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EXHIBIT 99.1 RICHMOND MUTUAL BANCORPORATION , INC . ANNOUNCES SECOND QUARTER 2021 FINANCIAL RESULTS RICHMOND , INDIANA ( July 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 $ 2.8 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 . 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 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 . " 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 . Our Response to COVID - 19 Pandemic Loan 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 million at June 30 , 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 second quarter of 2021 have significantly declined . We continue to monitor our loan portfolio and strive to work with our customers and communities . Deferred loans and leases are re - evaluated at the end of the initial deferral period and will either return to the original loan or lease 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 June 30 , 2021 , we had six loans and leases that were subject to payment deferrals , representing $ 2.5 million in loans and leases outstanding , down from 33 loans and leases at March 31 , 2021 totaling $ 24.6 million . Deferred loans relating to higher risk segments of our portfolio are closely monitored , such as hospitality loans including restaurants and hotels . As of June 30 , 2021 , we had no deferred loans relating to this portion of our portfolio , compared to five loans totaling $ 16.4 million at March 31 , 2021 , and 13 loans totaling $ 37.4 million at December 31 , 2020. Of the loans currently deferred at June 30 , 2021 , none were new deferrals and all were repeat deferrals .