RICHMOND, INDIANA (October 22, 2020) – 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.
Garry 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.”
Kleer 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.”
First Bank Richmond is an Indiana state-chartered commercial bank headquartered in Richmond, Indiana. The bank was originally established in 1887 as an Indiana state-chartered mutual savings and loan association. First Bank Richmond provides full banking services to individuals and businesses through its eight branches located in Indiana and five branches and one loan production office in Ohio. The Ohio offices currently operate as Mutual Federal, a division of First Bank Richmond.