Business
RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2024 SECOND QUARTER FINANCIAL RESULTS
RICHMOND, Ind., July 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., July 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 $2.1 million, or $0.20 diluted earnings per share, for the second quarter of 2024, compared to net income of $2.4 million, or $0.23 diluted earnings per share, for the first quarter of 2024, and net income of $2.7 million, or $0.26 diluted earnings per share, for the second quarter of 2023.\n\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"Our average deposit balances increased during the quarter and with the continued pressure on our net interest margin due to our interest-bearing liabilities being more sensitive to rising rates than our interest earning assets, this impacted our net income. The performance of our loan portfolio continues to be strong and we are looking forward to a moderation in the interest rate environment in the future.\"\nSecond Quarter Performance Highlights:\nAssets totaled $1.5 billion at June 30, 2024, March 31, 2024, and December 31, 2023.Loans and leases, net of allowance for credit losses, totaled $1.1 billion at June 30, 2024, March 31, 2024, and December 31, 2023.Nonperforming loans and leases totaled $7.7 million, or 0.67% of total loans and leases, at June 30, 2024, compared to $6.9 million, or 0.61%, at March 31, 2024, and $8.0 million, or 0.72%, at December 31, 2023.The allowance for credit losses totaled $15.9 million, or 1.37% of total loans and leases outstanding, at June 30, 2024, compared to $15.8 million, or 1.39% of total loans and leases outstanding, at March 31, 2024, and $15.7 million, or 1.42% of total loans and leases outstanding, at December 31, 2023.The provision for credit losses totaled $270,000 in the quarter ended June 30, 2024, compared to $183,000 in the quarter ended March 31, 2024, and $8,000 in the second quarter of 2023.Deposits totaled $1.1 billion at both June 30, 2024 and March 31, 2024, compared to $1.0 billion at December 31, 2023. At June 30, 2024, noninterest-bearing deposits totaled $102.8 million, or 9.3% of total deposits, compared to $108.8 million, or 10.2% of total deposits at March 31, 2024, and $114.4 million, or 11.0% of total deposits at December 31, 2023. At June 30, 2024, approxima...