Business
Richmond Mutual Bancorporation, Inc. Announces Second Quarter 2020 Financial Results
RICHMOND, Ind., July 23, 2020 /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., July 23, 2020 /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 $0.20 diluted earnings per share, for the second quarter of 2020, which was unchanged from first quarter of 2020 and up $2.2 million compared to net income of $335,000 for the second quarter of 2019. Net income was $5.0 million, or $0.40 diluted earnings per share for the first half of 2020, compared to $1.7 million for the first half of 2019. There is no comparison of earnings per share to the second quarter or first half 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 hit the ground running in the second quarter of 2020. The Paycheck Protection Program kicked off on April 3rd and our employees worked nights and weekends to process all the applications. As of June 30, 2020, we had received, processed and funded 465 loans totaling $64.3 million. Deferment requests have declined significantly as of quarter end; however, we have continued to receive some requests for additional deferment from borrowers, especially in the hard-hit restaurant and hotel industries. We re-opened our main office and branch lobbies on June 8, 2020, with lobby traffic lighter than normal since re-opening. Our sanitation and disinfecting protocols remain in place to keep our customers and employees as safe as possible.\"\n\"Our purchase and refinance mortgage volume has been tremendous. For the quarter, our gain on sale income exceeded the gain on sale income for all of 2019. We anticipate some further net interest margin compression in the third and fourth quarters of 2020 as loans reprice in the current interest rate environment. The decline in loan income should be partially offset by the gradual decline in deposit rates. While we increased our provision for loan and lease losses during the second quarter, there is still significant uncertainty in the ultimate impact of the COVID-19 pandemic on our borrowers and the performance of our loan and lease portfolio. Given our very strong capital position, we approved and ...