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FOR IMMEDIATE RELEASE May 4 , 2021 LANDMARK BANCORP , INC . PRESS RELEASE Exhibit 99.1 Contacts : Michael E. Scheopner President and Chief Executive Officer Mark A. Herpich Chief Financial Officer ( 785 ) 565-2000 Landmark Bancorp , Inc. Announces First Quarter Earnings Per Share of $ 1.13 Declares Cash Dividend of $ 0.20 per Share ( Manhattan , KS , May 4 , 2021 ) – Landmark Bancorp , Inc. ( “ Landmark ” ; Nasdaq : LARK ) reported earnings per share of $ 1.13 for the three months ended March 31 , 2021 , compared to $ 0.70 per share in the same quarter last year and $ 1.18 per share in the fourth quarter of 2020. Net income for the first quarter of 2021 amounted to $ 5.4 million , compared to $ 3.4 million for the first quarter of 2020 and $ 5.6 million in the prior quarter . For the three months ended March 31 , 2021 , the return on average assets was 1.77 % and the return on average equity was 17.06 % . Michael E. Scheopner , President and Chief Executive Officer of Landmark , said , “ We are pleased to report continued strong earnings during the first quarter of 2021 , driven mainly by solid mortgage banking activities , continued growth in loans and deposits , and stable expenses . Compared to the same quarter last year , our net interest income grew 18.4 % primarily as a result of increased interest on loans and lower deposit costs . As of March 31 , 2021 , total gross loans grew $ 169.6 million , or 30.2 % , since March 31 , 2020 , while total deposits increased by $ 240.8 million , or 29.0 % , between the same dates . Additionally , strategic liquidations of higher - coupon municipal investment securities resulted in a $ 1.1 million gain on sale of investments during the first three months of 2021 . Mortgage banking activities remained strong due to the low interest rate environment , which has supported an active housing market . Credit quality was also strong this quarter as the Company recorded net loan charge - offs of $ 4,000 compared to net loan charge - offs of $ 291,000 in the prior quarter and $ 188,000 in the same quarter last year . Our provision for loan losses totaled $ 500,000 in the first quarter of 2021 , compared to $ 1.2 million in the same period of 2020 , as we continue to evaluate the economic uncertainty due mainly to the effects of the COVID - 19 pandemic . We continue to value our community banking relationships across Kansas , which are important and contributed significantly to our strong earnings performance . " Mr. Scheopner continued , “ During this period of unprecedented economic uncertainty , Landmark supports our customers with loan modifications and access to funding through the Small Business Administration's Paycheck Protection Program ( PPP ) . We are currently actively working with borrowers to navigate the SBA loan forgiveness process for PPP loans as well as apply for additional PPP funds . We are also pleased to report that COVID - 19 loan modifications have declined significantly over the past couple of quarters , with most of our borrowers returning to their original loan contractual terms . We believe Landmark's risk management practices , liquidity and capital strength continue to position us well to meet the financial needs of families and businesses across Kansas during this challenging time . ” Landmark's Board of Directors declared a cash dividend of $ 0.20 per share , to be paid June 2 , 2021 , to common stockholders of record as of the close of business on May 19 , 2021. Management will host a conference call to discuss the Company's financial results at 10:00 a.m. ( Central time ) on Wednesday , May 5 , 2021. Investors may participate via telephone by dialing ( 877 ) 510-0473 . A replay of the call will be available through June 5 , 2021 , by dialing ( 877 ) 344-7529 and using conference number 10155221 . Net Interest Income Net interest income amounted to $ 9.6 million for the three months ended March 31 , 2021 compared to $ 8.1 million in the same period last year and $ 10.1 million in the fourth quarter of 2020. The increase of $ 1.5 million , or 18.4 % , from the first quarter of 2020 was primarily the result of lower interest expense and growth in loans as a proportion of the asset mix . During the first quarter of 2021 , compared to the same period last year , interest on loans increased $ 1.3 million while interest on deposits and borrowings declined by $ 814,000 offset by lower interest on investment securities . The increase in loan interest was mainly due to higher average loan balances in the first quarter of 2021 , which increased $ 183.3 million , or 33.5 % , compared to the same period of the prior year and included average PPP loans of $ 111.0 million which were not present in the first quarter of last year . PPP loans generated interest income of $ 1.1 million in the first quarter of 2021. The decrease in net interest income of $ 509,000 , or 5.0 % , from the fourth quarter of 2020 was primarily the result of lower interest earned on PPP loans which declined by $ 395,000 due primarily to lower amortization of origination fees related to the forgiveness process . On a tax - equivalent basis , the net interest margin declined from 3.67 % and 3.87 % in the first and fourth quarters of 2020 , respectively , to 3.51 % in the first three months of 2021. The decline in net interest margin was mainly the result of the repricing of our interest - bearing assets in a lower interest - rate environment and holding higher average balances of cash and cash equivalents that yield less than loans and investment securities .