Business
RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2023 FIRST QUARTER FINANCIAL RESULTS
RICHMOND, Ind., April 27, 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., April 27, 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 $2.9 million, or $0.27 diluted earnings per share, for the first quarter of 2023, compared to net income of $3.3 million, or $0.31 diluted earnings per share, for the fourth quarter of 2022, and net income of $3.0 million, or $0.26 diluted earnings per share, for the first quarter of 2022. Diluted earnings per share decreased 12.9% and increased 3.8% for the first quarter of 2023 as compared to the fourth and first quarters of 2022, respectively.\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"Despite continuing interest rate increases by the Federal Reserve putting pressure on our net interest income and net interest margin, we had a nicely profitable quarter and were able to maintain the confidence of our depositors. We saw improvement in our non-performing assets and increased our allowance for credit losses due to the implementation of the new accounting standard for current expected credit losses.\"\nFirst Quarter Performance Highlights:\nAssets increased to $1.4 billion at March 31, 2023, compared to $1.3 billion at December 31, 2022.Loans and leases, net of allowance for credit losses, totaled $989.1 million at March 31, 2023. At December 31, 2022, loans and leases, net of allowance for loan and lease losses, totaled $961.7 million.Nonperforming loans and leases totaled $8.6 million, or 0.86% of total loans and leases, at March 31, 2023, compared to $9.2 million, or 0.94% at December 31, 2022.The allowance for credit losses totaled $15.5 million, or 1.54% of total loans and leases outstanding, at March 31, 2023. The allowance for loan and lease losses totaled $12.4 million, or 1.27% of total loans and leases outstanding, at December 31, 2022. On January 1, 2023, the Bank adopted the accounting standard referred to as Current Expected Credit Loss (\"CECL\"), which resulted in a one-time adjustment from equity into the allowance for credit losses and the allowance for off-balance sheet commitments in the amount of $3.8 million, net of tax.The provision for credit losses totaled $170,000 in the quarter ended March 31, 2023, compared to no provision in th...