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EXHIBIT 99.1 RICHMOND MUTUAL BANCORPORATION , INC . ANNOUNCES THIRD QUARTER 2021 FINANCIAL RESULTS RICHMOND , INDIANA ( October 21 , 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 $ 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 . President's Comments Garry 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 . " 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. 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 . 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 third 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 September 30 , 2021 , we had no loans and leases that were subject to payment deferrals , down from six loans and leases at June 30 , 2021 totaling $ 2.5 million . Branch Operations and Support Personnel . Certain employees continue to work remotely or have flexible work schedules while protective measures are in place within our offices to help ensure the safety of those employees on - site . We continuously monitor and conform our practices based on updates from the Center for Disease Control , World Health Organization , Financial Regulatory Agencies , and local and state health departments . Third Quarter Performance Highlights : • Assets totaled $ 1.2 billion at both September 30 , 2021 and June 30 , 2021 , compared to $ 1.1 billion at December 31 , 2020 . • • • • Loans and leases , net of allowance , totaled $ 795.4 million at September 30 , 2021 , compared to $ 785.3 at June 30 , 2021 and $ 734.4 million at December 31 , 2020 . Nonperforming loans and leases totaled $ 8.5 million , or 1.05 % of total loans and leases , at September 30 , 2021 , compared to $ 7.7 million , or 0.97 % at June 30 , 2021 and $ 4.8 million , or 0.65 % of total loans and leases , at December 31 , 2020 . The allowance for loan and lease losses totaled $ 11.8 million , or 1.47 % of total loans and leases outstanding , at September 30 , 2021 , compared to $ 11.4 million , or 1.43 % at June 30 , 2021 and $ 10.6 million , or 1.42 % of total loans and leases outstanding at December 31 , 2020 . The provision for loan and lease losses totaled $ 500,000 in the current quarter , compared to $ 530,000 in the preceding quarter , and $ 1.3 million in the third quarter of 2020 .