Here are 1-3 brief analogies to describe Landmark Bancorp (LARK):

• A Kansas-focused Bank of America, providing traditional banking services to local communities.

• Imagine a community-oriented Chase Bank, specifically tailored for towns and cities throughout Kansas.

• It's a traditional full-service bank, like a U.S. Bank or PNC, but operating exclusively for Kansas communities.

• Deposit Accounts: Offers a variety of checking, savings, money market accounts, and certificates of deposit.
• Real Estate Loans: Provides financing for residential, construction and land, and commercial real estate properties.
• Commercial & Agriculture Loans: Offers loans tailored for commercial businesses, including municipal and agriculture sectors.
• Consumer Loans: Provides personal financing options for automobiles, boats, home improvement, and home equity.
• Digital Banking Services: Delivers convenient mobile and online banking platforms for managing accounts.
• Insurance Services: Offers various insurance products to meet customer needs.

Major Customers of Landmark Bancorp (LARK)

Landmark Bancorp (LARK) is a financial institution that provides banking services primarily to a diverse customer base within the communities it serves across Kansas. It does not have a few specific "major customers" in the traditional sense of a company selling products to other businesses. Instead, it serves various categories of clients, including:

• Individuals/Consumers: This category includes residents seeking personal banking services such as checking, savings, money market accounts, certificates of deposit, residential real estate loans, consumer loans (e.g., automobile, boat, home improvement, home equity), and online/mobile banking services.
• Businesses/Commercial Entities: This category encompasses local businesses, including those in agriculture, seeking commercial loans, commercial real estate loans, checking and savings accounts, and other business banking solutions.
• Municipalities: The company provides municipal loans, indicating it serves local government entities within its operating communities.

Abigail M. Wendel, President and Chief Executive Officer

Abigail (Abby) M. Wendel assumed the role of President and Chief Executive Officer of Landmark Bancorp and Landmark National Bank, effective March 29, 2024. Prior to joining Landmark, she served as President of Consumer Banking for UMB Bank, N.A. since 2018, overseeing retail, mortgage, and private banking functions. Her tenure at UMB also included roles as Senior Vice President and Director of Corporate Strategy, Government & Investor Relations, and Executive Vice President, Chief Strategy Officer. Before UMB, Ms. Wendel spent over a decade in various roles at the Federal Reserve Bank of Kansas City.

Mark A. Herpich, Executive Vice President, Secretary & Chief Financial Officer

Mark A. Herpich has served as Vice President, Secretary, Treasurer, and Chief Financial Officer of Landmark Bancorp, Inc., and Executive Vice President, Secretary, and Chief Financial Officer of Landmark National Bank since October 2001. Before this, he held the same positions at MNB Bancshares and Security National Bank from September 1998 to October 2001. Mr. Herpich began his career as a Senior Manager and certified public accountant at KPMG LLP, where he worked from August 1989 to September 1998.

Patrick L. Alexander, Executive Chairman of the Board

Patrick L. Alexander has served as Executive Chairman of Landmark Bancorp, Inc. and Landmark National Bank since January 2014. He previously held the positions of President and Chief Executive Officer of the Company and the Bank from October 2001 until stepping down as President in May 2013 and CEO in January 2014. Mr. Alexander became President and Chief Executive Officer of Manhattan Federal Savings and Loan Association (a predecessor to Security National Bank) in 1990, and subsequently of MNB Bancshares and Security National Bank in 1992 and 1993, respectively. His earlier experience includes serving as President of the Kansas State Bank of Manhattan from 1986 to 1990.

Raymond McLanahan, Chief Credit Officer

Raymond McLanahan serves as the Chief Credit Officer for Landmark Bancorp. He was mentioned in the Q4 2025 earnings transcript as noting improvements in nonperforming loans.

1. Concentration in Kansas Economy

   Landmark Bancorp operates 30 branch offices across 24 communities within the state of Kansas, making its financial performance highly dependent on the economic health and stability of this specific region. A downturn in the Kansas economy, driven by factors impacting key local industries such as agriculture or real estate, could significantly affect the bank's loan demand, credit quality, and deposit growth. While general statements from the company acknowledge the impact of local and state economies on financial markets, this geographic concentration represents a significant inherent risk for a regional bank.

2. Credit Risk from Real Estate and Agriculture Loan Portfolios

   A substantial portion of Landmark Bancorp's lending is in real estate, including residential, commercial, and construction and land loans, as well as agriculture loans. Regional banks often have significant concentrations in commercial real estate (CRE), and this sector faces elevated risks due to higher interest rates and evolving work trends, which could lead to increased loan defaults and challenges for exposed banks. Similarly, agricultural lending is inherently risky, subject to volatility in commodity prices, production fluctuations, and climate conditions, which can lead to margin compression for farmers and impact loan repayment rates. Although Landmark Bancorp reported a reduction in non-performing loans by 24% to $10.0 million at the end of 2025, with some covered by government guarantees, continued growth in commercial real estate and agriculture loans means ongoing exposure to these sector-specific vulnerabilities.

3. Interest Rate Risk

   As a financial institution, Landmark Bancorp is susceptible to fluctuations in interest rates, which can impact its profitability and financial position. Changes in interest rates can affect the cost of funds, the yield on assets, and the prepayment rates of loans, thereby influencing the bank's net interest margin. For instance, higher interest rates have previously led to a decline in the fair value of the bank's investment securities and increased other net comprehensive losses, directly affecting stockholders' equity. Managing interest rate sensitivity is crucial for maintaining the bank's earnings and capital stability.

The clear emerging threat for Landmark Bancorp (LARK) comes from the proliferation of digital-only banks (neobanks) and various financial technology (fintech) companies. These competitors operate with significantly lower overhead due to their lack of physical branches, allowing them to offer more competitive interest rates on deposits, lower fees, and highly convenient, mobile-first user experiences. This business model directly challenges Landmark Bancorp's traditional branch-based community banking approach, potentially eroding its customer base and deposit share, especially among younger and tech-savvy demographics who prioritize digital convenience and cost over physical branch interactions.

For Landmark Bancorp (symbol: LARK), the addressable market sizes for its main products and services in Kansas are as follows:

• Deposits: The total deposits across banks operating in Kansas were $99.7 billion in 2024.
• New Home Loans (Residential Real Estate): In 2024, new home loans booked in Kansas amounted to $6.3 billion.
• Commercial Real Estate Loans: The Kansas commercial real estate market generated approximately $3.8 billion in annual transaction volume for commercial real estate lending.
• Commercial Loans (Small Business Loans): Small business loans in Kansas totaled $5 billion in 2024.
• Agriculture Loans (Small Farm Loans): Small farm loans in Kansas amounted to $291.6 million in 2024.
• Life Insurance and Annuities: The life insurance industry pays out $2.3 billion each year in life insurance and annuity benefits to Kansas families.

Landmark Bancorp (NASDAQ: LARK) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Continued Expansion of Net Interest Income (NII): Landmark Bancorp has consistently demonstrated growth in net interest income, which is a primary driver of its overall revenue. This expansion is attributed to increased asset yields and diligent management of funding costs, resulting in an improved net interest margin (NIM).
2. Robust Loan Growth: The company has experienced significant average total loan growth, with an 11.5% increase for the year 2025. This growth is particularly notable in commercial real estate loan production and mortgage originations, which were up 11% year over year. The bank's healthy loan-to-deposit ratio indicates sufficient liquidity to support further loan expansion. Management is focused on expanding its lending businesses across all its markets.
3. Growth in Fee-Based Businesses: Beyond traditional interest income from loans, Landmark Bancorp is strategically focused on growing its fee-based businesses. This diversified approach to revenue generation aims to enhance overall profitability.
4. Strengthening Customer Relationships and Expanding Customer Base: Landmark Bancorp emphasizes a community-focused approach, aiming to strengthen existing customer relationships and grow its customer base. This includes ongoing investments in talent and service capabilities to enhance customer acquisition and experience, laying a foundation for sustained growth.

Share Repurchases

• Landmark Bancorp purchased $502 thousand of its common stock in the third quarter of 2022.

Share Issuance

• Landmark Bancorp declared a 5% stock dividend payable on December 15, 2025, and another 5% stock dividend payable on December 16, 2022.
• In March 2026, the CFO received a 2,199-share stock award, and the CEO was awarded 4,542 common shares.
• The number of shares outstanding increased by 1.10% in one year (as of a recent report, reflecting 2025 data).

Inbound Investments

• As of November 12, 2025, investment affiliates of Manulife Financial Corporation reported a beneficial ownership stake of 5.26% of Landmark Bancorp's common stock.
• As of June 30, 2025, Kornitzer Capital Management, Inc. reported a passive ownership position of 6.5% of the outstanding common stock.

Outbound Investments

• Landmark Bancorp completed the acquisition of Freedom Bancshares, Inc. on October 1, 2022.

Capital Expenditures

• Landmark Banc invested $251 thousand in capital expenditures in the third quarter of 2025.
• Cash from investing activities showed a net outflow of -$50.45 million for the trailing twelve months ending February 2026.