Business
Richmond Mutual Bancorporation, Inc. Announces Third Quarter 2021 Financial Results
RICHMOND, Ind., Oct. 21, 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., Oct. 21, 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 $3.1 million, or $0.27 diluted earnings per share, for the third quarter of 2021, compared to net income of $2.8 million, or $0.24 diluted earnings per share, for the second quarter of 2021, and net income of $2.5 million, or $0.21 diluted earnings per share, for the third quarter of 2020.\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"We are pleased to report continued progress in both our earnings and return of capital strategies. Our third quarter earnings continued to improve over both our second quarter results and the comparable quarter of last year, despite the continued low interest rate environment and the ongoing uncertainties and supply chain disruptions of the pandemic. We continue to work closely with our borrowers to understand their needs and help them through these unique challenges. In addition, we are working to reduce our excess capital by returning capital to our shareholders through stock repurchases and dividends. Supporting our employees, our local communities and our stockholders is our core mission.\"\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. As of September 30, 2021, we had funded a total of 892 PPP loans totaling $103.1 million and the SBA had approved 732 loan forgiveness applications totaling $84.8 million. PPP loans totaled $16.3 million at September 30, 2021.\nLoan Modifications. We offer payment and financial relief programs for borrowers impacted by COVID-19, primarily through loan and lease payment deferments of principal and interest up to 90 days, although requests for payment relief during the third quarter of 2021 have significantly declined. We continue to monitor our loan portfolio ...