Business
Richmond Mutual Bancorporation, Inc. Announces Third Quarter 2020 Financial Results
RICHMOND, Ind., Oct. 22, 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., Oct. 22, 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 $0.21 diluted earnings per share, for the third quarter of 2020, compared to net income of $2.5 million, or $0.20 diluted earnings per share, for the second quarter of 2020, and a net loss of $3.3 million, or $(0.26) diluted earnings per share, for the third quarter of 2019. Net income was $7.5 million, or $0.60 diluted earnings per share for the first nine months of 2020, compared to a net loss of $1.5 million for the comparable period in 2019. There is no comparison of earnings per share to the first nine months 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, \"During the third quarter of 2020 we continued to monitor and assist our clients and others in our communities to provide support during these difficult times. I would like to thank our employees who have demonstrated their commitment to our communities by continuing to provide vital banking services and assistance.\" \nKleer added, \"I am pleased to report that our asset quality metrics remain strong. Nevertheless, we will continue to proactively monitor modified loans and other loans we consider at heightened risk and will continue to revisit our allowance for loan losses for probable COVID-19 pandemic related credit weakness as pressure on asset quality in future quarters may require additional provisions.\" \nOur Response to COVID-19 Pandemic \nLoan Programs. During the third quarter of 2020, we continued our participation in the U.S. Small Business Administration's (\"SBA\") Paycheck Protection Program (\"PPP\") to provide ongoing support to our clients and communities. Through the conclusion of the PPP on August 8, 2020, we had funded 482 PPP loans totaling $64.9 million. We began to process applications for PPP loan forgiveness beginning in the third quarter of 2020 and will continue working with our clients to assist them with accessing other borrowing options, including SBA and other government sponsored lending programs, as approp...