Business
RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2021 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
RICHMOND, Ind., Jan. 27, 2022 /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. 27, 2022 /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 $2.7 million, or $0.24 diluted earnings per share, for the fourth quarter of 2021, compared to net income of $3.1 million, or $0.27 diluted earnings per share, for the third quarter of 2021, and net income of $2.5 million, or $0.21 diluted earnings per share, for the fourth quarter of 2020. Net income was $11.1 million, or $0.96 diluted earnings per share for the year ended December 31, 2021, compared to net income of $10.0 million, or $0.82 diluted earnings per share for the year ended December 31, 2020.\nThe Company recorded an additional one-time expense of $665,000, pre-tax, during the fourth quarter of 2021 to complete the termination of its defined benefit pension plan (the \"DB Plan\"). Net income, excluding the one-time charge associated with the DB Plan, was $3.2 million, or $0.28 diluted earnings per share for the fourth quarter of 2021, compared to net income of $3.1 million, or $0.27 diluted earnings per share, for the third quarter of 2021, and net income of $2.5 million, or $0.21 diluted earnings per share, for the comparable quarter of 2020. Net income, excluding the one-time charge, was $11.6 million, or $1.00 diluted earnings per share for the year ended December 31, 2021, compared to net income of $10.0 million, or $0.82 diluted earnings per share for the year ended December 31, 2020. Management believes it is appropriate to eliminate this one-time charge as it is not reflective of the Company's ongoing operations and the presentation of these adjusted financial measures is more meaningful to investors in evaluating the financial results of the Company. See the section entitled \"Non-GAAP Reconciliations\" at the end of this release for a reconciliation of net income.\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"Despite the many challenges we experienced in 2021, it was a strong year for the Company. We generated record earnings and produced core loan and lease and deposit growth during the year. Looking forward, we anticipate having another solid year even though the earnings benefit provided by the PPP in 2021 will not be present. Over ...