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EXHIBIT 99.1 RICHMOND MUTUAL BANCORPORATION , INC . ANNOUNCES FIRST QUARTER 2021 FINANCIAL RESULTS RICHMOND , INDIANA ( April 22 , 2021 ) - Richmond Mutual Bancorporation , Inc. , a Maryland corporation ( the “ Company ” ) ( NASDAQ : RMBI ) , parent company of First Bank Richmond ( the " Bank ” ) , today announced net income of $ 2.6 million , or $ 0.22 diluted earnings per share , for the first quarter of 2021 , compared to net income of $ 2.5 million , or $ 0.21 diluted earnings per share , for the fourth quarter of 2020 , and net income of $ 2.5 million , or $ 0.20 diluted earnings per share , for the first quarter of 2020 . President's Comments Garry 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 first quarter of 2021 , we increased the Company's quarterly common stock dividend from $ 0.05 per share to $ 0.07 per share and continued our common stock repurchases . Subsequent to quarter end , the Company announced the payment of a special common stock dividend of $ 0.50 per share . These steps demonstrate our commitment to continue to return excess capital responsibly to our shareholders . " During the first 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 . Our Response to COVID - 19 Pandemic Loan Programs . Through the conclusion of the U.S. Small Business Administration's ( " SBA " ) initial Paycheck Protection Program ( " PPP " ) on August 8 , 2020 , we had funded 482 PPP loans totaling $ 64.9 million . As of March 31 , 2021 , SBA had approved 413 loan forgiveness applications totaling $ 47.0 million with an additional 16 applications totaling $ 13.9 million pending approval . We continue to process applications for the PPP loan forgiveness for loans from the first round of the PPP . On December 27 , 2020 , the Consolidated Appropriations Act , 2021 ( " CAA " ) was signed into law . This legislation includes another round of COVID- 19 stimulus funding , including approximately $ 285 billion in funding to reopen the PPP . During the first quarter of 2021 we processed 329 applications for new PPP loans , totaling $ 35.2 million . We expect to continue accepting and processing applications for the second round of PPP loans through its expiration date of May 31 , 2021 . Loan 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 first quarter of 2021 have significantly declined . We continue to monitor our loan portfolio and strive to work with our customers and communities . Deferred loans are re - evaluated at the end of the initial deferral period and will either return to the original loan terms or be reassessed at that time to determine if a further modification should be granted and if a downgrade in risk rating is appropriate . At March 31 , 2021 , the number of loans and leases granted payment deferrals was 33 , representing $ 24.6 million in loans and leases outstanding , down from 48 loans and leases at December 31 , 2020 totaling $ 54.7 million . Of the loans currently deferred at March 31 , 2021 , six loans , representing $ 2.3 million in loans and leases outstanding , were new deferrals and 27 loans , representing $ 22.3 million in loans and leases outstanding , were repeat deferrals .