Business
RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2022 FIRST QUARTER FINANCIAL RESULTS
RICHMOND, Ind., April 21, 2022 /PRNewswire/ -- Richmond Mutual Bancorporation, Inc., a Maryland corporation (the "Company") (NASDAQ: RMBI), parent company of
About this update from Richmond Mutual Bancorporation, Inc.
[{"type":"text","content":"RICHMOND, Ind., April 21, 2022 /PRNewswire/ -- Richmond Mutual Bancorporation, Inc., a Maryland corporation (the \"Company\") (NASDAQ: RMBI), parent company of First Bank Richmond (the \"Bank\"), today announced net income of $3.0 million, or $0.26 diluted earnings per share, for the first quarter of 2022, compared to net income of $2.7 million, or $0.24 diluted earnings per share, for the fourth quarter of 2021, and net income of $2.6 million, or $0.22 diluted earnings per share, for the first quarter of 2021. Diluted earnings per share increased 8.3% and 18.2% for the first quarter of 2022 as compared to the fourth and first quarters of 2021, respectively.\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"Despite a challenging interest rate environment and the tragedy of the war in Ukraine impacting all of us in various ways, in the first quarter of 2022 we continued to increase profitability, grow our loan and lease and deposit portfolios and return excess capital to shareholders through dividends and share repurchases. We continued to experience margin compression but remain optimistic that anticipated Fed interest rate increases will provide some relief in future quarters.\"\nFirst Quarter Performance Highlights:\nAssets totaled $1.3 billion both at March 31, 2022 and December 31, 2021.Loans and leases, net of allowance, totaled $850.0 million at March 31, 2022, compared to $832.8 million at December 31, 2021.Nonperforming loans and leases totaled $8.0 million, or 0.92% of total loans and leases, at March 31, 2022, compared to $8.0 million, or 0.95% at December 31, 2021.The allowance for loan and lease losses totaled $12.3 million, or 1.43% of total loans and leases outstanding, at March 31, 2022, compared to $12.1 million, or 1.43% of total loans and leases outstanding, at December 31, 2021.The provision for loan and lease losses totaled $200,000 in the quarter ended March 31, 2022, compared to no provision in the preceding quarter, and $400,000 in the first quarter of 2021.Deposits totaled $909.5 million at March 31, 2022, compared to $900.2 million at December 31, 2021. At March 31, 2022, noninterest bearing deposits totaled $113.7 million or 12.5% of total deposits, compared to $114.3 million or 12.7% of total deposits at December 31, 2021.Stockholders' equity totaled $157...