Business
Richmond Mutual Bancorporation, Inc. Announces Fourth Quarter And Full Year Financial Results
RICHMOND, Ind., Jan. 31, 2020 /PRNewswire/ -- Richmond Mutual Bancorporation, Inc. (the "Company") (NASDAQ: RMBI), parent company of First Bank Richmond (the
About this update from Richmond Mutual Bancorporation, Inc.
[{"type":"text","content":"RICHMOND, Ind., Jan. 31, 2020 /PRNewswire/ -- Richmond Mutual Bancorporation, Inc. (the \"Company\") (NASDAQ: RMBI), parent company of First Bank Richmond (the \"Bank\"), today announced a net loss of $12.5 million for the fourth quarter of 2019 compared to net income of $1.5 million for the fourth quarter of 2018. The net loss for the fourth quarter of 2019 reflects an estimated after tax charge of $14.3 million ($1.15 per share) to terminate the Company's participation in a multiemployer defined benefit pension plan (the \"DB Plan\"), which resulted in a $19.3 million reduction in revenue and pre-tax earnings in the quarter. The net loss for the year ended December 31, 2019 was $14.1 million compared to net income of $5.7 million in 2018. Net income for the year ended December 31, 2019 was affected by the estimated after tax charge associated with the termination of the DB Plan mentioned above, an after tax charge of $4.9 million associated with the Company's contribution to the First Bank Richmond, Inc. Community Foundation (the \"Foundation\") which was formed in connection with our reorganization and stock offering completed on July 1, 2019, and an after tax charge of $1.3 million related to the adoption of a nonqualified deferred compensation plan in the second quarter of 2019. \nNet income for the fourth quarter of 2019, excluding the one-time expenses associated with the DB Plan, was $1.8 million, or $0.14 per diluted share, a 19.0% increase over net income for fourth quarter of 2018. Net income for the full year 2019, excluding the one-time charges associated with the DB Plan, the contribution to the Foundation, and the nonqualified deferred compensation plan, was $6.4 million, a 12.3% increase over net income for 2018. Management believes it is appropriate to eliminate these one-time charges as they are not reflective of the Company's ongoing operations and that the presentation of these adjusted financial measures are more meaningful to investors in evaluating the financial results of the Company. See the section entitled \"Use of Non-GAAP Financial Measures\" at the end of this release for a reconciliation of net income. \nEffective July 1, 2019, the Company completed its initial public offering in connection with the reorganization from a mutual to a stock holding company form of organization. The Company sold 13,02...