Form 8-K

8-K — LANDMARK BANCORP INC

Accession: 0001493152-26-019638

Filed: 2026-04-29

Period: 2026-04-29

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)

GRAPHIC (ex99-1_001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: form8-k.htm · Sequence: 1

false

0001141688

2026-04-29

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

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) April 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.

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

months ended March 31, 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 April 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 May 14, 2026, and payable on May 28, 2026.

Item

9.01.

Financial

Statements and Exhibits.

(d)

Exhibits

99.1

Press Release dated April 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:

April 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

April

29, 2026

Landmark

Bancorp, Inc. Reports First Quarter 2026 Results

Announces

Growth in First Quarter 2026 Earnings Per Share of 6.7%

Declares

Quarterly Cash Dividend of $0.21 per Share

Manhattan,

KS, April 29, 2026 – Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of

$0.83 for the first quarter of 2026, compared to $0.77 per share in the fourth quarter of 2025 and $0.77 per share in the same

quarter of the prior year. Net earnings for the first quarter totaled $5.1 million, compared to $4.7 million in the prior quarter

and $4.7 million in the first quarter of 2025. For the three months ended March 31, 2026, the return on average assets was 1.29%,

the return on average equity was 12.65% and the efficiency ratio(1) was 62.7%.

First

quarter 2026 Performance Highlights

●

Return

on average assets improved to 1.29%, compared to 1.17% in the prior quarter and 1.21% in the first quarter of 2025.

●

Net

interest income expanded to $15.0 million for the first quarter of 2026, an increase of 1.6% from the prior quarter and 14.5% year-over-year.

●

Net

interest margin improved to 4.24%, a 21-basis-point increase compared to the prior quarter and a 48-basis-point increase from the

same period in 2025. The expansion in our net interest margin was driven by higher yields on earning assets and lower funding costs.

●

Total

deposit costs improved to an attractive 1.38%, a decrease of 12 basis points as compared to the prior quarter and 21 basis points

from the first quarter of 2025.

●

Core

customer deposits, excluding brokered and public funds, increased both quarter-over-quarter and year-over-year. Period-end deposits

were impacted by a reduction in brokered funding and seasonal outflows of public funds.

●

Capital

continues to grow and capital ratios remain strong. Tangible common equity to assets increased to 8.11% as of March 31, 2026, from

8.03% as of December 31, 2025.

●

Book

value per share was $26.50 as of March 31, 2026, compared to $26.44 as of December 31, 2025. Tangible book value per share(1)

grew to $20.89, compared to $20.79 as of December 31, 2025.

(1)

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

“We

are off to a strong start in 2026, with record total revenue of $18.8 million for the quarter and net earnings exceeding $5.0 million,”

said Abby Wendel, President and Chief Executive Officer. “Our return on assets rose to 1.29%, reflecting disciplined execution

across the organization and was driven by solid net interest income growth alongside prudent expense management. We continue to make

targeted investments in revenue generating activities to better meet evolving customer needs. At the same time, we are actively evaluating

opportunities to improve efficiency and modernize how we deliver banking services across our footprint. As momentum builds, we remain

focused on strengthening risk oversight and thoughtfully reinforcing our balance sheet and capital position. These priorities ensure

we are well positioned to remain resilient and adaptable across all economic environments.”

Dividend

Declaration

Landmark’s

Board of Directors declared a cash dividend of $0.21 per share, to be paid May 28, 2026, to common stockholders of record as of the close

of business on May 14, 2026.

Earnings

Conference Call

Landmark

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

30, 2026. Interested parties may participate via telephone by dialing (800) 715-9871. An audio recording of the earnings call will be

available through May 7, 2026, by using the following link:

https://registrations.events/direct/Q4I5640732.

SUMMARY

OF FIRST QUARTER RESULTS

Net

Interest Income

Net

interest income in the first quarter of 2026 totaled $15.0 million, representing an increase of $234,000, or 1.6%, compared to the prior

quarter and an increase of $1.9 million, or 14.5%, compared to the same quarter of the prior year. The increase in net interest income

this quarter compared to the prior quarter was driven by higher rates on investments despite lower average balances, coupled with lower

interest expense on deposits and other borrowings. The increase in net interest income this quarter compared to the first quarter of

2025 was driven by higher rates on loans and investments, coupled with lower interest expense on deposits and other borrowings. The net

interest margin for the first quarter of 2026 was 4.24%, an increase of 21 basis points as compared to the prior quarter and an increase

of 48 basis points from 3.76% during the first quarter of the prior year. The average tax-equivalent yield on the investment securities

portfolio grew to 3.55%, compared to 3.39% in the prior quarter and 3.29% in the first quarter of 2025. The average tax-equivalent yield

on the loan portfolio remained flat at 6.40% as compared to the prior quarter and increased six basis points as compared to the first

quarter of the prior year.

Compared

to the fourth quarter of 2025, interest on deposits decreased $527,000, or 10.3%, due to lower rates, coupled with decreased average

balances. Interest on other borrowed funds decreased $296,000 from the fourth quarter of 2025, due to lower rates and average balances.

The average rate on interest-bearing deposits decreased 16 basis points from the prior quarter, to 1.90%, primarily due to lower rates

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

to 4.85% in the first quarter of 2026.

Compared

to the first quarter of 2025, interest on deposits decreased $625,000, or 11.9%, due to lower rates, partially offset by increased average

balances. Interest on other borrowed funds decreased $373,000 from the first quarter of the prior year, due to lower rates and average

balances. The average rate on interest-bearing deposits decreased 27 basis points from the first 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 24 basis

points as compared to the first quarter of 2025.

Non-Interest

Income

Non-interest

income totaled $3.8 million for the first quarter of 2026, a decrease of $135,000 from the prior quarter and an increase of $406,000

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 $308,000 in fees and services charges, driven by a decrease in seasonal interchange income and lower overdraft income during

the first quarter of 2026. This decrease was partially offset by an increase in gains on sales of investment securities driven by $101,000

of losses recognized during the fourth quarter of 2025, and an increase of $87,000 in bank-owned life insurance income.

The

increase in non-interest income as compared to the first quarter of the prior year was primarily due to an increase of $323,000 in gains

on the sale of loans due to an increase in volume of loans sold in the secondary market, coupled with an increase of $101,000 in bank-owned

life insurance income.

Non-Interest

Expense

During

the first quarter of 2026, non-interest expense totaled $11.9 million, a decrease of $362,000, or 3.0%, compared to the prior

quarter and an increase of $1.1 million, or 10.6%, compared to the same period in the prior year. Compared to the prior quarter, the

decrease in non-interest expense was primarily due to decreases of $492,000 in compensation and benefits expense and $356,000 in

valuation allowances recorded on repossessed assets held for sale. These decreases were partially offset by an increase of $472,000

in other expense. The decrease in compensation and benefits was attributable to lower incentive compensation expense in the first

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

related to previously disclosed fraudulent activity by a non-executive officer of the bank, which was identified during the first

quarter. The recorded fraud loss excludes any potential insurance recoveries we may receive. The increase in fraud losses was

coupled with increased insurance loss reserves of our captive insurance subsidiary.

Compared

to the first quarter of 2025, the increase in non-interest expense was primarily due to increases of $604,000 in other expense, $198,000

in occupancy and equipment expense, $169,000 in compensation and benefits expense, and $158,000 in data processing expense. The increase

in other expense was primarily due to the recognition of fraud losses as discussed above, coupled with increased insurance loss reserves

of our captive insurance subsidiary. The increases in both occupancy and equipment expense and data processing expense were related to

expenses incurred to upgrade our core branch operation systems during the first quarter of 2026 as compared to the first quarter of 2025.

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 first quarter of 2026, compared to $1.2 million in the prior quarter, and $1.0 million

in the first quarter of 2025. The effective tax rate was 19.8% in the first quarter of 2026, compared to 20.0% in the prior quarter and

17.8% in the first quarter of 2025.

Balance

Sheet Highlights

of March 31, 2026, gross period-end loans totaled $1.1 billion, a decrease of $13.5 million from the prior quarter, while average loans

also declined $12.8 million. This decrease in period-end loans was primarily driven by lower agriculture loans (decline of $16.2 million),

one-to-four family residential real estate (decline of $7.0 million), commercial (decline of $1.8 million), and construction and land

loans (decline of $1.7 million), offset by growth in commercial real estate (growth of $13.6 million) loans. Investment securities available-for-sale

decreased $6.1 million during the first quarter of 2026, primarily due to maturities occurring during the quarter.

Period-end

deposit balances decreased $66.2 million to $1.3 billion at March 31, 2026, an annualized decrease of 19.3% compared to the prior quarter.

The decrease in deposits was driven by a decrease in money market and checking accounts of $61.6 million, coupled with a decrease in

certificates of deposit of $10.8 million. These decreases were primarily driven by a decline in brokered deposits, coupled with seasonal

fluctuations in public fund deposit account balances. Total period-end borrowings increased $57.3 million during the first quarter of

2026. At March 31, 2026, the loan to deposits ratio was 82.1%, compared to 79.1% in the prior quarter.

Stockholders’

equity increased to $161.6 million (book value of $26.50 per share) as of March 31, 2026, from $160.6 million (book value of $26.44 per

share) as of December 31, 2025. The increase in stockholders’ equity was primarily due to net earnings for the quarter net of dividends

paid, offset by an increase in accumulated other comprehensive losses (higher unrealized net losses on investment securities). The ratio

of equity to total assets increased to 10.06% on March 31, 2026, from 10.00% on December 31, 2025.

The

allowance for credit losses totaled $12.6 million, or 1.15% of total gross loans, as of March 31, 2026, compared to $12.5 million, or

1.12% of total gross loans, as of December 31, 2025. Net loan charge-offs totaled $349,000 in the first quarter of 2026, compared to

$341,000 during the fourth quarter of 2025 and $23,000 in the first quarter of the prior year. A provision for credit losses on loans

of $500,000 was recorded in both the first quarter of 2026 and the fourth quarter of 2025, which was an increase of $500,000 as compared

to the first quarter of the prior year.

Non-performing

loans totaled $10.4 million, or 0.94% of gross loans, at March 31, 2026, compared to $10.0 million, or 0.90% of gross loans, at December

31, 2025. Loans 30-89 days delinquent totaled $7.4 million, or 0.68% of gross loans, as of March 31, 2026, compared to $4.3 million,

or 0.38% of gross loans, as of December 31, 2025.

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 29 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 (2), 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) the

economic impact of past and any future terrorist attacks, military conflicts, acts of war, including ongoing conflicts in the Middle

East, wars in Iran and Ukraine, and other international military conflicts, or threats thereof, and the response of the United States

to any such threats and attacks; (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)

declines in real estate values; (xxiv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxv)

the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxvi) 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)

March 31,

December 31,

September 30,

June 30,

March 31,

(Dollars in thousands)

2026

2025

Assets

Cash and cash equivalents

$ 31,866

$ 20,982

$ 23,947

$ 25,038

$ 21,881

Interest-bearing deposits at other banks

2,970

3,218

3,463

3,973

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

U.S. treasury securities

50,001

53,183

50,833

51,624

58,424

Municipal obligations, tax exempt

77,495

87,809

97,383

100,802

101,812

Municipal obligations, taxable

94,738

90,603

82,236

75,037

70,614

Agency mortgage-backed securities

119,826

116,562

119,576

124,979

125,142

Total investment securities available-for-sale

342,060

348,157

350,028

352,442

355,992

Investment securities held-to-maturity

3,818

3,789

3,760

3,730

3,701

Bank stocks, at cost

7,123

5,756

8,021

10,946

6,225

Loans:

One-to-four family residential real estate

368,282

375,299

381,641

377,133

355,632

Construction and land

18,811

20,531

19,741

26,373

28,645

Commercial real estate

407,901

394,323

389,574

370,455

359,579

Commercial

176,373

178,201

186,656

204,303

190,881

Agriculture

86,603

102,829

99,897

100,348

101,808

Municipal

6,864

6,874

6,884

6,938

7,082

Consumer

33,392

33,666

33,660

32,234

31,297

Total gross loans

1,098,226

1,111,723

1,118,053

1,117,784

1,074,924

Net deferred loan (fees) costs and loans in process

(296 )

(872 )

(763 )

(615 )

(426 )

Allowance for credit losses

(12,609 )

(12,458 )

(12,299 )

(13,762 )

(12,802 )

Loans, net

1,085,321

1,098,393

1,104,991

1,103,407

1,061,696

Loans held for sale, at fair value

3,202

5,141

3,578

4,773

2,997

Bank owned life insurance

40,287

40,176

39,890

39,607

39,329

Premises and equipment, net

19,118

19,325

19,449

19,654

19,886

Goodwill

32,377

Other intangible assets, net

1,858

1,990

2,123

2,275

2,426

Mortgage servicing rights

3,222

3,189

3,120

3,082

3,045

Real estate owned, net

167

Other assets

32,565

24,149

22,573

23,904

24,894

Total assets

$ 1,605,787

$ 1,606,642

$ 1,617,075

$ 1,624,865

$ 1,578,589

Liabilities and Stockholders’ Equity

Liabilities:

Deposits:

Non-interest-bearing demand

367,737

364,695

365,959

351,993

368,480

Money market and checking

589,410

650,987

579,413

562,919

613,459

Savings

154,607

151,406

146,291

148,092

149,223

Certificates of deposit

210,930

221,766

233,837

210,897

204,660

Total deposits

1,322,684

1,388,854

1,325,500

1,273,901

1,335,822

FHLB and other borrowings

67,062

10,567

90,483

155,110

48,767

Subordinated debentures

21,651

Repurchase agreements

2,263

1,501

1,420

5,825

6,256

Accrued interest and other liabilities

30,516

23,438

22,294

20,002

23,442

Total liabilities

1,444,176

1,446,011

1,461,348

1,476,489

1,435,938

Stockholders’ equity:

Common stock

Additional paid-in capital

102,675

102,597

95,330

95,266

95,148

Retained earnings

67,449

63,658

67,327

63,612

60,422

Accumulated other comprehensive loss

(8,574 )

(5,685 )

(6,988 )

(10,560 )

(12,977 )

Total stockholders’ equity

161,611

160,631

155,727

148,376

142,651

Total liabilities and stockholders’ equity

$ 1,605,787

$ 1,606,642

$ 1,617,075

$ 1,624,865

$ 1,578,589

LANDMARK

BANCORP, INC. AND SUBSIDIARIES

Consolidated

Statements of Earnings (unaudited)

Three months ended,

March 31,

December 31,

March 31,

(Dollars in thousands, except per share amounts)

2026

2025

Interest income:

Loans

$ 17,260

$ 17,858

$ 16,395

Investment securities:

Taxable

2,334

2,227

2,180

Tax-exempt

595

681

719

Interest-bearing deposits at banks

Total interest income

20,248

20,837

19,342

Interest expense:

Deposits

4,611

5,138

5,236

FHLB and other borrowings

277

550

565

Subordinated debentures

322

344

357

Repurchase agreements

Total interest expense

5,225

6,048

6,223

Net interest income

15,023

14,789

13,119

Provision for credit losses

570

500

Net interest income after provision for credit losses

14,453

14,289

13,119

Non-interest income:

Fees and service charges

2,363

2,671

2,388

Gains on sales of loans, net

885

925

562

Bank owned life insurance

373

286

272

Losses on sales of investment securities, net

(101 )

(2 )

Other

143

118

138

Total non-interest income

3,764

3,899

3,358

Non-interest expense:

Compensation and benefits

6,323

6,815

6,154

Occupancy and equipment

1,450

1,293

1,252

Data processing

554

546

396

Amortization of mortgage servicing rights and other intangibles

228

224

239

Professional fees

764

919

745

Valuation allowance on assets held for sale

356

Other

2,579

2,107

1,975

Total non-interest expense

11,898

12,260

10,761

Earnings before income taxes

6,319

5,928

5,716

Income tax expense (benefit)

1,253

1,188

1,015

Net earnings

$ 5,066

$ 4,740

$ 4,701

Net earnings per share(1)

Basic

$ 0.83

$ 0.78

$ 0.77

Diluted

0.83

0.77

Dividends per share(1)

0.21

0.20

Shares outstanding at end of period(1)

6,098,324

6,074,381

6,067,541

Weighted average common shares outstanding - basic(1)

6,083,271

6,073,867

6,066,473

Weighted average common shares outstanding - diluted(1)

6,139,357

6,129,670

6,105,383

Tax equivalent net interest income

$ 15,170

$ 14,954

$ 13,291

(1)

Share and per share values at or for the periods ended December 31, 2025 and March 31, 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,

March 31,

December 31,

March 31,

(Dollars in thousands, except per share amounts)

2026

2025

Performance ratios:

Return on average assets(1)

1.29 %

1.17 %

1.21 %

Return on average equity(1)

12.65 %

11.88 %

13.71 %

Net interest margin(1)(2)

4.24 %

4.03 %

3.76 %

Effective tax rate

19.8 %

20.0 %

17.8 %

Efficiency ratio(3)

62.7 %

62.8 %

64.4 %

Adjusted non-interest income to adjusted total revenue (3)

19.9 %

21.2 %

20.4 %

Average balances:

Investment securities

$ 350,802

$ 359,146

$ 377,845

Loans

1,093,593

1,106,438

1,048,585

Assets

1,594,612

1,612,385

1,574,295

Interest-bearing deposits

983,148

987,965

979,787

Total deposits

1,355,478

1,356,125

1,332,796

FHLB and other borrowings

27,851

49,647

48,428

Subordinated debentures

21,651

Repurchase agreements

1,871

1,878

8,634

Stockholders’ equity

$ 162,463

$ 158,242

$ 139,068

Average tax equivalent yield/cost(1):

Investment securities

3.55 %

3.39 %

3.29 %

Loans

6.40 %

6.34 %

Total interest-bearing assets

5.69 %

5.66 %

5.53 %

Interest-bearing deposits

1.90 %

2.06 %

2.17 %

Total deposits

1.38 %

1.50 %

1.59 %

FHLB and other borrowings

4.03 %

4.40 %

4.73 %

Subordinated debentures

6.03 %

6.30 %

6.69 %

Repurchase agreements

3.35 %

3.38 %

3.05 %

Total interest-bearing liabilities

2.05 %

2.26 %

2.38 %

Capital ratios:

Equity to total assets

10.06 %

10.00 %

9.04 %

Tangible equity to tangible assets(3)

8.11 %

8.03 %

6.99 %

Book value per share(4)

$ 26.50

$ 26.44

$ 23.51

Tangible book value per share(3)(4)

$ 20.89

$ 20.79

$ 17.77

Rollforward of allowance for credit losses (loans):

Beginning balance

$ 12,458

$ 12,299

$ 12,825

Charge-offs

(394 )

(459 )

(108 )

Recoveries

118

Provision for credit losses for loans

500

Ending balance

$ 12,609

$ 12,458

$ 12,802

Allowance for unfunded loan commitments

$ 220

$ 150

Non-performing assets:

Non-accrual loans

$ 10,378

$ 9,994

$ 13,280

Accruing loans over 90 days past due

Real estate owned

167

Total non-performing assets

$ 10,378

$ 9,994

$ 13,447

Loans 30-89 days delinquent

$ 7,448

$ 4,274

$ 9,977

Other ratios:

Loans to deposits

82.05 %

79.09 %

79.48 %

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

0.68 %

0.38 %

0.93 %

Total non-performing loans to gross loans outstanding

0.94 %

0.90 %

1.24 %

Total non-performing assets to total assets

0.65 %

0.62 %

0.85 %

Allowance for credit losses to gross loans outstanding

1.15 %

1.12 %

1.19 %

Allowance for credit losses to total non-performing loans

121.50 %

124.65 %

96.40 %

Net loan charge-offs to average loans(1)

0.13 %

0.12 %

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 periods ended December 31, 2025 and March 31, 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,

March 31,

December 31,

March 31,

(Dollars in thousands, except per share amounts)

2026

2025

Non-GAAP financial ratio reconciliation:

Net interest income

$ 15,023

$ 14,789

$ 13,119

Non-interest income

3,764

3,899

3,358

Total revenue

$ 18,787

$ 18,688

$ 16,477

Total non-interest expense

$ 11,898

$ 12,260

$ 10,761

Less: foreclosure and real estate owned expense

(3 )

Less: amortization of other intangibles

(133 )

(152 )

Less: valuation allowance on assets held for sale

(356 )

Adjusted non-interest expense (A)

11,762

11,791

10,610

Net interest income (B)

15,023

14,789

13,119

Non-interest income

3,764

3,899

3,358

Less: losses on sales of investment securities, net

101

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

(32 )

(17 )

Adjusted non-interest income (C)

$ 3,732

$ 3,983

$ 3,360

Efficiency ratio (A/(B+C))

62.7 %

62.8 %

64.4 %

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

19.9 %

21.2 %

20.4 %

Total stockholders’ equity

$ 161,611

$ 160,631

$ 142,651

Less: goodwill and other intangible assets

(34,235 )

(34,367 )

(34,803 )

Tangible equity (D)

$ 127,376

$ 126,264

$ 107,848

Total assets

$ 1,605,787

$ 1,606,642

$ 1,578,589

Less: goodwill and other intangible assets

(34,235 )

(34,367 )

(34,803 )

Tangible assets (E)

$ 1,571,552

$ 1,572,275

$ 1,543,786

Tangible equity to tangible assets (D/E)

8.11 %

8.03 %

6.99 %

Shares outstanding at end of period (F) (1)

6,098,324

6,074,381

6,067,541

Tangible book value per share (D/F) (1)

$ 20.89

$ 20.79

$ 17.77

(1)

Share and per share values at or for the periods ended December 31, 2025 and March 31, 2025 have been adjusted to give effect to the

5% stock dividend paid during December 2025.

GRAPHIC

Filename: ex99-1_001.jpg · Sequence: 3

Binary file (13893 bytes)

Download ex99-1_001.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Cover

Apr. 29, 2026

Cover [Abstract]

Document Type

8-K

Amendment Flag

false

Document Period End Date

Apr. 29, 2026

Entity File Number

000-33203

Entity Registrant Name

Landmark

Bancorp, Inc.

Entity Central Index Key

0001141688

Entity Tax Identification Number

43-1930755

Entity Incorporation, State or Country Code

Entity Address, Address Line One

701

Poyntz Avenue

Entity Address, City or Town

Manhattan

Entity Address, State or Province

Entity Address, Postal Zip Code

66502

City Area Code

(785)

Local Phone Number

565-2000

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common

Stock, $0.01 Par Value

Trading Symbol

LARK

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration