Business
Richmond Mutual Bancorporation, Inc. Announces Third Quarter Financial Results
RICHMOND, Ind., Nov. 4, 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., Nov. 4, 2019 /PRNewswire/ -- Richmond Mutual Bancorporation, Inc., a Maryland corporation (the \"Company\") (NASDAQ: RMBI), parent company of First Bank Richmond (the \"Bank\"), today announced a net loss of $3.3 million for the third quarter of 2019 compared to net income of $335,000 for the second quarter of 2019 and $1.6 million for the three months ended September 30, 2018. The decrease in earnings in the third quarter of 2019 reflects the contribution to the First Bank Richmond, Inc. Community Foundation (\"Community Foundation\" or \"Foundation\") and corresponding charge of $6.25 million incurred in the quarter. This resulted in a basic and diluted loss per share of $0.26 for the quarter ended September 30, 2019. Net loss for the first nine months of 2019 was $1.5 million compared to net income of $4.2 million in the first nine months of 2018. The decrease in the first nine months of 2019 compared to the same period of 2018 is due to the contribution to the Foundation as well as the adoption of a nonqualified deferred compensation plan in the second quarter of 2019 at a cost of $1.7 million.\nExcluding the one-time expenses associated with the Foundation, net income for the three months ended September 30, 2019 would have been $1.7 million, or $0.14 per diluted share. Excluding the one times expenses associated with the Foundation and the nonqualified deferred compensation plan, net income for the nine months ended September 30, 2019 would have been $4.7 million. 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 13,026,625 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 the Community Foundation.\nPresident's Comments\nGarry Kleer, Chairman, President and ...