Business
Richmond Mutual Bancorporation, Inc. Announces Second Quarter 2021 Financial Results
RICHMOND, Ind., July 22, 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., July 22, 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 $2.8 million, or $0.24 diluted earnings per share, for the second quarter of 2021, compared to net income of $2.6 million, or $0.22 diluted earnings per share, for the first quarter of 2021, and net income of $2.5 million, or $0.20 diluted earnings per share, for the second quarter of 2020.\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"Our quarterly results continue to be encouraging, despite the low interest rate environment and the difficulties we all face due to COVID-19. As a result, during the second quarter of 2021, we substantially completed our second 5% stock repurchase program and announced a new 10% stock repurchase program. We also paid a special common stock dividend of $0.50 per share, as well as our regular quarterly cash dividend, during the quarter. These steps demonstrate our commitment to continue to return excess capital responsibly to our shareholders. \n\"During the second quarter of 2021, we also continued to assist our clients and others in our communities through the second round of the Paycheck Protection Program and worked with our customers that required COVID-19 related loan modifications. We will continue to proactively monitor modified loans and other loans we consider at heightened risk,\" concluded Kleer.\nOur Response to COVID-19 Pandemic\nLoan Programs. On December 27, 2020, the Consolidated Appropriations Act, 2021 (\"CAA\") was signed into law. This legislation included another round of COVID-19 stimulus funding, including approximately $285 billion in funding to reopen the U.S. Small Business Administration's (\"SBA\") Paycheck Protection Program (\"PPP\") which initially expired on August 8, 2020. The new round of COVID-19 stimulus funding under the PPP concluded May 31, 2021. During the second quarter of 2021 we processed 81 applications for new PPP loans totaling $3.0 million. As of June 30, 2021, we had funded a total of 892 PPP loans totaling $103.1 million and the SBA had approved 524 loan forgiveness applications totaling $68.5 million with no additional applications pending approval. PPP loans totaled $34.6 mill...