 )

(394 )

(103 )

(1,219 )

(211 )

Recoveries

373

418

148

Provision for credit losses for loans

500

1,000

Ending balance

$ 12,657

$ 12,609

$ 13,762

$ 12,657

$ 13,762

Allowance for unfunded loan commitments

$ 220

$ 150

Non-performing assets:

Non-accrual loans

$ 13,051

$ 10,378

$ 16,984

Accruing loans over 90 days past due

Real estate owned

167

Total non-performing assets

$ 13,051

$ 10,378

$ 17,151

Loans 30-89 days delinquent

$ 6,282

$ 7,448

$ 4,321

Other ratios:

Loans to deposits

83.50 %

82.05 %

86.62 %

Loans 30-89 days delinquent and still accruing to gross loans outstanding

0.57 %

0.68 %

0.39 %

Total non-performing loans to gross loans outstanding

1.18 %

0.94 %

1.52 %

Total non-performing assets to total assets

0.81 %

0.65 %

1.06 %

Allowance for credit losses to gross loans outstanding

1.15 %

1.23 %

Allowance for credit losses to total non-performing loans

96.98 %

121.50 %

81.03 %

Net loan charge-offs to average loans (1)

0.17 %

0.13 %

0.01 %

0.15 %

0.01 %

(1)

Information is annualized.

(2)

Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.

(3)

Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to

the most comparable GAAP equivalent.

(4)

Share and per share values at or for the period ended June 30, 2025 have been adjusted to give effect to the 5% stock dividend paid during

December 2025.

LANDMARK

BANCORP, INC. AND SUBSIDIARIES

Non-GAAP

Financial Measures (unaudited)

As of or for the

three months ended,

As of or for the

six months ended,

June 30,

March 31,

June 30,

(Dollars in thousands, except per share amounts)

2026

2025

2026

2025

Non-GAAP financial ratio reconciliation:

Net interest income

$ 15,080

$ 15,023

$ 13,683

$ 30,103

$ 26,802

Non-interest income

4,095

3,764

3,626

7,859

6,984

Total revenue

$ 19,175

$ 18,787

$ 17,309

$ 37,962

$ 33,786

Total non-interest expense

$ 11,961

$ 11,898

$ 10,961

$ 23,859

$ 21,722

Less: foreclosure and real estate owned expense

(3 )

(2 )

(1 )

Less: amortization of other intangibles

(132 )

(133 )

(151 )

(265 )

(303 )

Less: valuation allowance on assets held for sale

Adjusted non-interest expense (A)

11,830

11,762

10,859

23,592

21,418

Net interest income (B)

15,080

15,023

13,683

30,103

26,802

Non-interest income

4,095

3,764

3,626

7,859

6,984

Less: losses on sales of investment securities, net

Less: gains on sales of premises and equipment and foreclosed assets

(32 )

(9 )

(32 )

(9 )

Adjusted non-interest income (C)

$ 4,095

$ 3,732

$ 3,617

$ 7,827

$ 6,977

Efficiency ratio (A/(B+C))

61.7 %

62.7 %

62.8 %

62.2 %

63.4 %

Adjusted non-interest income to total income (C/(B+C))

21.4 %

19.9 %

20.9 %

20.6 %

20.7 %

Total stockholders’ equity

$ 166,858

$ 161,611

$ 148,376

Less: goodwill and other intangible assets

(34,102 )

(34,235 )

(34,652 )

Tangible equity (D)

$ 132,756

$ 127,376

$ 113,724

Total assets

$ 1,606,516

$ 1,605,787

$ 1,624,865

Less: goodwill and other intangible assets

(34,102 )

(34,235 )

(34,652 )

Tangible assets (E)

$ 1,572,414

$ 1,571,552

$ 1,590,213

Tangible equity to tangible assets (D/E)

8.44 %

8.11 %

7.15 %

Shares outstanding at end of period (F)

6,100,582

6,098,324

6,072,478

Tangible book value per share (D/F)

$ 21.76

$ 20.89

$ 18.73

(1)

Share and per share values at or for the period ended June 30, 2025 have been adjusted to give effect to the 5% stock dividend paid during

December 2025.

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