Business
RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2022 THIRD QUARTER FINANCIAL RESULTS
RICHMOND, Ind., Oct. 20, 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., Oct. 20, 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 $3.2 million, or $0.29 diluted earnings per share, for the third quarter of 2022, compared to net income of $3.5 million, or $0.31 diluted earnings per share, for the second quarter of 2022, and net income of $3.1 million, or $0.27 diluted earnings per share, for the third quarter of 2021. Diluted earnings per share decreased 6.5% and increased 7.4% for the third quarter of 2022 as compared to the second quarter of 2022 and the third quarter of 2021, respectively.\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"In the third quarter of 2022, despite unprecedented increases in short-term interest rates by the Federal Reserve, we continued to grow our loan and lease portfolios while maintaining profitability and returning excess capital to shareholders through dividends and share repurchases. As we enter the final quarter of the year, we believe we are well-positioned to deliver for our shareholders while continuing to invest in our people, businesses and communities.\"\nThird Quarter Performance Highlights:\nAssets totaled $1.3 billion at September 30, 2022, June 30, 2022 and December 31, 2021.Loans and leases, net of allowance, totaled $915.5 million at September 30, 2022, compared to $891.9 million at June 30, 2022, and $832.8 million at December 31, 2021.Nonperforming loans and leases totaled $8.5 million, or 0.92% of total loans and leases, at September 30, 2022, compared to $8.1 million, or 0.89% at June 30, 2022, and $8.0 million, or 0.95% at December 31, 2021.The allowance for loan and lease losses totaled $12.6 million, or 1.35% of total loans and leases outstanding, at September 30, 2022, compared to $12.4 million, or 1.37% of total loans and leases outstanding, at June 30, 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 September 30 and June 30, 2022, and totaled $500,000 in the third quarter of 2021.Deposits totaled $958.6 million at September 30, 2022, compared to $945.3 million at June 30, 2022 and $900.2 million at December 3...