Form 8-K
8-K — LANDMARK BANCORP INC
Accession: 0001493152-26-048980
Filed: 2026-10-28
Period: 2026-10-28
CIK: 0001141688
SIC: 6021 (NATIONAL COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
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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) October 28, 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
of
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 Act (17 CFR 240.13e-4(c))
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 ☐
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. ☐
Item
2.02.
Results
of Operations and Financial Condition.
On
October 28, 2026, Landmark Bancorp, Inc. (the “Company”) issued a press release announcing financial results for the three
and nine months ended September 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
9.01.
Financial
Statements and Exhibits.
(d)
Exhibits
99.1
Press Release dated October 28, 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:
October 28, 2026
By:
/s/
Mark A. Herpich
Mark
A. Herpich
Chief
Financial Officer
EX-99.1
EX-99.1
Filename: ex99-1.htm · Sequence: 2
Exhibit
99.1
PRESS
RELEASE
FOR
IMMEDIATE RELEASE
October
28, 2026
Landmark
Bancorp, Inc. Reports Third Quarter 2026 Results
Announces
Third Quarter 2026 Net Earnings Growth of 1.5%
Manhattan,
KS – Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.89 for the third quarter
of 2026, compared to $0.88 per share in the second quarter of 2026 and $0.81 per share in the same quarter of the prior year. Net earnings
for the third quarter totaled $5.5 million, compared to $5.4 million in the prior quarter and $4.9 million in the third quarter of 2025.
For the three months ended September 30, 2026, the return on average assets was 1.36%, the return on average equity was 13.06%, and the
efficiency ratio(1) was 63.0%.
For
the first nine months of 2026, diluted earnings per share totaled $2.59, compared to $2.29 during the same period in 2025. Net earnings
for the first nine months of 2026 totaled $15.9 million, compared to $14.0 million in the first nine months of 2025, an increase of 13.5%,
driven primarily by higher net interest income. For the nine months ended September 30, 2026, the return on average assets was 1.33%,
the return on average equity was 12.98%, and the efficiency ratio(1) was 62.5%.
Third
Quarter 2026 Performance Highlights
● Return
on average assets improved to 1.36%, compared to 1.35% in the prior quarter and 1.21% in
the third quarter of 2025.
● Return
on average equity was 13.06%, compared to 13.23% in the prior quarter and 13.00% in the third
quarter of 2025.
● Net
interest margin increased 13 basis points from the prior quarter to 4.35%, and improved 52
basis points compared to the third quarter of 2025. Net interest income expanded to $15.6
million, an increase of 3.7% as compared to the prior quarter and an increase of 11.0% from
the same quarter in 2025.
● Non-interest-bearing
deposits ended the quarter at 29.3% of total deposits while total deposit costs improved to 1.29%,
a decrease of one basis point as compared to the prior quarter and a decrease of 30 basis
points from the third quarter of 2025.
● Net
charge-offs as a percentage of average loans decreased to 0.01%, compared to 0.17% in the prior
quarter and 0.83% in the third quarter of 2025.
● Allowance for credit losses increased to $12.9 million which was 1.19% of gross loans outstanding at September 30, 2026, an increase over
1.15% at June 30, 2026 and 1.10% at September 30, 2025.
● Tangible
common equity to assets(1) was 8.09% as of September 30, 2026, compared to 8.44%
as of June 30, 2026 and 7.66% as of September 30, 2025.
● Book
value per share was $26.24 as of September 30, 2026, compared to $27.35 as of June 30, 2026.
Tangible book value per share(1) was $20.68 as of September 30, 2026, compared
to $21.76 as of June 30, 2026.
(1)
Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation.
“I
am pleased with Landmark’s solid third quarter results, highlighted by continued revenue growth and strong profitability, supported
by further expansion in our net interest margin. Our third quarter net interest margin increased to 4.35%, reflecting the effectiveness
of our disciplined loan and deposit pricing strategies, as well as prudent funding management. Our core commercial and retail customer deposits remain strong, including our non-interest-bearing balances, sustaining
our attractive low-cost deposit base,” said Abby Wendel, President and Chief Executive Officer.
“Our
focus remains on building a resilient, relationship-driven franchise supported by meaningful customer relationships across the markets
we serve. Looking ahead, we are focused on achieving sustainable
growth, delivering exceptional customer service, and creating long-term value for our shareholders, customers, and the communities we
serve.”
Earnings
Conference Call
Landmark
will host a conference call to review the Company’s third quarter financial results at 10:00 a.m. (Central time) on Thursday, October
29, 2026. Interested parties may participate via telephone by dialing (833) 461-5787 and using Meeting ID 373 544 883. A replay of the
call will be available through November 5, 2026, by dialing (833) 309-1852 and using Meeting ID 373 544 883.
SUMMARY
OF THIRD QUARTER RESULTS
Net
Interest Income
Net
interest income in the third quarter of 2026 totaled $15.6 million, representing an increase of $562,000, or 3.7%, compared to the prior
quarter and an increase of $1.5 million, or 11.0%, 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 third quarter of 2025 was driven by higher rates on interest-earning assets despite
lower average balances, partially offset by higher interest expense on other borrowings. The net interest margin for the third quarter
of 2026 was 4.35%, an increase of 13 basis points from 4.22% during the prior quarter and an increase of 52 basis points from 3.83% during
the third quarter of the prior year. The average tax-equivalent yield on the investment securities portfolio grew to 3.80%, compared
to 3.66% in the prior quarter and 3.35% in the third quarter of 2025 as lower-rate securities maturing during the quarter were re-invested
at higher rates. The average tax-equivalent yield on the loan portfolio increased 15 basis points as compared to the prior quarter and
nine basis points as compared to the third quarter of the prior year.
Compared
to the second quarter of 2026, interest on deposits decreased $62,000, or 1.4%, due to lower rates, coupled with decreased average balances.
Interest on other borrowed funds increased $100,000 from the second quarter of 2026, driven by higher average balances. The average rate
on interest-bearing deposits decreased one basis point from the prior quarter, to 1.81%, primarily due to lower rates on certificates
of deposit. The average rate on other borrowed funds stayed consistent with the prior quarter at 4.54%, coupled with an increase in average
balances in borrowings from the FHLB.
Compared
to the third quarter of 2025, interest on deposits decreased $1.1 million, or 20.8%, due to lower rates, coupled with decreased average
balances. Interest on other borrowed funds decreased $313,000 from the third quarter of the prior year, due to lower rates and average
balances. The average rate on interest-bearing deposits decreased 37 basis points from the third 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 55 basis
points as compared to the third quarter of 2025.
Non-Interest
Income
Non-interest
income totaled $3.6 million for the third quarter of 2026, a decrease of $493,000 from the prior quarter and a decrease of $466,000 from
the same quarter in the prior year. The decrease in non-interest income as compared to the prior quarter was primarily due to a decrease
of $593,000 in gains on the sale of loans due to a decrease in the volume of loans sold in the secondary market, offset by an increase
of $76,000 in fees and service charges.
The
decrease in non-interest income as compared to the third quarter of the prior year was primarily due to a decrease of $300,000 in gains
on the sale of loans due to a decrease in the volume of loans sold in the secondary market, coupled with a decrease of $133,000 in fees
and service charges.
Non-Interest
Expense
During
the third quarter of 2026, non-interest expense totaled $12.3 million, an increase of $292,000, or 2.4%, compared to the prior quarter
and an increase of $1.0 million, or 8.9%, 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 $238,000 in compensation and benefits expense, $178,000 in occupancy and equipment
expense, and $148,000 in other expense. These increases were partially offset by a decrease of $313,000 in professional fees. The increase
in compensation and benefits expense was attributable to strengthening our associate base and related benefits programs, which resulted
in higher salary and benefits expense in the third quarter of 2026, as compared to the prior quarter. The increase in occupancy and equipment
expense was primarily driven by technology-related upgrades recorded in the third quarter. The increase in other expense was primarily
due to higher deposit fraud losses, captive insurance losses and director compensation in the third quarter compared to the prior quarter.
The decrease 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 a decrease in consulting expenses for talent recruitment
and development, and internal audit co-sourcing recorded in the second quarter of 2026.
Compared
to the third quarter of 2025, the increase in non-interest expense was primarily due to increases of $503,000 in compensation and benefits
expense, $249,000 in other expense, and $192,000 in professional fees. The increase in compensation and benefits expense was attributable
to strengthening our associate base and related benefits programs, which resulted in higher salary and benefits expense in the third
quarter of 2026, as compared to the third quarter of 2025. The increase in other expense was primarily due to higher advertising costs
and director compensation in the third quarter of 2026 compared to the third quarter of 2025. The increase in professional fees was attributable
to an increase in consulting expenses for talent recruitment and development, and internal audit co-sourcing.
Income
Tax Expense
Landmark
recorded income tax expense of $1.3 million in both the second and third quarters of 2026, compared to $1.1 million in the third quarter
of 2025. The effective tax rate was 19.3% in the third quarter of 2026, compared to 19.7% in the prior quarter and 18.7% in the third
quarter of 2025.
Balance
Sheet Highlights
As
of September 30, 2026, gross period-end loans totaled $1.1 billion, a decrease of $22.2 million from the prior quarter, while average
loans declined $12.3 million. The decrease in period-end loans was primarily driven by lower commercial real estate loans (decline of
$12.5 million), one-to-four family residential real estate loans (decline of $10.6 million), and commercial loans (decline of $6.4 million),
offset by higher construction and land loans (increase of $9.3 million). Investment securities available-for-sale increased $2.5 million
during the third quarter of 2026, primarily due to the reinvestment of maturities and cash flow from the portfolio during the quarter.
Period-end
deposit balances decreased $59.0 million to $1.2 billion at September 30, 2026, an annualized decrease of 17.9% compared to the
prior quarter. The decrease in deposits was driven primarily by decreases in money market and checking accounts (decline of $27.1
million), non-interest bearing demand deposits (decline of $15.8 million), and certificates of deposit (decline of $10.4 million).
These declines were due in part to a decline in public fund balances, which decreased $61.7 million as compared to the
prior quarter. Total period-end borrowings increased $49.5 million during the third quarter of 2026. At September 30, 2026, the loan
to deposits ratio was 85.6%, compared to 83.5% in the prior quarter.
Stockholders’
equity decreased to $160.3 million (book value of $26.24 per share) as of September 30, 2026, from $166.9 million (book value of $27.35
per share) as of June 30, 2026. The decrease in stockholders’ equity was primarily due to an increase of $10.9 million in accumulated
other comprehensive losses (higher unrealized net losses on investment securities), partially offset by net earnings for the quarter
net of dividends paid. The ratio of equity to total assets decreased to 10.05% on September 30, 2026, from 10.39% on June 30, 2026.
The
allowance for credit losses totaled $12.9 million, or 1.19% of total gross loans, as of September 30, 2026, compared to $12.7 million,
or 1.15% of total gross loans, as of June 30, 2026. Net charge-offs totaled $14,000 in the third quarter of 2026, compared to $452,000
during the second quarter of 2026 and $2.3 million in the third quarter of the prior year. The decrease in net charge-offs as compared
to the third quarter of 2025 is related to the charge-off of a single commercial credit during the third quarter of 2025. A provision
for credit losses on loans of $250,000 was recorded in the third quarter of 2026, compared to a provision of $500,000 in the second quarter
of 2026, and a provision of $850,000 during the third quarter of 2025.
Non-performing
loans totaled $12.5 million, or 1.16% of gross loans, at September 30, 2026, compared to $13.1 million, or 1.18% of gross loans, at June
30, 2026. Loans 30-89 days delinquent totaled $8.3 million, or 0.77% of gross loans, as of September 30, 2026, compared to $6.3 million,
or 0.57% of gross loans, as of June 30, 2026.
About
Landmark
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, including the recent increase
in the federal funds benchmark rate by the Federal Reserve, 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; (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)
(Dollars in thousands)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Assets
Cash and cash equivalents
$ 31,646
$ 26,277
$ 31,866
$ 20,982
$ 23,947
Interest-bearing deposits at other banks
3,630
5,935
2,970
3,218
3,218
Investment securities available-for-sale, at fair value:
U.S. treasury securities
41,105
43,478
50,001
53,183
50,833
Municipal obligations, tax exempt
67,943
75,143
77,495
87,809
97,383
Municipal obligations, taxable
92,878
97,718
94,738
90,603
82,236
Agency mortgage-backed securities
141,357
124,469
119,826
116,562
119,576
Total investment securities available-for-sale
343,283
340,808
342,060
348,157
350,028
Investment securities held-to-maturity
3,875
3,847
3,818
3,789
3,760
Bank stocks, at cost
10,355
8,079
7,123
5,756
8,021
Loans:
One-to-four family residential real estate
353,682
364,271
368,282
375,299
381,641
Construction and land
32,612
23,358
18,811
20,531
19,741
Commercial real estate
395,292
407,756
407,901
394,323
389,574
Commercial
171,542
177,904
176,373
178,201
186,656
Agriculture
88,306
88,055
86,603
102,829
99,897
Municipal
6,663
6,715
6,864
6,874
6,884
Consumer
31,214
33,417
33,392
33,666
33,660
Total gross loans
1,079,311
1,101,476
1,098,226
1,111,723
1,118,053
Net deferred loan (fees) costs and loans in process
(449 )
886
(296 )
(872 )
(763 )
Allowance for credit losses
(12,893 )
(12,657 )
(12,609 )
(12,458 )
(12,299 )
Loans, net
1,065,969
1,089,705
1,085,321
1,098,393
1,104,991
Loans held for sale, at fair value
2,575
3,740
3,202
5,141
3,578
Bank owned life insurance
40,755
40,572
40,287
40,176
39,890
Premises and equipment, net
18,771
18,907
19,118
19,325
19,449
Goodwill
32,377
32,377
32,377
32,377
32,377
Other intangible assets, net
1,592
1,725
1,858
1,990
2,123
Mortgage servicing rights
3,383
3,336
3,222
3,189
3,120
Real estate owned, net
441
-
-
-
-
Other assets
36,603
31,208
32,565
24,149
22,573
Total assets
$ 1,595,255
$ 1,606,516
$ 1,605,787
$ 1,606,642
$ 1,617,075
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest-bearing demand
$ 364,725
$ 380,543
$ 367,737
$ 364,695
$ 365,959
Money market and checking
568,969
596,083
589,410
650,987
579,413
Savings
145,251
150,961
154,607
151,406
146,291
Certificates of deposit
167,013
177,401
210,930
221,766
233,837
Total deposits
1,245,958
1,304,988
1,322,684
1,388,854
1,325,500
FHLB and other borrowings
133,365
83,415
67,062
10,567
90,483
Subordinated debentures
21,651
21,651
21,651
21,651
21,651
Repurchase agreements
1,121
1,599
2,263
1,501
1,420
Accrued interest and other liabilities
32,909
28,005
30,516
23,438
22,294
Total liabilities
1,435,004
1,439,658
1,444,176
1,446,011
1,461,348
Stockholders’ equity:
Common stock
61
61
61
61
58
Additional paid-in capital
102,910
102,810
102,675
102,597
95,330
Retained earnings
75,753
71,561
67,449
63,658
67,327
Accumulated other comprehensive loss
(18,473 )
(7,574 )
(8,574 )
(5,685 )
(6,988 )
Total stockholders’ equity
160,251
166,858
161,611
160,631
155,727
Total liabilities and stockholders’ equity
$ 1,595,255
$ 1,606,516
$ 1,605,787
$ 1,606,642
$ 1,617,075
LANDMARK
BANCORP, INC. AND SUBSIDIARIES
Consolidated
Statements of Earnings (unaudited)
Three months ended,
Nine months ended,
(Dollars in thousands, except per share amounts)
September 30,
2026
June 30,
2026
September 30,
2025
September 30,
2026
September 30,
2025
Interest income:
Loans
$ 17,548
$ 17,147
$ 17,783
$ 51,955
$ 51,364
Investment securities:
Taxable
2,706
2,482
2,198
7,522
6,541
Tax-exempt
559
571
700
1,725
2,120
Interest-bearing deposits at banks
38
51
58
148
154
Total interest income
20,851
20,251
20,739
61,350
60,179
Interest expense:
Deposits
4,287
4,349
5,410
13,247
15,790
FHLB and other borrowings
578
484
857
1,339
2,283
Subordinated debentures
331
324
361
977
1,076
Repurchase agreements
13
14
17
42
134
Total interest expense
5,209
5,171
6,645
15,605
19,283
Net interest income
15,642
15,080
14,094
45,745
40,896
Provision for credit losses
205
500
850
1,275
1,850
Net interest income after provision for credit losses
15,437
14,580
13,244
44,470
39,046
Non-interest income:
Fees and service charges
2,527
2,451
2,660
7,341
7,524
Gains on sales of loans, net
648
1,241
948
2,774
2,250
Bank owned life insurance
297
285
283
955
833
Losses on sales of investment securities, net
-
-
-
-
(2 )
Other
130
118
177
391
447
Total non-interest income
3,602
4,095
4,068
11,461
11,052
Non-interest expense:
Compensation and benefits
6,807
6,569
6,304
19,699
18,692
Occupancy and equipment
1,385
1,207
1,364
4,042
3,860
Data processing
534
494
476
1,582
1,501
Amortization of mortgage servicing rights and other intangibles
226
225
247
679
724
Professional fees
938
1,251
746
2,953
2,031
Other
2,363
2,215
2,114
7,157
6,165
Total non-interest expense
12,253
11,961
11,251
36,112
32,973
Earnings before income taxes
6,786
6,714
6,061
19,819
17,125
Income tax expense
1,312
1,322
1,131
3,887
3,090
Net earnings
$ 5,474
$ 5,392
$ 4,930
$ 15,932
$ 14,035
Net earnings per share (1)
Basic
$ 0.90
$ 0.88
$ 0.81
$ 2.61
$ 2.31
Diluted
0.89
0.88
0.81
2.59
2.29
Dividends per share (1)
0.21
0.21
0.20
0.63
0.60
Shares outstanding at end of period (1)
6,106,859
6,100,582
6,073,744
6,106,859
6,073,744
Weighted average common shares outstanding - basic (1)
6,102,102
6,098,229
6,072,915
6,094,603
6,069,485
Weighted average common shares outstanding - diluted (1)
6,176,727
6,161,461
6,121,123
6,157,009
6,115,806
Tax equivalent net interest income
$ 15,781
$ 15,222
$ 14,260
$ 46,171
$ 41,402
(1)
Share and per share values at or for the period ended September 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 nine months ended,
(Dollars in thousands, except per share amounts)
September 30,
2026
June 30,
2026
September 30,
2025
September 30,
2026
September 30,
2025
Performance ratios:
Return on average assets (1)
1.36 %
1.35 %
1.21 %
1.33 %
1.18 %
Return on average equity (1)
13.06 %
13.23 %
13.00 %
12.98 %
12.98 %
Net interest margin (1)(2)
4.35 %
4.22 %
3.83 %
4.27 %
3.81 %
Effective tax rate
19.3 %
19.7 %
18.7 %
19.6 %
18.0 %
Efficiency ratio (3)
63.0 %
61.7 %
61.2 %
62.5 %
62.6 %
Adjusted non-interest income to total income (3)
18.7 %
21.4 %
22.2 %
20.0 %
21.2 %
Average balances:
Investment securities
$ 355,093
$ 349,813
$ 362,717
$ 351,919
$ 368,106
Loans
1,078,122
1,090,422
1,108,545
1,087,322
1,079,883
Assets
1,598,403
1,602,782
1,617,429
1,598,613
1,595,044
Interest-bearing deposits
938,787
958,407
984,335
959,951
976,463
Total deposits
1,318,397
1,336,971
1,347,357
1,336,813
1,334,940
FHLB and other borrowings
57,381
49,201
72,871
44,919
65,192
Subordinated debentures
21,651
21,651
21,651
21,651
21,651
Repurchase agreements
1,518
1,809
1,833
1,732
5,691
Stockholders’ equity
$ 166,347
$ 163,505
$ 150,434
$ 164,119
$ 144,591
Average tax equivalent yield/cost (1):
Investment securities
3.80 %
3.66 %
3.35 %
3.67 %
3.33 %
Loans
6.46 %
6.31 %
6.37 %
6.39 %
6.36 %
Total interest-bearing assets
5.79 %
5.66 %
5.61 %
5.71 %
5.58 %
Interest-bearing deposits
1.81 %
1.82 %
2.18 %
1.85 %
2.16 %
Total deposits
1.29 %
1.30 %
1.59 %
1.32 %
1.58 %
FHLB and other borrowings
4.00 %
3.95 %
4.67 %
3.99 %
4.68 %
Subordinated debentures
6.07 %
6.00 %
6.62 %
6.03 %
6.64 %
Repurchase agreements
3.40 %
3.10 %
3.68 %
3.24 %
3.15 %
Total interest-bearing liabilities
2.03 %
2.01 %
2.44 %
2.03 %
2.41 %
Capital ratios:
Equity to total assets
10.05 %
10.39 %
9.63 %
Tangible equity to tangible assets (3)
8.09 %
8.44 %
7.66 %
Book value per share (4)
$ 26.24
$ 27.35
$ 25.64
Tangible book value per share (3)(4)
$ 20.68
$ 21.76
$ 19.96
Rollforward of allowance for credit losses (loans):
Beginning balance
$ 12,657
$ 12,609
$ 13,762
$ 12,458
$ 12,825
Charge-offs
(75 )
(825 )
(2,380 )
(1,294 )
(2,591 )
Recoveries
61
373
67
479
215
Provision for credit losses for loans
250
500
850
1,250
1,850
Ending balance
$ 12,893
$ 12,657
$ 12,299
$ 12,893
$ 12,299
Allowance for unfunded loan commitments
$ 175
$ 220
$ 150
Non-performing assets:
Non-accrual loans
$ 12,479
$ 13,051
$ 9,999
Accruing loans over 90 days past due
-
-
-
Real estate owned
441
-
-
Total non-performing assets
$ 12,920
$ 13,051
$ 9,999
Loans 30-89 days delinquent
$ 8,322
$ 6,282
$ 4,853
Other ratios:
Loans to deposits
85.55 %
83.50 %
83.36 %
Loans 30-89 days delinquent and still accruing to gross loans outstanding
0.77 %
0.57 %
0.43 %
Total non-performing loans to gross loans outstanding
1.16 %
1.18 %
0.89 %
Total non-performing assets to total assets
0.81 %
0.81 %
0.62 %
Allowance for credit losses to gross loans outstanding
1.19 %
1.15 %
1.10 %
Allowance for credit losses to total non-performing loans
103.32 %
96.98 %
123.00 %
Net loan charge-offs to average loans (1)
0.01 %
0.17 %
0.83 %
0.10 %
0.29 %
(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 September 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 nine months ended,
(Dollars in thousands, except per share amounts)
September 30,
2026
June 30,
2026
September 30,
2025
September 30,
2026
September 30,
2025
Non-GAAP financial ratio reconciliation:
Net interest income
$ 15,642
$ 15,080
$ 14,094
$ 45,745
$ 40,896
Non-interest income
3,602
4,095
4,068
11,461
11,052
Total revenue
$ 19,244
$ 19,175
$ 18,162
$ 57,206
$ 51,948
Total non-interest expense
$ 12,253
$ 11,961
$ 11,251
$ 36,112
$ 32,973
Less: foreclosure and real estate owned expense
(1 )
1
(22 )
(3 )
(23 )
Less: amortization of other intangibles
(133 )
(132 )
(152 )
(398 )
(455 )
Adjusted non-interest expense (A)
12,119
11,830
11,077
35,711
32,495
Net interest income (B)
15,642
15,080
14,094
45,745
40,896
Non-interest income
3,602
4,095
4,068
11,461
11,052
Less: losses on sales of investment securities, net
-
-
-
-
2
Less: losses (gains) on sales of premises and equipment and foreclosed assets
3
-
(55 )
(29 )
(64 )
Adjusted non-interest income (C)
$ 3,605
$ 4,095
$ 4,013
$ 11,432
$ 10,990
Efficiency ratio (A/(B+C))
63.0 %
61.7 %
61.2 %
62.5 %
62.6 %
Adjusted non-interest income to total income (C/(B+C))
18.7 %
21.4 %
22.2 %
20.0 %
21.2 %
Total stockholders’ equity
$ 160,251
$ 166,858
$ 155,727
Less: goodwill and other intangible assets
(33,969 )
(34,102 )
(34,500 )
Tangible equity (D)
$ 126,282
$ 132,756
$ 121,227
Total assets
$ 1,595,255
$ 1,606,516
$ 1,617,075
Less: goodwill and other intangible assets
(33,969 )
(34,102 )
(34,500 )
Tangible assets (E)
$ 1,561,286
$ 1,572,414
$ 1,582,575
Tangible equity to tangible assets (D/E)
8.09 %
8.44 %
7.66 %
Shares outstanding at end of period (F) (1)
6,106,859
6,100,582
6,073,744
Tangible book value per share (D/F) (1)
$ 20.68
$ 21.76
$ 19.96
(1)
Share and per share values at or for the period ended September 30, 2025 have been adjusted to give effect to the 5% stock dividend paid
during December 2025.
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v3.26.3
Cover
Oct. 28, 2026
Cover [Abstract]
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Entity File Number
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Landmark
Bancorp, Inc.
Entity Central Index Key
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Entity Tax Identification Number
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Entity Incorporation, State or Country Code
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Entity Address, Address Line One
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