Landmark Bancorp, Inc. Reports First Quarter 2026 Results
Rhea-AI Summary
Landmark Bancorp (Nasdaq: LARK) reported first quarter 2026 diluted EPS of $0.83 and net earnings of $5.1 million. Total revenue was a record $18.8 million. Net interest income rose to $15.0 million (+14.5% YoY) and net interest margin improved to 4.24%. The Board declared a quarterly cash dividend of $0.21 per share, payable May 28, 2026. Period-end deposits fell to $1.3 billion, driven by lower brokered funding and seasonal public fund outflows. Tangible common equity to assets was 8.11% and tangible book value per share was $20.89.
Positive
- Diluted EPS of $0.83 (up 6.7%)
- Net interest income $15.0M (+14.5% YoY)
- Net interest margin improved to 4.24% (+48 bps YoY)
- Record total revenue of $18.8M for the quarter
- Tangible common equity to assets at 8.11%
Negative
- Period-end deposits declined $66.2M to $1.3B (annualized -19.3%)
- Non-interest expense rose 10.6% YoY
- Net loan charge-offs increased to $349K in Q1 2026
- Recorded $433K of fraud losses in other expense
News Market Reaction – LARK
On the day this news was published, LARK declined 3.21%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
LARK is up about 3.7% while close regional-bank peers like CBFV, CFBK and CZWI are down between ~1.8% and ~3.5%, indicating a stock-specific move rather than a sector-wide rally.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 28 | Earnings release | Positive | +6.1% | Strong 2025 earnings growth with higher NIM and improved efficiency. |
| Aug 05 | Earnings release | Positive | +10.3% | Q2 2024 EPS growth, margin expansion, and solid loan growth metrics. |
Recent earnings releases have tended to coincide with positive single-day moves, suggesting the stock often responds favorably to financial updates.
Over the past two years, Landmark’s earnings reports have highlighted steady profitability and balance sheet growth. In Q2 2024, EPS of $0.55 came with improving net interest margin and loan growth. The 2025 full-year release showed net income of $18.8M, EPS of $3.07, and net interest margin of 3.86%. Today’s Q1 2026 report continues this theme, with EPS of $0.83, ROA of 1.29%, NIM of 4.24%, and a maintained $0.21 dividend.
Historical Comparison
Past earnings headlines saw average one-day moves of about 8.15%. Today’s pre-release gain of 3.7% is more muted than those prior earnings-related swings.
Earnings updates show a progression of expanding net interest margin from 3.21% in Q2 2024 to 3.86% for 2025, and now 4.24% in Q1 2026, alongside sustained dividends of $0.21 per share.
Market Pulse Summary
This announcement highlights continued earnings strength, with Q1 2026 EPS of $0.83, ROA of 1.29%, and net interest margin of 4.24%. Net interest income grew while deposit costs declined, supporting profitability. At the same time, non-interest expenses increased year-over-year, including fraud-related losses and higher technology and staffing costs. Investors may watch future quarters for trends in credit quality, expense control, and balance sheet mix, alongside the maintained $0.21 dividend.
Key Terms
efficiency ratio financial
net interest margin financial
brokered funding financial
loan to deposits ratio financial
allowance for credit losses financial
non-performing loans financial
AI-generated analysis. Not financial advice.
Announces Growth in First Quarter 2026 Earnings Per Share of
Declares Quarterly Cash Dividend of
Manhattan, KS, April 29, 2026 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of
First quarter 2026 Performance Highlights
- Return on average assets improved to
1.29% , compared to1.17% in the prior quarter and1.21% in the first quarter of 2025. - Net interest income expanded to
$15.0 million for the first quarter of 2026, an increase of1.6% from the prior quarter and14.5% 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, from8.03% 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
Dividend Declaration
Landmark’s Board of Directors declared a cash dividend of
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
Compared to the fourth quarter of 2025, interest on deposits decreased
Compared to the first quarter of 2025, interest on deposits decreased
Non-Interest Income
Non-interest income totaled
The increase in non-interest income as compared to the first quarter of the prior year was primarily due to an increase of
Non-Interest Expense
During the first quarter of 2026, non-interest expense totaled
Compared to the first quarter of 2025, the increase in non-interest expense was primarily due to increases of
Income Tax Expense
Landmark recorded income tax expense of
Balance Sheet Highlights
As of March 31, 2026, gross period-end loans totaled
Period-end deposit balances decreased
Stockholders’ equity increased to
The allowance for credit losses totaled
Non-performing loans totaled
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
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
(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
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
