Earnings release
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Exhibit 99.1 PRESS RELEASE FOR IMMEDIATE RELEASE July 29, 2026 Landmark Bancorp, Inc. Reports Second Quarter 2026 Results Announces Second Quarter 2026 Earnings Per Share Growth of 6.1% Declares Quarterly Cash Dividend of $0.21 per Share Manhattan, KS – Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.88 for the second quarter of 2026, compared to $0.83 per share in the first quarter of 2026 and $0.72 per share in the same quarter of the prior year. Net earnings for the second quarter totaled $5.4 million, compared to $5.1 million in the prior quarter and $4.4 million in the second quarter of 2025. For the three months ended June 30, 2026, the return on average assets was 1.35%, the return on average equity was 13.23%, and the efficiency ratio(1) was 61.7%. For the first six months of 2026, diluted earnings per share totaled $1.70, compared to $1.49 during the same period in 2025. Net earnings for the first six months of 2026 totaled $10.5 million, compared to $9.1 million in the first six months of 2025, or an increase of 14.9%, driven primarily by higher net interest income. For the six months ended June 30, 2026, the return on average assets was 1.32%, the return on average equity was 12.94%, and the efficiency ratio(1) was 62.2%. Second quarter 2026 Performance Highlights ● Return on average assets improved to 1.35%, compared to 1.29% in the prior quarter and 1.11% in the second quarter of 2025. ● Return on average equity was 13.23%, compared to 12.65% in the prior quarter and 12.25% in the second quarter of 2025. ● Net interest margin decreased two basis points from the prior quarter to 4.22%, and improved 39 basis points compared to the second quarter of 2025. Net interest income expanded to $15.1 million, an increase of 0.4% as compared to the prior quarter and an increase of 10.2% from the same quarter in 2025. Net interest margin improvement is due partially to improving funding costs over the past year. ● Commercial, commercial real estate, construction and land, and agricultural loans grew $7.4 million compared to the prior quarter, an annualized increase of 4.3%, partially offset by a reduction in on-balance sheet residential mortgage loans. ● Non-interest-bearing deposits ended the quarter at 29.2% of total deposits. Total deposit costs improved to 1.30%, a decrease of eight basis points as compared to the prior quarter and a decrease of 26 basis points from the second quarter of 2025. ● Capital continues to grow and capital ratios remain strong. Tangible common equity to assets(1) increased to 8.44% as of June 30, 2026, from 8.11% as of March 31, 2026, and 7.15% as of June 30, 2025. ● Book value per share was $27.35 as of June 30, 2026, compared to $26.50 as of March 31, 2026. Tangible book value per share(1) grew to $21.76, compared to $20.89 as of March 31, 2026. (1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation.
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“Landmark’s strong second quarter results reflected record revenue of more than $19 million, solid earnings performance, and continued improvement in profitability,” said Abby Wendel, President and Chief Executive Officer. “Our continued revenue growth demonstrates the strength of our relationship-based banking model, disciplined pricing strategies, and prudent balance sheet management.” Ms. Wendel continued, “We were pleased to see loan growth accelerate during the second quarter, especially across all areas of our commercial and agricultural-related loan portfolios, driven by our team’s focus on attracting new clients while deepening relationships with existing clients. And while nonperforming loans, which increased during the quarter, remain higher than we would like, we are making steady progress improving the overall portfolio quality through proactive management and the resolution of credits that no longer align with our credit risk profile. Strong capital generation continues to strengthen our balance sheet which supports ongoing investments in talent, technology and facilities to enhance the customer and associate experience.” Dividend Declaration Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid August 27, 2026, to common stockholders of record as of the close of business on August 13, 2026. Earnings Conference Call Landmark will host a conference call to review the Company’s second quarter financial results at 10:00 a.m. (Central time) on Thursday, July 30, 2026. Interested parties may participate via telephone by dialing (800) 715-9871. An audio recording of the earnings call will be available through August 6, 2026. To access the recording, register via https://echo.registrations.events/signup using Conference ID 78609 to receive a unique access code to listen to the playback, including the correct numbers to dial. SUMMARY OF SECOND QUARTER RESULTS Net Interest Income Net interest income in the second quarter of 2026 totaled $15.1 million, representing an increase of $57,000, or 0.4%, compared to the prior quarter and an increase of $1.4 million, or 10.2%, 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 second quarter of 2025 was driven by higher rates on investments despite lower average balances, coupled with lower interest expense on deposits and other borrowings which more than offset a slight decrease in loan yields. The net interest margin for the second quarter of 2026 was 4.22%, a decrease of two basis points from 4.24% during the prior quarter and an increase of 39 basis points from 3.83% during the second quarter of the prior year. The average tax-equivalent yield on the investment securities portfolio grew to 3.66%, compared to 3.55% in the prior quarter and 3.34% in the second quarter of 2025 as lower- rate securities matured during the quarter. The average tax-equivalent yield on the loan portfolio declined nine basis points as compared to the prior quarter and decreased six basis points as compared to the second quarter of the prior year. Compared to the first quarter of 2026, interest on deposits decreased $262,000, or 5.7%, due to lower rates, coupled with decreased average balances as brokered deposits declined. Interest on other borrowed funds increased $208,000 from the first quarter of 2026, driven by higher average balances, partially offset by a decrease in rates. The average rate on interest-bearing deposits decreased eight basis points from the prior quarter, to 1.82%, primarily due to lower rates on certificates of deposit. The average rate on other borrowed funds decreased 31 basis points to 4.54% in the second quarter of 2026, offset by an increase in average balances in borrowings from the FHLB. Compared to the second quarter of 2025, interest on deposits decreased $795,000, or 15.5%, due to lower rates, coupled with decreased average balances. Interest on other borrowed funds decreased $449,000 from the second quarter of the prior year, due to lower rates and average balances. The average rate on interest-bearing deposits decreased 32 basis points from the second 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 44 basis points as compared to the second quarter of 2025.
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Non-Interest Income Non-interest income totaled $4.1 million for the second quarter of 2026, an increase of $331,000 from the prior quarter and an increase of $469,000 from the same quarter in the prior year. The increase in non-interest income as compared to the prior quarter was primarily due to an increase of $356,000 in gains on the sale of loans due to an increase in the volume of loans sold in the secondary market. The increase in non-interest income as compared to the second quarter of the prior year was primarily due to an increase of $501,000 in gains on the sale of loans due to an increase in the volume of loans sold in the secondary market. Non-Interest Expense During the second quarter of 2026, non-interest expense totaled $12.0 million, an increase of $63,000, or 0.5%, compared to the prior quarter and an increase of $1.0 million, or 9.1%, 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 $487,000 in professional fees and $246,000 in compensation and benefits expense. These increases were partially offset by decreases of $364,000 in other expense and $243,000 in occupancy and equipment expense. The increase 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 an increase in consulting expenses for talent recruitment and development, and internal audit co-sourcing. The increase in compensation and benefits was attributable to higher incentive compensation expense in the second quarter of 2026 as compared to the prior quarter. The decrease in other expense was primarily due to $433,000 of fraud losses related to fraudulent activity by a non-executive officer of the bank, which was identified during the first quarter. The decrease in occupancy and equipment expense was related to expenses incurred to upgrade our core branch operation systems during the first quarter of 2026. Compared to the second quarter of 2025, the increase in non-interest expense was primarily due to increases of $711,000 in professional fees and $335,000 in compensation and benefits. The increase in professional fees was attributable to $270,000 in one-time forensic accounting and legal costs related to previously disclosed fraudulent activity as outlined above, coupled with an increase in consulting expenses for talent recruitment and development, and internal audit co-sourcing. 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 second quarter of 2026, compared to $1.3 million in the prior quarter, and $944,000 in the second quarter of 2025. The effective tax rate was 19.7% in the second quarter of 2026, compared to 19.8% in the prior quarter and 17.7% in the second quarter of 2025. Balance Sheet Highlights As of June 30, 2026, gross period-end loans totaled $1.1 billion, an increase of $3.3 million from the prior quarter, while average loans declined $3.2 million. The increase in period-end loans was primarily driven by higher construction and land loans (growth of $4.5 million), commercial loans (growth of $1.5 million) and agriculture loans (growth of $1.5 million), offset by a decline in one-to-four family residential real estate loans (decline of $4.0 million). Investment securities available-for-sale decreased $1.3 million during the second quarter of 2026, primarily due to maturities occurring during the quarter. Period-end deposit balances decreased $17.7 million to $1.3 billion at June 30, 2026, an annualized decrease of 5.4% compared to the prior quarter. The decrease in deposits was driven primarily by a decline in brokered deposits and more specifically by decreases in certificates of deposit and savings accounts of $33.5 million and $3.6 million, respectively. These decreases were partially offset by increases in non-interest-bearing demand deposits ($12.8 million increase) and money market and checking accounts ($6.7 million increase). Total period-end borrowings increased $15.7 million during the second quarter of 2026. At June 30, 2026, the loan to deposits ratio was 83.5%, compared to 82.1% in the prior quarter.
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Stockholders’ equity increased to $166.9 million (book value of $27.35 per share) as of June 30, 2026, from $161.6 million (book value of $26.50 per share) as of March 31, 2026. The increase in stockholders’ equity was primarily due to net earnings for the quarter net of dividends paid, 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 10.39% on June 30, 2026, from 10.06% on March 31, 2026. The allowance for credit losses totaled $12.7 million, or 1.15% of total gross loans, as of June 30, 2026, compared to $12.6 million, or 1.15% of total gross loans, as of March 31, 2026. Net loan charge-offs totaled $452,000 in the second quarter of 2026, compared to $349,000 during the first quarter of 2026 and $40,000 in the second quarter of the prior year. A provision for credit losses on loans of $500,000 was recorded in both the first and second quarters of 2026, a decrease of $500,000 as compared to the second quarter of the prior year. Non-performing loans totaled $13.1 million, or 1.18% of gross loans, at June 30, 2026, compared to $10.4 million, or 0.94% of gross loans, at March 31, 2026. Loans 30-89 days delinquent totaled $6.3 million, or 0.57% of gross loans, as of June 30, 2026, compared to $7.4 million, or 0.68% of gross loans, as of March 31, 2026. About Landmark Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 28 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka, Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information. Contact Information Mark Herpich Shelley Reed Chief Financial Officer Investor Relations (785) 565-2000 (913) 563-5672 mherpich@banklandmark.com sreed@banklandmark.com
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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) 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.
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LANDMARK BANCORP, INC. AND SUBSIDIARIES Consolidated Balance Sheets (unaudited) June 30, March 31, December 31, September 30, June 30, (Dollars in thousands) 2026 2026 2025 2025 2025 Assets Cash and cash equivalents $ 26,277 $ 31,866 $ 20,982 $ 23,947 $ 25,038 Interest-bearing deposits at other banks 5,935 2,970 3,218 3,218 3,463 Investment securities available-for-sale, at fair value: U.S. treasury securities 43,478 50,001 53,183 50,833 51,624 Municipal obligations, tax exempt 75,143 77,495 87,809 97,383 100,802 Municipal obligations, taxable 97,718 94,738 90,603 82,236 75,037 Agency mortgage-backed securities 124,469 119,826 116,562 119,576 124,979 Total investment securities available-for- sale 340,808 342,060 348,157 350,028 352,442 Investment securities held-to-maturity 3,847 3,818 3,789 3,760 3,730 Bank stocks, at cost 8,079 7,123 5,756 8,021 10,946 Loans: One-to-four family residential real estate 364,271 368,282 375,299 381,641 377,133 Construction and land 23,358 18,811 20,531 19,741 26,373 Commercial real estate 407,756 407,901 394,323 389,574 370,455 Commercial 177,904 176,373 178,201 186,656 204,303 Agriculture 88,055 86,603 102,829 99,897 100,348 Municipal 6,715 6,864 6,874 6,884 6,938 Consumer 33,417 33,392 33,666 33,660 32,234 Total gross loans 1,101,476 1,098,226 1,111,723 1,118,053 1,117,784 Net deferred loan costs (fees) and loans in process 886 (296) (872) (763) (615) Allowance for credit losses (12,657) (12,609) (12,458) (12,299) (13,762) Loans, net 1,089,705 1,085,321 1,098,393 1,104,991 1,103,407 Loans held for sale, at fair value 3,740 3,202 5,141 3,578 4,773 Bank owned life insurance 40,572 40,287 40,176 39,890 39,607 Premises and equipment, net 18,907 19,118 19,325 19,449 19,654 Goodwill 32,377 32,377 32,377 32,377 32,377 Other intangible assets, net 1,725 1,858 1,990 2,123 2,275 Mortgage servicing rights 3,336 3,222 3,189 3,120 3,082 Real estate owned, net - - - - 167 Other assets 31,208 32,565 24,149 22,573 23,904 Total assets $ 1,606,516 $ 1,605,787 $ 1,606,642 $ 1,617,075 $ 1,624,865 Liabilities and Stockholders’ Equity Liabilities: Deposits: Non-interest-bearing demand 380,543 367,737 364,695 365,959 351,993 Money market and checking 596,083 589,410 650,987 579,413 562,919 Savings 150,961 154,607 151,406 146,291 148,092 Certificates of deposit 177,401 210,930 221,766 233,837 210,897 Total deposits 1,304,988 1,322,684 1,388,854 1,325,500 1,273,901 FHLB and other borrowings 83,415 67,062 10,567 90,483 155,110 Subordinated debentures 21,651 21,651 21,651 21,651 21,651 Repurchase agreements 1,599 2,263 1,501 1,420 5,825 Accrued interest and other liabilities 28,005 30,516 23,438 22,294 20,002 Total liabilities 1,439,658 1,444,176 1,446,011 1,461,348 1,476,489 Stockholders’ equity: Common stock 61 61 61 58 58 Additional paid-in capital 102,810 102,675 102,597 95,330 95,266 Retained earnings 71,561 67,449 63,658 67,327 63,612 Accumulated other comprehensive loss (7,574) (8,574) (5,685) (6,988) (10,560) Total stockholders’ equity 166,858 161,611 160,631 155,727 148,376 Total liabilities and stockholders’ equity $ 1,606,516 $ 1,605,787 $ 1,606,642 $ 1,617,075 $ 1,624,865
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LANDMARK BANCORP, INC. AND SUBSIDIARIES Consolidated Statements of Earnings (unaudited) Three months ended, Six months ended, June 30, March 31, June 30, June 30, June 30, (Dollars in thousands, except per share amounts) 2026 2026 2025 2026 2025 Interest income: Loans $ 17,147 $ 17,260 $ 17,186 $ 34,407 $ 33,581 Investment securities: Taxable 2,482 2,334 2,163 4,816 4,343 Tax-exempt 571 595 701 1,166 1,420 Interest-bearing deposits at banks 51 59 48 110 96 Total interest income 20,251 20,248 20,098 40,499 39,440 Interest expense: Deposits 4,349 4,611 5,144 8,960 10,380 FHLB and other borrowings 484 277 861 761 1,426 Subordinated debentures 324 322 358 646 715 Repurchase agreements 14 15 52 29 117 Total interest expense 5,171 5,225 6,415 10,396 12,638 Net interest income 15,080 15,023 13,683 30,103 26,802 Provision for credit losses 500 570 1,000 1,070 1,000 Net interest income after provision for credit losses 14,580 14,453 12,683 29,033 25,802 Non-interest income: Fees and service charges 2,451 2,363 2,476 4,814 4,864 Gains on sales of loans, net 1,241 885 740 2,126 1,302 Bank owned life insurance 285 373 278 658 550 Losses on sales of investment securities, net - - - - (2) Other 118 143 132 261 270 Total non-interest income 4,095 3,764 3,626 7,859 6,984 Non-interest expense: Compensation and benefits 6,569 6,323 6,234 12,892 12,388 Occupancy and equipment 1,207 1,450 1,244 2,657 2,496 Data processing 494 554 629 1,048 1,025 Amortization of mortgage servicing rights and other intangibles 225 228 238 453 477 Professional fees 1,251 764 540 2,015 1,285 Other 2,215 2,579 2,076 4,794 4,051 Total non-interest expense 11,961 11,898 10,961 23,859 21,722 Earnings before income taxes 6,714 6,319 5,348 13,033 11,064 Income tax expense 1,322 1,253 944 2,575 1,959 Net earnings $ 5,392 $ 5,066 $ 4,404 $ 10,458 $ 9,105 Net earnings per share (1) Basic $ 0.88 $ 0.83 $ 0.73 $ 1.72 $ 1.50 Diluted 0.88 0.83 0.72 1.70 1.49 Dividends per share (1) 0.21 0.21 0.20 0.42 0.40 Shares outstanding at end of period (1) 6,100,582 6,098,324 6,072,478 6,100,582 6,072,478 Weighted average common shares outstanding - basic (1) 6,098,229 6,083,271 6,071,683 6,090,791 6,069,977 Weighted average common shares outstanding - diluted (1) 6,161,461 6,139,357 6,132,969 6,149,859 6,119,236 Tax equivalent net interest income $ 15,222 $ 15,170 $ 13,851 $ 30,391 $ 27,142 (1) Share and per share values at or for the period ended June 30, 2025 have been adjusted to give effect to the 5% stock dividend paid during December 2025.
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LANDMARK BANCORP, INC. AND SUBSIDIARIES Select Ratios and Other Data (unaudited) As of or for the three months ended, As of or for the six months ended, June 30, March 31, June 30, June 30, June 30, (Dollars in thousands, except per share amounts) 2026 2026 2025 2026 2025 Performance ratios: Return on average assets (1) 1.35% 1.29% 1.11% 1.32% 1.16% Return on average equity (1) 13.23% 12.65% 12.25% 12.94% 12.96% Net interest margin (1)(2) 4.22% 4.24% 3.83% 4.23% 3.80% Effective tax rate 19.7% 19.8% 17.7% 19.8% 17.7% Efficiency ratio (3) 61.7% 62.7% 62.8% 62.2% 63.4% Adjusted non-interest income to total income (3) 21.4% 19.9% 20.9% 20.6% 20.7% Average balances: Investment securities $ 349,813 $ 350,802 $ 363,878 $ 350,305 $ 370,823 Loans 1,090,422 1,093,593 1,081,865 1,091,999 1,065,317 Assets 1,602,782 1,594,612 1,592,939 1,598,719 1,583,669 Interest-bearing deposits 958,407 983,148 965,214 970,709 972,460 Total deposits 1,336,971 1,355,478 1,324,507 1,346,173 1,328,629 FHLB and other borrowings 49,201 27,851 74,007 38,585 61,288 Subordinated debentures 21,651 21,651 21,651 21,651 21,651 Repurchase agreements 1,809 1,871 6,683 1,840 7,653 Stockholders’ equity $ 163,505 $ 162,463 $ 144,151 $ 162,987 $ 141,623 Average tax equivalent yield/cost (1): Investment securities 3.66% 3.55% 3.34% 3.61% 3.32% Loans 6.31% 6.40% 6.37% 6.35% 6.36% Total interest-bearing assets 5.66% 5.69% 5.60% 5.68% 5.56% Interest-bearing deposits 1.82% 1.90% 2.14% 1.86% 2.15% Total deposits 1.30% 1.38% 1.56% 1.34% 1.58% FHLB and other borrowings 3.95% 4.03% 4.67% 3.98% 4.69% Subordinated debentures 6.00% 6.03% 6.63% 6.02% 6.66% Repurchase agreements 3.10% 3.25% 3.12% 3.18% 3.08% Total interest-bearing liabilities 2.01% 2.05% 2.41% 2.03% 2.40% Capital ratios: Equity to total assets 10.39% 10.06% 9.13% Tangible equity to tangible assets (3) 8.44% 8.11% 7.15% Book value per share $ 27.35 $ 26.50 $ 24.43 Tangible book value per share (3) $ 21.76 $ 20.89 $ 18.73 Rollforward of allowance for credit losses (loans): Beginning balance $ 12,609 $ 12,458 $ 12,802 $ 12,458 $ 12,825 Charge-offs (825) (394) (103) (1,219) (211) Recoveries 373 45 63 418 148 Provision for credit losses for loans 500 500 1,000 1,000 1,000 Ending balance $ 12,657 $ 12,609 $ 13,762 $ 12,657 $ 13,762 Allowance for unfunded loan commitments $ 220 $ 220 $ 150 Non-performing assets: Non-accrual loans $ 13,051 $ 10,378 $ 16,984 Accruing loans over 90 days past due - - - Real estate owned - - 167 Total non-performing assets $ 13,051 $ 10,378 $ 17,151 Loans 30-89 days delinquent $ 6,282 $ 7,448 $ 4,321 Other ratios:
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Loans to deposits 83.50% 82.05% 86.62% Loans 30-89 days delinquent and still accruing to gross loans outstanding 0.57% 0.68% 0.39% Total non-performing loans to gross loans outstanding 1.18% 0.94% 1.52% Total non-performing assets to total assets 0.81% 0.65% 1.06% Allowance for credit losses to gross loans outstanding 1.15% 1.15% 1.23% Allowance for credit losses to total non- performing loans 96.98% 121.50% 81.03% Net loan charge-offs to average loans (1) 0.17% 0.13% 0.01% 0.15% 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 period ended June 30, 2025 have been adjusted to give effect to the 5% stock dividend paid during December 2025.
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LANDMARK BANCORP, INC. AND SUBSIDIARIES Non-GAAP Financial Measures (unaudited) As of or for the three months ended, As of or for the six months ended, June 30, March 31, June 30, June 30, June 30, (Dollars in thousands, except per share amounts) 2026 2026 2025 2026 2025 Non-GAAP financial ratio reconciliation: Net interest income $ 15,080 $ 15,023 $ 13,683 $ 30,103 $ 26,802 Non-interest income 4,095 3,764 3,626 7,859 6,984 Total revenue $ 19,175 $ 18,787 $ 17,309 $ 37,962 $ 33,786 Total non-interest expense $ 11,961 $ 11,898 $ 10,961 $ 23,859 $ 21,722 Less: foreclosure and real estate owned expense 1 (3) 49 (2) (1) Less: amortization of other intangibles (132) (133) (151) (265) (303) Less: valuation allowance on assets held for sale - - - - - Adjusted non-interest expense (A) 11,830 11,762 10,859 23,592 21,418 Net interest income (B) 15,080 15,023 13,683 30,103 26,802 Non-interest income 4,095 3,764 3,626 7,859 6,984 Less: losses on sales of investment securities, net - - - - 2 Less: gains on sales of premises and equipment and foreclosed assets - (32) (9) (32) (9) Adjusted non-interest income (C) $ 4,095 $ 3,732 $ 3,617 $ 7,827 $ 6,977 Efficiency ratio (A/(B+C)) 61.7% 62.7% 62.8% 62.2% 63.4% Adjusted non-interest income to total income (C/(B+C)) 21.4% 19.9% 20.9% 20.6% 20.7% Total stockholders’ equity $ 166,858 $ 161,611 $ 148,376 Less: goodwill and other intangible assets (34,102) (34,235) (34,652) Tangible equity (D) $ 132,756 $ 127,376 $ 113,724 Total assets $ 1,606,516 $ 1,605,787 $ 1,624,865 Less: goodwill and other intangible assets (34,102) (34,235) (34,652) Tangible assets (E) $ 1,572,414 $ 1,571,552 $ 1,590,213 Tangible equity to tangible assets (D/E) 8.44% 8.11% 7.15% Shares outstanding at end of period (F) 6,100,582 6,098,324 6,072,478 Tangible book value per share (D/F) $ 21.76 $ 20.89 $ 18.73 (1) Share and per share values at or for the period ended June 30, 2025 have been adjusted to give effect to the 5% stock dividend paid during December 2025.