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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) 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

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

 

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 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 2 ex99-1.htm EX-99.1

 

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

 

As 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

 

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     2025     2025     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       3,218       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       32,377       32,377       32,377       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       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       21,651       21,651       21,651       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     61       61       58       58       58  
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     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     59       71       48  
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     15       16       65  
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       0.77  
Dividends per share(1)     0.21       0.20       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     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       21,651       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 %     6.40 %     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     45       118       85  
Provision for credit losses for loans     500       500       -  
Ending balance   $ 12,609     $ 12,458     $ 12,802  
                         
Allowance for unfunded loan commitments   $ 220     $ 150     $ 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     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 )     20       1  
Less: amortization of other intangibles     (133 )     (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       2  
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.