RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2024 FIRST QUARTER FINANCIAL RESULTS

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April 26, 2024 10:42 AM EDT

RICHMOND, Ind., April 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 $2.4 million, or $0.23 diluted earnings per share, for the first quarter of 2024, compared to net income of $1.9 million, or $0.19 diluted earnings per share, for the fourth quarter of 2023, and net income of $2.9 million, or $0.27 diluted earnings per share, for the first quarter of 2023.

President's Comments

Garry Kleer, Chairman, President and Chief Executive Officer, commented, "The first quarter of 2024 saw improvement in our net interest margin compared to the prior quarter, while credit quality continues to remain strong. We are continuing to enhance our customer service while maintaining our focus on improving our earnings compared to the end of 2023."

First Quarter Performance Highlights:

  • Assets totaled $1.5 billion at both March 31, 2024 and December 31, 2023.
  • Loans and leases, net of allowance for credit losses, totaled $1.1 billion at both March 31, 2024 and December 31, 2023.
  • Nonperforming loans and leases totaled $6.9 million, or 0.61% of total loans and leases, at March 31, 2024, compared to $8.0 million, or 0.72% at December 31, 2023.
  • The allowance for credit losses totaled $15.8 million, or 1.39% of total loans and leases outstanding, at March 31, 2024, compared to $15.7 million, or 1.42% of total loans and leases outstanding, at December 31, 2023.
  • The provision for credit losses totaled $183,000 in the quarter ended March 31, 2024, compared to $304,000 in the preceding quarter, and $170,000 in the first quarter of 2023.
  • Deposits totaled $1.1 billion at March 31, 2024, compared to $1.0 billion at December 31, 2023. At March 31, 2024, noninterest-bearing deposits totaled $108.8 million, or 10.2% of total deposits, compared to $114.4 million, or 11.0% of total deposits at December 31, 2023. At March 31, 2024, approximately $206.9 million, or 19.3%, of our deposit portfolio, excluding collateralized public deposits, was uninsured.
  • Stockholders' equity totaled $132.4 million at March 31, 2024, compared to $134.9 million at December 31, 2023. The Company's equity to assets ratio was 8.9% at March 31, 2024.
  • Book value per share and tangible book value per share was $11.91 at March 31, 2024, compared to $12.03 per share at December 31, 2023.
  • Net interest income increased $502,000, or 5.4%, to $9.8 million for the three months ended March 31, 2024, compared to net interest income of $9.3 million for the prior quarter, and decreased $38,000, or 0.4%, from $9.9 million for the comparable quarter in 2023.
  • Annualized net interest margin was 2.74% for the current quarter, compared to 2.67% in the preceding quarter and 3.04% the first quarter a year ago.
  • The Company repurchased 92,613 shares of common stock at an average price of $11.58 per share during the quarter ended March 31, 2024.
  • The Bank's Tier 1 capital to total assets was 10.67%, well in excess of all regulatory requirements at March 31, 2024.

Income Statement Summary

Net interest income before the provision for credit losses increased $502,000, or 5.4%, to $9.8 million in the first quarter of 2024, compared to $9.3 million in the fourth quarter of 2023, and decreased $38,000, or 0.4%, from $9.9 million in the first quarter of 2023. The increase from the fourth quarter of 2023 was due to a four basis point increase in the average interest rate spread and an $11.9 million increase in average net earning assets.  The decrease from the comparable quarter in 2023 was due to a 48 basis point decrease in the average interest rate spread as funding costs outpaced increased yields on interest-earning assets, partially offset by a $138.4 million increase in average interest earning assets. During the first half of 2023, in response to continuing elevated inflation, the Federal Open Market Committee ("FOMC") of the Federal Reserve System increased the target range for the federal funds rate by 100 basis points, to a range of 5.25% to 5.50%. While net interest income benefited from the repricing impact of the higher interest rate environment on earning asset yields, the benefits were offset by the higher cost of interest-bearing deposit accounts and borrowings, which tend to be shorter in duration than our assets and re-price or reset faster than assets.

Interest income increased $929,000, or 5.0%, to $19.5 million during the quarter ended March 31, 2024, compared to the quarter ended December 31, 2023, and increased $4.3 million, or 28.4%, compared to the quarter ended March 31, 2023.

Interest income on loans and leases increased $1.0 million, or 6.3%, to $17.3 million for the quarter ended March 31, 2024 compared to $16.2 million in the fourth quarter of 2023, due to a $31.6 million increase in the average balance of loans and leases, and an increase of 20 basis points to 6.13% in the average yield earned on loans and leases. Interest income on loans and leases increased $4.1 million, or 30.8%, in the first quarter of 2024 compared to the first quarter of 2023, due to an increase in the average balance of loans and leases of $141.4 million, and an increase of 77 basis points in the average yield earned on loans and leases.

Interest income on investment securities, excluding FHLB stock, was unchanged during the quarter ended March 31, 2024, compared to the quarter ended December 31, 2023 and the comparable quarter in 2023. Dividends on FHLB stock increased $29,000, or 9.8%, during the quarter ended March 31, 2024 compared to the quarter ended December 31, 2023, and increased $186,000, or 134.8%, compared to the quarter ended March 31, 2023. Interest income on cash and cash equivalents decreased $121,000, or 46.6%, during the quarter ended March 31, 2024, compared to the quarter ended December 31, 2023, and increased $73,000, or 112.4%, compared to the quarter ended March 31, 2023.  The decrease in interest income on cash and cash equivalents in the first quarter of 2024 from the fourth quarter of 2023 was due to a 69 basis point decrease in the average yield along with a decrease of $8.3 million in the average balance.  The increase in interest income on cash and cash equivalents in the first quarter of 2024 from the first quarter of 2023 was due to a 126 basis point increase in the average yield along with a $4.3 million increase in the average balance of cash and cash equivalents.

Interest expense increased $427,000, or 4.6%, to $9.7 million for the quarter ended March 31, 2024 compared to the quarter ended December 31, 2023 and increased $4.4 million, or 81.8%, compared to the quarter ended March 31, 2023. Interest expense on deposits increased $144,000, or 2.1%, to $7.1 million for the quarter ended March 31, 2024, compared to the previous quarter and increased $3.0 million, or 75.5%, from the comparable quarter in 2023. The increase from the previous quarter was primarily due to a six basis point increase in the average rate paid on interest-bearing deposits. The increase from the comparable quarter in 2023 was due to an increase of $44.3 million in average balance of, and a 120 basis point increase in the average rate paid on, interest-bearing deposits. The average rate paid on interest-bearing deposits was 2.99% for the quarter ended March 31, 2024, compared to 2.93% and 1.79% for the quarters ended December 31, 2023 and March 31, 2023, respectively.

Interest expense on FHLB borrowings increased $283,000, or 12.2%, to $2.6 million for the first quarter of 2024 compared to the previous quarter and increased $1.3 million, or 101.6%, from the comparable quarter in 2023, primarily due to increases in the average rate paid on FHLB borrowings and, to a lesser extent, an increase in the average balance of FHLB borrowings. The average balance of FHLB borrowings totaled $277.2 million during the quarter ended March 31, 2024, compared to $251.0 million and $198.5 for the quarters ended December 31, 2023 and March 31, 2023, respectively. The average rate paid on FHLB borrowings was 3.77% for the quarter ended March 31, 2024, 3.71% for the quarter ended December 31, 2023, and 2.61% for the first quarter of 2023.

Annualized net interest margin increased to 2.74% for the first quarter of 2024, compared to 2.67% for the fourth quarter of 2023, and decreased from 3.04% for the first quarter of 2023. The increase in the net interest margin for the first quarter of 2024 compared to the fourth quarter of 2023 was primarily due to greater increases in the yields and average balances of our interest-earning assets as compared to our interest-bearing liabilities, while the decrease from the first quarter of 2023 was primarily due to the rate paid on interest-bearing liabilities increasing faster than the yield on interest-earning assets. 

The provision for credit losses totaled $183,000 for the three months ended March 31, 2024, compared to $304,000 for the quarter ended December 31, 2023 and $170,000 for the quarter ended March 31, 2023. Net charge-offs during the first quarter of 2024 were $324,000, compared to net charge-offs of $241,000 during the fourth quarter of 2023 and net recoveries of $78,000 in the first quarter of 2023. Uncertainties relating to the level of our allowance for credit losses remains heightened as a result of continued concern about a potential recession due to inflation, stock market volatility and overall geopolitical tensions.

Noninterest income decreased $50,000, or 4.2%, to $1.1 million for the quarter ended March 31, 2024 compared to the quarter ended December 31, 2023, and increased $32,000, or 2.9%, from the comparable quarter in 2023. The decrease in noninterest income in the first quarter of 2024 from the fourth quarter of 2023 primarily resulted from a decrease in service fees earned on debit cards and service charges on deposit accounts.  Card fee income decreased $64,000, or 18.1%, to $290,000 for the quarter ended March 31, 2024, compared to $354,000 for the fourth quarter of 2023, while service fees on deposit accounts decreased $11,000, or 3.8%, to $273,000 for the quarter ended March 31, 2024, compared to $284,000 for the fourth quarter of 2023. These decreases were partially offset by an increase in loan and lease servicing fees of $25,000, or 23.9%, in the first quarter of 2024 compared to the fourth quarter of 2023. The increase in noninterest income from the comparable quarter in 2023 was primarily due to an increase in other income and loan and lease servicing fees, partially offset by decreases in net gains on loan and lease sales and service charges on deposit accounts. Other income increased $66,000, or 26.3%, to $319,000 for the quarter ended March 31, 2024, compared to $253,000 for the comparable quarter in 2023 due to increased wealth management income. Loan and lease servicing fees increased $7,000, or 6.0%, for the quarter ended March 31, 2024 compared to the comparable quarter in 2023. Net gains on loan and lease sales decreased $36,000, or 23.3%, compared to the same quarter in 2023, due to decreased mortgage banking activity. Service fees on deposit accounts decreased $8,000, or 2.9%, in the first quarter of 2024 from the comparable quarter in 2023.

Total noninterest expense increased $29,000, or 0.4%, to $8.1 million for the three months ended March 31, 2024, compared to the fourth quarter of 2023, and increased $696,000, or 9.5%, compared to the same period in 2023. Salaries and employee benefits increased $26,000, or 0.6%, to $4.6 million for the quarter ended March 31, 2024, compared to the fourth quarter of 2023, and increased $332,000 compared to the quarter ended March 31, 2023. The increase in salaries and benefits in the first quarter of 2024 from the fourth quarter of 2023 was primarily due to increased employment taxes and insurance expenses, while the increase from the first quarter of 2023 was due to increased employee benefits expense. Deposit insurance expense decreased $120,000, or 23.0%, for the quarter ended March 31, 2024, compared to the fourth quarter of 2023 primarily due to changes in the asset and deposit mix, and increased $235,000, or 139.9%, from the comparable quarter in 2023 also primarily due to a change in the asset and deposit mix. Data processing fees increased $70,000, or 8.4%, to $907,000 for the quarter ended March 31, 2024 compared to the fourth and first quarters of 2023 primarily due to increased software and core provider expenses. Advertising expense decreased $36,000, or 28.6%, in the first quarter of 2024 compared to the prior quarter due to decreased sales promotion expense. Other expenses increased $78,000, or 8.7%, in the first quarter of 2024 compared to the prior quarter, and increased $27,000, or 2.8%, compared to the same quarter of 2023. The increase in other expenses in the first quarter of 2024 from the fourth quarter of 2023 primarily was due to increased franchise tax expenses.

Income tax expense increased $117,000 during the three months ended March 31, 2024 compared to the quarter ended December 31, 2023, and decreased $180,000 compared to the quarter ended March 31, 2023, due to changes in pre-tax income. The effective tax rate for the first quarter of 2024 was 12.9% compared to 10.8% in the fourth quarter of 2023, and 15.5% in the first quarter a year ago. The decrease in the effective tax rate as compared to the first quarter of 2023 was a result of the use of a captive insurance company, which allows the Company to assume more control over insurance risks and resulted in a more tax-effective structure.

Balance Sheet Summary

Total assets increased $26.6 million, or 1.8%, to $1.5 billion at March 31, 2024 from December 31, 2023. The increase was primarily the result of a $33.1 million, or 3.0%, increase in loans and leases, net of allowance for credit losses, to $1.1 billion, partially offset by a $6.6 million, or 2.3%, decrease in investment securities to $281.0 million at March 31, 2024.

The increase in loans and leases was attributable to an increase in multi-family loans, residential mortgage loans, and commercial and industrial loans of $15.0 million, $8.9 million and $8.2 million, respectively. 

Nonperforming loans and leases, consisting of nonaccrual loans and leases and accruing loans and leases more than 90 days past due totaled $6.9 million, or 0.61% of total loans and leases, at March 31, 2024, compared to $8.0 million, or 0.72%, at December 31, 2023. Accruing loans past due more than 90 days totaled $1.9 million at March 31, 2024, compared to $1.7 million at December 31, 2023.

The allowance for credit losses on loans and leases increased $162,000, or 1.0%, to $15.8 million at March 31, 2024 from $15.7 million at December 31, 2023. At March 31, 2024 the allowance for credit losses on loans and leases totaled 1.39% of total loans and leases outstanding, compared to 1.42% at December 31, 2023.  Net charge-offs during the first quarter of 2024 were $324,000 compared to net recoveries of $78,000 during the comparable quarter of 2023.

Management regularly analyzes conditions within its geographic markets and evaluates its loan and lease portfolio. The Company evaluated its exposure to potential credit losses as of March 31, 2024, which evaluation included consideration of a potential recession due to inflation, stock market volatility, and overall geopolitical tensions.  Credit metrics are being reviewed and stress testing is being performed on the loan portfolio on an ongoing basis.

Investment securities decreased $6.6 million, or 2.3%, to $281.0 million at March 31, 2024 compared to $287.6 million at December 31, 2023. Investment securities decreased primarily due to $4.4 million in maturities and principal repayments used to fund loan growth.

Total deposits increased $28.5 million, or 2.7%, to $1.1 billion at March 31, 2024, compared to December 31, 2023. The increase in deposits from December 31, 2023 primarily was due to an increase in brokered time deposits of $22.5 million, which were used to fund loan demand, and other time deposits of $11.1 million, partially offset by a decrease in demand deposit accounts of $3.9 million. Brokered time deposits totaled $291.3 million, or 27.2% of total deposits, at March 31, 2024. Noninterest-bearing demand deposits decreased $5.6 million to $108.8 million at March 31, 2024 compared to $114.4 million at December 31, 2023, and totaled 10.2% of total deposits at March 31, 2024. Management attributes the shift in funds from transaction accounts to retail certificates of deposit to customers taking advantage of higher rates being paid on time deposits as a result of interest rate hikes enacted by the Federal Reserve.

As of March 31, 2024, approximately $206.9 million of our deposit portfolio, or 19.3% of total deposits, excluding collateralized public deposits, was uninsured. The uninsured amounts are estimated based on the methodologies and assumptions used for First Bank Richmond's regulatory reporting requirements.

Stockholders' equity totaled $132.4 million at March 31, 2024, a decrease of $2.5 million, or 1.8%, from December 31, 2023. The decrease in stockholders' equity primarily was the result of a $2.8 million increase in accumulated other comprehensive loss, the payment of $1.4 million in dividends to Company stockholders, and the repurchase of $1.1 million of Company common stock, partially offset by net income of $2.4 million.

During the quarter ended March 31, 2024, the Company repurchased a total of 92,613 shares of Company common stock at an average price of $11.58 per share. As of March 31, 2024, the Company had approximately 775,423 shares available for repurchase under its existing stock repurchase program. Subsequent to quarter end, the Company repurchased an additional 39,878 shares.

About Richmond Mutual Bancorporation, Inc.

Richmond Mutual Bancorporation, Inc., headquartered in Richmond, Indiana, is the holding company for First Bank Richmond, a community-oriented financial institution offering traditional financial and trust services within its local communities through its eight locations in Richmond, Centerville, Cambridge City and Shelbyville, Indiana, its five locations in Sidney, Piqua and Troy, Ohio, and its loan production office in Columbus, Ohio.

FORWARD-LOOKING STATEMENTS:

This document and other filings by the Company with the Securities and Exchange Commission (the "SEC"), as well as press releases or other public or stockholder communications released by the Company, may contain forward-looking statements, including, but not limited to, (i) statements regarding the financial condition, results of operations and business of the Company, (ii) statements about the Company's plans, objectives, expectations and intentions and other statements that are not historical facts and (iii) other statements identified by the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "intends" or similar expressions that are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current beliefs and expectations of the Company's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. When considering forward-looking statements, keep in mind these risks and uncertainties. Undue reliance should not be placed on any forward-looking statement, which speaks only as of the date made.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; changes in the interest rate environment, including the recent increases in the Federal Reserve benchmark rate and duration at which such increased interest rate levels are maintained, which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; the impact of continuing inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative changes; changes in policies by regulatory agencies; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; the Company's ability to access cost-effective funding, including maintaining the confidence of depositors; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company's market area; changes in management's business strategies; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other factors described in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other reports filed with or furnished to the Securities and Exchange Commission - that are available on our website at www.firstbankrichmond.com and on the SEC's website at www.sec.gov.

The factors listed above could materially affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake - and specifically declines any obligation - to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

 

Financial Highlights (unaudited)



Three Months Ended

SELECTED OPERATIONS DATA:

March 31,
2024


December 31,
2023


March 31,
2023

(In thousands, except for per share amounts)












Interest income

$            19,510


$            18,581


$              15,193

Interest expense

9,677


9,250


5,322

Net interest income 

9,833


9,331


9,871







Provision for credit losses

183


304


170

Net interest income after provision for credit losses

9,650


9,027


9,701

Noninterest income

1,129


1,179


1,096

Noninterest expense

8,058


8,029


7,361

Income before income tax expense

2,721


2,177


3,436

Income tax provision

352


235


532







Net income

$              2,369


$              1,942


$                2,904







Shares outstanding

11,116


11,209


11,686

Average shares outstanding:






Basic

10,160


10,225


10,600

Diluted

10,230


10,260


10,736

Earnings per share:






Basic

$                 0.23


$                 0.19


$                   0.27

Diluted

$                 0.23


$                 0.19


$                   0.27

 

SELECTED FINANCIAL CONDITION DATA:

March 31,
2024


December 31,
2023


September 30,
2023


June 30,
2023


March 31,
2023

(In thousands, except for per share amounts)




















Total assets

$       1,487,671


$       1,461,024


$       1,422,319


$       1,408,593


$          1,361,581

Cash and cash equivalents

20,290


20,240


20,652


17,464


17,390

Interest-bearing time deposits

—


—


245


490


490

Investment securities

281,006


287,638


269,363


287,096


297,498

Loans and leases, net of allowance for credit losses(1)

1,123,194


1,090,073


1,066,892


1,043,024


989,117

Loans held for sale

85


794


568


340


—

Premises and equipment, net

13,212


13,312


13,342


13,539


13,493

Federal Home Loan Bank stock

13,907


12,647


11,297


10,802


10,082

Other assets

35,977


36,320


39,960


35,838


33,511

Deposits

1,069,642


1,041,140


1,053,909


1,039,573


1,030,034

Borrowings

273,000


271,000


238,000


226,000


183,500

Total stockholder's equity

132,391


134,860


118,038


130,235


135,553











Book value (GAAP)

$           132,391


$           134,860


$           118,038


$           130,235


$              135,553

Tangible book value (non-GAAP)

132,391


134,860


118,038


130,235


135,553

Book value per share (GAAP)

11.91


12.03


10.45


11.38


11.60

Tangible book value per share (non-GAAP)

11.91


12.03


10.45


11.38


11.60

 

The following table summarizes information relating to our loan and lease portfolio at the dates indicated:


(In thousands)

March 31,
2024


December 31,
2023


September 30,
2023


June 30,
2023


March 31,
2023











Commercial mortgage

$           338,434


$           341,633


$           345,714


$           341,475


$              321,314

Commercial and industrial

123,661


115,428


111,450


114,162


97,880

Construction and development

165,063


157,805


140,651


117,029


125,521

Multi-family

153,719


138,757


135,409


141,545


132,407

Residential mortgage

171,050


162,123


160,488


159,753


152,376

Home equity

12,146


10,904


10,776


10,492


10,923

Direct financing leases

152,468


156,598


154,520


152,181


143,281

Consumer

23,004


23,264


24,176


22,657


21,604











Total loans and leases

$       1,139,545


$       1,106,512


$       1,083,184


$       1,059,294


$          1,005,306

 

The following table summarizes information relating to our deposits at the dates indicated:


(In thousands)

March 31,
2024


December 31,
2023


September 30,
2023


June 30,
2023


March 31,
2023











Noninterest-bearing demand

$           108,805


$           114,377


$           115,632


$           104,691


$                96,827

Interest-bearing demand

153,460


151,809


146,118


149,770


148,798

Savings and money market

255,634


256,811


249,575


267,624


275,006

Non-brokered time deposits

260,451


249,305


240,297


226,493


218,262

Brokered time deposits

291,292


268,838


302,287


290,995


291,141











Total deposits

$       1,069,642


$       1,041,140


$       1,053,909


$       1,039,573


$          1,030,034

Average Balances, Interest and Average Yields/Cost.  The following tables set forth for the periods indicated, information regarding average balances of assets and liabilities as well as the total dollar amounts of interest income from average interest-earning assets and interest expense on average interest-bearing liabilities, resultant yields, interest rate spread, net interest margin (otherwise known as net yield on interest-earning assets), and the ratio of average interest-earning assets to average interest-bearing liabilities. Average balances have been calculated using daily balances. Non-accruing loans have been included in the table as loans carrying a zero yield. Loan fees are included in interest income on loans and are not material.


Three Months Ended March 31,


2024


2023


Average
Balance
Outstanding


Interest
Earned/
Paid


Yield/
Rate


Average
Balance
Outstanding


Interest Earned/
Paid


Yield/
Rate


(Dollars in thousands)

Interest-earning assets:












Loans and leases receivable

$ 1,125,586


$       17,251


6.13 %


$   984,202


$       13,193


5.36 %

Securities

284,002


1,796


2.53 %


294,947


1,796


2.44 %

FHLB stock

13,730


324


9.44 %


10,038


138


5.50 %

Cash and cash equivalents and other

13,848


139


4.02 %


9,565


66


2.76 %

Total interest-earning assets

1,437,166


19,510


5.43 %


1,298,752


15,193


4.68 %

Non-earning assets

42,052






44,264





Total assets

1,479,218






1,343,016

















Interest-bearing liabilities:












Savings and money market accounts

259,198


1,379


2.13 %


279,510


996


1.43 %

Interest-bearing checking accounts

148,126


382


1.03 %


153,216


189


0.49 %

Certificate accounts

537,894


5,304


3.95 %


468,220


2,842


2.43 %

Borrowings

277,220


2,612


3.77 %


198,517


1,295


2.61 %

Total interest-bearing liabilities

1,222,438


9,677


3.17 %


1,099,463


5,322


1.94 %

Noninterest-bearing demand deposits

108,577






97,278





Other liabilities

14,676






14,004





Stockholders' equity

133,527






132,271





Total liabilities and stockholders' equity

1,479,218






1,343,016

















Net interest income



$         9,833






$         9,871



Net earning assets

$   214,728






$   199,289

















Net interest rate spread(1)





2.26 %






2.74 %

Net interest margin(2)





2.74 %






3.04 %

Average interest-earning assets to average interest-bearing
     liabilities

117.57 %






118.13 %





________________________________________________

(1)

Net interest rate spread represents the difference between the weighted average yield earned on interest-earning assets and the weighted average rate paid on interest bearing liabilities.

(2)

Net interest margin represents net interest income divided by average total interest-earning assets.

 


At and for the Three Months Ended

Selected Financial Ratios and Other Data:

March 31,
2024


December 31,
2023


September 30,
2023


June 30,
2023


March 31,
2023

Performance ratios:










Return on average assets(1)

0.64 %


0.54 %


0.55 %


0.77 %


0.86 %

Return on average equity(1)

7.10 %


6.45 %


6.04 %


8.05 %


8.78 %

Yield on interest-earning assets

5.43 %


5.32 %


5.07 %


4.82 %


4.68 %

Rate paid on interest-bearing liabilities

3.17 %


3.10 %


2.85 %


2.42 %


1.94 %

Average interest rate spread

2.26 %


2.22 %


2.22 %


2.40 %


2.74 %

Net interest margin(1)(2)

2.74 %


2.67 %


2.66 %


2.77 %


3.04 %

Operating expense to average total assets(1)

2.18 %


2.22 %


2.26 %


2.11 %


2.19 %

Efficiency ratio(3)

73.51 %


76.39 %


77.91 %


69.79 %


67.12 %

Average interest-earning assets to average
interest-bearing liabilities

117.57 %


116.97 %


118.04 %


118.15 %


118.13 %

Asset quality ratios:










Non-performing assets to total assets(4)

0.47 %


0.56 %


0.60 %


0.62 %


0.66 %

Non-performing loans and leases to total gross
loans and leases(5)

0.61 %


0.72 %


0.74 %


0.81 %


0.86 %

Allowance for credit losses to non-performing
loans and leases(5)(6)

228.36 %


195.80 %


194.70 %


180.44 %


179.80 %

Allowance for credit losses to total loans and
leases(6)

1.39 %


1.42 %


1.43 %


1.45 %


1.54 %

Net charge-offs/(recoveries) to average
outstanding loans and leases during the
period(1)

0.12 %


0.09 %


0.11 %


0.08 %


(0.03) %

Capital ratios:










Equity to total assets at end of period

8.90 %


9.22 %


8.34 %


9.28 %


9.99 %

Average equity to average assets

9.03 %


8.32 %


9.10 %


9.62 %


9.85 %

Common equity tier 1 capital (to risk weighted
assets)(7)

12.89 %


12.85 %


12.48 %


12.77 %


13.14 %

Tier 1 leverage (core) capital (to adjusted
tangible assets)(7)

10.67 %


10.64 %


10.71 %


10.81 %


10.95 %

Tier 1 risk-based capital (to risk weighted
assets)(7)

12.89 %


12.85 %


12.48 %


12.77 %


13.14 %

Total risk-based capital (to risk weighted
assets)(7)

14.14 %


14.10 %


13.73 %


14.02 %


14.39 %

Other data:










Number of full-service offices

12


12


12


12


12

Full-time equivalent employees

178


176


176


183


181



(1)

Annualized

(2)

Net interest income divided by average interest-earning assets.

(3)

Total noninterest expenses as a percentage of net interest income and total noninterest income.

(4)

Non-performing assets consist of nonaccrual loans and leases, accruing loans and leases more than 90 days past due and foreclosed assets.

(5)

Non-performing loans and leases consist of nonaccrual loans and leases and accruing loans and leases more than 90 days past due.

(6)

As a result of the adoption of CECL on January 1, 2023, the allowance for credit losses calculated prior to that date was determined using the previously applied incurred loss methodology rather than the current expected credit losses methodology, and as a result the balances are not directly comparable.

(7)

Capital ratios are for First Bank Richmond.

 

Cision View original content:https://www.prnewswire.com/news-releases/richmond-mutual-bancorporation-inc-announces-2024-first-quarter-financial-results-302127903.html

SOURCE Richmond Mutual Bancorporation, Inc.


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