Richmond Mutual Bancorporation Reports Impressive Financial Performance

Richmond Mutual Bancorporation, Inc. Reports Fourth Quarter Financial Results

Richmond Mutual Bancorporation, Inc., the parent company of First Bank Richmond and a Maryland corporation (NASDAQ: RMBI), recently announced its financial results for the fourth quarter of 2024. The company reported net income of $2.5 million, equivalent to $0.24 diluted earnings per share. This performance mirrors the net income from the previous quarter while showcasing a significant improvement from the fourth quarter of the previous year, where net income was $1.9 million or $0.19 per diluted share.

President's Insights on Company Performance

According to Garry Kleer, the company's Chairman, President, and Chief Executive Officer, the fourth quarter performance benefited from a robust year-over-year loan growth alongside margin expansion driven by lower funding costs. "We are seeing positive trends in our loan and lease portfolio as the decline in nonperforming assets highlights our resilient credit quality," said Kleer. "As market interest rates continue to fall, we anticipate further enhancements in our credit quality metrics."

Fourth Quarter Performance Highlights

The following are key insights into Richmond Mutual Bancorporation's performance during the fourth quarter:

• Total assets reached $1.5 billion as of December 31, 2024.
• Loans and leases, net of allowance for credit losses, were at $1.2 billion.
• Nonperforming loans and leases totaled $6.8 million, representing 0.58% of total loans and leases.
• The allowance for credit losses stood at $15.8 million, or 1.34% of total loans and leases outstanding.
• Total deposits increased to $1.1 billion.
• Stockholders' equity amounted to $132.9 million.
• The net interest margin for the current quarter was reported at 2.70%, an increase from 2.60% from the previous quarter.

Income Statement and Balance Sheet Insights

Richmond Mutual Bancorporation's income statement highlights a net interest income before the provision for credit losses rising by $433,000, or 4.6%, to $9.9 million in the fourth quarter. This was attributed to a favorable increase in average net earning assets. Additionally, a provision for credit losses of $196,000 was recorded.

In examining the balance sheet, total assets grew by $44.3 million, or 3.0%, compared to the previous year. The firm experienced a robust increase across various loan segments, indicating a vibrant lending environment.

Stockholder Returns and Equity Activities

During the quarter ended December 31, 2024, Richmond Mutual Bancorporation repurchased 133,858 shares of its common stock at an average price of $13.95 per share. The company's equity to assets ratio stood at an impressive 8.83%, showcasing the firm’s solid capital standing.

About Richmond Mutual Bancorporation, Inc.

Richmond Mutual Bancorporation, Inc., headquartered in Richmond, is committed to serving its local communities with financial and trust services through multiple branches. The company prides itself on its community-focused approach, providing essential traditional financial services to its customers.

Frequently Asked Questions

What were Richmond Mutual Bancorporation's earnings in the fourth quarter?

The company reported net income of $2.5 million, or $0.24 per diluted share, for the fourth quarter.

What contributed to the company’s growth during this quarter?

The growth was mainly attributed to a significant year-over-year loan growth and margin expansion resulting from lower funding costs.

What is the net interest margin reported for the quarter?

The net interest margin was reported to be 2.70%, increased from 2.60% in the prior quarter.

How much did the company repurchase of its common stock during the quarter?

The company repurchased a total of 133,858 shares of common stock at an average price of $13.95 per share.

What is the equity to asset ratio for Richmond Mutual Bancorporation?

The company's equity to assets ratio was reported to be 8.83% as of December 31, 2024.

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