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

8-K — form8-k.htm (Primary)

EX-99.1 (ex99-1.htm)

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8-K

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0001141688

2026-10-28

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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

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 ☐

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.

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

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

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

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

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

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

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

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

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

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

0.20

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 %

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

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

373

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 %

0.62 %

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 )

(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

Less: losses (gains) on sales of premises and equipment and foreclosed assets

(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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