Business
RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2023 SECOND QUARTER FINANCIAL RESULTS
RICHMOND, Ind., July 25, 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., July 25, 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 $2.7 million, or $0.26 diluted earnings per share, for the second quarter of 2023, compared to net income of $2.9 million, or $0.27 diluted earnings per share, for the first quarter of 2023, and net income of $3.5 million, or $0.31 diluted earnings per share, for the second quarter of 2022.\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"While the interest rate increases by the Federal Reserve have impacted our net interest income and net interest margin, we had another profitable quarter and were able to maintain and even slightly increase our deposits. Non-performing assets have remained stable at very acceptable levels and we have increased our allowance for credit losses due to the implementation of the new accounting standard for current expected credit losses.\"\nSecond Quarter Performance Highlights:\nAssets totaled $1.4 billion both at June 30, 2023 and March 31, 2023, and totaled $1.3 billion at December 31, 2022.Loans and leases, net of allowance for credit losses, totaled $1.0 billion at June 30, 2023, compared to $989.1 million at March 31, 2023, and $961.7 million at December 31, 2022.Nonperforming loans and leases totaled $8.5 million, or 0.81% of total loans and leases, at June 30, 2023, compared to $8.6 million, or 0.86% of total loans and leases, at March 31, 2023, and $9.2 million, or 0.94% at December 31, 2022.The allowance for credit losses totaled $15.4 million, or 1.45% of total loans and leases outstanding, at June 30, 2023, compared to $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 $8,000 in the quarter ended June 30, 2023, compared to $...