Business
RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2023 FOURTH QUARTER FINANCIAL RESULTS
RICHMOND, Ind., Jan. 25, 2024 /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. 25, 2024 /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 $1.9 million, or $0.19 diluted earnings per share, for the fourth quarter of 2023, compared to net income of $1.9 million, or $0.19 diluted earnings per share, for the third quarter of 2023, and net income of $3.3 million, or $0.31 diluted earnings per share, for the fourth quarter of 2022. Net income was $9.5 million, or $0.91 diluted earnings per share, for the year ended December 31, 2023, compared to net income of $13.0 million, or $1.17 diluted earnings per share, for the year ended December 31, 2022.\n\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"Our net interest margin and overall profitability continue to be impacted by the significantly higher interest rate environment in 2023 compared to 2022. In spite of the challenges imposed by the current interest rate environment, we were able to maintain our loan and deposit portfolios and our profitability. Furthermore, credit quality remained stable with nonperforming loans and leases totaling 0.72% of total loans and leases at December 31, 2023.\"\nFourth Quarter Performance Highlights:\nAssets totaled $1.5 billion at December 31, 2023, up from $1.4 billion at September 30, 2023, and $1.3 billion at December 31, 2022.Loans and leases, net of allowance for credit losses, totaled $1.1 billion at both December 31, 2023 and September 30, 2023, and totaled $961.7 million at December 31, 2022.Nonperforming loans and leases totaled $8.0 million, or 0.72% of total loans and leases, at December 31, 2023, compared to $8.0 million, or 0.74% of total loans and leases, at September 30, 2023, and $9.2 million, or 0.94% at December 31, 2022.The allowance for credit losses totaled $15.7 million, or 1.42% of total loans and leases outstanding, at December 31, 2023, compared to $15.5 million, or 1.43% of total loans and leases outstanding, at September 30, 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...