LANDMARK BANCORP INC Q1 FY2025 earnings call

• Strong net income growth driven by increased net interest income, lower expenses, and excellent credit quality. Net income for Q1 2025 was $4.7 million vs. $2.8 million in Q1 2024. • Diluted earnings per share were $0.81, a 69% increase year-over-year. • Total gross loans increased $22.6 million or 8.7% annualized, with strong growth in virtually all loan categories, bringing total loan balances to nearly $1.1 billion. • Deposit balances increased $7.1 million, helping fund loan growth and reduce short-term borrowings. • Net interest margin increased 25 basis points to 3.6%. • Credit quality remained solid with low net credit losses and a robust allowance for credit losses. • Board declared a cash dividend of $0.21 per share to be paid June 4, 2025. • Capital and liquidity measures are strong, with consolidated and bank regulatory capital ratios exceeding well-capitalized levels.

Net income in Q1 2025 totaled $4.7 million, up from $2.8 million in Q1 2024. Diluted earnings per share were $0.81, a 69% increase year-over-year. Net interest income grew 5.8% from Q4 2024, and net interest margin increased 25 basis points to 3.6%. Total gross loans increased $22.6 million or 8.7% annualized, reaching nearly $1.1 billion. Deposit balances increased $7.1 million. Allowance for credit losses was $12.8 million at March 31, 2025, representing 1.19% of gross loans.

• Management expressed confidence in continued balanced growth across markets and focus on relationship banking. • Anticipated ongoing efforts to maintain solid credit quality and seek efficiencies in operations. • Focus on strengthening existing customer relationships and growing lending and fee businesses across all markets.

• Economic uncertainty, particularly related to tariffs, poses potential challenges. • Interest rate risk remains a consideration as the bank monitors and manages its position. • Concentration risk is monitored and managed as part of the bank's risk-averse approach.