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RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2024 THIRD QUARTER FINANCIAL RESULTS
RICHMOND, Ind., Oct. 24, 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., Oct. 24, 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 $2.5 million, or $0.24 diluted earnings per share, for the third quarter of 2024, compared to net income of $2.1 million, or $0.20 diluted earnings per share, for the second quarter of 2024, and net income of $1.9 million, or $0.19 diluted earnings per share, for the third quarter of 2023. Diluted earnings per share increased 20.0% and increased 26.3% for the third quarter of 2024 as compared to the second quarter of 2024 and the third quarter of 2023, respectively.\n\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer, commented, \"Our net income increased during the quarter primarily due to an increase in our noninterest income, which resulted from an increase in net gains on loan and lease sales. Additionally, the performance of our loan and lease portfolio improved, as nonperforming assets declined during the period. We anticipate further improvements in credit quality if market interest rates continue to decrease.\"\nThird Quarter Performance Highlights:\nAssets totaled $1.5 billion at September 30, 2024, June 30, 2024 and December 31, 2023.Loans and leases, net of allowance for credit losses, totaled $1.1 billion at September 30, 2024, June 30, 2024, and December 31, 2023.Nonperforming loans and leases totaled $6.7 million, or 0.58% of total loans and leases, at September 30, 2024, compared to $7.7 million, or 0.67% of total loans and leases, at June 30, 2024, and $8.0 million, or 0.72% of total loans and leases, at December 31, 2023.The allowance for credit losses totaled $15.8 million, or 1.36% of total loans and leases outstanding, at September 30, 2024, compared to $15.9 million, or 1.37% of total loans and leases outstanding, at June 30, 2024, and $15.7 million, or 1.42% of total loans and leases outstanding, at December 31, 2023.A reversal for credit losses was recognized in the quarter ended September 30, 2024 of $99,000, compared to provisions of $270,000 in the quarter ended June 30, 2024, and $50,000 in the third quarter of 2023.Deposits totaled $1.1 billion at September 30, 2024 and June 30, 2024, compared to $1.0 billion at December 31, 2023. At September 30,...