<Page>
EXHIBIT 99.5
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
The following unaudited Pro Forma Financial Information and footnotes
thereto are presented to show the impact on the historical financial position
and results of operations of Landmark Bancorp, Inc. ("Landmark") pursuant to the
merger of MNB Bancshares, Inc. ("MNB") and Landmark Bancshares, Inc. ("LBI")
with and into Landmark. As a result of the merger, MNB and LBI stockholders
received shares of Landmark pursuant to the established exchange ratio. The
exchange ratio is fixed at 0.523 for MNB and one for LBI.
The unaudited Pro Forma Consolidated Balance Sheet reflects the
historical position of MNB and LBI at June 30, 2001 with pro forma adjustments
based on the assumption that the merger was consummated on June 30, 2001. The
pro forma adjustments are based on the purchase method of accounting. Based on
the MNB and LBI exchange ratios noted above, upon completion of the merger,
Landmark issued 817,806 shares of its common stock to former MNB stockholders
and 1,092,438 shares of its common stock to former LBI stockholders. Based on
these numbers, after the merger and on a fully diluted basis, former LBI
stockholders owned approximately 60%, and former MNB stockholders owned
approximately 40%, of the outstanding shares of Landmark common stock. Based on
the ownership percentages of the combined company following the merger, LBI was
the accounting acquiror. Based on the average closing price of LBI stock for the
week preceding and the week following the announcement of the signing of the
merger agreement, the 817,806 shares issued to MNB stockholders were valued at
approximately $14.3 million. The unaudited Pro Forma Consolidated Statements of
Earnings assumes that the merger was consummated on October 1 of the earliest
indicated period. The June 30, 2001 and 2000 nine month historical consolidated
statements of earnings for MNB include its consolidated statements of earnings
for the six months ended June 30, 2001 and 2000 combined with its consolidated
statements of earnings for three months ended December 31, 2000 and 1999. The
consolidated statements of earnings of MNB for the three months ended December
31, 2000 are also included in the consolidated statements of earnings for the
year ended December 31, 2000. The unaudited pro forma consolidated balance sheet
reflects the nonrecurring charges consisting of legal, accounting and investment
banking fees and compensation expenses, contract termination and other costs
incurred in connection with the merger as a reduction of stockholders' equity.
The unaudited pro forma earnings amounts do not reflect the
nonrecurring charges consisting of legal, accounting and investment banking fees
and compensation expenses, contract termination and other costs incurred in
connection with the merger and do not reflect any potential earnings
enhancements or cost reductions that are expected to result from the
consolidation of MNB's and LBI's operations and are not necessarily indicative
of the results expected of the future combined operations. No assurances can be
given with respect to the ultimate level of earnings enhancements or cost
reductions to be realized.
The following information should be read in conjunction with, and is
qualified in its entirety by, the consolidated financial statements and
accompanying notes of MNB and LBI included or incorporated by reference herein.
The unaudited Pro Forma Financial Information is intended for information
purposes and is not necessarily indicative of the future financial position or
future operating results of the combined company or of the financial position or
operating results of the combined company that would have actually occurred had
the merger been in effect as of the date or for the period presented.
<Page>
Landmark Bancorp, Inc.
Unaudited Pro Forma Consolidated Balance Sheet
June 30, 2001
(in thousands)
<Table>
<Caption>
- ---------------------------------------------------------------------------------------------------------------------------
As reported
--------------------------------
Pro
LBI MNB Forma Pro Forma
Historical Historical Adjustments Consolidated
--------------- -------------- ---------------- ---------------
Assets
Cash and due from banks $ 8,437 $ 6,285 $ (876) b $ 13,846
Investments securities:
Available-for-sale, at fair value 44,034 38,943 899 c 83,876
Held-to-maturity, at cost -- 899 (899) c --
Loans, net 151,325 100,226 320 c 251,871
Premises and equipment 1,480 2,176 3,656
Goodwill -- 1,903 (1,903) c 2,338
2,338 c
Intangibles 493 814 (814) c 1,273
780 c
Other assets 4,005 3,603 7,608
--------------- -------------- ---------------- ------------
Total assets $ 209,774 $ 154,849 $ (155) $ 364,468
=============== ============== ================ ============
Liabilities and Stockholders' Equity
Liabilities:
Deposits $ 153,021 $ 130,661 $ 1,133 c $ 284,815
Federal Home Loan Bank advances and other 26,000 6,223 294 c 32,517
borrowings
Other liabilities 5,343 2,326 1,600 b 8,893
(376) c
--------------- -------------- --------------- ------------
Total liabilities 184,364 139,210 2,651 326,225
--------------- -------------- --------------- ------------
Stockholders' Equity:
Preferred stock -- -- --
Common stock 228 16 (16) a 19
(209) a
Paid in capital 22,393 9,737 16 a 14,339
209 a
636 a
5,359 a
(876) b
(765) c
(678) c
(22,805) a
Retained earnings 25,398 5,359 (5,359) a 23,798
(1,600) b
Accumulated other comprehensive income 615 636 (636) a 615
Unearned employee benefits (419) (109) (528)
--------------- -------------- --------------- ------------
48,215 15,639 (25,611) 38,243
Treasury stock (22,805) -- 22,805 a --
--------------- -------------- --------------- ------------
Total stockholders' equity 25,410 15,639 (2,806) 38,243
--------------- -------------- --------------- ------------
Total liabilities and stockholders' equity $ 209,774 $ 154,849 $ (155) $ 364,468
=============== ============== =============== ============
</Table>
<Page>
Landmark Bancorp, Inc.
Summary of Unaudited Pro Forma Consolidated Statements of Earnings (in
thousands, except per share and weighted average share data)
<Table>
<Caption>
- -------------------------------------------------------------------------------------------------------------
For the nine months For the year ended
ended June 30, September 30,(1)
------------------------------- ----------------
2001 2000 2000
-------------- -------------- ----------------
Interest income
Loans and fees on loans $ 16,893 $ 16,443 $ 22,724
Investment securities 3,111 3,454 4,834
Other 67 68 54
-------------- -------------- ----------------
Total interest income 20,071 19,965 27,612
-------------- -------------- ----------------
Interest expense
Deposits 9,630 8,099 11,633
Federal Home Loan Bank advances and other borrowings 2,048 3,396 4,529
-------------- -------------- ----------------
Total interest expense 11,678 11,495 16,162
-------------- -------------- ----------------
Net interest income 8,393 8,470 11,450
Provision for loan losses 190 415 352
-------------- -------------- ----------------
Net interest income after provision for loan
losses 8,203 8,055 11,098
-------------- -------------- ----------------
Non-interest income
Fees and service charges 1,197 1,037 1,555
Security transactions, net 498 25 21
Gain on sales of loans, net 739 195 275
Other 139 213 338
-------------- -------------- ----------------
Total non-interest income 2,573 1,470 2,189
-------------- -------------- ----------------
Non-interest expense
Compensation and benefits 3,563 3,312 4,530
Occupancy and equipment 737 677 945
Amortization 240 173 231
Data processing 221 234 300
Other 1,724 1,773 2,375
-------------- -------------- ----------------
Total non-interest expense 6,485 6,169 8,381
-------------- -------------- ----------------
Earnings before income taxes and cumulative
effect of a change in accounting principle 4,291 3,356 4,906
Income taxes 1,472 1,265 1,612
-------------- -------------- ----------------
Net earnings before cumulative effect of a
change in accounting principle $ 2,819 $ 2,091 $ 3,294
============== ============== ================
Per share data:
Basic earnings per share before cumulative effect
of a change in accounting principle(2) $ 1.51 $ 1.11 $ 1.75
Weighted average shares of common stock
outstanding(2) 1,865,514 1,881,308 1,880,345
Diluted earnings per share before cumulative effect
of a change in accounting principle(2) $ 1.44 $ 1.06 $ 1.66
Weighted average shares of common stock and dilutive
potential common shares outstanding(2) 1,960,102 1,979,115 1,980,465
</Table>
- ------------------
(1) The historical consolidated statement of earnings of MNB Bancshares, Inc.
presented is for the year ended December 31, 2000.
(2) Per share data for MNB Bancshares, Inc. has been restated to reflect annual
5% stock dividends.
<Page>
Landmark Bancorp, Inc.
Unaudited Pro Forma Consolidated Statements of Earnings
For the nine months ended June 30, 2001
(in thousands, except per share and weighted average share data)
<Table>
<Caption>
- ----------------------------------------------------------------------------------------------------------------------------
As Reported
-------------------------------
LBI MNB Pro Forma Pro Forma
Historical Historical Adjustments Consolidated
------------- -------------- ------------- ------------
Interest income
Loans and fees on loans $ 10,613 $ 6,472 $ (192)c $ 16,893
Investments securities 2,232 1,918 (1,039)c 3,111
Other - 67 67
------------- -------------- ------------- ------------
Total interest income 12,845 8,457 (1,231) 20,071
------------- -------------- ------------- ------------
Interest expense
Deposits 6,050 4,308 (728)c 9,630
Federal Home Loan Bank advances and other borrowings 1,826 320 (98)c 2,048
------------- -------------- ------------- ------------
Total interest expense 7,876 4,628 (826) 11,678
------------- -------------- ------------- ------------
Net interest income 4,969 3,829 (405) 8,393
Provision for loan losses 105 85 190
------------- -------------- ------------- ------------
Net interest income after provision for loan losses 4,864 3,744 (405) 8,203
Non-interest income
Fees and service charges 340 857 1,197
Security transactions, net 498 -- 498
Gain on sales of loans, net 576 163 739
Other 86 53 139
------------- -------------- ------------- ------------
Total non-interest income 1,500 1,073 -- 2,573
------------- -------------- ------------- ------------
Non-interest expense
Compensation and benefits 1,879 1,684 3,563
Occupancy and equipment 195 542 737
Amortization 134 198 (92)c 240
Data processing 111 110 221
Other 760 964 1,724
------------- -------------- ------------- ------------
Total non-interest expense 3,079 3,498 (92) 6,485
------------- -------------- ------------- ------------
Earnings before income taxes and cumulative effect
of a change in accounting principle 3,285 1,319 (313) 4,291
Income taxes 1,221 388 (137)c 1,472
------------- -------------- ------------- ------------
Net earnings before cumulative effect of a change
in accounting principle $ 2,064 $ 931 $ (176) $ 2,819
============= ============== ============= ============
Per share data:
Basic earnings per share before cumulative effect of a
change in accounting principle(1) $ 1.95 $ 0.60 $ 1.51
Weighted average shares of common stock outstanding(1) 1,057,383 1,545,184 (737,053)a 1,865,544
Diluted earnings per share before cumulative effect of
a change in accounting principle(1) $ 1.81 $ 0.59 $ 1.44
Weighted average shares of common stock and dilutive
potential common shares outstanding(1) 1,139,016 1,569,954 (748,868)a 1,960,102
</Table>
- ------------------
(1) Per share data for MNB Bancshares, Inc. has been restated to reflect annual
5% stock dividends.
<Page>
Landmark Bancorp, Inc.
Unaudited Pro Forma Consolidated Statements of Earnings
For the nine months ended June 30, 2000
(in thousands, except per share and weighted average share data)
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------------
As Reported
-------------------------------
LBI MNB Pro Forma Pro Forma
Historical Historical Adjustments Consolidated
------------- --------------- ------------- -------------
Interest income
Loans and fees on loans $ 10,897 $ 5,738 $ (192)c $ 16,443
Investments securities 2,598 1,895 (1,039) c 3,454
Other - 68 68
------------- --------------- ------------- -----------
Total interest income 13,495 7,701 (1,231) 19,965
------------- --------------- ------------- -----------
Interest expense
Deposits 5,440 3,387 (728) c 8,099
Federal Home Loan Bank advances and other borrowings 2,729 765 (98) c 3,396
------------- --------------- ------------- -----------
Total interest expense 8,169 4,152 (826) 11,495
------------- --------------- ------------- -----------
Net interest income 5,326 3,549 (405) 8,470
Provision for loan losses 365 50 415
------------- --------------- ------------- -----------
Net interest income after provision for loan losses 4,961 3,499 (405) 8,055
------------- --------------- ------------- -----------
Non-interest income
Fees and service charges 337 700 1,037
Security transactions, net 55 (30) 25
Gain on sales of loans, net 134 61 195
Other 176 37 213
------------- --------------- ------------- -----------
Total non-interest income 702 768 1,470
------------- --------------- ------------- -----------
Non-interest expense
Compensation and benefits 1,705 1,607 3,312
Occupancy and equipment 193 484 677
Amortization 67 164 (58) c 173
Data processing 133 101 234
Other 896 877 1,773
------------- --------------- ------------- -----------
Total non-interest expense 2,994 3,233 (58) 6,169
------------- --------------- ------------- -----------
Earnings before income taxes and cumulative effect
of a change in accounting principle 2,669 1,034 (347) 3,356
Income taxes 1,067 335 (137) c 1,265
------------- --------------- ------------- -----------
Net earnings before cumulative effect of a change
in accounting principle $ 1,602 $ 699 $ (210) $ 2,091
============= =============== ============= ===========
Per share data:
Basic earnings per share before cumulative effect of a
change in accounting principle(1) $ 1.48 $ 0.46 $ 1.11
Weighted average shares of common stock outstanding(1) 1,086,614 1,519,491 (724,797) a 1,881,308
Diluted earnings per share before cumulative effect of
a change in accounting principle(1) $ 1.37 $ 0.45 $ 1.06
Weighted average shares of common stock and dilutive
potential common shares outstanding(1) 1,166,556 1,553,650 (741,091) a 1,979,115
</Table>
- ------------------
(1) Per share information for MNB Bancshares, Inc. has been restated to reflect
annual 5% stock dividends.
<Page>
Landmark Bancorp, Inc.
Unaudited Pro Forma Consolidated Statements of Earnings
For the year ended September 30, 2000
(in thousands, except per share and weighted average share data)
<Table>
<Caption>
- ----------------------------------------------------------------------------------------------------------------------------
As Reported
-------------------------------
LBI MNB Pro Forma Pro Forma
Historical Historical(1) Adjustments Consolidated
------------- -------------- ------------- -------------
Interest income
Loans and fees on loans $ 14,782 $ 8,198 $ (256)c $ 22,724
Investments securities 3,448 2,633 (1,247)c 4,834
Other 54 54
------------- -------------- ------------- -------------
Total interest income 18,230 10,885 (1,503) 27,612
------------- -------------- ------------- -------------
Interest expense
Deposits 7,340 5,264 (971) c 11,633
Federal Home Loan Bank advances and other borrowings 3,889 771 (131) c 4,529
------------- -------------- ------------- -------------
Total interest expense 11,229 6,035 (1,102) 16,162
------------- -------------- ------------- -------------
Net interest income 7,001 4,850 (401) 11,450
Provision for loan losses 267 85 352
------------- -------------- ------------- -------------
Net interest income after provision for loan losses 6,734 4,765 (401) 11,098
------------- -------------- ------------- -------------
Non-interest income
Fees and service charges 455 1,100 1,555
Security transactions, net 51 (30) 21
Gain on sales of loans, net 181 94 275
Other 290 48 338
------------- -------------- ------------- -------------
Total non-interest income 977 1,212 2,189
------------- -------------- ------------- -------------
Non-interest expense
Compensation and benefits 2,339 2,191 4,530
Occupancy and equipment 259 686 945
Amortization 89 238 (96) c 231
Data processing 164 136 300
Other 1,205 1,170 2,375
------------- -------------- ------------- -------------
Total non-interest expense 4,056 4,421 (96) 8,381
------------- -------------- ------------- -------------
Earnings before income taxes and cumulative effect
of a change in accounting principle 3,655 1,556 (305) 4,906
Income taxes 1,272 476 (136) c 1,612
------------- -------------- ------------- -------------
Net earnings before cumulative effect of a change
in accounting principle $ 2,383 $ 1,080 $ (169) $ 3,294
============= ============== ============= =============
Per share data:
Basic earnings per share before cumulative effect of a
change in accounting principle(2) $ 2.19 $ 0.71 $ 1.75
Weighted average shares of common stock outstanding(2) 1,086,528 1,517,815 (723,998) a 1,880,345
Diluted earnings per share before cumulative effect of
a change in accounting principle(2) $ 2.04 $ 0.70 $ 1.66
Weighted average shares of common stock and dilutive
potential common shares outstanding(2) 1,167,846 1,553,765 (741,146) a 1,980,465
</Table>
- ------------------
(1) The historical consolidated statement of earnings for MNB Bancshares, Inc.
is presented for the year ended December 31, 2000.
(2) Per share data for MNB Bancshares, Inc. has been restated to reflect annual
5% stock dividends.
<Page>
(a) STOCKHOLDERS' EQUITY. In conjunction with the transaction, Landmark, a new
holding company was established. Each outstanding share of LBI stock was
converted into one share of Landmark stock and each share of MNB was
converted into 0.523 shares of Landmark. Each share of Landmark stock will
have a par value of $0.01 per share. LBI and MNB had 1,092,438 and
1,563,905 shares of common stock outstanding as of June 30, 2001,
respectively. The pro forma average common share amounts used to calculate
pro forma basic and diluted earnings per share were derived from the actual
average share amounts for MNB adjusted by the exchange ratio of 0.523 and
the actual average share amounts for LBI. The common stock in the Unaudited
Pro Forma Balance Sheet has been adjusted to reflect the reclassification
of LBI's additional paid in capital and elimination of treasury stock.
Unaudited pro forma additional paid in capital reflects the recognition of
MNB's accumulated other comprehensive income, the reclassification of MNB's
retained earnings, the elimination of 1,188,874 LBI shares held as treasury
stock and the fair value of the Landmark shares to be issued to MNB
stockholders, including the merger costs as described below.
(b) MERGER RELATED COSTS. In connection with the transaction, LBI and MNB
incurred merger costs of approximately $876,000 including legal, accounting
and investment banking fees. Change in control payments, severance pay and
related costs for LBI employees and certain contract terminations and other
costs aggregated $1.6 million, net of tax. These costs are reflected in the
Landmark unaudited Pro Forma Consolidated Balance Sheet as a reduction of
retained earnings, and accordingly are not included in the Landmark
unaudited Pro Forma Consolidated Statements of Earnings.
(c) ALLOCATION OF PURCHASE PRICE. In conjunction with the transaction and based
on the exchange ratio of 0.523, Landmark issued 817,806 shares of its stock
to MNB stockholders valued at approximately $14,344,000. The purchase price
also includes the merger costs of $876,000 described above and the value of
the MNB options exchanged. The following assumptions were utilized in
determining the value of the MNB options exchanged: dividend yield of 2.0%,
volatility of 17.2%, risk-free interest rate of 3.0% and d term of 3 years.
MNB's balance sheet was analyzed on a fair value basis, excluding MNB's
previously existing goodwill and intangibles, and resulted in pro forma,
fair value adjustments to loans, net; investment securities
held-to-maturity; deposits; Federal Home Loan Bank advances; and a core
deposit intangible. In conjunction with the transaction, the pro forma
balance sheet reflects the transfer of investment securities
held-to-maturity to MNB's securities available-for-sale which did not
result in a pro forma adjustment as market value approximated carrying
value. After consideration of these pro forma adjustments and considering
the deferred taxes on the pro forma fair value adjustments, the remaining
excess purchase price of approximately $2,338,000 was allocated to goodwill
on a pro forma basis. The fair value adjustments will be amortized to
income over the periods representing the expected average lives of the MNB
assets acquired and liabilities assumed. The expected average lives are as
follows: loans, net - 15 months; deposits - 14 months; Federal Home Loan
Bank advances - 27 months; and investment securities - 20 months. The core
deposit intangible asset will be amortized on an accelerated basis over 10
years. Presented below is a tabular analysis displaying the purchase price
allocation:
<Page>
<Table>
Purchase price computation:
MNB shares outstanding 1,563,905
Exchange ratio x 0.523
------------
LBI shares issued to MNB stockholders 817,806
LBI per share value(1) x 17.54
------------
Value of LBI shares issued to MNB stockholders $ 14,344,000
Plus: estimated merger costs 876,000
cash issued for fractional shares 2,000
estimated value of MNB options exchanged 93,000
------------
15,309,000
Carrying value of MNB's net tangible assets (12,922,000)
----------------
Excess of purchase price over carrying value of MNB net tangible
assets 2,387,000
----------------
Fair value adjustments to assets acquired and liabilities assumed 1,107,000
Deferred tax adjustment relating to fair value adjustments (376,000)
Core deposit intangible (780,000)
----------------
Goodwill $ 2,338,000
================
</Table>
(1) Based on the average closing price of LBI common stock for the week
preceding and the week following the announcement of the signing of the
merger agreement.