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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 net income of $2.6 million, or $0.22 diluted EPS, for Q1 2021, showing a slight increase from Q4 2020 and Q1 2020. The company raised its quarterly dividend from $0.05 to $0.07 per share and announced a special dividend of $0.50 per share. Total deposits increased by 9.2% to $757.1 million, while nonperforming loans rose to 1.05% of total loans. Despite a low interest rate environment impacting margins, annualized net interest margin improved to 3.44%.
Richmond Mutual Bancorporation (NASDAQ: RMBI) has declared a special cash dividend of $0.50 per share. Chairman Garry Kleer stated that this decision aligns with sound capital management strategies, enabling the company to preserve its growth potential. The dividend will be paid on May 5, 2021, to stockholders on record as of April 21, 2021. This announcement reflects the company's commitment to returning value to shareholders while maintaining financial stability amid fluctuating economic conditions.
Richmond Mutual Bancorporation (NASDAQ: RMBI) announced a cash dividend of $0.07 per share, reflecting a 40.0% increase from the previous $0.05 declared in November 2020. This dividend will be payable on March 18, 2021, to stockholders of record as of March 4, 2021. The company operates through First Bank Richmond, providing community-oriented financial services across multiple locations in Indiana and Ohio.
Richmond Mutual Bancorporation, Inc. (RMBI) issued a correction to its January 28, 2021 earnings release, mistakenly stating the date as January 28, 2020. This correction does not present new financial information but acknowledges a clerical error. The company remains committed to transparency and accurate reporting of its financial performance.
Richmond Mutual Bancorporation (NASDAQ: RMBI) reported net income of $2.5 million, or $0.21 diluted EPS, for Q4 2020, matching Q3 2020 but recovering from a net loss of $12.5 million in Q4 2019. Full year net income stood at $10.0 million, a turnaround from a $14.1 million loss in 2019. Total assets reached $1.1 billion, with a 9.5% increase year-over-year. The bank's Tier I capital ratio was a strong 14.28%. Although loan modifications decreased significantly, nonperforming loans rose to $4.8 million, indicating ongoing economic pressures.
Richmond Mutual Bancorporation (NASDAQ: RMBI) announced the unexpected passing of director W. Ray (Steve) Stevens, III, on November 25, 2020. Mr. Stevens had over 25 years of experience as a director at First Bank Richmond and contributed significantly to the company's recent transition to a public entity. Garry Kleer, CEO, expressed deep sorrow over the loss, emphasizing Stevens' integral role in the bank's accomplishments. The company operates multiple financial service locations across Indiana and Ohio.
Richmond Mutual Bancorporation (NASDAQ: RMBI) has declared a cash dividend of $0.05 per share on its common stock. This dividend is payable on December 17, 2020, to shareholders on record as of the close of business on December 3, 2020. The announcement reflects the bank's commitment to returning value to its shareholders amidst a challenging economic environment, which has been influenced by the ongoing COVID-19 pandemic.
Richmond Mutual Bancorporation reported a net income of $2.5 million or $0.21 diluted EPS for Q3 2020, unchanged from Q2 2020 but improved from a net loss of $3.3 million in Q3 2019. For the first nine months of 2020, net income totaled $7.5 million.
The company's stockholders' equity rose to $191.7 million. Total assets increased by 7% to $1.1 billion, while loans net of allowance slightly declined to $750.6 million.
Richmond Mutual Bancorporation (NASDAQ: RMBI) announced a cash dividend of $0.05 per share, payable on September 17, 2020. The record date for stockholders is September 3, 2020. The institution, based in Richmond, Indiana, operates First Bank Richmond and offers various traditional financial services across multiple locations in Indiana and Ohio.
Richmond Mutual Bancorporation (NASDAQ: RMBI) reported a net income of $2.5 million, or $0.20 diluted earnings per share, for Q2 2020, unchanged from Q1 2020 but a significant rise from $335,000 in Q2 2019. Total assets reached $1.1 billion, up 15.6% from the end of 2019, primarily due to a $65.7 million increase in loans, largely attributed to Paycheck Protection Program (PPP) loans. The bank has also approved a 5-cent dividend and initiated a 5% stock buyback. The allowance for loan losses increased to $8.5 million amid ongoing uncertainties related to COVID-19.
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