Business
RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2024 FIRST QUARTER FINANCIAL RESULTS
RICHMOND, Ind., April 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., April 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 $2.4 million, or $0.23 diluted earnings per share, for the first quarter of 2024, compared to net income of $1.9 million, or $0.19 diluted earnings per share, for the fourth quarter of 2023, and net income of $2.9 million, or $0.27 diluted earnings per share, for the first quarter of 2023.\n\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"The first quarter of 2024 saw improvement in our net interest margin compared to the prior quarter, while credit quality continues to remain strong. We are continuing to enhance our customer service while maintaining our focus on improving our earnings compared to the end of 2023.\"\nFirst Quarter Performance Highlights:\nAssets totaled $1.5 billion at both March 31, 2024 and December 31, 2023.Loans and leases, net of allowance for credit losses, totaled $1.1 billion at both March 31, 2024 and December 31, 2023.Nonperforming loans and leases totaled $6.9 million, or 0.61% of total loans and leases, at March 31, 2024, compared to $8.0 million, or 0.72% at December 31, 2023.The allowance for credit losses totaled $15.8 million, or 1.39% of total loans and leases outstanding, at March 31, 2024, compared to $15.7 million, or 1.42% of total loans and leases outstanding, at December 31, 2023.The provision for credit losses totaled $183,000 in the quarter ended March 31, 2024, compared to $304,000 in the preceding quarter, and $170,000 in the first quarter of 2023.Deposits totaled $1.1 billion at March 31, 2024, compared to $1.0 billion at December 31, 2023. At March 31, 2024, noninterest-bearing deposits totaled $108.8 million, or 10.2% of total deposits, compared to $114.4 million, or 11.0% of total deposits at December 31, 2023. At March 31, 2024, approximately $206.9 million, or 19.3%, of our deposit portfolio, excluding collateralized public deposits, was uninsured.Stockholders' equity totaled $132.4 million at March 31, 2024, compared to $134.9 million at December 31, 2023. The Company's equity to assets ratio was 8.9% at March 31, 2024.Book value per share and tangible book value per share was $11.91 at March 31, 2024, comp...