# EDGAR Filing Document

**Accession Number:** 0001141688
**File Stem:** 0001493152-25-020061
**Filing Date:** 2025-10
**Character Count:** 40176
**Document Hash:** 99d77b7af320fb46233eb84eb45a8803
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-020061.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001493152-25-020061

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LANDMARK BANCORP INC
- **CENTRAL INDEX KEY:** 0001141688
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 431930755
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-33203
- **FILM NUMBER:** 251429965

**BUSINESS ADDRESS:**
- **STREET 1:** 701 POYNTZ AVENUE
- **CITY:** MANHATTAN
- **STATE:** KS
- **ZIP:** 66502
- **BUSINESS PHONE:** 7855652000

**MAIL ADDRESS:**
- **STREET 1:** 701 POYNTZ AVENUE
- **CITY:** MANHATTAN
- **STATE:** KS
- **ZIP:** 66502

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LANDMARK MERGER CO
- **DATE OF NAME CHANGE:** 20010530

?xml version='1.0' encoding='ASCII'?

**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 29, 2025**

**Landmark Bancorp, Inc.**

**(Exact name of registrant as specified in its charter)** 

**Commission File Number: 000-33203** 

---

| | |
|:---|:---|
| **Delaware** | **43-1930755** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(I.R.S. Employer**<br> **Identification Number)** |

---

**701 Poyntz**

**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 October 29, 2025, Landmark Bancorp, Inc. (the "Company") issued a press release announcing financial results for the three and nine months ended September 30, 2025. 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 October 29, 2025, that its Board of Directors approved a cash dividend of $0.21 per share and a 5% stock dividend. The cash dividend will be paid to all stockholders of record as of the close of business on November 12, 2025, and payable on November 26, 2025. The 5% stock dividend will be issued December 15, 2025, to common stockholders of record on December 1, 2025.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

99.1 [Press Release dated October 29, 2025](ex99-1.htm) <br> 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** | **LANDMARK BANCORP, INC** |
| Dated: October 29, 2025 | By: | */s/ Mark A. Herpich* |
|  |  | Mark A. Herpich |
|  |  | <br> Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit** **99.1**

**PRESS RELEASE**

---

| | |
|:---|:---|
| FOR IMMEDIATE RELEASE | Contact: |
| October 29, 2025 | Mark A. Herpich |
|  | Chief Financial Officer |
|  | (785) 565-2000 |

---

**Landmark Bancorp, Inc. Announces Third Quarter 2025 Earnings per Share of $0.85. Declares Cash Dividend of $0.21 per Share and 5% Stock Dividend**

(Manhattan, KS, October 29, 2025) – Landmark Bancorp, Inc. ("Landmark"; Nasdaq: LARK) reported diluted earnings per share of $0.85 for the third quarter of 2025, compared to $0.75 per share in the second quarter of 2025 and $0.68 per share in the same quarter of the prior year. Net earnings for the third quarter totaled $4.9 million, compared to $4.4 million in the prior quarter and $3.9 million in the third quarter of 2024. For the three months ended September 30, 2025, the return on average assets was 1.21%, the return on average equity was 13.00% and the efficiency ratio<sup>(1)</sup> was 60.7%.

For the first nine months of 2025, diluted earnings per share totaled $2.41 compared to $1.69 during the same period in 2024. Net earnings for the first nine months of 2025 totaled $14.0 million, compared to $9.7 million in the first nine months of 2024, or an increase of 44.4%, driven primarily by higher net interest income. For the nine months ended September 30, 2025, the return on average assets was 1.18%, the return on average equity was 12.98%, and the efficiency ratio<sup>(1)</sup> was 62.5%.

**Third Quarter 2025 Performance Highlights**

● Annualized return on average assets was 1.21% and return on equity was 13.00% as compared to 1.00% and 11.82%, respectively, in the third quarter of 2024.

● Average loan balances grew $26.7 million compared to the second quarter of 2025, while end of period loans were flat.

● Net interest income increased $411,000, or 3.0%, in the third quarter of 2025, and increased $2.5 million, or 21.5%, from the same quarter of 2024. The net interest margin held steady at 3.83% in the third quarter of 2025 and remains healthy compared to peer banks.

● Efficiency ratio improved to 60.7% as compared to both 62.8% in the prior quarter of 2025, and 66.5% in the third quarter of 2024.

● Non-accrual loans declined $7.0 million in the third quarter of 2025, while net loan charge-offs totaled $2.3 million for the quarter. Both were impacted by the resolution of a single previously disclosed commercial loan.

● Book value per share was $26.92 as of September 30, 2025, compared to $24.18 as of September 30, 2024. Tangible book value per share<sup>(1)</sup> was $20.96 as of September 30, 2025, an increase of $2.85 or 15.7% over the past twelve months. The ratio of equity to assets increased 50 basis points to 9.63% in the third quarter. The ratio of tangible equity to tangible assets<sup>(1)</sup> increased 51 basis points to 7.66% at the end of the third quarter as compared to the prior quarter of 2025.

In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, "Landmark reported another solid quarter of earnings and increased profitability. Earnings this quarter were driven by growth in both net interest income and non-interest income. We continue to see good loan demand as average loans this quarter grew by $26.7 million, driving expansion of our net interest income. Solid growth in non-interest bearing deposits further strengthened our deposit base and helped sustain our attractive low-cost core deposit funding. Non-interest income increased 12.2% this quarter compared to the prior quarter and expenses were well controlled, leading to an improvement in our overall efficiency. We made significant progress this quarter improving our overall credit quality as nonperforming loans decreased $7.0 million. Our net loan charge-offs were $2.3 million for the quarter, the majority of which related to a single previously disclosed commercial loan. Our strong performance is a direct result of the hard work and commitment of our associates, whose efforts continue to elevate Landmark's position in the market. We are excited by the achievements of the quarter and look forward to building on this momentum."

Landmark's Board of Directors declared a cash dividend of $0.21 per share, to be paid November 26, 2025, to common stockholders of record as of the close of business on November 12, 2025. The Board of Directors also declared a 5% stock dividend payable on December 15, 2025, to common shareholders of record on December 1, 2025. This is the 25<sup>th</sup> consecutive year that the Board has declared a 5% stock dividend.

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 30, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 246429. A replay of the call will be available through November 6, 2025, by dialing (866) 813-9403 and using access code 671214.

**Net Interest Income**

Net interest income in the third quarter of 2025 totaled $14.1 million representing an increase of $411,000, or 3.0%, compared to the previous quarter and an increase of $2.5 million, or 21.5%, compared to the same quarter of the prior year. The increase in net interest income this quarter was driven by higher interest income on loans, partially offset by higher interest expense on deposits. The net interest margin for the third quarter of 2025 was 3.83%, which was flat as compared to the prior quarter and increased 53 basis points from 3.30% during the third quarter of the prior year. Compared to the previous quarter, interest income on loans increased $597,000 to $17.8 million, due to higher average balances. Average loan balances increased $26.7 million from the prior quarter, while the average tax-equivalent yield on the loan portfolio remained flat at 6.37%. Interest on investment securities increased $34,000, or 1.2%, driven by higher yields despite slightly lower balances. Compared to the second quarter of 2025, interest on deposits increased $266,000, or 5.2%, due to higher rates and balances. Interest on other borrowed funds decreased $36,000 from the second quarter of 2025, due to lower average balances. The average rate on interest-bearing deposits increased four basis points from the prior quarter, to 2.18%, due to an increase in certificates of deposit. The average rate on other borrowed funds increased 11 basis points to 5.09% in the third quarter of 2025 driven by a decrease in lower cost repurchase agreements.

(1) Non-GAAP financial measure. See the "Non-GAAP Financial Measures" section of this press release for a reconciliation.

**Non-Interest Income**

Non-interest income totaled $4.1 million for the third quarter of 2025, an increase of $442,000 from the previous quarter. The increase in non-interest income during the third quarter of 2025 was primarily due to increases of $208,000 in gains on sales of residential mortgage loans and $184,000 in fees and service charges.

**Non-Interest Expense**

During the third quarter of 2025, non-interest expense totaled $11.3 million, an increase of $290,000, or 2.6%, compared to the prior quarter. The increase in non-interest expense was primarily due to increases of $206,000 in professional fees, $120,000 in occupancy and equipment expense, and $70,000 in compensation and benefits expense, partially offset by a decrease of $153,000 in data processing expense. The increase in professional fees was driven by higher consulting costs.

**Income Tax Expense** 

Landmark recorded income tax expense of $1.1 million in the third quarter of 2025 compared to $944,000 in the second quarter of 2025. The effective tax rate was 18.7% in the third quarter of 2025 compared to 17.7% in the second quarter of 2025.

**Balance Sheet Highlights**

As of September 30, 2025, gross loans totaled $1.1 billion, largely consistent with the prior quarter, while average loans grew $26.7 million. During the quarter, loan growth was primarily comprised of commercial real estate (growth of $19.1 million), one-to-four family residential real estate (growth of $4.5 million), and consumer (growth of $1.4 million) loans, but offset by decreases in commercial (decline of $17.6 million) and construction and land (decline of $6.6 million) loans. Investment securities available-for-sale decreased $2.4 million during the third quarter of 2025 primarily due to maturities exceeding our level of purchases. Pre-tax unrealized net losses on the investment securities portfolio decreased from $13.9 million at June 30, 2025, to $9.2 million at September 30, 2025, primarily due to lower market rates for these securities at September 30, 2025.

Period-end deposit balances increased $51.6 million to $1.3 billion at September 30, 2025. The increase in deposits was driven by increases in certificates of deposit (increase of $22.9 million), money market and checking accounts (increase of $16.5 million), and non-interest-bearing demand deposits (increase of $14.0 million). The increase in deposits was primarily driven by an increase in brokered deposits across several categories, as well as higher non-interest bearing core deposit balances at September 30, 2025. Total period-end borrowings decreased $69.0 million during the third quarter of 2025, while average balances declined $6.0 million. At September 30, 2025, the loan to deposits ratio was 83.4% compared to 86.6% in the prior quarter.

Stockholders' equity increased to $155.7 million (book value of $26.92 per share) as of September 30, 2025, from $148.4 million (book value of $25.66 per share) as of June 30, 2025. The increase in stockholders' equity was primarily due to net earnings for the quarter, coupled with a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities). The ratio of equity to total assets increased to 9.63% on September 30, 2025, from 9.13% on June 30, 2025.

The allowance for credit losses totaled $12.3 million, or 1.10% of total gross loans, on September 30, 2025, compared to $13.8 million, or 1.23% of total gross loans, on June 30, 2025. Net loan charge-offs totaled $2.3 million in the third quarter of 2025, compared to $40,000 during the second quarter of 2025 and $9,000 in the third quarter of the prior year. The increase in net charge-offs during the third quarter was primarily related to the charge-off of a single commercial credit. A provision for credit losses on loans of $850,000 was recorded in the third quarter of 2025 compared to $1.0 million in the second quarter of 2025.

Non-performing loans totaled $10.0 million, or 0.89% of gross loans, at September 30, 2025, compared to $17.0 million, or 1.52% of gross loans, at June 30, 2025. Loans 30-89 days delinquent totaled $4.9 million, or 0.43% of gross loans, as of September 30, 2025, compared to $4.3 million, or 0.39% of gross loans, as of June 30, 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.

Special Note Concerning Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of 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. 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. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. 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; (ii) effects on the U.S. economy resulting from the threat or implementation of new, or changes to, existing policies, regulations, regulatory and other governmental agencies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, DEI and ESG initiatives, consumer protection, foreign policy and tax regulations; (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, acts of war, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, 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 effects of the current U.S. government shutdown and its impact on our customers; (xxvi) the Company's success at managing and responding to the risks involved in the foregoing items; and (xxvii) 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)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | September 30, | June 30, | March 31, | December 31, | September 30, |
| *(Dollars in thousands)* | 2025 | 2025 | 2025 | 2024 | 2024 |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $23947 | $25038 | $21881 | $20275 | $21211 |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits at other banks | 3218 | 3463 | 3973 | 4110 | 4363 |
| &nbsp;&nbsp;&nbsp;Investment securities available-for-sale, at fair value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. treasury securities | 50833 | 51624 | 58424 | 64458 | 83753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal obligations, tax exempt | 97383 | 100802 | 101812 | 107128 | 112126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal obligations, taxable | 82236 | 75037 | 70614 | 71715 | 75129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency mortgage-backed securities | 119576 | 124979 | 125142 | 129211 | 140004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities available-for-sale | 350028 | 352442 | 355992 | 372512 | 411012 |
| &nbsp;&nbsp;&nbsp;Investment securities held-to-maturity | 3760 | 3730 | 3701 | 3672 | 3643 |
| &nbsp;&nbsp;&nbsp;Bank stocks, at cost | 8021 | 10946 | 6225 | 6618 | 7894 |
| &nbsp;&nbsp;&nbsp;Loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-to-four family residential real estate | 381641 | 377133 | 355632 | 352209 | 344380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction and land | 19741 | 26373 | 28645 | 25328 | 23454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 389574 | 370455 | 359579 | 345159 | 324016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 186656 | 204303 | 190881 | 192325 | 181652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agriculture | 99897 | 100348 | 101808 | 100562 | 91986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal | 6884 | 6938 | 7082 | 7091 | 7098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer | 33660 | 32234 | 31297 | 29679 | 29263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross loans | 1118053 | 1117784 | 1074924 | 1052353 | 1001849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net deferred loan (fees) costs and loans in process | (763) | (615) | (426) | (307) | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (12299) | (13762) | (12802) | (12825) | (11544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net | 1104991 | 1103407 | 1061696 | 1039221 | 990242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale, at fair value | 3578 | 4773 | 2997 | 3420 | 3250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank owned life insurance | 39890 | 39607 | 39329 | 39056 | 39176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment, net | 19449 | 19654 | 19886 | 20220 | 20976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 32377 | 32377 | 32377 | 32377 | 32377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | 2123 | 2275 | 2426 | 2578 | 2729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage servicing rights | 3120 | 3082 | 3045 | 3061 | 3041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate owned, net |  | 167 | 167 | 167 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 22573 | 23904 | 24894 | 26855 | 23309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1617075 | $1624865 | $1578589 | $1574142 | $1563651 |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-interest-bearing demand | 365959 | 351993 | 368480 | 351595 | 360188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market and checking | 579413 | 562919 | 613459 | 636963 | 565629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings | 146291 | 148092 | 149223 | 145514 | 145825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 233837 | 210897 | 204660 | 194694 | 203860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 1325500 | 1273901 | 1335822 | 1328766 | 1275502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLB and other borrowings | 90483 | 155110 | 48767 | 53046 | 92050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures | 21651 | 21651 | 21651 | 21651 | 21651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements | 1420 | 5825 | 6256 | 13808 | 9528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest and other liabilities | 22294 | 20002 | 23442 | 20656 | 25229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1461348 | 1476489 | 1435938 | 1437927 | 1423960 |
| &nbsp;&nbsp;&nbsp;Stockholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 58 | 58 | 58 | 58 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 95330 | 95266 | 95148 | 95051 | 89532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 67327 | 63612 | 60422 | 56934 | 60549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost |  |  |  |  | (396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (6988) | (10560) | (12977) | (15828) | (10049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 155727 | 148376 | 142651 | 136215 | 139691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1617075 | $1624865 | $1578589 | $1574142 | $1563651 |

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**LANDMARK BANCORP, INC. AND SUBSIDIARIES**

**Consolidated Statements of Earnings (unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three months ended, | Three months ended, | Three months ended, | Nine months ended, | Nine months ended, |
|  | September 30, | June 30, | September 30, | September 30, | September 30, |
| *(Dollars in thousands, except per share amounts)* | 2025 | 2025 | 2024 | 2025 | 2024 |
| Interest income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | $17783 | $17186 | $15933 | $51364 | $45445 |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 2198 | 2163 | 2301 | 6541 | 7088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | 700 | 701 | 747 | 2120 | 2270 |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits at banks | 58 | 48 | 41 | 154 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 20739 | 20098 | 19022 | 60179 | 54947 |
| Interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 5410 | 5144 | 5830 | 15790 | 16960 |
| &nbsp;&nbsp;&nbsp;FHLB and other borrowings | 857 | 861 | 1100 | 2283 | 3149 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures | 361 | 358 | 416 | 1076 | 1246 |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 17 | 52 | 72 | 134 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 6645 | 6415 | 7418 | 19283 | 21622 |
| Net interest income | 14094 | 13683 | 11604 | 40896 | 33325 |
| Provision for credit losses | 850 | 1000 | 500 | 1850 | 800 |
| &nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 13244 | 12683 | 11104 | 39046 | 32525 |
| Non-interest income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fees and service charges | 2660 | 2476 | 2880 | 7524 | 8032 |
| &nbsp;&nbsp;&nbsp;Gains on sales of loans, net | 948 | 740 | 704 | 2250 | 1864 |
| &nbsp;&nbsp;&nbsp;Bank owned life insurance | 283 | 278 | 254 | 833 | 747 |
| &nbsp;&nbsp;&nbsp;Gains on sales of investment securities, net |  |  |  | (2) |  |
| &nbsp;&nbsp;&nbsp;Other | 177 | 132 | 415 | 447 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 4068 | 3626 | 4253 | 11052 | 11373 |
| Non-interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 6304 | 6234 | 5803 | 18692 | 16839 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 1364 | 1244 | 1429 | 3860 | 4113 |
| &nbsp;&nbsp;&nbsp;Data processing | 476 | 629 | 464 | 1501 | 1437 |
| &nbsp;&nbsp;&nbsp;Amortization of mortgage servicing rights and other intangibles | 247 | 238 | 256 | 724 | 924 |
| &nbsp;&nbsp;&nbsp;Professional fees | 746 | 540 | 573 | 2031 | 1869 |
| &nbsp;&nbsp;&nbsp;Valuation allowance on real estate held for sale |  |  |  |  | 1108 |
| &nbsp;&nbsp;&nbsp;Other | 2114 | 2076 | 2034 | 6165 | 5915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 11251 | 10961 | 10559 | 32973 | 32205 |
| Earnings before income taxes | 6061 | 5348 | 4798 | 17125 | 11693 |
| Income tax expense | 1131 | 944 | 867 | 3090 | 1972 |
| Net earnings | $4930 | $4404 | $3931 | $14035 | $9721 |
| Net earnings per share (1) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.85 | $0.76 | $0.68 | $2.43 | $1.69 |
| &nbsp;&nbsp;&nbsp;Diluted | 0.85 | 0.75 | 0.68 | 2.41 | 1.69 |
| Dividends per share (1) | 0.21 | 0.21 | 0.20 | 0.63 | 0.60 |
| Shares outstanding at end of period (1) | 5784518 | 5783312 | 5776282 | 5784518 | 5776282 |
| Weighted average common shares outstanding - basic (1) | 5783729 | 5782555 | 5765348 | 5780462 | 5751326 |
| Weighted average common shares outstanding - diluted (1) | 5829641 | 5840923 | 5770514 | 5824577 | 5755529 |
| Tax equivalent net interest income | $14260 | $13851 | $11777 | $41402 | $33852 |

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(1) Share and per share values at or for the periods ended September 30, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.

**LANDMARK BANCORP, INC. AND SUBSIDIARIES**

**Select Ratios and Other Data (unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of or for the<br> three months ended, | As of or for the<br> three months ended, | As of or for the<br> three months ended, | As of or for the<br> nine months ended, | As of or for the<br> nine months ended, |
|  | September 30, | June 30, | September 30, | September 30, | September 30, |
| *(Dollars in thousands, except per share amounts)* | 2025 | 2025 | 2024 | 2025 | 2024 |
| **Performance ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return on average assets (1) | 1.21% | 1.11% | 1.00% | 1.18% | 0.84% |
| &nbsp;&nbsp;&nbsp;Return on average equity (1) | 13.00% | 12.25% | 11.82% | 12.98% | 10.18% |
| &nbsp;&nbsp;&nbsp;Net interest margin (1)(2) | 3.83% | 3.83% | 3.30% | 3.81% | 3.21% |
| &nbsp;&nbsp;&nbsp;Effective tax rate | 18.7% | 17.7% | 18.1% | 18.0% | 16.9% |
| &nbsp;&nbsp;&nbsp;Efficiency ratio (3) | 60.7% | 62.8% | 66.5% | 62.5% | 68.8% |
| &nbsp;&nbsp;&nbsp;Non-interest income to total income (3) | 22.7% | 20.9% | 25.5% | 21.4% | 25.0% |
| **Average balances:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | $362717 | $363878 | $428301 | $368106 | $440744 |
| &nbsp;&nbsp;&nbsp;Loans | 1108545 | 1081865 | 985659 | 1079883 | 962252 |
| &nbsp;&nbsp;&nbsp;Assets | 1617429 | 1592939 | 1562482 | 1595044 | 1554682 |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | 984335 | 965214 | 936218 | 976463 | 935958 |
| &nbsp;&nbsp;&nbsp;FHLB and other borrowings | 72871 | 74007 | 77958 | 65192 | 74496 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures | 21651 | 21651 | 21651 | 21651 | 21651 |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 1833 | 6683 | 10774 | 5691 | 12218 |
| &nbsp;&nbsp;&nbsp;Stockholders' equity | $150434 | $144151 | $132271 | $144591 | $127597 |
| **Average tax equivalent yield/cost (1):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 3.35% | 3.34% | 2.99% | 3.33% | 2.99% |
| &nbsp;&nbsp;&nbsp;Loans | 6.37% | 6.37% | 6.43% | 6.36% | 6.31% |
| &nbsp;&nbsp;&nbsp;Total interest-bearing assets | 5.61% | 5.60% | 5.38% | 5.58% | 5.26% |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | 2.18% | 2.14% | 2.48% | 2.16% | 2.42% |
| &nbsp;&nbsp;&nbsp;FHLB and other borrowings | 4.67% | 4.67% | 5.61% | 4.68% | 5.65% |
| &nbsp;&nbsp;&nbsp;Subordinated debentures | 6.62% | 6.63% | 7.64% | 6.64% | 7.69% |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 3.68% | 3.12% | 2.66% | 3.15% | 2.92% |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 2.44% | 2.41% | 2.82% | 2.41% | 2.77% |
| **Capital ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity to total assets | 9.63% | 9.13% | 8.93% |  |  |
| &nbsp;&nbsp;&nbsp;Tangible equity to tangible assets (3) | 7.66% | 7.15% | 6.84% |  |  |
| &nbsp;&nbsp;&nbsp;Book value per share | $26.92 | $25.66 | $24.18 |  |  |
| &nbsp;&nbsp;&nbsp;Tangible book value per share (3) | $20.96 | $19.66 | $18.11 | $2.85 | 15.7% |
| **Rollforward of allowance for credit losses (loans):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning balance | $13762 | $12802 | $10903 | $12825 | $10608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | (2380) | (103) | (153) | (2591) | (413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoveries | 67 | 63 | 144 | 215 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses for loans | 850 | 1000 | 650 | 1850 | 900 |
| &nbsp;&nbsp;&nbsp;Ending balance | $12299 | $13762 | $11544 | $12299 | $11544 |
| &nbsp;&nbsp;&nbsp;Allowance for unfunded loan commitments | $150 | $150 | $150 |  |  |
| **Non-performing assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-accrual loans | $9999 | $16984 | $13415 |  |  |
| &nbsp;&nbsp;&nbsp;Accruing loans over 90 days past due |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate owned | - | 167 | 428 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $9999 | $17151 | $13843 |  |  |
| &nbsp;&nbsp;&nbsp;Loans 30-89 days delinquent | $4853 | $4321 | $7301 |  |  |
| **Other ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans to deposits | 83.36% | 86.62% | 77.64% |  |  |
| &nbsp;&nbsp;&nbsp;Loans 30-89 days delinquent and still accruing to gross loans outstanding | 0.43% | 0.39% | 0.73% |  |  |
| &nbsp;&nbsp;&nbsp;Total non-performing loans to gross loans outstanding | 0.89% | 1.52% | 1.34% |  |  |
| &nbsp;&nbsp;&nbsp;Total non-performing assets to total assets | 0.62% | 1.06% | 0.89% |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses to gross loans outstanding | 1.10% | 1.23% | 1.15% |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses to total non-performing loans | 123.00% | 81.03% | 86.05% |  |  |
| &nbsp;&nbsp;&nbsp;Net loan charge-offs to average loans (1) | 0.83% | 0.01% | 0.00% | 0.29% | 0.00% |

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(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.

**LANDMARK BANCORP, INC. AND SUBSIDIARIES**

**Non-GAAP Financial Measures (unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of or for the<br> three months ended, | As of or for the<br> three months ended, | As of or for the<br> three months ended, | As of or for the<br> nine months ended, | As of or for the<br> nine months ended, |
|  | September 30, | June 30, | September 30, | September 30, | September 30, |
| *(Dollars in thousands, except per share amounts)* | 2025 | 2025 | 2024 | 2025 | 2024 |
| **Non-GAAP financial ratio reconciliation:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total non-interest expense | $11251 | $10961 | $10559 | $32973 | $32205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: foreclosure and real estate owned expense | (22) | 49 | (23) | (23) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: amortization of other intangibles | (152) | (151) | (171) | (455) | (512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: valuation allowance on real estate held for sale | - | - | - | - | (1108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted non-interest expense (A) | 11077 | 10859 | 10365 | 32495 | 30551 |
| &nbsp;&nbsp;&nbsp;Net interest income (B) | 14094 | 13683 | 11604 | 40896 | 33325 |
| &nbsp;&nbsp;&nbsp;Non-interest income | 4068 | 3626 | 4253 | 11052 | 11373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: losses on sales of investment securities, net |  |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: gains on sales of premises and equipment and foreclosed assets | 73 | (9) | (273) | 64 | (264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted non-interest income (C) | $4141 | $3617 | $3980 | $11118 | $11109 |
| &nbsp;&nbsp;&nbsp;Efficiency ratio (A/(B+C)) | 60.7% | 62.8% | 66.5% | 62.5% | 68.8% |
| &nbsp;&nbsp;&nbsp;Non-interest income to total income (C/(B+C)) | 22.7% | 20.9% | 25.5% | 21.4% | 25.0% |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | $155727 | $148376 | $139691 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: goodwill and other intangible assets | (34500) | (34652) | (35106) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible equity (D) | $121227 | $113724 | $104585 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $1617075 | $1624865 | $1563651 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: goodwill and other intangible assets | (34500) | (34652) | (35106) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible assets (E) | $1582575 | $1590213 | $1528545 |  |  |
| &nbsp;&nbsp;&nbsp;Tangible equity to tangible assets (D/E) | 7.66% | 7.15% | 6.84% |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period (F) | 5784518 | 5783312 | 5776282 |  |  |
| &nbsp;&nbsp;&nbsp;Tangible book value per share (D/F) | $20.96 | $19.66 | $18.11 |  |  |

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