EXHIBIT 13.1
To Our Shareholders
This past year marked an important step forward in Landmark’s continued evolution. We made meaningful organizational improvements, advancing our people, operations and customer support strategies. Throughout 2025, we advanced the work needed to build a resilient institution that remains grounded in community while preparing for long-term growth. As President and Chief Executive Officer, I am grateful for the engagement of our associates, customers, and shareholders who move our mission forward every day.
Landmark delivered an exceptional financial performance in 2025, highlighted by a 44.4% increase in net earnings, which rose to $18.8 million for the year. This strong bottom-line growth was driven by meaningful expansion in net interest income. Our net interest margin increased to 3.86%, reflecting disciplined balance sheet management, the benefits of a more favorable earning-asset mix and continued improvement in funding costs. Combined with steady expense control and targeted investments in talent and technology, these results contributed to higher profitability and further growth in both book value and tangible book value per share, while maintaining a strong focus on safety and soundness.
Our teams continued to deepen customer relationships and attract new business in 2025, resulting in 11.5% growth in average loan balances. This growth was broad-based, with continued strength in commercial real estate lending and residential mortgage activity. Deposit balances increased as well, supported by growth in core accounts and strong seasonal inflows late in the year. Credit quality improved as we worked diligently throughout the year to reduce the overall risk in our loan portfolio. With a healthy loan-to-deposit position ratio, strong liquidity, and solid credit performance, Landmark ended 2025 well positioned to support continued growth across the communities we serve.
In 2025, we also advanced important strategic work that will shape Landmark’s next phase of growth. Bank leadership identified three areas of focus central to achieving the Landmark Vision: strengthening our People First culture, enhancing customer experience, and driving customer growth. As these initiatives continued to progress throughout the year, these priorities brought greater cohesion to the organization and ensured our resources are aligned with disciplined execution and long-term financial stability.
At Landmark, our long-term success is rooted in the dedication and growth of our associates. We sharpened our focus on leadership development by strengthening our organizational structure, clarifying expectations for leaders at every level, and improving cross department collaboration. These efforts support consistent decision-making and reinforce accountability. We also celebrated the graduation of our third Leadership Landmark class—and the launch of our fourth cohort—ensuring a steady pipeline of emerging leaders.
To further support this momentum, we expanded our leadership bench with internal promotions in retail and commercial banking and made strategic hires across corporate strategy, operations and technology, and finance, bringing added expertise to help us scale more effectively. These investments, combined with ongoing efforts to enhance the associate experience and strengthen internal alignment, reflect the meaningful progress made in 2025 to build a stronger, more capable organization ready to meet the needs of our customers and communities.
Landmark also made operational and technology improvements throughout the year. We invested in systems that help streamline work, improve data integrity, and provide more reliable tools to frontline bankers and support teams. These changes reduce manual effort and improve consistency, giving associates more capacity to focus on the customer experience. We find that our customers consistently rely on our team’s responsiveness and local insight, and the momentum from those interactions carried throughout the year. The organizational improvements underway in the form of better systems, clearer processes, and stronger leadership have begun to enhance that experience and position Landmark to meet evolving expectations.
As we look to the year ahead, I am confident in the direction we are moving. The advancements made in 2025 reinforced our culture, elevated our capabilities, and strengthened our connection to the communities we serve. In closing, I would like to extend my sincere gratitude to our associates, customers, and you—our valued shareholders—Thank you for your continued support and trust in Landmark. We remain focused on delivering long-term value for those who depend on us and on building a future shaped by purpose, resilience, and steady progress. Thank you for your partnership and confidence in our bank.
| Sincerely, | |
| /s/ Abigail M. Wendel | |
| Abigail M. Wendel | |
| President and Chief Executive Officer |
CORPORATE INFORMATION
DIRECTORS OF LANDMARK BANCORP, INC. AND LANDMARK NATIONAL BANK
Patrick L. Alexander
Chairman
Landmark Bancorp, Inc. and Landmark National Bank
Abigail M. Wendel
President and Chief Executive Officer
Landmark Bancorp, Inc. and Landmark National Bank
Sarah Hill-Nelson
President and Chief Executive Officer
The Bowersock Mills & Power Company
Angela S. Hurt
President and Chief Executive Officer
Veracity Consulting, Inc
Mark J. Kohlrus
Financial Consultant
Jim W. Lewis
Lewis Automotive Group
Sandra J. Moll
Partner, President and Chief Executive Officer
Advance Business Solutions, LLC
Thomas A. Page
Former President and Chief Executive Officer
Emprise Bank
Wayne R. Sloan
Chairman
BHS Construction, Inc.
David H. Snapp
Attorney
David H. Snapp, LLC
Angelia K. Stanland
Chief of Staff
The Illig Family Enterprise Co
CORPORATE HEADQUARTERS
701 Poyntz Avenue
Manhattan, Kansas 66502
ANNUAL MEETING
The annual meeting of stockholders will be held at the Kansas State University Alumni Center, 17th and Anderson Avenue, Manhattan, Kansas, 66506, on Wednesday, May 20, 2026 at 2:00 P.M.
FORM 10-K
A copy of the Annual Report on Form 10-K filed with the Securities and Exchange Commission may be obtained by stockholders without charge on written request to our Corporate Secretary, at Landmark Bancorp, Inc., P.O. Box 308, Manhattan, Kansas 66505-0308, or by accessing our website at www.landmarkbancorpinc.com or the SEC’s website at www.sec.gov.
REGISTRAR AND TRANSFER AGENT
Computershare, Inc.
P.O. Box 30170
College Station, Texas 77842
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Crowe LLP
2200 Ross Avenue,
Suite 4200
Dallas, Texas 75201