UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 0-33203 LANDMARK BANCORP, INC. (Exact name of registrant as specified in its charter) Delaware 43-1930755 (State or other juri ...

Financial Data and Key Metrics Changes - Net income for the second quarter totaled $4.4 million, an increase from $3 million in the same period last year, reflecting increased net interest income and controlled expenses [4] - Diluted earnings per share rose to $0.75, a 56% increase year-over-year [4] - Return on average assets was 1.11% and return on average equity was 12.25% [4] - Efficiency ratio improved to 62.8% compared to 67.9% in the second quarter of the previous year [12] Business Line Data and Key Metrics Changes - Total gross loans increased by $42.9 million or 16% on an annualized basis, reaching over $1.1 billion [5][13] - Net interest income grew by 4.3% compared to the previous quarter, totaling $13.7 million [8] - Noninterest income totaled $3.6 million, an increase of $268,000 compared to the prior quarter [11] Market Data and Key Metrics Changes - Total deposits decreased by $61.9 million on a linked quarter basis but increased by $23.4 million or 1.9% year-over-year [13] - The average interest rate on interest-bearing deposits decreased by three basis points to 2.14% [10] - The unemployment rate in Kansas remained stable at 3.8% as of June 30 [19] Company Strategy and Development Direction - The company is focused on maintaining solid credit quality and enhancing customer relationships while growing lending and fee businesses across all markets [21] - There are initiatives planned for the second half of the year to gather more deposits through the branch network [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in being adequately provisioned for credit losses, with expectations for nonperforming loans to trend positively in the upcoming quarters [27][28] - The company is optimistic about loan demand and aims to support growth with a high-quality deposit base [34] Other Important Information - The allowance for credit losses was $13.8 million, representing 1.23% of total loans [5][11] - A cash dividend of 21¢ per share was declared, marking the ninety-sixth consecutive quarterly cash dividend since the company's formation [6] Q&A Session Summary Question: Commentary on loan provisions and nonaccruals - Management believes they are adequately provisioned, with the $1 million provision primarily due to loan growth, and expects trends in nonperforming loans to improve [27][28] Question: Insights on deposit decline and Federal Home Loan Bank borrowings - Management noted that the decline in deposits was likely seasonal and emphasized strategies to enhance deposit gathering through their branch network [30][31]

Core Viewpoint - Landmark Bancorp reported a net income of $4.4 million and diluted EPS of $0.75 for Q2 2025, showing strong year-over-year growth but a slight decline from Q1 2025 highs. The bank's loan growth and net interest income remained robust, although deposit trends and asset quality require close monitoring [1][2]. Financial Performance - EPS (GAAP) for Q2 2025 was $0.75, up 44.2% year-over-year from $0.52 in Q2 2024, but down from $0.81 in Q1 2025 [2]. - Net interest income increased to $13.7 million, a 24.7% rise from $10.97 million in Q2 2024 and up from $13.1 million in Q1 2025 [2][5]. - Net earnings were $4.4 million, a 46.1% increase from $3.0 million in Q2 2024, but a slight decrease from $4.7 million in Q1 2025 [2]. - Return on average assets was 1.11%, up 0.33 percentage points year-over-year [2]. Business Overview - Landmark Bancorp operates as a community-oriented bank, providing a range of loan products including residential, commercial real estate, and agricultural loans across Kansas and the Kansas City metro area [3][4]. Loan Portfolio and Growth - The loan portfolio expanded by $42.9 million during the quarter, with significant growth in residential real estate loans ($21.5 million), commercial real estate loans ($10.9 million), and commercial loans ($13.4 million) [6]. - Total gross loans reached $1.12 billion, with strong demand noted in commercial and mortgage segments [6]. Deposit Trends - Deposit balances were $1.27 billion, reflecting a decline of $61.9 million from the previous quarter but an increase of $23.4 million year-over-year [7]. - The loan-to-deposit ratio increased to 86.6%, up from 79.5% in Q1 2025, as total borrowings rose by $105.9 million to support loan growth [7]. Asset Quality - Non-performing loans grew to $17.0 million, or 1.52% of gross loans, up from 1.24% in Q1 2025, although early-stage delinquencies improved [9]. - A provision for credit losses of $1.0 million was recorded, reflecting growth in the loan book and increased reserves for non-accrual loans [9]. Capital Strength - Equity to assets increased to 9.13%, up from 9.04% in the previous quarter, and tangible book value per share improved to $19.66 [10]. - The company declared a quarterly dividend of $0.21 per share, up from $0.20 in Q2 2024, indicating a commitment to shareholder returns [10]. Future Outlook - Management did not provide formal financial guidance but emphasized a focus on growing higher-yielding loans, maintaining expense control, and upholding credit discipline [11]. - Ongoing monitoring of deposit trends, asset quality, and competitive landscape in regional markets is expected [12].

Landmark Bancorp, Inc. Announces Second Quarter 2025 Earnings per Share of $0.75 Declares Cash Dividend of $0.21 per Share (Manhattan, KS, July 24, 2025) – Landmark Bancorp, Inc. ("Landmark"; Nasdaq: LARK) reported diluted earnings per share of $0.75 for the second quarter of 2025, compared to $0.81 per share in the first quarter of 2025 and $0.52 per share in the same quarter of the prior year. Net earnings for the second quarter totaled $4.4 million, compared to $4.7 million in the prior quarter and $3.0 ...

Core Viewpoint - Landmark Bancorp, Inc. reported strong financial performance for the second quarter of 2025, with significant growth in net earnings driven by increased loan demand and net interest income. Financial Performance - Diluted earnings per share for Q2 2025 were $0.75, down from $0.81 in Q1 2025 but up from $0.52 in Q2 2024 [1] - Net earnings for Q2 2025 totaled $4.4 million, compared to $4.7 million in the prior quarter and $3.0 million in the same quarter of the previous year [1] - For the first six months of 2025, diluted earnings per share were $1.56, up from $1.01 during the same period in 2024 [2] Key Ratios - Return on average assets for Q2 2025 was 1.11%, and return on average equity was 12.25% [1][2] - Efficiency ratio for Q2 2025 was 62.8%, indicating improved operational efficiency [1][2] Loan and Deposit Growth - Total gross loans increased by $42.9 million, or 16.0% annualized, in Q2 2025 [4][6] - Despite a decrease in total deposits in Q2 2025, year-over-year growth of $23.4 million, or 1.9%, was sustained [4][6] Net Interest Income - Net interest income for Q2 2025 was $13.7 million, an increase of $564,000, or 4.3%, from the previous quarter and an increase of $2.7 million, or 24.7%, from the same quarter of the prior year [6][7] - The net interest margin improved to 3.83% in Q2 2025, up from 3.76% in Q1 2025 and 3.25% in Q2 2024 [6][7] Non-Interest Income and Expenses - Non-interest income for Q2 2025 totaled $3.6 million, an increase of $268,000 from the previous quarter [8] - Non-interest expense for Q2 2025 was $11.0 million, an increase of $200,000, or 1.9%, compared to the prior quarter [9] Credit Quality - Credit quality remained stable with minimal net charge-offs totaling $40,000 in Q2 2025 [6][14] - A provision for credit losses of $1.0 million was recorded in Q2 2025 to reflect loan growth and higher reserves [4][15] Dividend Declaration - The Board of Directors declared a cash dividend of $0.21 per share, payable on August 27, 2025 [4]

Core Viewpoint - Landmark Bancorp, Inc. reported strong financial performance for the second quarter of 2025, with significant growth in net earnings driven by increased loan demand and net interest income, despite a decrease in total deposits [4][6]. Financial Performance - Diluted earnings per share for Q2 2025 were $0.75, down from $0.81 in Q1 2025 but up from $0.52 in Q2 2024 [1]. - Net earnings for Q2 2025 totaled $4.4 million, compared to $4.7 million in the previous quarter and $3.0 million in the same quarter of the prior year [1]. - For the first six months of 2025, diluted earnings per share were $1.56, up from $1.01 during the same period in 2024 [2]. Key Ratios - Return on average assets for Q2 2025 was 1.11%, and return on average equity was 12.25% [1][28]. - The efficiency ratio improved to 62.8% in Q2 2025 from 64.1% in Q1 2025 [28]. Loan and Deposit Growth - Total gross loans increased by $42.9 million, or 16.0% annualized, in Q2 2025 [4][7]. - Despite a decrease in total deposits of $61.9 million from the previous quarter, year-over-year growth in deposits was $23.4 million, or 1.9% [4][13]. Net Interest Income - Net interest income for Q2 2025 was $13.7 million, an increase of $564,000, or 4.3%, from the previous quarter and an increase of $2.7 million, or 24.7%, from the same quarter of the prior year [6][25]. - The net interest margin increased to 3.83% in Q2 2025 from 3.76% in Q1 2025 [7][28]. Non-Interest Income and Expenses - Non-interest income for Q2 2025 totaled $3.6 million, an increase of $268,000 from the previous quarter [9]. - Non-interest expenses were $11.0 million, an increase of $200,000, or 1.9%, compared to the prior quarter [10]. Credit Quality - Credit quality remained stable with minimal net charge-offs totaling $40,000 in Q2 2025 [7][15]. - The allowance for credit losses was $13.8 million, or 1.23% of total gross loans, as of June 30, 2025 [15]. Dividend Declaration - The Board of Directors declared a cash dividend of $0.21 per share, payable on August 27, 2025 [4].

Core Points - Landmark Bancorp, Inc. will release its second quarter 2025 earnings after market close on July 24, 2025 [1] - A conference call to discuss the earnings results is scheduled for July 25, 2025, at 10:00 am (CT) [1] - Investors can access the earnings call by dialing (833) 470-1428 with access code 703723 [1] Company Overview - Landmark Bancorp, Inc. is the holding company for Landmark National Bank, listed on NASDAQ under the symbol "LARK" [3] - The company is headquartered in Manhattan, Kansas, and operates as a community banking organization [3] - Landmark National Bank has 29 locations across 23 communities in Kansas [3]

Core Insights - The financial sector is experiencing a trend of oversold stocks, presenting potential buying opportunities for undervalued companies [1][2] Group 1: Oversold Stocks - LPL Financial Holdings Inc (LPLA) has an RSI of 28.5, with a stock price decline of approximately 7% over the past month, reaching a 52-week low of $187.19 [7] - Affinity Bancshares Inc (AFBI) has an RSI of 24.4, with a stock price decrease of around 15% over the past six months, hitting a 52-week low of $17.00 [7] - Landmark Bancorp Inc (LARK) has an RSI of 21.9, with a stock price drop of about 16% over the past month, reaching a 52-week low of $17.86 [7] Group 2: Company Performance - LPL Financial's shares closed at $354.10 after a 5.4% decline [7] - Affinity Bancshares' shares closed at $18.50 [7] - Landmark Bancorp reported a first-quarter EPS of 81 cents, an increase from 49 cents a year ago, and its shares closed at $24.13 after a 0.4% gain [7]

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section presents the unaudited consolidated financial information, including statements and management's analysis [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2025, showing increased net earnings driven by higher net interest income [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets and net loans increased slightly, while stockholders' equity grew due to net earnings and comprehensive income Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,578,589** | **$1,574,142** | | Loans, net | $1,061,696 | $1,039,221 | | Investment securities available-for-sale | $355,992 | $372,512 | | **Total Liabilities** | **$1,435,938** | **$1,437,927** | | Total deposits | $1,335,822 | $1,328,766 | | **Total Stockholders' Equity** | **$142,651** | **$136,215** | [Consolidated Statements of Earnings](index=5&type=section&id=Consolidated%20Statements%20of%20Earnings) Net earnings significantly increased to $4.7 million in Q1 2025, driven by higher net interest income and no provision for credit losses Q1 Earnings Comparison (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Interest Income | $13,119 | $10,747 | | Provision for credit losses | $0 | $300 | | **Net Earnings** | **$4,701** | **$2,778** | | Diluted Earnings Per Share | $0.81 | $0.48 | | Dividends Per Share | $0.21 | $0.20 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by $1.6 million, with net cash provided by operating activities offsetting investing and financing uses Cash Flow Summary for Three Months Ended March 31 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $8,018 | $2,851 | | Net cash used in investing activities | ($424) | ($2,670) | | Net cash used in financing activities | ($5,988) | ($10,814) | | **Net increase (decrease) in cash** | **$1,606** | **($10,633)** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed disclosures cover investment securities, loan portfolio, regulatory capital, and other key financial statement components - As of March 31, 2025, the investment portfolio included **$356.0 million** in available-for-sale securities and **$3.7 million** in held-to-maturity securities, with most unrealized losses deemed temporary[27](index=27&type=chunk)[28](index=28&type=chunk) - Gross loans increased to **$1.075 billion** at March 31, 2025, from **$1.052 billion** at year-end 2024, with the allowance for credit losses stable at **$12.8 million** and non-accrual loans at **1.24%** of gross loans[34](index=34&type=chunk)[37](index=37&type=chunk) - The Company and the Bank met all regulatory capital requirements as of March 31, 2025, with the Bank categorized as 'well capitalized'[81](index=81&type=chunk)[85](index=85&type=chunk)[89](index=89&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial results, highlighting increased net earnings, expanded net interest margin, strong asset quality, and robust liquidity Key Performance Ratios (Annualized) | Ratio | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Return on average assets | 1.21% | 0.72% | | Return on average equity | 13.71% | 8.88% | | Net interest margin (tax-equivalent) | 3.76% | 3.12% | - Net interest income increased by **$2.4 million (22.1%)** year-over-year, driven by higher loan interest income and lower total interest expense[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - Asset quality remained strong, with the allowance for credit losses at **$12.8 million (1.19% of gross loans)** and non-accrual loans stable at **1.24%**[114](index=114&type=chunk)[116](index=116&type=chunk) - Liquidity is strong, with **$381.8 million** in liquid assets and **$203.2 million** in FHLB borrowing capacity as of March 31, 2025[125](index=125&type=chunk)[126](index=126&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, with simulations showing liability sensitivity to rising rates Net Interest Income Sensitivity Analysis (as of March 31, 2025) | Scenario | Percent Change in Net Interest Income | | :--- | :--- | | +300 basis points | (9.5)% | | +200 basis points | (6.7)% | | +100 basis points | (3.9)% | | -100 basis points | (0.3)% | - The company's operations largely depend on net interest income and its ability to manage interest rate risk from asset and liability repricing mismatches[133](index=133&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during Q1 2025 - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of March 31, 2025[139](index=139&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[140](index=140&type=chunk) [PART II – OTHER INFORMATION](index=40&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section provides additional information on legal proceedings, risk factors, equity sales, and other disclosures [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material pending legal proceedings beyond ordinary routine litigation incidental to its business - There are no material pending legal proceedings against the Company or its subsidiaries, other than ordinary routine litigation[142](index=142&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the risk factors previously disclosed in the Company's 2024 Annual Report on Form 10-K - No material changes have occurred in the risk factors from those disclosed in the Company's 2024 Form 10-K[143](index=143&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any equity securities in Q1 2025, with 157,456 shares remaining available for repurchase Share Repurchase Activity (Q1 2025) | Period | Total Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | Jan 2025 | 0 | $ - | | Feb 2025 | 0 | $ - | | Mar 2025 | 0 | $ - | | **Total** | **0** | **$ -** | - As of March 31, 2025, **157,456 shares** were still available for repurchase under the March 2020 Repurchase Program[144](index=144&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during the first quarter of 2025 - No directors or executive officers adopted or terminated any Rule 10b5-1 trading plans during the quarter ended March 31, 2025[147](index=147&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including required certifications and interactive data files - The report includes required certifications from the Chief Executive Officer and Chief Financial Officer pursuant to Sarbanes-Oxley Act rules[148](index=148&type=chunk) - Interactive data files (Inline XBRL) are included as Exhibit 101, as required by SEC regulations[148](index=148&type=chunk)

Financial Data and Key Metrics Changes - Net income for Q1 2025 totaled $4,700,000, a significant increase from $2,800,000 in the same period last year, representing a growth of 68% [5][9] - Diluted earnings per share rose to $0.81, marking a 69% increase year-over-year [5] - Return on average assets was 1.21% and return on average equity was 13.71% [5] - Efficiency ratio improved to 64.1% in Q1 2025 [5] Business Line Data and Key Metrics Changes - Total gross loans increased by $22,600,000 or 8.7% annualized, reaching nearly $1,100,000,000 [6][13] - Loan growth was primarily driven by commercial real estate and construction loans, which increased by $14,400,000 and $3,300,000 respectively [14] - Non-interest income totaled $3,400,000, a slight decline compared to the previous quarter [12] Market Data and Key Metrics Changes - Deposit balances increased by $7,100,000, totaling $1,300,000,000 at the end of Q1 2025 [15] - Average interest-bearing deposits grew by $34,800,000 during the quarter [16] - The loan-to-deposit ratio stood at 79.5%, indicating sufficient liquidity for continued loan growth [16] Company Strategy and Development Direction - The company remains focused on serving business owners across Kansas, emphasizing relationship banking [6] - There is a commitment to maintaining solid credit quality amid economic uncertainties [24] - The company aims to strengthen existing customer relationships and grow lending and fee businesses across all markets [25] Management's Comments on Operating Environment and Future Outlook - Management noted a general level of uncertainty among customers but expressed confidence that uncertainties will resolve over time [21] - The economic landscape in Kansas is described as healthy, with an unemployment rate of 3.8% [21] - The company is well-positioned for future growth due to its operational success and high-quality banking products [25] Other Important Information - The Board of Directors declared a cash dividend of $0.21 per share, marking the 95th consecutive quarterly cash dividend since the company's formation [7] - Stockholders' equity increased by $6,400,000 to $142,700,000, with a book value of $24.69 per share [16][17] Q&A Session Summary Question: No questions were asked during the Q&A session - The operator indicated that there were no questions at this time, and the call was handed back to management for closing comments [26]