Earnings release
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Exhibit 99.1 PRESS RELEASE FOR IMMEDIATE RELEASE October 28, 2026 Landmark Bancorp, Inc. Reports Third Quarter 2026 Results Announces Third Quarter 2026 Net Earnings Growth of 1.5% Manhattan, KS – Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.89 for the third quarter of 2026, compared to $0.88 per share in the second quarter of 2026 and $0.81 per share in the same quarter of the prior year. Net earnings for the third quarter totaled $5.5 million, compared to $5.4 million in the prior quarter and $4.9 million in the third quarter of 2025. For the three months ended September 30, 2026, the return on average assets was 1.36%, the return on average equity was 13.06%, and the efficiency ratio(1) was 63.0%. For the first nine months of 2026, diluted earnings per share totaled $2.59, compared to $2.29 during the same period in 2025. Net earnings for the first nine months of 2026 totaled $15.9 million, compared to $14.0 million in the first nine months of 2025, an increase of 13.5%, driven primarily by higher net interest income. For the nine months ended September 30, 2026, the return on average assets was 1.33%, the return on average equity was 12.98%, and the efficiency ratio(1) was 62.5%. Third Quarter 2026 Performance Highlights ● Return on average assets improved to 1.36%, compared to 1.35% in the prior quarter and 1.21% in the third quarter of 2025. ● Return on average equity was 13.06%, compared to 13.23% in the prior quarter and 13.00% in the third quarter of 2025. ● Net interest margin increased 13 basis points from the prior quarter to 4.35%, and improved 52 basis points compared to the third quarter of 2025. Net interest income expanded to $15.6 million, an increase of 3.7% as compared to the prior quarter and an increase of 11.0% from the same quarter in 2025. ● Non-interest-bearing deposits ended the quarter at 29.3% of total deposits while total deposit costs improved to 1.29%, a decrease of one basis point as compared to the prior quarter and a decrease of 30 basis points from the third quarter of 2025. ● Net charge-offs as a percentage of average loans decreased to 0.01%, compared to 0.17% in the prior quarter and 0.83% in the third quarter of 2025. ● Allowance for credit losses increased to $12.9 million which was 1.19% of gross loans outstanding at September 30, 2026, an increase over 1.15% at June 30, 2026 and 1.10% at September 30, 2025. ● Tangible common equity to assets(1) was 8.09% as of September 30, 2026, compared to 8.44% as of June 30, 2026 and 7.66% as of September 30, 2025. ● Book value per share was $26.24 as of September 30, 2026, compared to $27.35 as of June 30, 2026. Tangible book value per share(1) was $20.68 as of September 30, 2026, compared to $21.76 as of June 30, 2026. (1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation. “I am pleased with Landmark’s solid third quarter results, highlighted by continued revenue growth and strong profitability, supported by further expansion in our net interest margin. Our third quarter net interest margin increased to 4.35%, reflecting the effectiveness of our disciplined loan and deposit pricing strategies, as well as prudent funding management. Our core commercial and retail customer deposits remain strong, including our non-interest-bearing balances, sustaining our attractive low-cost deposit base,” said Abby Wendel, President and Chief Executive Officer.
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“Our focus remains on building a resilient, relationship-driven franchise supported by meaningful customer relationships across the markets we serve. Looking ahead, we are focused on achieving sustainable growth, delivering exceptional customer service, and creating long-term value for our shareholders, customers, and the communities we serve.” Earnings Conference Call Landmark will host a conference call to review the Company’s third quarter financial results at 10:00 a.m. (Central time) on Thursday, October 29, 2026. Interested parties may participate via telephone by dialing (833) 461-5787 and using Meeting ID 373 544 883. A replay of the call will be available through November 5, 2026, by dialing (833) 309-1852 and using Meeting ID 373 544 883. SUMMARY OF THIRD QUARTER RESULTS Net Interest Income Net interest income in the third quarter of 2026 totaled $15.6 million, representing an increase of $562,000, or 3.7%, compared to the prior quarter and an increase of $1.5 million, or 11.0%, compared to the same quarter of the prior year. The increase in net interest income this quarter compared to both the prior quarter and the third quarter of 2025 was driven by higher rates on interest-earning assets despite lower average balances, partially offset by higher interest expense on other borrowings. The net interest margin for the third quarter of 2026 was 4.35%, an increase of 13 basis points from 4.22% during the prior quarter and an increase of 52 basis points from 3.83% during the third quarter of the prior year. The average tax-equivalent yield on the investment securities portfolio grew to 3.80%, compared to 3.66% in the prior quarter and 3.35% in the third quarter of 2025 as lower-rate securities maturing during the quarter were re- invested at higher rates. The average tax-equivalent yield on the loan portfolio increased 15 basis points as compared to the prior quarter and nine basis points as compared to the third quarter of the prior year. Compared to the second quarter of 2026, interest on deposits decreased $62,000, or 1.4%, due to lower rates, coupled with decreased average balances. Interest on other borrowed funds increased $100,000 from the second quarter of 2026, driven by higher average balances. The average rate on interest-bearing deposits decreased one basis point from the prior quarter, to 1.81%, primarily due to lower rates on certificates of deposit. The average rate on other borrowed funds stayed consistent with the prior quarter at 4.54%, coupled with an increase in average balances in borrowings from the FHLB. Compared to the third quarter of 2025, interest on deposits decreased $1.1 million, or 20.8%, due to lower rates, coupled with decreased average balances. Interest on other borrowed funds decreased $313,000 from the third quarter of the prior year, due to lower rates and average balances. The average rate on interest-bearing deposits decreased 37 basis points from the third quarter of 2025, primarily due to lower rates on money market and checking accounts and certificates of deposit. The average rate on other borrowed funds decreased 55 basis points as compared to the third quarter of 2025. Non-Interest Income Non-interest income totaled $3.6 million for the third quarter of 2026, a decrease of $493,000 from the prior quarter and a decrease of $466,000 from the same quarter in the prior year. The decrease in non-interest income as compared to the prior quarter was primarily due to a decrease of $593,000 in gains on the sale of loans due to a decrease in the volume of loans sold in the secondary market, offset by an increase of $76,000 in fees and service charges.
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The decrease in non-interest income as compared to the third quarter of the prior year was primarily due to a decrease of $300,000 in gains on the sale of loans due to a decrease in the volume of loans sold in the secondary market, coupled with a decrease of $133,000 in fees and service charges. Non-Interest Expense During the third quarter of 2026, non-interest expense totaled $12.3 million, an increase of $292,000, or 2.4%, compared to the prior quarter and an increase of $1.0 million, or 8.9%, compared to the same period in the prior year. Compared to the prior quarter, the increase in non-interest expense was primarily due to increases of $238,000 in compensation and benefits expense, $178,000 in occupancy and equipment expense, and $148,000 in other expense. These increases were partially offset by a decrease of $313,000 in professional fees. The increase in compensation and benefits expense was attributable to strengthening our associate base and related benefits programs, which resulted in higher salary and benefits expense in the third quarter of 2026, as compared to the prior quarter. The increase in occupancy and equipment expense was primarily driven by technology-related upgrades recorded in the third quarter. The increase in other expense was primarily due to higher deposit fraud losses, captive insurance losses and director compensation in the third quarter compared to the prior quarter. The decrease in professional fees was attributable to $270,000 in one-time forensic accounting and legal costs related to previously disclosed fraudulent activity by a non-executive officer of the bank, coupled with a decrease in consulting expenses for talent recruitment and development, and internal audit co-sourcing recorded in the second quarter of 2026. Compared to the third quarter of 2025, the increase in non-interest expense was primarily due to increases of $503,000 in compensation and benefits expense, $249,000 in other expense, and $192,000 in professional fees. The increase in compensation and benefits expense was attributable to strengthening our associate base and related benefits programs, which resulted in higher salary and benefits expense in the third quarter of 2026, as compared to the third quarter of 2025. The increase in other expense was primarily due to higher advertising costs and director compensation in the third quarter of 2026 compared to the third quarter of 2025. The increase in professional fees was attributable to an increase in consulting expenses for talent recruitment and development, and internal audit co- sourcing. Income Tax Expense Landmark recorded income tax expense of $1.3 million in both the second and third quarters of 2026, compared to $1.1 million in the third quarter of 2025. The effective tax rate was 19.3% in the third quarter of 2026, compared to 19.7% in the prior quarter and 18.7% in the third quarter of 2025. Balance Sheet Highlights As of September 30, 2026, gross period-end loans totaled $1.1 billion, a decrease of $22.2 million from the prior quarter, while average loans declined $12.3 million. The decrease in period-end loans was primarily driven by lower commercial real estate loans (decline of $12.5 million), one-to-four family residential real estate loans (decline of $10.6 million), and commercial loans (decline of $6.4 million), offset by higher construction and land loans (increase of $9.3 million). Investment securities available-for-sale increased $2.5 million during the third quarter of 2026, primarily due to the reinvestment of maturities and cash flow from the portfolio during the quarter. Period-end deposit balances decreased $59.0 million to $1.2 billion at September 30, 2026, an annualized decrease of 17.9% compared to the prior quarter. The decrease in deposits was driven primarily by decreases in money market and checking accounts (decline of $27.1 million), non-interest bearing demand deposits (decline of $15.8 million), and certificates of deposit (decline of $10.4 million). These declines were due in part to a decline in public fund balances, which decreased $61.7 million as compared to the prior quarter. Total period-end borrowings increased $49.5 million during the third quarter of 2026. At September 30, 2026, the loan to deposits ratio was 85.6%, compared to 83.5% in the prior quarter. Stockholders’ equity decreased to $160.3 million (book value of $26.24 per share) as of September 30, 2026, from $166.9 million (book value of $27.35 per share) as of June 30, 2026. The decrease in stockholders’ equity was primarily due to an increase of $10.9 million in accumulated other comprehensive losses (higher unrealized net losses on investment securities), partially offset by net earnings for the quarter net of dividends paid. The ratio of equity to total assets decreased to 10.05% on September 30, 2026, from 10.39% on June 30, 2026.
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The allowance for credit losses totaled $12.9 million, or 1.19% of total gross loans, as of September 30, 2026, compared to $12.7 million, or 1.15% of total gross loans, as of June 30, 2026. Net charge-offs totaled $14,000 in the third quarter of 2026, compared to $452,000 during the second quarter of 2026 and $2.3 million in the third quarter of the prior year. The decrease in net charge-offs as compared to the third quarter of 2025 is related to the charge-off of a single commercial credit during the third quarter of 2025. A provision for credit losses on loans of $250,000 was recorded in the third quarter of 2026, compared to a provision of $500,000 in the second quarter of 2026, and a provision of $850,000 during the third quarter of 2025. Non-performing loans totaled $12.5 million, or 1.16% of gross loans, at September 30, 2026, compared to $13.1 million, or 1.18% of gross loans, at June 30, 2026. Loans 30-89 days delinquent totaled $8.3 million, or 0.77% of gross loans, as of September 30, 2026, compared to $6.3 million, or 0.57% of gross loans, as of June 30, 2026. About Landmark 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, including the recent increase in the federal funds benchmark rate by the Federal Reserve, and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) rapid and expensive technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (x) the loss of key executives or employees; (xi) changes in consumer spending; (xii) integration of acquired businesses; (xiii) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xiv) changes in accounting policies and practices; (xv) past and any future terrorist attacks, military conflicts, acts of war, changes in foreign relations, or other adverse external events, including ongoing conflicts in the Middle East, wars in Iran and Ukraine, and other international military conflicts that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control; (xvi) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xvii) fluctuations in the value of securities held in our securities portfolio; (xviii) concentrations within our loan portfolio and large loans to certain borrowers (including commercial real estate loans); (xix) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xx) the level of non-performing assets on our balance sheets; (xxi) the ability to raise additional capital; (xxii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation, or otherwise materially harm our business or customers; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxvi) the availability of future equity or debt issuances and other capital raising opportunities on favorable terms; (xxvii) the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxviii) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.
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LANDMARK BANCORP, INC. AND SUBSIDIARIES Consolidated Balance Sheets (unaudited) (Dollars in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Assets Cash and cash equivalents $ 31,646 $ 26,277 $ 31,866 $ 20,982 $ 23,947 Interest-bearing deposits at other banks 3,630 5,935 2,970 3,218 3,218 Investment securities available-for-sale, at fair value: U.S. treasury securities 41,105 43,478 50,001 53,183 50,833 Municipal obligations, tax exempt 67,943 75,143 77,495 87,809 97,383 Municipal obligations, taxable 92,878 97,718 94,738 90,603 82,236 Agency mortgage-backed securities 141,357 124,469 119,826 116,562 119,576 Total investment securities available-for- sale 343,283 340,808 342,060 348,157 350,028 Investment securities held-to-maturity 3,875 3,847 3,818 3,789 3,760 Bank stocks, at cost 10,355 8,079 7,123 5,756 8,021 Loans: One-to-four family residential real estate 353,682 364,271 368,282 375,299 381,641 Construction and land 32,612 23,358 18,811 20,531 19,741 Commercial real estate 395,292 407,756 407,901 394,323 389,574 Commercial 171,542 177,904 176,373 178,201 186,656 Agriculture 88,306 88,055 86,603 102,829 99,897 Municipal 6,663 6,715 6,864 6,874 6,884 Consumer 31,214 33,417 33,392 33,666 33,660 Total gross loans 1,079,311 1,101,476 1,098,226 1,111,723 1,118,053 Net deferred loan (fees) costs and loans in process (449) 886 (296) (872) (763) Allowance for credit losses (12,893) (12,657) (12,609) (12,458) (12,299) Loans, net 1,065,969 1,089,705 1,085,321 1,098,393 1,104,991 Loans held for sale, at fair value 2,575 3,740 3,202 5,141 3,578 Bank owned life insurance 40,755 40,572 40,287 40,176 39,890 Premises and equipment, net 18,771 18,907 19,118 19,325 19,449 Goodwill 32,377 32,377 32,377 32,377 32,377 Other intangible assets, net 1,592 1,725 1,858 1,990 2,123 Mortgage servicing rights 3,383 3,336 3,222 3,189 3,120 Real estate owned, net 441 - - - - Other assets 36,603 31,208 32,565 24,149 22,573 Total assets $ 1,595,255 $ 1,606,516 $ 1,605,787 $ 1,606,642 $ 1,617,075 Liabilities and Stockholders’ Equity Liabilities: Deposits: Non-interest-bearing demand $ 364,725 $ 380,543 $ 367,737 $ 364,695 $ 365,959 Money market and checking 568,969 596,083 589,410 650,987 579,413 Savings 145,251 150,961 154,607 151,406 146,291 Certificates of deposit 167,013 177,401 210,930 221,766 233,837 Total deposits 1,245,958 1,304,988 1,322,684 1,388,854 1,325,500 FHLB and other borrowings 133,365 83,415 67,062 10,567 90,483 Subordinated debentures 21,651 21,651 21,651 21,651 21,651 Repurchase agreements 1,121 1,599 2,263 1,501 1,420 Accrued interest and other liabilities 32,909 28,005 30,516 23,438 22,294 Total liabilities 1,435,004 1,439,658 1,444,176 1,446,011 1,461,348 Stockholders’ equity: Common stock 61 61 61 61 58 Additional paid-in capital 102,910 102,810 102,675 102,597 95,330 Retained earnings 75,753 71,561 67,449 63,658 67,327 Accumulated other comprehensive loss (18,473) (7,574) (8,574) (5,685) (6,988) Total stockholders’ equity 160,251 166,858 161,611 160,631 155,727 Total liabilities and stockholders’ equity $ 1,595,255 $ 1,606,516 $ 1,605,787 $ 1,606,642 $ 1,617,075
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LANDMARK BANCORP, INC. AND SUBSIDIARIES Consolidated Statements of Earnings (unaudited) Three months ended, Nine months ended, (Dollars in thousands, except per share amounts) September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Interest income: Loans $ 17,548 $ 17,147 $ 17,783 $ 51,955 $ 51,364 Investment securities: Taxable 2,706 2,482 2,198 7,522 6,541 Tax-exempt 559 571 700 1,725 2,120 Interest-bearing deposits at banks 38 51 58 148 154 Total interest income 20,851 20,251 20,739 61,350 60,179 Interest expense: Deposits 4,287 4,349 5,410 13,247 15,790 FHLB and other borrowings 578 484 857 1,339 2,283 Subordinated debentures 331 324 361 977 1,076 Repurchase agreements 13 14 17 42 134 Total interest expense 5,209 5,171 6,645 15,605 19,283 Net interest income 15,642 15,080 14,094 45,745 40,896 Provision for credit losses 205 500 850 1,275 1,850 Net interest income after provision for credit losses 15,437 14,580 13,244 44,470 39,046 Non-interest income: Fees and service charges 2,527 2,451 2,660 7,341 7,524 Gains on sales of loans, net 648 1,241 948 2,774 2,250 Bank owned life insurance 297 285 283 955 833 Losses on sales of investment securities, net - - - - (2) Other 130 118 177 391 447 Total non-interest income 3,602 4,095 4,068 11,461 11,052 Non-interest expense: Compensation and benefits 6,807 6,569 6,304 19,699 18,692 Occupancy and equipment 1,385 1,207 1,364 4,042 3,860 Data processing 534 494 476 1,582 1,501 Amortization of mortgage servicing rights and other intangibles 226 225 247 679 724 Professional fees 938 1,251 746 2,953 2,031 Other 2,363 2,215 2,114 7,157 6,165 Total non-interest expense 12,253 11,961 11,251 36,112 32,973 Earnings before income taxes 6,786 6,714 6,061 19,819 17,125 Income tax expense 1,312 1,322 1,131 3,887 3,090 Net earnings $ 5,474 $ 5,392 $ 4,930 $ 15,932 $ 14,035 Net earnings per share (1) Basic $ 0.90 $ 0.88 $ 0.81 $ 2.61 $ 2.31 Diluted 0.89 0.88 0.81 2.59 2.29 Dividends per share (1) 0.21 0.21 0.20 0.63 0.60 Shares outstanding at end of period (1) 6,106,859 6,100,582 6,073,744 6,106,859 6,073,744 Weighted average common shares outstanding - basic (1) 6,102,102 6,098,229 6,072,915 6,094,603 6,069,485 Weighted average common shares outstanding - diluted (1) 6,176,727 6,161,461 6,121,123 6,157,009 6,115,806 Tax equivalent net interest income $ 15,781 $ 15,222 $ 14,260 $ 46,171 $ 41,402 (1) Share and per share values at or for the period ended September 30, 2025 have been adjusted to give effect to the 5% stock dividend paid during December 2025.
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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 nine months ended, (Dollars in thousands, except per share amounts) September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Performance ratios: Return on average assets (1) 1.36% 1.35% 1.21% 1.33% 1.18% Return on average equity (1) 13.06% 13.23% 13.00% 12.98% 12.98% Net interest margin (1)(2) 4.35% 4.22% 3.83% 4.27% 3.81% Effective tax rate 19.3% 19.7% 18.7% 19.6% 18.0% Efficiency ratio (3) 63.0% 61.7% 61.2% 62.5% 62.6% Adjusted non-interest income to total income (3) 18.7% 21.4% 22.2% 20.0% 21.2% Average balances: Investment securities $ 355,093 $ 349,813 $ 362,717 $ 351,919 $ 368,106 Loans 1,078,122 1,090,422 1,108,545 1,087,322 1,079,883 Assets 1,598,403 1,602,782 1,617,429 1,598,613 1,595,044 Interest-bearing deposits 938,787 958,407 984,335 959,951 976,463 Total deposits 1,318,397 1,336,971 1,347,357 1,336,813 1,334,940 FHLB and other borrowings 57,381 49,201 72,871 44,919 65,192 Subordinated debentures 21,651 21,651 21,651 21,651 21,651 Repurchase agreements 1,518 1,809 1,833 1,732 5,691 Stockholders’ equity $ 166,347 $ 163,505 $ 150,434 $ 164,119 $ 144,591 Average tax equivalent yield/cost (1): Investment securities 3.80% 3.66% 3.35% 3.67% 3.33% Loans 6.46% 6.31% 6.37% 6.39% 6.36% Total interest-bearing assets 5.79% 5.66% 5.61% 5.71% 5.58% Interest-bearing deposits 1.81% 1.82% 2.18% 1.85% 2.16% Total deposits 1.29% 1.30% 1.59% 1.32% 1.58% FHLB and other borrowings 4.00% 3.95% 4.67% 3.99% 4.68% Subordinated debentures 6.07% 6.00% 6.62% 6.03% 6.64% Repurchase agreements 3.40% 3.10% 3.68% 3.24% 3.15% Total interest-bearing liabilities 2.03% 2.01% 2.44% 2.03% 2.41% Capital ratios: Equity to total assets 10.05% 10.39% 9.63% Tangible equity to tangible assets (3) 8.09% 8.44% 7.66% Book value per share (4) $ 26.24 $ 27.35 $ 25.64 Tangible book value per share (3)(4) $ 20.68 $ 21.76 $ 19.96 Rollforward of allowance for credit losses (loans): Beginning balance $ 12,657 $ 12,609 $ 13,762 $ 12,458 $ 12,825 Charge-offs (75) (825) (2,380) (1,294) (2,591) Recoveries 61 373 67 479 215 Provision for credit losses for loans 250 500 850 1,250 1,850 Ending balance $ 12,893 $ 12,657 $ 12,299 $ 12,893 $ 12,299 Allowance for unfunded loan commitments $ 175 $ 220 $ 150 Non-performing assets: Non-accrual loans $ 12,479 $ 13,051 $ 9,999 Accruing loans over 90 days past due - - - Real estate owned 441 - -
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Total non-performing assets $ 12,920 $ 13,051 $ 9,999 Loans 30-89 days delinquent $ 8,322 $ 6,282 $ 4,853 Other ratios: Loans to deposits 85.55% 83.50% 83.36% Loans 30-89 days delinquent and still accruing to gross loans outstanding 0.77% 0.57% 0.43% Total non-performing loans to gross loans outstanding 1.16% 1.18% 0.89% Total non-performing assets to total assets 0.81% 0.81% 0.62% Allowance for credit losses to gross loans outstanding 1.19% 1.15% 1.10% Allowance for credit losses to total non-performing loans 103.32% 96.98% 123.00% Net loan charge-offs to average loans (1) 0.01% 0.17% 0.83% 0.10% 0.29% (1) Information is annualized. (2) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate. (3) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent. (4) Share and per share values at or for the period ended September 30, 2025 have been adjusted to give effect to the 5% stock dividend paid during December 2025.
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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 nine months ended, (Dollars in thousands, except per share amounts) September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Non-GAAP financial ratio reconciliation: Net interest income $ 15,642 $ 15,080 $ 14,094 $ 45,745 $ 40,896 Non-interest income 3,602 4,095 4,068 11,461 11,052 Total revenue $ 19,244 $ 19,175 $ 18,162 $ 57,206 $ 51,948 Total non-interest expense $ 12,253 $ 11,961 $ 11,251 $ 36,112 $ 32,973 Less: foreclosure and real estate owned expense (1) 1 (22) (3) (23) Less: amortization of other intangibles (133) (132) (152) (398) (455) Adjusted non-interest expense (A) 12,119 11,830 11,077 35,711 32,495 Net interest income (B) 15,642 15,080 14,094 45,745 40,896 Non-interest income 3,602 4,095 4,068 11,461 11,052 Less: losses on sales of investment securities, net - - - - 2 Less: losses (gains) on sales of premises and equipment and foreclosed assets 3 - (55) (29) (64) Adjusted non-interest income (C) $ 3,605 $ 4,095 $ 4,013 $ 11,432 $ 10,990 Efficiency ratio (A/(B+C)) 63.0% 61.7% 61.2% 62.5% 62.6% Adjusted non-interest income to total income (C/(B+C)) 18.7% 21.4% 22.2% 20.0% 21.2% Total stockholders’ equity $ 160,251 $ 166,858 $ 155,727 Less: goodwill and other intangible assets (33,969) (34,102) (34,500) Tangible equity (D) $ 126,282 $ 132,756 $ 121,227 Total assets $ 1,595,255 $ 1,606,516 $ 1,617,075 Less: goodwill and other intangible assets (33,969) (34,102) (34,500) Tangible assets (E) $ 1,561,286 $ 1,572,414 $ 1,582,575 Tangible equity to tangible assets (D/E) 8.09% 8.44% 7.66% Shares outstanding at end of period (F) (1) 6,106,859 6,100,582 6,073,744 Tangible book value per share (D/F) (1) $ 20.68 $ 21.76 $ 19.96 (1) Share and per share values at or for the period ended September 30, 2025 have been adjusted to give effect to the 5% stock dividend paid during December 2025.