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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) reported $3.0 million in net income for Q1 2022, equating to $0.26 diluted EPS. This marks increases of 8.3% and 18.2% from Q4 2021 and Q1 2021, respectively. Total assets stood at $1.3 billion, with net loans and leases growing to $850.0 million. Deposits rose to $909.5 million. However, net interest income saw a slight decline, decreasing by 0.4% from the previous quarter. Stockholders' equity decreased 12.8% to $157.3 million, influenced by market adjustments and share buybacks.
Richmond Mutual Bancorporation (NASDAQ: RMBI) has declared a cash dividend of $0.10 per share, marking a significant 43% increase from the previous $0.07 per share dividend announced in November 2021. This dividend will be payable on March 17, 2022, to stockholders on record as of March 3, 2022. The firm, headquartered in Richmond, Indiana, operates through several locations in Indiana and Ohio, providing community-oriented financial and trust services.
Richmond Mutual Bancorporation (NASDAQ: RMBI) will hold its annual shareholders meeting on May 18, 2022. Shareholders must be on record by March 25, 2022 to vote. The company operates First Bank Richmond, offering financial services across eight locations in Indiana and Ohio. For investors, the meeting is critical as it sets the stage for future governance and decision-making.
Richmond Mutual Bancorporation (NASDAQ: RMBI) reported a fourth-quarter net income of $2.7 million, equivalent to $0.24 diluted earnings per share, a decrease from $3.1 million or $0.27 per share in Q3 2021. For the full year, net income rose to $11.1 million or $0.96 per share, up from $10 million or $0.82 in 2020. Notably, the company incurred a $665,000 one-time pension plan expense in Q4. Excluding this charge, net income was $3.2 million, reflecting ongoing operational strength with total assets reaching $1.3 billion at year-end.
Richmond Mutual Bancorporation has declared a cash dividend of $0.07 per share on its common stock. This dividend will be payable on December 16, 2021, to stockholders who are on record as of December 2, 2021. The announcement highlights the company's ongoing commitment to providing value to its investors amid economic uncertainties.
Richmond Mutual Bancorporation (NASDAQ: RMBI) announced Q3 2021 net income of $3.1 million, or $0.27 per diluted share, reflecting growth from $2.8 million in Q2 2021 and $2.5 million in Q3 2020. Total assets reached $1.2 billion, with loans net of allowance at $795.4 million. Total deposits increased by 3.9% to $824.3 million. Nonperforming loans rose to $8.5 million, or 1.05%. Net interest income increased by 8.4% to $10 million. The company continued stock repurchase activities and aimed to improve shareholder returns amid ongoing pandemic challenges.
Richmond Mutual Bancorporation (NASDAQ: RMBI) declared a cash dividend of $0.07 per share on August 19, 2021. This dividend will be paid on September 16, 2021 to shareholders on record as of September 2, 2021. The company operates multiple banking locations in Indiana and Ohio, offering traditional financial services. The announcement reinforces the company's commitment to return value to its shareholders while navigating potential economic challenges.
Richmond Mutual Bancorporation reported net income of $2.8 million for Q2 2021, translating to $0.24 diluted earnings per share, up from $2.6 million ($0.22) in Q1 2021 and $2.5 million ($0.20) in Q2 2020. The company completed a 5% stock repurchase program and initiated a new 10% program, alongside a $0.50 special dividend. Total assets increased to $1.2 billion and loans and leases rose to $785.3 million. Despite challenges from COVID-19, the bank remains well-capitalized with a Tier I capital ratio of 13.68%.
Richmond Mutual Bancorporation has declared a cash dividend of $0.07 per share, payable on June 17, 2021 to shareholders on record as of June 3, 2021. This announcement reflects the company's commitment to returning value to its investors amidst ongoing uncertainties in the financial market due to the COVID-19 pandemic.
Richmond Mutual Bancorporation (NASDAQ: RMBI) announced a new stock repurchase program, authorizing the buyback of up to 1,263,841 shares, approximately 10% of its outstanding shares. This program will begin after completing the current repurchase initiative, during which 423,944 of the 664,969 shares were repurchased. The buyback aims to enhance shareholder value and will be managed under a Rule 10b5-1 plan with Keefe, Bruyette & Woods, allowing share purchases even during blackout periods. The timing and amount of repurchased shares will depend on market conditions.
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