Business
Richmond Mutual Bancorporation, Inc. Announces 2020 Fourth Quarter And Full Year Financial Results
RICHMOND, Ind., Jan. 28, 2021 /PRNewswire/ -- Richmond Mutual Bancorporation, Inc., a Maryland corporation (the "Company") (NASDAQ: RMBI), parent company of
About this update from Richmond Mutual Bancorporation, Inc.
[{"type":"text","content":"RICHMOND, Ind., Jan. 28, 2021 /PRNewswire/ -- Richmond Mutual Bancorporation, Inc., a Maryland corporation (the \"Company\") (NASDAQ: RMBI), parent company of First Bank Richmond (the \"Bank\"), today announced net income of $2.5 million, or $0.21 diluted earnings per share, for the fourth quarter of 2020, compared to net income of $2.5 million, or $0.21 diluted earnings per share, for the third quarter of 2020, and a net loss of $12.5 million, or $(1.01) diluted earnings per share, for the fourth quarter of 2019. Net income was $10.0 million, or $0.82 diluted earnings per share for the year ended December 31, 2020, compared to a net loss of $14.1 million for the year ended December 31, 2019. There is no comparison of earnings per share to the full year of 2019, as the Company's reorganization from the mutual to stock form of ownership and related stock offering was not completed until July 1, 2019.\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"We generated a solid financial performance in the fourth quarter and for the full year 2020 despite the challenges faced by the market conditions and the pandemic. Our asset quality was strong heading into the pandemic and remains so today. With our current capital levels, we believe that we are well positioned for success during these uncertain economic times.\" \nKleer added, \"I am proud of how we have come together to support our customers and communities as they have faced the economic uncertainties brought on by COVID-19. I would like to thank our employees who have remained resilient and have shown our customers how our company is making a difference every day.\" \nOur Response to COVID-19 Pandemic \nLoan Programs. Through the conclusion of the U.S. Small Business Administration's (\"SBA\") Paycheck Protection Program (\"PPP\") on August 8, 2020, we had funded 482 PPP loans totaling $64.9 million. As of December 31, 2020, SBA had approved 200 loan forgiveness applications totaling $21.6 million with an additional 63 applications totaling $18.4 million pending approval. We continue to process applications for the PPP loan forgiveness for loans from the first round of the PPP. On December 27, 2020, the Consolidated Appropriations Act, 2021 (\"CAA\") was signed into law. This legislation includes another round of Covid-19 stimulus fu...