Business
RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2023 THIRD QUARTER FINANCIAL RESULTS
RICHMOND, Ind., Oct. 19, 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., Oct. 19, 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 $1.9 million, or $0.19 diluted earnings per share, for the third quarter of 2023, compared to net income of $2.7 million, or $0.26 diluted earnings per share, for the second quarter of 2023, and net income of $3.2 million, or $0.29 diluted earnings per share, for the third quarter of 2022.\n\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"Our net interest margin and overall profitability continue to be hampered by the current interest rate environment as the Federal Reserve's Open Market Committee raised its targeted federal funds rate an additional 25 basis points in July of 2023, hitting a 17-year high of 5.25-5.50 percent. In contrast, the Fed was holding the federal funds rate at around zero as recently as the first quarter of 2022. In spite of the challenges imposed by the current interest rate environment, we were able to continue growing loans and deposits and maintain profitability. Furthermore, credit quality remained stable with nonperforming loans and leases totaling 0.74% of total loans and leases at September 30, 2023.\"\nThird Quarter Performance Highlights:\nAssets totaled $1.4 billion both at September 30, 2023 and June 30, 2023, and totaled $1.3 billion at December 31, 2022.Loans and leases, net of allowance for credit losses, totaled $1.1 billion at September 30, 2023, compared to $1.0 billion at June 30, 2023, and $961.7 million at December 31, 2022.Nonperforming loans and leases totaled $8.0 million, or 0.74% of total loans and leases, at September 30, 2023, compared to $8.5 million, or 0.81% of total loans and leases, at June 30, 2023, and $9.2 million, or 0.94% at December 31, 2022.The allowance for credit losses totaled $15.5 million, or 1.43% of total loans and leases outstanding, at September 30, 2023, compared to $15.4 million, or 1.45% of total loans and leases outstanding, at June 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...