Business
RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2022 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
RICHMOND, Ind., Jan. 26, 2023 /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., Jan. 26, 2023 /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 $3.3 million, or $0.31 diluted earnings per share, for the fourth quarter of 2022, compared to net income of $3.2 million, or $0.29 diluted earnings per share, for the third quarter of 2022, and net income of $2.7 million, or $0.24 diluted earnings per share, for the fourth quarter of 2021. Diluted earnings per share increased 6.9% and 29.2% for the fourth quarter of 2022 as compared to the third quarter of 2022 and the fourth quarter of 2021, respectively. Net income was $13.0 million, or $1.17 diluted earnings per share for the year ended December 31, 2022, compared to net income of $11.1 million, or $0.96 diluted earnings per share for the year ended December 31, 2021.\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"While the Federal Reserve continued to raise interest rates, we were able to grow our loan and lease portfolios while increasing profitability and returning excess capital to shareholders through dividends and share repurchases. We are very pleased to have been able to deliver another record year for our shareholders while continuing to invest in our people, businesses and communities.\"\nFourth Quarter Performance Highlights:\nAssets increased slightly to $1.33 billion at December 31, 2022, compared to $1.28 billion at September 30, 2022 and $1.27 billion at December 31, 2021.Loans and leases, net of allowance, totaled $961.7 million at December 31, 2022, compared to $915.5 million at September 30, 2022, and $832.8 million at December 31, 2021.Nonperforming loans and leases totaled $9.2 million, or 0.94% of total loans and leases, at December 31, 2022, compared to $8.5 million, or 0.92% at September 30, 2022, and $8.0 million, or 0.95% at December 31, 2021.The allowance for loan and lease losses totaled $12.4 million, or 1.27% of total loans and leases outstanding, at December 31, 2022, compared to $12.6 million, or 1.35% of total loans and leases outstanding, at September 30, 2022 and $12.1 million, or 1.43% of total loans and leases outstanding, at December 31, 2021.There was no provision for loan and lease losses in the quarter ended Decemb...