Business
Richmond Mutual Bancorporation, Inc. Announces Second Quarter Financial Results
RICHMOND, Ind., Aug. 13, 2019 /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., Aug. 13, 2019 /PRNewswire/ -- Richmond Mutual Bancorporation, Inc., a Maryland corporation (the \"Company\") (NASDAQ: RMBI), parent company of First Bank Richmond (the \"Bank\"), today announced net income for the three months ended June 30, 2019 of $335,000, a $1.0 million decrease from net income of $1.4 million for the three months ended June 30, 2018. Net income for the second quarter of 2019 was impacted by a non-recurring $1.3 million after-tax expense related to the adoption of the nonqualified deferred compensation plan during the quarter. Excluding this non-recurring expense, net income for the quarter ended June 30, 2019 increased $260,000 compared to the same quarter in 2018. Net income was $1.7 million for the first six months of 2019, compared to $2.6 million in the first six months of 2018.\nEffective July 1, 2019, the Bank completed its conversion from a mutual holding company to a stock holding company form of organization and the Company completed its related initial public offering. The Company sold 13,026,625 shares of common stock at $10.00 per share, for gross offering proceeds of approximately $130.3 million and contributed 500,000 shares and $1.25 million to a newly formed charitable foundation, First Bank Richmond, Inc. Community Foundation. \nAs of June 30, 2019, the reorganization had not been completed and Richmond Mutual Bancorporation, Inc., a Delaware corporation, owned 100% of the outstanding shares of common stock of the Bank. In addition, as of that date, the Company had no assets or liabilities and had not conducted any business activities other than organizational activities. Accordingly, the financial results for the three and six months ended June 30, 2019 and for prior comparative periods relate to the consolidated operations of the Bank and its former holding company only.\nPresident's Comments\nGarry Kleer, Chairman, President and Chief Executive Officer of the Company stated, \"We are very pleased to report our second quarter earnings, our first earnings results as a public company following our conversion and listing on the Nasdaq Capital Market. We are also extremely pleased with our successful, oversubscribed stock offering completed in July. The more than $130.0 million of additional capital raised in the offering will allow us to strategically grow our footprint while...