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Richmond Mutual Bancorporation, Inc. (NASDAQ: RMBI) is a nationally chartered mutual bank primarily engaged in traditional community banking services. Headquartered in Richmond, Indiana, it operates through its subsidiary, First Bank Richmond, providing a comprehensive range of financial products and services. The bank has a strong regional presence with eight branches in Richmond, Cambridge City, Centerville, and Shelbyville, Indiana, along with additional locations in Ohio, including Sidney, Piqua, Troy, and a loan production office in Columbus.
Richmond Mutual Bancorporation's core business involves attracting deposits from the public and brokered deposits, which are then predominantly invested in various loan types. These include commercial and multi-family real estate loans, first mortgages on owner-occupied residences, consumer loans, direct financing leases, and commercial and industrial loans. This diversified portfolio ensures a stable income stream and mitigates risk.
The Company has demonstrated resilient financial performance amidst fluctuating interest rates and economic conditions. Notably, in recent quarters, it has managed to sustain profitability despite significant interest rate hikes by the Federal Reserve. For example, the third quarter of 2023 saw net income of $1.9 million, although this was a decrease from the $2.7 million reported in the second quarter. Similarly, the first quarter of 2024 showed improvement with net income rising to $2.4 million from $1.9 million in the previous quarter.
Richmond Mutual Bancorp has adeptly managed its balance sheet, with total assets increasing to $1.5 billion by the end of the first quarter of 2024. This growth was primarily driven by a $33.1 million increase in loans and leases. Additionally, the company has proactively repurchased common stock and maintained robust dividend payouts, reflecting a strong commitment to shareholder value.
In terms of credit quality, the bank's nonperforming loans and leases have remained stable, with allowances for credit losses being sufficiently maintained. The adoption of the CECL accounting standard has further strengthened its financial health by ensuring adequate provisioning against potential loan losses.
First Bank Richmond has also focused on enhancing noninterest income through increased card fee income and loan hedging programs. Despite challenges such as rising interest rates and an uncertain economic environment, the bank continues to leverage its strategic initiatives to maintain steady growth and profitability.
Overall, Richmond Mutual Bancorporation, Inc. stands out as a robust regional banking entity, adeptly navigating economic challenges while consistently delivering value to its stakeholders. Its commitment to community banking and strategic financial management positions it well for sustained growth and stability.
Richmond Mutual Bancorporation (NASDAQ: RMBI) has announced a 7% increase in its quarterly cash dividend. The Board of Directors has declared a dividend of $0.15 per share, representing a $0.01 increase from the previous quarter's dividend. The dividend will be paid on March 12, 2025, to shareholders of record as of the close of business on February 26, 2025.
Richmond Mutual Bancorporation (NASDAQ: RMBI) has announced its upcoming annual stockholders' meeting, scheduled for Wednesday, May 21, 2025. The company has set March 24, 2025 as the record date for determining stockholders eligible to vote at the annual meeting.
Richmond Mutual Bancorporation (NASDAQ: RMBI) reported Q4 2024 net income of $2.5 million, or $0.24 diluted earnings per share, matching Q3 2024 results and up from $1.9 million ($0.19 per share) in Q4 2023. Net interest income increased 4.6% to $9.9 million compared to Q3 2024, with net interest margin improving to 2.70%.
Total assets remained stable at $1.5 billion, while loans and leases, net of allowance, grew to $1.2 billion. Credit quality showed improvement with nonperforming loans decreasing to 0.58% of total loans. Deposits increased 5.1% year-over-year to $1.1 billion, with uninsured deposits at 22.7% of total deposits.
The company continued its share repurchase program, buying back 133,858 shares at an average price of $13.95 during Q4. Book value per share was $12.29, and the Bank's Tier 1 capital ratio remained strong at 10.75%.
Richmond Mutual Bancorporation (NASDAQ: RMBI) has announced a quarterly cash dividend of $0.14 per share. The dividend will be paid on December 19, 2024 to stockholders of record as of the close of business on December 5, 2024.
Richmond Mutual Bancorporation (NASDAQ: RMBI) reported net income of $2.5 million, or $0.24 diluted earnings per share, for Q3 2024, showing improvements from $2.1 million ($0.20 per share) in Q2 2024 and $1.9 million ($0.19 per share) in Q3 2023. The company's assets remained stable at $1.5 billion, with loans and leases totaling $1.1 billion. Nonperforming loans decreased to $6.7 million (0.58% of total loans) from $7.7 million in Q2. Net interest margin declined to 2.60% from 2.64% in Q2, while deposits increased to $1.1 billion, with noninterest-bearing deposits representing 9.0% of total deposits.
Richmond Mutual Bancorporation (NASDAQ: RMBI) has announced a quarterly cash dividend of $0.14 per share on its common stock. The dividend will be payable on September 18, 2024 to stockholders of record at the close of business on September 4, 2024. This announcement demonstrates the company's commitment to returning value to shareholders and may indicate confidence in its financial stability. The dividend declaration by the Board of Directors suggests a positive outlook for the company's near-term financial performance.
Richmond Mutual Bancorporation (NASDAQ: RMBI) reported net income of $2.1 million, or $0.20 diluted earnings per share, for Q2 2024. This represents a decrease from $2.4 million in Q1 2024 and $2.7 million in Q2 2023. Key highlights include:
- Assets remained stable at $1.5 billion
- Loans and leases, net of allowance, totaled $1.1 billion
- Deposits increased to $1.1 billion
- Net interest income decreased 2.6% to $9.6 million
- Net interest margin declined to 2.64%
- Nonperforming loans increased to 0.67% of total loans
The company faced pressure on its net interest margin due to rising interest rates affecting liabilities more than assets. However, loan portfolio performance remained strong, and average deposit balances increased during the quarter.
Richmond Mutual Bancorporation announced a quarterly cash dividend of $0.14 per share, payable on June 13, 2024, to shareholders of record by May 30, 2024. This announcement reflects the company's continued commitment to returning value to its shareholders.
Richmond Mutual Bancorporation (NASDAQ: RMBI) announced an extension of its stock repurchase program, originally set to expire on June 6, 2024, to June 6, 2025. As of May 15, 2024, 723,195 shares remain available for repurchase.
Since the program's inception, the company has repurchased 782,840 shares, costing $8.8 million. The Board also authorized a Rule 10b5-1 trading plan with Keefe, Bruyette & Woods to facilitate stock repurchases during blackout periods. The plan will be subject to market conditions and pricing constraints.
CEO Garry Kleer emphasized the Board's confidence in the company's future, citing strong liquidity, capital position, and a high-quality loan and lease portfolio despite current industry uncertainties.
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