Announces Growth in First Quarter 2026 Earnings Per Share of 6.7%

Declares Quarterly Cash Dividend of $0.21 per Share

Manhattan, KS, April 29, 2026 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (("Landmark", NASDAQ:LARK) reported diluted earnings per share of $0.83 for the first quarter of 2026, compared to $0.77 per share in the fourth quarter of 2025 and $0.77 per share in the same quarter of the prior year. Net earnings for the first quarter totaled $5.1 million, compared to $4.7 million in the prior quarter and $4.7 million in the first quarter of 2025. For the three months ended March 31, 2026, the return on average assets was 1.29%, the return on average equity was 12.65% and the efficiency ratio⁽¹⁾ was 62.7%.

First quarter 2026 Performance Highlights

Return on average assets improved to 1.29%, compared to 1.17% in the prior quarter and 1.21% in the first quarter of 2025.
Net interest income expanded to $15.0 million for the first quarter of 2026, an increase of 1.6% from the prior quarter and 14.5% year-over-year.
Net interest margin improved to 4.24%, a 21-basis-point increase compared to the prior quarter and a 48-basis-point increase from the same period in 2025. The expansion in our net interest margin was driven by higher yields on earning assets and lower funding costs.
Total deposit costs improved to an attractive 1.38%, a decrease of 12 basis points as compared to the prior quarter and 21 basis points from the first quarter of 2025.
Core customer deposits, excluding brokered and public funds, increased both quarter-over-quarter and year-over-year. Period-end deposits were impacted by a reduction in brokered funding and seasonal outflows of public funds.
Capital continues to grow and capital ratios remain strong. Tangible common equity to assets increased to 8.11% as of March 31, 2026, from 8.03% as of December 31, 2025.
Book value per share was $26.50 as of March 31, 2026, compared to $26.44 as of December 31, 2025. Tangible book value per share⁽¹⁾ grew to $20.89, compared to $20.79 as of December 31, 2025.

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

"We are off to a strong start in 2026, with record total revenue of $18.8 million for the quarter and net earnings exceeding $5.0 million," said Abby Wendel, President and Chief Executive Officer. "Our return on assets rose to 1.29%, reflecting disciplined execution across the organization and was driven by solid net interest income growth alongside prudent expense management. We continue to make targeted investments in revenue generating activities to better meet evolving customer needs. At the same time, we are actively evaluating opportunities to improve efficiency and modernize how we deliver banking services across our footprint. As momentum builds, we remain focused on strengthening risk oversight and thoughtfully reinforcing our balance sheet and capital position. These priorities ensure we are well positioned to remain resilient and adaptable across all economic environments."

Dividend Declaration

Landmark's Board of Directors declared a cash dividend of $0.21 per share, to be paid May 28, 2026, to common stockholders of record as of the close of business on May 14, 2026.

Earnings Conference Call

Landmark will host a conference call to review the Company's first quarter financial results at 10:00 a.m. (Central time) on Thursday, April 30, 2026. Interested parties may participate via telephone by dialing (800) 715-9871. An audio recording of the earnings call will be available through May 7, 2026, by using the following link:

https://registrations.events/direct/Q4I5640732.

SUMMARY OF FIRST QUARTER RESULTS

Net Interest Income

Net interest income in the first quarter of 2026 totaled $15.0 million, representing an increase of $234,000, or 1.6%, compared to the prior quarter and an increase of $1.9 million, or 14.5%, compared to the same quarter of the prior year. The increase in net interest income this quarter compared to the prior quarter was driven by higher rates on investments despite lower average balances, coupled with lower interest expense on deposits and other borrowings. The increase in net interest income this quarter compared to the first quarter of 2025 was driven by higher rates on loans and investments, coupled with lower interest expense on deposits and other borrowings. The net interest margin for the first quarter of 2026 was 4.24%, an increase of 21 basis points as compared to the prior quarter and an increase of 48 basis points from 3.76% during the first quarter of the prior year. The average tax-equivalent yield on the investment securities portfolio grew to 3.55%, compared to 3.39% in the prior quarter and 3.29% in the first quarter of 2025. The average tax-equivalent yield on the loan portfolio remained flat at 6.40% as compared to the prior quarter and increased six basis points as compared to the first quarter of the prior year.

Compared to the fourth quarter of 2025, interest on deposits decreased $527,000, or 10.3%, due to lower rates, coupled with decreased average balances. Interest on other borrowed funds decreased $296,000 from the fourth quarter of 2025, due to lower rates and average balances. The average rate on interest-bearing deposits decreased 16 basis points from the prior quarter, to 1.90%, primarily due to lower rates on money market and checking accounts and certificates of deposit. The average rate on other borrowed funds decreased eight basis points to 4.85% in the first quarter of 2026.

Compared to the first quarter of 2025, interest on deposits decreased $625,000, or 11.9%, due to lower rates, partially offset by increased average balances. Interest on other borrowed funds decreased $373,000 from the first quarter of the prior year, due to lower rates and average balances. The average rate on interest-bearing deposits decreased 27 basis points from the first quarter of 2025, primarily due to lower rates on money market and checking accounts and certificates of deposit. The average rate on other borrowed funds decreased 24 basis points as compared to the first quarter of 2025.

Non-Interest Income

Non-interest income totaled $3.8 million for the first quarter of 2026, a decrease of $135,000 from the prior quarter and an increase of $406,000 from the same quarter in the prior year. The decrease in non-interest income as compared to the prior quarter was primarily due to a decrease of $308,000 in fees and services charges, driven by a decrease in seasonal interchange income and lower overdraft income during the first quarter of 2026. This decrease was partially offset by an increase in gains on sales of investment securities driven by $101,000 of losses recognized during the fourth quarter of 2025, and an increase of $87,000 in bank-owned life insurance income.

The increase in non-interest income as compared to the first quarter of the prior year was primarily due to an increase of $323,000 in gains on the sale of loans due to an increase in volume of loans sold in the secondary market, coupled with an increase of $101,000 in bank-owned life insurance income.

Non-Interest Expense

During the first quarter of 2026, non-interest expense totaled $11.9 million, a decrease of $362,000, or 3.0%, compared to the prior quarter and an increase of $1.1 million, or 10.6%, compared to the same period in the prior year. Compared to the prior quarter, the decrease in non-interest expense was primarily due to decreases of $492,000 in compensation and benefits expense and $356,000 in valuation allowances recorded on repossessed assets held for sale. These decreases were partially offset by an increase of $472,000 in other expense. The decrease in compensation and benefits was attributable to lower incentive compensation expense in the first quarter of 2026 as compared to the prior quarter. The increase in other expense was primarily due to $433,000 of fraud losses related to previously disclosed fraudulent activity by a non-executive officer of the bank, which was identified during the first quarter. The recorded fraud loss excludes any potential insurance recoveries we may receive. The increase in fraud losses was coupled with increased insurance loss reserves of our captive insurance subsidiary.

Compared to the first quarter of 2025, the increase in non-interest expense was primarily due to increases of $604,000 in other expense, $198,000 in occupancy and equipment expense, $169,000 in compensation and benefits expense, and $158,000 in data processing expense. The increase in other expense was primarily due to the recognition of fraud losses as discussed above, coupled with increased insurance loss reserves of our captive insurance subsidiary. The increases in both occupancy and equipment expense and data processing expense were related to expenses incurred to upgrade our core branch operation systems during the first quarter of 2026 as compared to the first quarter of 2025. The increase in compensation and benefits was attributable to an increase in the number of employees in the current year, coupled with higher benefits expense as compared to the prior year.

Income Tax Expense

Landmark recorded income tax expense of $1.3 million in the first quarter of 2026, compared to $1.2 million in the prior quarter, and $1.0 million in the first quarter of 2025. The effective tax rate was 19.8% in the first quarter of 2026, compared to 20.0% in the prior quarter and 17.8% in the first quarter of 2025.

Balance Sheet Highlights

As of March 31, 2026, gross period-end loans totaled $1.1 billion, a decrease of $13.5 million from the prior quarter, while average loans also declined $12.8 million. This decrease in period-end loans was primarily driven by lower agriculture loans (decline of $16.2 million), one-to-four family residential real estate (decline of $7.0 million), commercial (decline of $1.8 million), and construction and land loans (decline of $1.7 million), offset by growth in commercial real estate (growth of $13.6 million) loans. Investment securities available-for-sale decreased $6.1 million during the first quarter of 2026, primarily due to maturities occurring during the quarter.

Period-end deposit balances decreased $66.2 million to $1.3 billion at March 31, 2026, an annualized decrease of 19.3% compared to the prior quarter. The decrease in deposits was driven by a decrease in money market and checking accounts of $61.6 million, coupled with a decrease in certificates of deposit of $10.8 million. These decreases were primarily driven by a decline in brokered deposits, coupled with seasonal fluctuations in public fund deposit account balances. Total period-end borrowings increased $57.3 million during the first quarter of 2026. At March 31, 2026, the loan to deposits ratio was 82.1%, compared to 79.1% in the prior quarter.

Stockholders' equity increased to $161.6 million (book value of $26.50 per share) as of March 31, 2026, from $160.6 million (book value of $26.44 per share) as of December 31, 2025. The increase in stockholders' equity was primarily due to net earnings for the quarter net of dividends paid, offset by an increase in accumulated other comprehensive losses (higher unrealized net losses on investment securities). The ratio of equity to total assets increased to 10.06% on March 31, 2026, from 10.00% on December 31, 2025.

The allowance for credit losses totaled $12.6 million, or 1.15% of total gross loans, as of March 31, 2026, compared to $12.5 million, or 1.12% of total gross loans, as of December 31, 2025. Net loan charge-offs totaled $349,000 in the first quarter of 2026, compared to $341,000 during the fourth quarter of 2025 and $23,000 in the first quarter of the prior year. A provision for credit losses on loans of $500,000 was recorded in both the first quarter of 2026 and the fourth quarter of 2025, which was an increase of $500,000 as compared to the first quarter of the prior year.

Non-performing loans totaled $10.4 million, or 0.94% of gross loans, at March 31, 2026, compared to $10.0 million, or 0.90% of gross loans, at December 31, 2025. Loans 30-89 days delinquent totaled $7.4 million, or 0.68% of gross loans, as of March 31, 2026, compared to $4.3 million, or 0.38% of gross loans, as of December 31, 2025.

About Landmark

Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol "LARK." Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

Contact Information

Mark Herpich	Shelley Reed
Chief Financial Officer	Investor Relations
(785) 565-2000	(913) 563-5672
mherpich@banklandmark.com	sreed@banklandmark.com

Special Note Concerning Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations, and assumptions regarding its business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. Because forward-looking statements relate to the future, they are subject to inherent known and unknown uncertainties, risks, changes in circumstances, and other factors that are difficult to predict and many of which may be out of the Company's control. These factors include, among others, the following: (i) the strength of the local, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto and changes in global energy market conditions; (ii) effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs, immigration enforcement, executive orders, and changes in foreign policy; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and "fintech" companies; (v) timely development and acceptance of new products and services; (vi) rapid and expensive technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (x) the loss of key executives or employees; (xi) changes in consumer spending; (xii) integration of acquired businesses; (xiii) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xiv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xv) the economic impact of past and any future terrorist attacks, military conflicts, acts of war, including ongoing conflicts in the Middle East, wars in Iran and Ukraine, and other international military conflicts, or threats thereof, and the response of the United States to any such threats and attacks; (xvi) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xvii) fluctuations in the value of securities held in our securities portfolio; (xviii) concentrations within our loan portfolio and large loans to certain borrowers (including commercial real estate loans); (xix) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xx) the level of non-performing assets on our balance sheets; (xxi) the ability to raise additional capital; (xxii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors' information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) declines in real estate values; (xxiv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxv) the Company's success at managing and responding to the risks involved in the foregoing items; and (xxvi) any other risks described in the "Risk Factors" sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark's financial results, is included in our filings with the Securities and Exchange Commission.

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

	March 31,				December 31,			September 30,			June 30,			March 31,
(Dollars in thousands)	2026				2025			2025			2025			2025
Assets
Cash and cash equivalents	$	31,866			$	20,982		$	23,947		$	25,038		$	21,881
Interest-bearing deposits at other banks		2,970				3,218			3,218			3,463			3,973
Investment securities available-for-sale, at fair value:
U.S. treasury securities		50,001				53,183			50,833			51,624			58,424
Municipal obligations, tax exempt		77,495				87,809			97,383			100,802			101,812
Municipal obligations, taxable		94,738				90,603			82,236			75,037			70,614
Agency mortgage-backed securities		119,826				116,562			119,576			124,979			125,142
Total investment securities available-for-sale		342,060				348,157			350,028			352,442			355,992
Investment securities held-to-maturity		3,818				3,789			3,760			3,730			3,701
Bank stocks, at cost		7,123				5,756			8,021			10,946			6,225
Loans:
One-to-four family residential real estate		368,282				375,299			381,641			377,133			355,632
Construction and land		18,811				20,531			19,741			26,373			28,645
Commercial real estate		407,901				394,323			389,574			370,455			359,579
Commercial		176,373				178,201			186,656			204,303			190,881
Agriculture		86,603				102,829			99,897			100,348			101,808
Municipal		6,864				6,874			6,884			6,938			7,082
Consumer		33,392				33,666			33,660			32,234			31,297
Total gross loans		1,098,226				1,111,723			1,118,053			1,117,784			1,074,924
Net deferred loan (fees) costs and loans in process		(296	)			(872	)		(763	)		(615	)		(426	)
Allowance for credit losses		(12,609	)			(12,458	)		(12,299	)		(13,762	)		(12,802	)
Loans, net		1,085,321				1,098,393			1,104,991			1,103,407			1,061,696
Loans held for sale, at fair value		3,202				5,141			3,578			4,773			2,997
Bank owned life insurance		40,287				40,176			39,890			39,607			39,329
Premises and equipment, net		19,118				19,325			19,449			19,654			19,886
Goodwill		32,377				32,377			32,377			32,377			32,377
Other intangible assets, net		1,858				1,990			2,123			2,275			2,426
Mortgage servicing rights		3,222				3,189			3,120			3,082			3,045
Real estate owned, net		-				-			-			167			167
Other assets		32,565				24,149			22,573			23,904			24,894
Total assets	$	1,605,787			$	1,606,642		$	1,617,075		$	1,624,865		$	1,578,589

Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Non-interest-bearing demand		367,737				364,695			365,959			351,993			368,480
Money market and checking		589,410				650,987			579,413			562,919			613,459
Savings		154,607				151,406			146,291			148,092			149,223
Certificates of deposit		210,930				221,766			233,837			210,897			204,660
Total deposits		1,322,684				1,388,854			1,325,500			1,273,901			1,335,822
FHLB and other borrowings		67,062				10,567			90,483			155,110			48,767
Subordinated debentures		21,651				21,651			21,651			21,651			21,651
Repurchase agreements		2,263				1,501			1,420			5,825			6,256
Accrued interest and other liabilities		30,516				23,438			22,294			20,002			23,442
Total liabilities		1,444,176				1,446,011			1,461,348			1,476,489			1,435,938
Stockholders' equity:
Common stock		61				61			58			58			58
Additional paid-in capital		102,675				102,597			95,330			95,266			95,148
Retained earnings		67,449				63,658			67,327			63,612			60,422
Accumulated other comprehensive loss		(8,574		)		(5,685	)		(6,988	)		(10,560	)		(12,977	)
Total stockholders' equity		161,611				160,631			155,727			148,376			142,651
Total liabilities and stockholders' equity	$	1,605,787			$	1,606,642		$	1,617,075		$	1,624,865		$	1,578,589

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings (unaudited)

	Three months ended,
	March 31,		December 31,			March 31,
(Dollars in thousands, except per share amounts)	2026		2025			2025
Interest income:
Loans	$	17,260	$	17,858		$	16,395
Investment securities:
Taxable		2,334		2,227			2,180
Tax-exempt		595		681			719
Interest-bearing deposits at banks		59		71			48
Total interest income		20,248		20,837			19,342
Interest expense:
Deposits		4,611		5,138			5,236
FHLB and other borrowings		277		550			565
Subordinated debentures		322		344			357
Repurchase agreements		15		16			65
Total interest expense		5,225		6,048			6,223
Net interest income		15,023		14,789			13,119
Provision for credit losses		570		500			-
Net interest income after provision for credit losses		14,453		14,289			13,119
Non-interest income:
Fees and service charges		2,363		2,671			2,388
Gains on sales of loans, net		885		925			562
Bank owned life insurance		373		286			272
Losses on sales of investment securities, net		-		(101	)		(2	)
Other		143		118			138
Total non-interest income		3,764		3,899			3,358
Non-interest expense:
Compensation and benefits		6,323		6,815			6,154
Occupancy and equipment		1,450		1,293			1,252
Data processing		554		546			396
Amortization of mortgage servicing rights and other intangibles		228		224			239
Professional fees		764		919			745
Valuation allowance on assets held for sale		-		356			-
Other		2,579		2,107			1,975
Total non-interest expense		11,898		12,260			10,761
Earnings before income taxes		6,319		5,928			5,716
Income tax expense (benefit)		1,253		1,188			1,015
Net earnings	$	5,066	$	4,740		$	4,701

Net earnings per share⁽¹⁾
Basic	$	0.83	$	0.78		$	0.77
Diluted		0.83		0.77			0.77
Dividends per share⁽¹⁾		0.21		0.20			0.20
Shares outstanding at end of period⁽¹⁾		6,098,324		6,074,381			6,067,541
Weighted average common shares outstanding - basic⁽¹⁾		6,083,271		6,073,867			6,066,473
Weighted average common shares outstanding - diluted⁽¹⁾		6,139,357		6,129,670			6,105,383

Tax equivalent net interest income	$	15,170	$	14,954		$	13,291

(1) Share and per share values at or for the periods ended December 31, 2025 and March 31, 2025 have been adjusted to give effect to the 5% stock dividend paid during December 2025.

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Select Ratios and Other Data (unaudited)

	As of or for the three months ended,
	March 31,			December 31,			March 31,
(Dollars in thousands, except per share amounts)	2026			2025			2025
Performance ratios:
Return on average assets⁽¹⁾		1.29	%		1.17	%		1.21	%
Return on average equity⁽¹⁾		12.65	%		11.88	%		13.71	%
Net interest margin⁽¹⁾⁽²⁾		4.24	%		4.03	%		3.76	%
Effective tax rate		19.8	%		20.0	%		17.8	%
Efficiency ratio⁽³⁾		62.7	%		62.8	%		64.4	%
Adjusted non-interest income to adjusted total revenue ⁽³⁾		19.9	%		21.2	%		20.4	%

Average balances:
Investment securities	$	350,802		$	359,146		$	377,845
Loans		1,093,593			1,106,438			1,048,585
Assets		1,594,612			1,612,385			1,574,295
Interest-bearing deposits		983,148			987,965			979,787
Total deposits		1,355,478			1,356,125			1,332,796
FHLB and other borrowings		27,851			49,647			48,428
Subordinated debentures		21,651			21,651			21,651
Repurchase agreements		1,871			1,878			8,634
Stockholders' equity	$	162,463		$	158,242		$	139,068

Average tax equivalent yield/cost⁽¹⁾:
Investment securities		3.55	%		3.39	%		3.29	%
Loans		6.40	%		6.40	%		6.34	%
Total interest-bearing assets		5.69	%		5.66	%		5.53	%
Interest-bearing deposits		1.90	%		2.06	%		2.17	%
Total deposits		1.38	%		1.50	%		1.59	%
FHLB and other borrowings		4.03	%		4.40	%		4.73	%
Subordinated debentures		6.03	%		6.30	%		6.69	%
Repurchase agreements		3.35	%		3.38	%		3.05	%
Total interest-bearing liabilities		2.05	%		2.26	%		2.38	%

Capital ratios:
Equity to total assets		10.06	%		10.00	%		9.04	%
Tangible equity to tangible assets⁽³⁾		8.11	%		8.03	%		6.99	%
Book value per share⁽⁴⁾	$	26.50		$	26.44		$	23.51
Tangible book value per share⁽³⁾⁽⁴⁾	$	20.89		$	20.79		$	17.77

Rollforward of allowance for credit losses (loans):
Beginning balance	$	12,458		$	12,299		$	12,825
Charge-offs		(394	)		(459	)		(108	)
Recoveries		45			118			85
Provision for credit losses for loans		500			500			-
Ending balance	$	12,609		$	12,458		$	12,802

Allowance for unfunded loan commitments	$	220		$	150		$	150

Non-performing assets:
Non-accrual loans	$	10,378		$	9,994		$	13,280
Accruing loans over 90 days past due		-			-			-
Real estate owned		-			-			167
Total non-performing assets	$	10,378		$	9,994		$	13,447

Loans 30-89 days delinquent	$	7,448		$	4,274		$	9,977

Other ratios:
Loans to deposits		82.05	%		79.09	%		79.48	%
Loans 30-89 days delinquent and still accruing to gross loans outstanding		0.68	%		0.38	%		0.93	%
Total non-performing loans to gross loans outstanding		0.94	%		0.90	%		1.24	%
Total non-performing assets to total assets		0.65	%		0.62	%		0.85	%
Allowance for credit losses to gross loans outstanding		1.15	%		1.12	%		1.19	%
Allowance for credit losses to total non-performing loans		121.50	%		124.65	%		96.40	%
Net loan charge-offs to average loans⁽¹⁾		0.13	%		0.12	%		0.01	%

(1) Information is annualized.

(2) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.

(3) Non-GAAP financial measures. See the "Non-GAAP Financial Measures" section of this press release for a reconciliation to the most comparable GAAP equivalent.

(4) Share and per share values at or for the periods ended December 31, 2025 and March 31, 2025 have been adjusted to give effect to the 5% stock dividend paid during December 2025.

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Non-GAAP Financial Measures (unaudited)

	As of or for the three months ended,
	March 31,			December 31,			March 31,
(Dollars in thousands, except per share amounts)	2026			2025			2025
Non-GAAP financial ratio reconciliation:
Net interest income	$	15,023		$	14,789		$	13,119
Non-interest income		3,764			3,899			3,358
Total revenue	$	18,787		$	18,688		$	16,477

Total non-interest expense	$	11,898		$	12,260		$	10,761
Less: foreclosure and real estate owned expense		(3	)		20			1
Less: amortization of other intangibles		(133	)		(133	)		(152	)
Less: valuation allowance on assets held for sale		-			(356	)		-
Adjusted non-interest expense (A)		11,762			11,791			10,610
Net interest income (B)		15,023			14,789			13,119
Non-interest income		3,764			3,899			3,358
Less: losses on sales of investment securities, net		-			101			2
Less: gains on sales of premises and equipment and foreclosed assets		(32	)		(17	)		-
Adjusted non-interest income (C)	$	3,732		$	3,983		$	3,360

Efficiency ratio (A/(B+C))		62.7	%		62.8	%		64.4	%
Adjusted non-interest income to adjusted total revenue (C/(B+C))		19.9	%		21.2	%		20.4	%

Total stockholders' equity	$	161,611		$	160,631		$	142,651
Less: goodwill and other intangible assets		(34,235	)		(34,367	)		(34,803	)
Tangible equity (D)	$	127,376		$	126,264		$	107,848

Total assets	$	1,605,787		$	1,606,642		$	1,578,589
Less: goodwill and other intangible assets		(34,235	)		(34,367	)		(34,803	)
Tangible assets (E)	$	1,571,552		$	1,572,275		$	1,543,786

Tangible equity to tangible assets (D/E)		8.11	%		8.03	%		6.99	%

Shares outstanding at end of period (F)⁽¹⁾		6,098,324			6,074,381			6,067,541

Tangible book value per share (D/F) ⁽¹⁾	$	20.89		$	20.79		$	17.77

(1) Share and per share values at or for the periods ended December 31, 2025 and March 31, 2025 have been adjusted to give effect to the 5% stock dividend paid during December 2025.

Landmark Bancorp, Inc. Reports First Quarter 2026 Results