Manhattan, KS, July 24, 2025 (GLOBE NEWSWIRE) -- 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 million in the second quarter of 2024. For the three months ended June 30, 2025, the return on average assets was 1.11%, the return on average equity was 12.25% and the efficiency ratio⁽¹⁾ was 62.8%.

For the first six months of 2025, diluted earnings per share totaled $1.56 compared to $1.01 during the same period in 2024. Net earnings for the first six months of 2025 totaled $9.1 million, compared to $5.8 million in the first six months of 2024. For the six months ended June 30, 2025, the return on average assets was 1.16%, the return on average equity was 12.96%, and the efficiency ratio⁽¹⁾ was 63.4%.

Second Quarter 2025 Performance Highlights

	●	Total gross loans increased in the second quarter 2025 by $42.9 million, an annualized increase of 16.0% over the prior quarter.
	●	The net interest margin improved 7 basis points to 3.83% compared to 3.76% in prior quarter and 3.25% in the second quarter of the prior year.
	●	Net interest income increased $564,000, or 4.3%, in the second quarter of 2025, and increased $2.7 million, or 24.7%, from the same quarter of the prior year.
	●	Deposits increased $23.4 million, or 1.9%, from the same quarter of the prior year, and declined $61.9 million from the prior quarter.
	●	Total assets increased $46.7 million, or 11.9% annualized, compared to the prior quarter.
	●	Credit quality remained stable with net charge-offs totaling $40,000 in the second quarter.
	●	Stockholders' equity increased $5.7 million, and the ratio of equity to assets increased to 9.13% in the second quarter.

In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, "I am pleased to report continued strong net earnings this quarter driven by growth in loans and net interest income. Loan demand remained strong in the second quarter of 2025, especially for commercial, commercial real estate and residential mortgage loans as total gross loans increased by $42.9 million or 16.0% annualized. Despite a decrease in total deposits in the second quarter, we have sustained year-over-year growth of $23.4 million, or 1.9%. The strong growth in our loan portfolio led to net interest income growth of 24.7% over the previous year and continued expansion in our net interest margin, which increased to 3.83%. Non-interest income increased by 8.0% this quarter compared to the prior quarter and expenses were well controlled. Credit quality remained solid overall with minimal net charge-offs. A provision for credit losses of $1.0 million was recorded this quarter to reflect the growth in loans and higher reserves against individually evaluated loans on non-accrual. Our strong performance is a direct result of the daily commitment and effort our associates put into making Landmark the top choice for both customers and investors."

Landmark's Board of Directors declared a cash dividend of $0.21 per share, to be paid August 27, 2025, to common stockholders of record as of the close of business on August 13, 2025.

Management will host a conference call to discuss the Company's financial results at 10:00 a.m. (Central time) on Friday, July 25, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 703723. A replay of the call will be available through August 1, 2025, by dialing (855) 762-8306 and using access code 160217.

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

Net Interest Income

Net interest income in the second quarter of 2025 totaled $13.7 million representing an increase of $564,000, or 4.3%, compared to the previous quarter and an increase of $2.7 million, or 24.7%, in the same quarter of the prior year. The increase in net interest income this quarter was driven by higher interest income on loans and lower interest expense on deposits. The net interest margin increased to 3.83% during the second quarter from 3.76% during the prior quarter and 3.25% in the second quarter of the prior year. Compared to the previous quarter, interest income on loans increased $791,000 to $17.2 million, due to higher average balances combined with higher yields on loans. Average loan balances increased $33.3 million, while the average tax-equivalent yield on the loan portfolio increased 3 basis points to 6.37%. Interest on investment securities declined slightly due to lower balances, partially offset by higher earning rates. Compared to the first quarter of 2025, interest on deposits decreased $92,000, or 1.8%, due to lower rates and balances. Interest on other borrowed funds increased by $284,000, due to higher average balances. The average rate on interest-bearing deposits decreased 3 basis points to 2.14% while the average rate on other borrowed funds decreased 11 basis points to 4.98% in the second quarter of 2025.

Non-Interest Income

Non-interest income totaled $3.6 million for the second quarter of 2025, an increase of $268,000 from the previous quarter. The increase in non-interest income during the second quarter of 2025 was primarily due to increases of $178,000 in gains on sales of loans and $88,000 in fees and service charges.

Non-Interest Expense

During the second quarter of 2025, non-interest expense totaled $11.0 million, an increase of $200,000, or 1.9%, compared to the prior quarter. The increase in non-interest expense was primarily due to increases of $233,000 in data processing expense and $101,000 in other non-interest expense. The increase in data processing expense resulted from the implementation of additional services added and account growth, while the increase in other non-interest expense was primarily due to higher losses at our captive insurance subsidiary. Partially offsetting those increases was a decline in professional fees related to lower consulting and legal expenses during the quarter.

Income Tax Expense

Landmark recorded income tax expense of $944,000 in the second quarter of 2025 compared to $1.0 million in the first quarter of 2025. The effective tax rate was 17.7% in the second quarter of 2025 compared to 17.8% in the first quarter of 2025.

Balance Sheet Highlights

As of June 30, 2025, gross loans totaled $1.1 billion, an increase of $42.9 million, or 16.0% annualized since March 31, 2025. During the quarter, loan growth was primarily comprised of one-to-four family residential real estate (growth of $21.5 million), commercial (growth of $13.4 million) and commercial real estate (growth of $10.9 million). Investment securities available-for-sale decreased $3.6 million during the second quarter of 2025 mainly due to maturities. Pre-tax unrealized net losses on the investment securities portfolio decreased from $17.1 million at March 31, 2025, to $13.9 million at June 30, 2025, mainly due to lower market rates for these securities at June 30, 2025.

Period end deposit balances decreased $61.9 million to $1.3 billion at June 30, 2025. The decline in deposits was driven by decreases in money market and checking accounts (decrease of $50.5 million), non-interest-bearing demand deposits (decrease of $16.5 million) and savings (decrease of $1.1 million), partially offset by an increase in certificates of deposit (increase of $6.2 million). The decrease in deposits was primarily driven by a decline in brokered deposits as well as lower core deposit balances at June 30, 2025. Total borrowings increased $105.9 million during the second quarter 2025 to fund asset growth and to offset lower deposit balances. At June 30, 2025, the loan to deposits ratio was 86.6% compared to 79.5% in the prior quarter.

Stockholders' equity increased to $148.4 million (book value of $25.66 per share) as of June 30, 2025, from $142.7 million (book value of $24.69 per share) as of March 31, 2025. The increase in stockholders' equity was due mainly to a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities) along with net earnings during the quarter. The ratio of equity to total assets increased to 9.13% on June 30, 2025, from 9.04% on March 31, 2025.

The allowance for credit losses totaled $13.8 million, or 1.23% of total gross loans on June 30, 2025, compared to $12.8 million, or 1.19% of total gross loans on March 31, 2025. Net loan charge-offs totaled $40,000 in the second quarter of 2025, compared to $23,000 during the first quarter of 2025 and net recoveries of $52,000 in the second quarter of the prior year. A provision for credit losses on loans of $1.0 million was recorded in the second quarter of 2025 compared to no provision in the first quarter of 2025.

Non-performing loans totaled $17.0 million, or 1.52% of gross loans, at June 30, 2025, compared to $13.3 million, or 1.24% of gross loans, at March 31, 2025. Loans 30-89 days delinquent totaled $4.3 million, or 0.39% of gross loans, as of June 30, 2025, compared to $10.0 million, or 0.93% of gross loans, as of March 31, 2025.

About Landmark

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

Contact:

Mark A. Herpich

Chief Financial Officer

(785) 565-2000

Special Note Concerning Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of 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. 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. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. 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; (ii) effects on the U.S. economy resulting from the threat or implementation of new, or changes to, existing policies, regulations, regulatory and other governmental agencies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, DEI and ESG initiatives, consumer protection, foreign policy and tax regulations; ; (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, acts of war, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, 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)

	June 30,			March 31,			December 31,			September 30,			June 30,
(Dollars in thousands)	2025			2025			2024			2024			2024
Assets
Cash and cash equivalents	$	25,038		$	21,881		$	20,275		$	21,211		$	23,889
Interest-bearing deposits at other banks		3,463			3,973			4,110			4,363			4,881
Investment securities available-for-sale, at fair value:
U.S. treasury securities		51,624			58,424			64,458			83,753			89,325
Municipal obligations, tax exempt		100,802			101,812			107,128			112,126			114,047
Municipal obligations, taxable		75,037			70,614			71,715			75,129			74,588
Agency mortgage-backed securities		124,979			125,142			129,211			140,004			142,499
Total investment securities available-for-sale		352,442			355,992			372,512			411,012			420,459
Investment securities held-to-maturity		3,730			3,701			3,672			3,643			3,613
Bank stocks, at cost		10,946			6,225			6,618			7,894			9,647
Loans:
One-to-four family residential real estate		377,133			355,632			352,209			344,380			332,090
Construction and land		26,373			28,645			25,328			23,454			30,480
Commercial real estate		370,455			359,579			345,159			324,016			318,850
Commercial		204,303			190,881			192,325			181,652			178,876
Agriculture		100,348			101,808			100,562			91,986			84,523
Municipal		6,938			7,082			7,091			7,098			6,556
Consumer		32,234			31,297			29,679			29,263			29,200
Total gross loans		1,117,784			1,074,924			1,052,353			1,001,849			980,575
Net deferred loan (fees) costs and loans in process		(615	)		(426	)		(307	)		(63	)		(583	)
Allowance for credit losses		(13,762	)		(12,802	)		(12,825	)		(11,544	)		(10,903	)
Loans, net		1,103,407			1,061,696			1,039,221			990,242			969,089
Loans held for sale, at fair value		4,773			2,997			3,420			3,250			2,513
Bank owned life insurance		39,607			39,329			39,056			39,176			38,826
Premises and equipment, net		19,654			19,886			20,220			20,976			20,986
Goodwill		32,377			32,377			32,377			32,377			32,377
Other intangible assets, net		2,275			2,426			2,578			2,729			2,900
Mortgage servicing rights		3,082			3,045			3,061			3,041			2,997
Real estate owned, net		167			167			167			428			428
Other assets		23,904			24,894			26,855			23,309			28,149
Total assets	$	1,624,865		$	1,578,589		$	1,574,142		$	1,563,651		$	1,560,754

Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Non-interest-bearing demand		351,993			368,480			351,595			360,188			360,631
Money market and checking		562,919			613,459			636,963			565,629			546,385
Savings		148,092			149,223			145,514			145,825			150,996
Certificates of deposit		210,897			204,660			194,694			203,860			192,470
Total deposits		1,273,901			1,335,822			1,328,766			1,275,502			1,250,482
FHLB and other borrowings		155,110			48,767			53,046			92,050			131,330
Subordinated debentures		21,651			21,651			21,651			21,651			21,651
Repurchase agreements		5,825			6,256			13,808			9,528			8,745
Accrued interest and other liabilities		20,002			23,442			20,656			25,229			20,292
Total liabilities		1,476,489			1,435,938			1,437,927			1,423,960			1,432,500
Stockholders' equity:
Common stock		58			58			58			55			55
Additional paid-in capital		95,266			95,148			95,051			89,532			89,469
Retained earnings		63,612			60,422			56,934			60,549			57,774
Treasury stock, at cost		-			-			-			(396	)		(330	)
Accumulated other comprehensive loss		(10,560	)		(12,977	)		(15,828	)		(10,049	)		(18,714	)
Total stockholders' equity		148,376			142,651			136,215			139,691			128,254
Total liabilities and stockholders' equity	$	1,624,865		$	1,578,589		$	1,574,142		$	1,563,651		$	1,560,754

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings (unaudited)

	Three months ended,							Six months ended,
	June 30,		March 31,			June 30,		June 30,			June 30,
(Dollars in thousands, except per share amounts)	2025		2025			2024		2025			2024
Interest income:
Loans	$	17,186	$	16,395		$	15,022	$	33,581		$	29,512
Investment securities:
Taxable		2,163		2,180			2,359		4,343			4,787
Tax-exempt		701		719			759		1,420			1,523
Interest-bearing deposits at banks		48		48			40		96			103
Total interest income		20,098		19,342			18,180		39,440			35,925
Interest expense:
Deposits		5,144		5,236			5,673		10,380			11,130
FHLB and other borrowings		861		565			1,027		1,426			2,049
Subordinated debentures		358		357			418		715			830
Repurchase agreements		52		65			88		117			195
Total interest expense		6,415		6,223			7,206		12,638			14,204
Net interest income		13,683		13,119			10,974		26,802			21,721
Provision for credit losses		1,000		-			-		1,000			300
Net interest income after provision for credit losses		12,683		13,119			10,974		25,802			21,421
Non-interest income:
Fees and service charges		2,476		2,388			2,691		4,864			5,152
Gains on sales of loans, net		740		562			648		1,302			1,160
Bank owned life insurance		278		272			248		550			493
Losses on sales of investment securities, net		-		(2	)		-		(2	)		-
Other		132		138			133		270			315
Total non-interest income		3,626		3,358			3,720		6,984			7,120
Non-interest expense:
Compensation and benefits		6,234		6,154			5,504		12,388			11,036
Occupancy and equipment		1,244		1,252			1,294		2,496			2,684
Data processing		629		396			492		1,025			973
Amortization of mortgage servicing rights and other intangibles		238		239			256		477			668
Professional fees		540		745			649		1,285			1,296
Valuation allowance on real estate held for sale		-		-			979		-			1,108
Other		2,076		1,975			1,921		4,051			3,881
Total non-interest expense		10,961		10,761			11,095		21,722			21,646
Earnings before income taxes		5,348		5,716			3,599		11,064			6,895
Income tax expense		944		1,015			587		1,959			1,105
Net earnings	$	4,404	$	4,701		$	3,012	$	9,105		$	5,790

Net earnings per share (1)
Basic	$	0.76	$	0.81		$	0.52	$	1.58		$	1.01
Diluted		0.75		0.81			0.52		1.56			1.01
Dividends per share (1)		0.21		0.21			0.20		0.42			0.40
Shares outstanding at end of period (1)		5,783,312		5,778,610			5,743,044		5,783,312			5,743,044
Weighted average common shares outstanding - basic (1)		5,782,555		5,777,593			5,745,310		5,780,930			5,744,381
Weighted average common shares outstanding - diluted (1)		5,840,923		5,814,650			5,748,053		5,827,844			5,748,332

Tax equivalent net interest income	$	13,851	$	13,291		$	11,167	$	27,142		$	22,075

(1) Share and per share values at or for the periods ended June 30, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Select Ratios and Other Data (unaudited)

	As of or for the									As of or for the
	three months ended,									six months ended,
	June 30,			March 31,			June 30,			June 30,			June 30,
(Dollars in thousands, except per share amounts)	2025			2025			2024			2025			2024
Performance ratios:
Return on average assets (1)		1.11	%		1.21	%		0.78	%		1.16	%		0.75	%
Return on average equity (1)		12.25	%		13.71	%		9.72	%		12.96	%		9.30	%
Net interest margin (1)(2)		3.83	%		3.76	%		3.21	%		3.80	%		3.16	%
Effective tax rate		17.7	%		17.8	%		16.3	%		17.7	%		16.0	%
Efficiency ratio (3)		62.8	%		64.1	%		67.9	%		63.4	%		70.0	%
Non-interest income to total income (3)		20.9	%		20.4	%		25.3	%		20.7	%		24.7	%

Average balances:
Investment securities	$	363,878		$	377,845		$	437,136		$	370,823		$	447,034
Loans		1,081,865			1,048,585			955,104			1,065,317			950,420
Assets		1,592,939			1,574,295			1,545,816			1,583,669			1,550,739
Interest-bearing deposits		965,214			979,787			936,237			972,460			935,827
FHLB and other borrowings		74,007			48,428			72,875			61,288			72,747
Subordinated debentures		21,651			21,651			21,651			21,651			21,651
Repurchase agreements		6,683			8,634			11,524			7,653			12,947
Stockholders' equity	$	144,151		$	139,068		$	124,624		$	141,623		$	125,235

Average tax equivalent yield/cost (1):
Investment securities		3.34	%		3.29	%		3.04	%		3.32	%		2.99	%
Loans		6.37	%		6.34	%		6.33	%		6.36	%		6.25	%
Total interest-bearing assets		5.60	%		5.53	%		5.29	%		5.56	%		5.20	%
Interest-bearing deposits		2.14	%		2.17	%		2.44	%		2.15	%		2.39	%
FHLB and other borrowings		4.67	%		4.73	%		5.67	%		4.69	%		5.66	%
Subordinated debentures		6.63	%		6.69	%		7.76	%		6.66	%		7.71	%
Repurchase agreements		3.12	%		3.05	%		3.07	%		3.08	%		3.03	%
Total interest-bearing liabilities		2.41	%		2.38	%		2.78	%		2.40	%		2.74	%

Capital ratios:
Equity to total assets		9.13	%		9.04	%		8.22	%
Tangible equity to tangible assets (3)		7.15	%		6.99	%		6.09	%
Book value per share	$	25.66		$	24.69		$	22.33
Tangible book value per share (3)	$	19.66		$	18.66		$	16.19

Rollforward of allowance for credit losses (loans):
Beginning balance	$	12,802		$	12,825		$	10,851		$	12,825		$	10,608
Charge-offs		(103	)		(108	)		(119	)		(211	)		(260	)
Recoveries		63			85			171			148			305
Provision for credit losses for loans		1,000			-			-			1,000			250
Ending balance	$	13,762		$	12,802		$	10,903		$	13,762		$	10,903

Allowance for unfunded loan commitments	$	150		$	150		$	300

Non-performing assets:
Non-accrual loans	$	16,984		$	13,280		$	5,007
Accruing loans over 90 days past due		-			-			-
Real estate owned		167			167			428
Total non-performing assets	$	17,151		$	13,447		$	5,435

Loans 30-89 days delinquent	$	4,321		$	9,977		$	1,872

Other ratios:
Loans to deposits		86.62	%		79.48	%		77.50	%
Loans 30-89 days delinquent and still accruing to gross loans outstanding		0.39	%		0.93	%		0.19	%
Total non-performing loans to gross loans outstanding		1.52	%		1.24	%		0.51	%
Total non-performing assets to total assets		1.06	%		0.85	%		0.35	%
Allowance for credit losses to gross loans outstanding		1.23	%		1.19	%		1.11	%
Allowance for credit losses to total non-performing loans		81.03	%		96.40	%		217.76	%
Net loan charge-offs to average loans (1)		0.01	%		0.01	%		-0.02	%		0.01	%		-0.01	%

(1	)	Information is annualized.
(2	)	Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
(3	)	Non-GAAP financial measures. See the "Non-GAAP Financial Measures" section of this press release for a reconciliation to the most comparable GAAP equivalent.

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Non-GAAP Finacials Measures (unaudited)

	As of or for the									As of or for the
	three months ended,									six months ended,
	June 30,			March 31,			June 30,			June 30,			June 30,
(Dollars in thousands, except per share amounts)	2025			2025			2024			2025			2024

Non-GAAP financial ratio reconciliation:
Total non-interest expense	$	10,961		$	10,761		$	11,095		$	21,722		$	21,646
Less: foreclosure and real estate owned expense		49			(50	)		39			(1	)		(11	)
Less: amortization of other intangibles		(151	)		(152	)		(171	)		(303	)		(341	)
Less: valuation allowance on real estate held for sale		-			-			(979	)		-			(1,108	)
Adjusted non-interest expense (A)		10,859			10,559			9,984			21,418			20,186

Net interest income (B)		13,683			13,119			10,974			26,802			21,721

Non-interest income		3,626			3,358			3,720			6,984			7,120
Less: losses on sales of investment securities, net		-			2			-			2			-
Less: gains on sales of premises and equipment and foreclosed assets		(9	)		-			-			(9	)		9
Adjusted non-interest income (C)	$	3,617		$	3,360		$	3,720		$	6,977		$	7,129

Efficiency ratio (A/(B+C))		62.8	%		64.1	%		67.9	%		63.4	%		70.0	%
Non-interest income to total income (C/(B+C))		20.9	%		20.4	%		25.3	%		20.7	%		24.7	%

Total stockholders' equity	$	148,376		$	142,651		$	128,254
Less: goodwill and other intangible assets		(34,652	)		(34,803	)		(35,277	)
Tangible equity (D)	$	113,724		$	107,848		$	92,977

Total assets	$	1,624,865		$	1,578,589		$	1,560,754
Less: goodwill and other intangible assets		(34,652	)		(34,803	)		(35,277	)
Tangible assets (E)	$	1,590,213		$	1,543,786		$	1,525,477

Tangible equity to tangible assets (D/E)		7.15	%		6.99	%		6.09	%

Shares outstanding at end of period (F)		5,783,312			5,778,610			5,743,044

Tangible book value per share (D/F)	$	19.66		$	18.66		$	16.19

Landmark Bancorp, Inc. Announces Second Quarter 2025 Earnings per Share of $0.75 Declares Cash Dividend of $0.21 per Share