Business
RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2022 SECOND QUARTER FINANCIAL RESULTS
RICHMOND, Ind., July 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., July 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 $3.5 million, or $0.31 diluted earnings per share, for the second quarter of 2022, compared to net income of $3.0 million, or $0.26 diluted earnings per share, for the first quarter of 2022, and net income of $2.8 million, or $0.24 diluted earnings per share, for the second quarter of 2021. Diluted earnings per share increased 19.2% and 29.2% for the second quarter of 2022 as compared to the first quarter of 2022 and the second quarter of 2021, respectively.\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"In the second 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 were able to increase our net interest margin to 3.45% in the second quarter, which helped us maintain our record of consistent growth and profitability increases since becoming a public company.\"\nSecond Quarter Performance Highlights:\nAssets totaled $1.3 billion at June 30, 2022, March 31, 2022 and December 31, 2021.Loans and leases, net of allowance, totaled $891.9 million at June 30, 2022, compared to $850.0 million at March 31, 2022, and $832.8 million at December 31, 2021.Nonperforming loans and leases totaled $8.1 million, or 0.89% of total loans and leases, at June 30, 2022, compared to $8.0 million, or 0.92% at March 31, 2022, and $8.0 million, or 0.95% at December 31, 2021.The allowance for loan and lease losses totaled $12.4 million, or 1.37% of total loans and leases outstanding, at June 30, 2022, compared to $12.3 million, or 1.43% of total loans and leases outstanding, at March 31, 2022 and $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 quarters ended June 30 and March 31, 2022, and totaled $530,000 in the second quarter of 2021.Deposits totaled $948.3 million at June 30, 2022, compared to $909.5 million at March 31, 2022 and $900.2 million at December 31, 2021. At June 30, 2022, noninterest bearing deposits totaled $119.8 million or 12.6% of t...