LANDMARK BANCORP INC

Landmark’s Businesses

Landmark’s main lines of business include residential mortgage lending, commercial lending and cash management services, and retail banking. Residential mortgage lending continued to be stressed by higher interest rates and a lack of supply of homes for sale in Kansas. Mortgage loan production in 2023 totaled $164 million compared to $217 million in 2022 and represented mostly financing for new homes. However, we did increase our residential mortgage loans on our books by 28% in 2023 as our adjustable-rate mortgage product proved to be very popular with our customers.

Our commercial banking team is focused on growing long-term relationships with both existing and new commercial customers and our expansion with Freedom Bank associates has furthered this objective. Total commercial type loans grew almost $31 million or 5% this year mainly driven by commercial and owner-occupied commercial real estate loans. We have recently leased space in downtown Kansas City, Missouri to house a commercial loan production office and enable greater lending opportunities in this newer market area. We have also expanded our treasury services staff and, through the Freedom Bank acquisition, upgraded our treasury software offerings.

Landmark maintains a strong branch network across Kansas with 31 locations in 24 communities. Our retail banking focus is to drive growth in competitive lower-cost, non-public-fund checking, money market and savings accounts with strong customer service and accessible locations. We continue to invest in a platform of products and services to meet the financial needs of our client base; focusing on digital services and solutions that are simple, intuitive, integrated, and relevant. This year, we plan to initiate video stations at some of our branches so that customers can have face-to-face meetings with various product experts who might be located in other offices. As this becomes more popular, we will expand this offering.

Over the years, Landmark has expanded through acquisitions of other banking institutions. We continue to look for opportunities that can strengthen and profitably expand our current operations in other nearby markets.