Landmark Bancorp, Inc. Reports Third Quarter 2026 Results

Higher interest income and lower credit provisions supported earnings, while deposits and book value declined from the prior quarter.

Rhea-AI Summary

Landmark Bancorp (LARK) reported third-quarter 2026 net earnings of $5.5 million, up from both the prior quarter and a year earlier. Diluted earnings per share were $0.89, versus $0.88 in the second quarter and $0.81 a year earlier. Net interest income rose 11.0% year over year to $15.6 million, and net interest margin reached 4.35%.

Non-interest income fell to $3.6 million, while non-interest expense increased to $12.3 million. Deposits declined $59.0 million from the prior quarter to $1.2 billion, and borrowings increased $49.5 million. Gross loans decreased $22.2 million to $1.1 billion. Net charge-offs fell to $14,000, but loans 30–89 days delinquent increased to $8.3 million from $6.3 million. Stockholders’ equity fell to $160.3 million from $166.9 million, primarily reflecting higher unrealized investment securities losses. Nine-month net earnings rose 13.5% to $15.9 million.

15 points · 0 major

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0 major · 14 points

How the balance works

Positive

• Moderate pointThird-quarter net earnings reached $5.5 million, versus $5.4 million last quarter and $4.9 million a year earlier.
• Moderate pointNine-month net earnings rose 13.5% to $15.9 million; diluted EPS increased to $2.59 from $2.29.
• Moderate pointNet interest income increased to $15.6 million, up 3.7% sequentially and 11.0% year over year.
• Moderate pointNet interest margin reached 4.35%, up 13 basis points sequentially and 52 basis points year over year.
• Moderate pointReturn on average assets improved to 1.36%, versus 1.35% last quarter and 1.21% a year earlier.
• Moderate pointNet charge-offs fell to $14,000, versus $452,000 last quarter and $2.3 million a year earlier.

9 minor points

• Minor pointThird-quarter diluted EPS reached $0.89, versus $0.88 last quarter and $0.81 a year earlier.
• Minor pointReturn on average equity was 13.06%, versus 13.23% last quarter and 13.00% a year earlier.
• Minor pointInvestment securities’ average tax-equivalent yield increased to 3.80%, from 3.66% sequentially and 3.35% a year earlier.
• Minor pointLoan portfolio average tax-equivalent yield increased 15 basis points sequentially and nine basis points year over year.
• Minor pointTotal deposit costs fell to 1.29%, down one basis point sequentially and 30 basis points year over year.
• Minor pointInterest on other borrowed funds decreased $313,000 year over year, reflecting lower rates and average balances.
• Minor pointCredit-loss provision decreased to $250,000, versus $500,000 last quarter and $850,000 a year earlier.
• Minor pointNon-performing loans declined to $12.5 million, or 1.16% of gross loans, from $13.1 million, or 1.18%.
• Minor pointCredit-loss allowance increased to $12.9 million, or 1.19% of gross loans, from $12.7 million, or 1.15%.

Negative

• Moderate pointNon-interest income fell to $3.6 million, down $493,000 sequentially and $466,000 year over year.
• Moderate pointNon-interest expense increased to $12.3 million, up 2.4% sequentially and 8.9% year over year.
• Moderate pointGross period-end loans declined $22.2 million to $1.1 billion; average loans decreased $12.3 million sequentially.
• Moderate pointDeposits decreased $59.0 million to $1.2 billion sequentially, partly reflecting a $61.7 million public-fund balance decline.
• Moderate pointPeriod-end borrowings increased $49.5 million during the third quarter.
• Moderate pointStockholders’ equity fell to $160.3 million from $166.9 million, primarily reflecting $10.9 million higher accumulated other comprehensive losses.

8 minor points

• Minor pointLoan-sale gains declined $593,000 sequentially and $300,000 year over year as secondary-market sales volume decreased.
• Minor pointFees and service charges fell $133,000 year over year, despite increasing $76,000 sequentially.
• Minor pointIncome tax expense was $1.3 million, unchanged sequentially but above $1.1 million a year earlier.
• Minor pointInterest on other borrowed funds increased $100,000 sequentially, driven by higher average balances.
• Minor pointBook value per share declined to $26.24 from $27.35; tangible book value fell to $20.68 from $21.76.
• Minor pointEquity to assets declined to 10.05% from 10.39% sequentially.
• Minor pointTangible common equity to assets was 8.09%, below 8.44% sequentially but above 7.66% a year earlier.
• Minor pointLoans 30–89 days delinquent increased to $8.3 million, or 0.77%, from $6.3 million, or 0.57%.

Key Figures

Diluted EPS: $0.89 per share Net earnings: $5.5 million Nine-month diluted EPS: $2.59 +5 more

Diluted EPS

$0.89 per share

Third quarter 2026; compared with $0.81 in third quarter 2025

Net earnings

$5.5 million

Third quarter 2026; compared with $4.9 million in third quarter 2025

Nine-month diluted EPS

$2.59

First nine months of 2026; compared with $2.29 in 2025

Nine-month net earnings

$15.9 million; increase of 13.5%

First nine months of 2026 versus the same period in 2025

Net interest margin

4.35%

Third quarter 2026; increased 52 basis points year over year

Net interest income

$15.6 million

Third quarter 2026; increased 11.0% year over year

Period-end deposits

$1.2 billion; decreased $59.0 million

At September 30, 2026, compared with the prior quarter

Net charge-offs

$14,000

Third quarter 2026; compared with $2.3 million in third quarter 2025

Previous Earnings Reports

2 past events · Latest: Jul 29

Same Type 2 events

1. Jul 29

   Quarterly earnings

   24h Move

   -0.1%

   EPS and net earnings rose year over year; net interest income reached $15.1 million.

2. Apr 29

   Quarterly earnings

   24h Move

   -3.2%

   Reported $0.83 diluted EPS and $5.1 million net earnings, with deposits declining to $1.3 billion.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

diluted earnings per share, efficiency ratio, net interest margin, allowance for credit losses, +1 more

5 terms

diluted earnings per share financial

"reported diluted earnings per share of $0.89 for the third quarter"

Diluted earnings per share is a measure of a company's profit allocated to each share of stock, taking into account all possible shares that could be created through stock options, convertible bonds, or other securities. It shows the lowest possible earnings per share if all these potential shares were issued, helping investors understand the worst-case scenario for their ownership. This figure matters because it provides a more conservative view of a company's profitability per share.

efficiency ratio financial

"the efficiency ratio(1) was 63.0%"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

net interest margin financial

"Net interest margin increased 13 basis points from the prior quarter to 4.35%"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

allowance for credit losses financial

"Allowance for credit losses increased to $12.9 million"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

net charge-offs financial

"Net charge-offs as a percentage of average loans decreased to 0.01%"

Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Announces Third Quarter 2026 Net Earnings Growth of 1.5%

Manhattan, KS, Oct. 28, 2026 (GLOBE NEWSWIRE) -- 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. “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.

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.

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

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.

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)

		September 30,					June 30,					March 31,					December 31,				September 30,
(Dollars in thousands)		2026					2026					2026					2025				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

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings (unaudited)

		Three months ended,												Nine months ended,
		September 30,				June 30,				September 30,				September 30,				September 30,
(Dollars in thousands, except per share amounts)		2026				2026				2025				2026				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.

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,
		September 30,				June 30,				September 30,				September 30,					September 30,
(Dollars in thousands, except per share amounts)		2026				2026				2025				2026					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				-				-
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.

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,
		September 30,				June 30,				September 30,					September 30,				September 30,
(Dollars in thousands, except per share amounts)		2026				2026				2025					2026				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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Landmark Bancorp’s third-quarter 2026 earnings?

Landmark Bancorp earned $5.5 million, or $0.89 per diluted share, in the third quarter of 2026. That compares with $5.4 million, or $0.88 per diluted share, in the prior quarter and $4.9 million, or $0.81 per diluted share, a year earlier.

Why did Landmark Bancorp’s net interest income increase in the third quarter of 2026?

Higher rates on interest-earning assets drove the increase despite lower average balances, partially offset by higher interest expense on other borrowings. Net interest income reached $15.6 million, increasing 3.7% from the prior quarter and 11.0% from a year earlier.

Which loan categories declined at Landmark Bancorp in the third quarter of 2026?

Commercial real estate loans declined $12.5 million, residential real estate loans declined $10.6 million, and commercial loans declined $6.4 million from the prior quarter. Construction and land loans increased $9.3 million, partially offsetting those declines.

What was Landmark Bancorp’s loan-to-deposits ratio at September 30, 2026?

Landmark Bancorp’s loan-to-deposits ratio was 85.6% at September 30, 2026, compared with 83.5% in the prior quarter. Non-interest-bearing deposits represented 29.3% of total deposits at quarter-end.