RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2023 FOURTH QUARTER FINANCIAL RESULTS
- Stable credit quality with nonperforming loans and leases totaling 0.72% of total loans and leases at December 31, 2023.
- Stockholders' equity increased to $134.9 million at December 31, 2023, from $118.0 million at September 30, 2023.
- Net interest income increased to $9.3 million for the three months ended December 31, 2023, up 2.2% from the prior quarter.
- The Company repurchased 91,575 shares of common stock at an average price of $10.66 per share during the quarter ended December 31, 2023.
- The Bank's Tier 1 capital to total assets was 10.64%, well in excess of all regulatory requirements at December 31, 2023.
- Net income decreased to $1.9 million for Q4 2023 from $3.3 million in Q4 2022.
- Annual net income decreased to $9.5 million for 2023 from $13.0 million in 2022.
- Interest expense increased by $964,000, or 11.6%, to $9.3 million for the quarter ended December 31, 2023, compared to the quarter ended September 30, 2023.
Insights
The financial results of Richmond Mutual Bancorporation, Inc. indicate a stable net income quarter-over-quarter but a significant year-over-year decline. The consistency in quarterly earnings suggests operational stability, but the annual drop from $13.0 million to $9.5 million raises questions about the bank's growth trajectory and cost management strategies in a rising interest rate environment. The net interest margin (NIM) compression from 3.33% to 2.67% year-over-year is notable, as it reflects the pressure on profitability despite asset growth. Investors may need to consider the implications of this compression on future earnings, as the interest rate environment remains uncertain.
Furthermore, the bank's adoption of the Current Expected Credit Loss (CECL) model, resulting in a one-time equity adjustment, is significant for evaluating credit risk management. The slight increase in the provision for credit losses, from no provision in Q4 2022 to $304,000 in Q4 2023, could indicate a cautious approach towards potential future credit losses. The stable nonperforming loans ratio suggests good asset quality, but continued monitoring of this metric will be crucial for investors.
Lastly, the repurchase of shares indicates management's confidence in the company's valuation. However, the impact of this on the company's capital and future ability to pay dividends or invest in growth initiatives should be considered.
Richmond Mutual Bancorporation's asset growth, with total assets reaching $1.5 billion, reflects a positive trend in the expansion of the bank's portfolio. This growth, coupled with a stable loan and lease portfolio, suggests effective market penetration and customer retention strategies. However, the decline in net income year-over-year may point towards challenges in scaling operations efficiently in a high-interest rate environment, which is a critical factor for investors to monitor in the context of the bank's future performance.
Additionally, the equity to assets ratio of 9.22% and the Tier 1 capital to total assets at 10.64%, which are well above regulatory requirements, provide a cushion against potential downturns and may reassure stakeholders of the bank's capital adequacy. The increase in stockholders' equity and book value per share from the previous year also suggests an improved intrinsic value of the company, which could influence investor sentiment.
The Federal Reserve's aggressive interest rate hikes, totaling 500 basis points since March 2022, have significantly influenced the banking sector, as seen with Richmond Mutual Bancorporation. The bank's net interest income has been affected by the higher rate environment, which benefits the yields on assets but increases the cost of liabilities. This dynamic is a double-edged sword, as it can lead to squeezed margins if the rate on liabilities increases faster than the rate on assets, as observed with the bank's reduced NIM.
Moreover, the economic environment suggests that banks like Richmond Mutual Bancorporation must navigate the delicate balance of maintaining loan growth while managing interest rate risk and credit quality. The bank's performance in this area will be critical for its resilience against potential economic headwinds, such as continued inflationary pressures or a potential economic slowdown.
President's Comments
Garry Kleer, Chairman, President and Chief Executive Officer, commented, "Our net interest margin and overall profitability continue to be impacted by the significantly higher interest rate environment in 2023 compared to 2022. In spite of the challenges imposed by the current interest rate environment, we were able to maintain our loan and deposit portfolios and our profitability. Furthermore, credit quality remained stable with nonperforming loans and leases totaling
Fourth Quarter Performance Highlights:
- Assets totaled
$1.5 billion $1.4 billion $1.3 billion - Loans and leases, net of allowance for credit losses, totaled
$1.1 billion $961.7 million - Nonperforming loans and leases totaled
$8.0 million 0.72% of total loans and leases, at December 31, 2023, compared to$8.0 million 0.74% of total loans and leases, at September 30, 2023, and$9.2 million 0.94% at December 31, 2022. - The allowance for credit losses totaled
$15.7 million 1.42% of total loans and leases outstanding, at December 31, 2023, compared to$15.5 million 1.43% of total loans and leases outstanding, at September 30, 2023. The allowance for loan and lease losses totaled$12.4 million 1.27% of total loans and leases outstanding, at December 31, 2022. On January 1, 2023, the Bank adopted the accounting standard referred to as Current Expected Credit Loss ("CECL"), which resulted in a one-time adjustment from equity into the allowance for credit losses and the allowance for off-balance sheet commitments in the amount of$3.8 million - The provision for credit losses totaled
$304,000 $50,000 - Deposits totaled
$1.0 billion $1.1 billion $1.0 billion $114.4 million 11.0% of total deposits, compared to$115.6 million 11.0% of total deposits at September 30, 2023, and$106.4 million 10.6% of total deposits at December 31, 2022. At December 31, 2023, approximately$216.0 million 20.7% , of our deposit portfolio, excluding collateralized public deposits, was uninsured. - Stockholders' equity totaled
$134.9 million $118.0 million $132.4 million 9.22% at December 31, 2023. - Book value per share and tangible book value per share were both
$12.03 $10.45 $11.23 - Net interest income increased to
$9.3 million $204,000 2.2% from$9.1 million $1.2 million 11.3% from$10.5 million - Annualized net interest margin was
2.67% for the current quarter, compared to2.66% in the preceding quarter and3.33% the fourth quarter a year ago. - The Company repurchased 91,575 shares of common stock at an average price of
$10.66 - The Bank's Tier 1 capital to total assets was
10.64% , well in excess of all regulatory requirements at December 31, 2023.
Income Statement Summary
Net interest income before the provision for credit losses increased
Interest income increased
Interest income on loans and leases increased
Interest income on investment securities, excluding FHLB stock, decreased
Interest expense increased
Interest expense on FHLB borrowings increased
Annualized net interest margin was
The provision for credit losses totaled
Noninterest income increased
Total noninterest expense increased
Income tax expense decreased
Balance Sheet Summary
Total assets increased
The increase in loans and leases was attributable to an increase in commercial real estate loans, direct financing leases and construction and development loans of
Nonperforming loans and leases, consisting of nonaccrual loans and leases and accruing loans and leases more than 90 days past due, totaled
On January 1, 2023, the Bank adopted the accounting standard referred to as the current expected credit loss, or CECL. As a result of the change in methodology from the incurred loss method to the CECL method, on January 1, 2023 the Company recorded a one-time adjustment from equity into the allowance for credit losses in the amount of
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 December 31, 2023, which evaluation included consideration of a potential recession due to inflation, higher interest rates, stock market volatility, and overall geopolitical tensions. Credit metrics are reviewed and stress testing is performed on the loan portfolio on an ongoing basis.
Total deposits increased
As of December 31, 2023, approximately
Stockholders' equity totaled
During the quarter ended December 31, 2023, the Company repurchased a total of 91,575 shares of Company common stock at an average price of
About Richmond Mutual Bancorporation, Inc.
Richmond Mutual Bancorporation, Inc., headquartered in
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 past 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 high 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 | Year Ended | ||||||||
SELECTED OPERATIONS DATA: | December 31, | September 30, | December 31, | December 31, | December 31, | ||||
(In thousands, except for per share amounts) | |||||||||
Interest income | $ 18,581 | $ 17,413 | $ 14,298 | $ 67,410 | $ 51,858 | ||||
Interest expense | 9,250 | 8,286 | 3,774 | 29,748 | 10,219 | ||||
Net interest income | 9,331 | 9,127 | 10,524 | 37,662 | 41,639 | ||||
Provision for credit losses(1) | 304 | 50 | — | 532 | 600 | ||||
Net interest income after provision for credit losses | 9,027 | 9,077 | 10,524 | 37,130 | 41,039 | ||||
Noninterest income | 1,179 | 1,159 | 1,391 | 4,611 | 4,867 | ||||
Noninterest expense | 8,029 | 8,013 | 7,942 | 30,738 | 30,157 | ||||
Income before income tax expense | 2,177 | 2,223 | 3,973 | 11,003 | 15,749 | ||||
Income tax provision | 235 | 274 | 669 | 1,516 | 2,784 | ||||
Net income | $ 1,942 | $ 1,949 | $ 3,304 | $ 9,487 | $ 12,965 | ||||
Shares outstanding | 11,209 | 11,300 | 11,784 | 11,209 | 11,784 | ||||
Average shares outstanding: | |||||||||
Basic | 10,225 | 10,359 | 10,623 | 10,396 | 10,766 | ||||
Diluted | 10,260 | 10,382 | 10,782 | 10,451 | 11,058 | ||||
Earnings per share: | |||||||||
Basic | $ 0.19 | $ 0.19 | $ 0.31 | $ 0.91 | $ 1.20 | ||||
Diluted | $ 0.19 | $ 0.19 | $ 0.31 | $ 0.91 | $ 1.17 | ||||
________________________________________________ | |
(1) | As a result of the adoption of CECL on January 1, 2023, the provision 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 amounts are not directly comparable. |
SELECTED FINANCIAL CONDITION DATA: | December 31, | September 30, | June 30, | March 31, | December 31, | ||||
(In thousands, except for per share amounts) | |||||||||
Total assets | $ 1,462,037 | $ 1,422,319 | $ 1,408,593 | $ 1,361,581 | $ 1,328,026 | ||||
Cash and cash equivalents | 20,225 | 20,652 | 17,464 | 17,390 | 15,922 | ||||
Interest-bearing time deposits | — | 245 | 490 | 490 | 490 | ||||
Investment securities | 287,638 | 269,363 | 287,096 | 297,498 | 291,572 | ||||
Loans and leases, net of allowance for credit losses(1) | 1,091,101 | 1,066,892 | 1,043,024 | 989,117 | 961,691 | ||||
Loans held for sale | 794 | 568 | 340 | — | 474 | ||||
Premises and equipment, net | 13,312 | 13,342 | 13,539 | 13,493 | 13,668 | ||||
Federal Home Loan Bank stock | 12,647 | 11,297 | 10,802 | 10,082 | 9,947 | ||||
Other assets | 36,320 | 39,960 | 35,838 | 33,511 | 34,262 | ||||
Deposits | 1,042,153 | 1,053,909 | 1,039,573 | 1,030,034 | 1,005,261 | ||||
Borrowings | 271,000 | 238,000 | 226,000 | 183,500 | 180,000 | ||||
Total stockholder's equity | 134,860 | 118,038 | 130,235 | 135,553 | 132,385 | ||||
Book value (GAAP) | $ 134,860 | $ 118,038 | $ 130,235 | $ 135,553 | $ 132,385 | ||||
Tangible book value (non-GAAP) | 134,860 | 118,038 | 130,235 | 135,553 | 132,385 | ||||
Book value per share (GAAP) | 12.03 | 10.45 | 11.38 | 11.60 | 11.23 | ||||
Tangible book value per share (non-GAAP) | 12.03 | 10.45 | 11.38 | 11.60 | 11.23 |
________________________________________________ | |
(1) | As a result of the adoption of CECL on January 1, 2023, the allowance amounts calculated prior to that date were 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. |
The following table summarizes information relating to our loan and lease portfolio at the dates indicated:
(In thousands) | December 31, | September 30, | June 30, | March 31, | December 31, | ||||
Commercial mortgage | $ 341,633 | $ 345,714 | $ 341,475 | $ 321,314 | $ 298,087 | ||||
Commercial and industrial | 115,428 | 111,450 | 114,162 | 97,880 | 100,420 | ||||
Construction and development | 157,805 | 140,651 | 117,029 | 125,521 | 139,923 | ||||
Multi-family | 138,757 | 135,409 | 141,545 | 132,407 | 124,914 | ||||
Residential mortgage | 162,123 | 160,488 | 159,753 | 152,376 | 146,129 | ||||
Home equity | 10,904 | 10,776 | 10,492 | 10,923 | 11,010 | ||||
Direct financing leases | 156,598 | 154,520 | 152,181 | 143,281 | 133,469 | ||||
Consumer | 24,292 | 24,176 | 22,657 | 21,604 | 21,048 | ||||
Total loans and leases | $ 1,107,540 | $ 1,083,184 | $ 1,059,294 | $ 1,005,306 | $ 975,000 |
The following table summarizes information relating to our deposits at the dates indicated:
(In thousands) | December 31, | September 30, | June 30, | March 31, | December 31, | ||||
Noninterest-bearing demand | $ 114,377 | $ 115,632 | $ 104,691 | $ 96,827 | $ 106,415 | ||||
Interest-bearing demand | 152,878 | 146,118 | 149,770 | 148,798 | 157,429 | ||||
Savings and money market | 256,755 | 249,575 | 267,624 | 275,006 | 280,666 | ||||
Non-brokered time deposits | 249,305 | 240,297 | 226,493 | 218,262 | 202,862 | ||||
Brokered time deposits | 268,838 | 302,287 | 290,995 | 291,141 | 257,889 | ||||
Total deposits | $ 1,042,153 | $ 1,053,909 | $ 1,039,573 | $ 1,030,034 | $ 1,005,261 |
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 December 31, | |||||||||||
2023 | 2022 | ||||||||||
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 | $ 16,231 | 5.93 % | $ 956,030 | $ 12,343 | 5.16 % | ||||||
Securities | 270,093 | 1,794 | 2.66 % | 288,204 | 1,760 | 2.44 % | |||||
FHLB stock | 11,882 | 295 | 9.93 % | 9,942 | 117 | 4.71 % | |||||
Cash and cash equivalents and other | 22,166 | 261 | 4.71 % | 10,118 | 78 | 3.08 % | |||||
Total interest-earning assets | 1,398,134 | 18,581 | 5.32 % | 1,264,294 | 14,298 | 4.52 % | |||||
Non-earning assets | 47,818 | 45,149 | |||||||||
Total assets | 1,445,952 | 1,309,443 | |||||||||
Interest-bearing liabilities: | |||||||||||
Savings and money market accounts | 270,226 | 1,452 | 2.15 % | 296,747 | 859 | 1.16 % | |||||
Interest-bearing checking accounts | 146,259 | 346 | 0.95 % | 156,365 | 163 | 0.42 % | |||||
Certificate accounts | 527,781 | 5,123 | 3.88 % | 426,054 | 1,784 | 1.67 % | |||||
Borrowings | 251,043 | 2,329 | 3.71 % | 183,538 | 968 | 2.11 % | |||||
Total interest-bearing liabilities | 1,195,309 | 9,250 | 3.10 % | 1,062,704 | 3,774 | 1.42 % | |||||
Noninterest-bearing demand deposits | 115,890 | 110,631 | |||||||||
Other liabilities | 14,392 | 9,081 | |||||||||
Stockholders' equity | 120,361 | 127,027 | |||||||||
Total liabilities and stockholders' equity | 1,445,952 | 1,309,443 | |||||||||
Net interest income | $ 9,331 | $ 10,524 | |||||||||
Net earning assets | $ 202,825 | $ 201,590 | |||||||||
Net interest rate spread(1) | 2.22 % | 3.10 % | |||||||||
Net interest margin(2) | 2.67 % | 3.33 % | |||||||||
Average interest-earning assets to average interest-bearing liabilities | 116.97 % | 118.97 % | |||||||||
________________________________________________ | |
(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. |
Year Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
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 | $ 58,794 | 5.63 % | $ 897,918 | $ 44,594 | 4.97 % | ||||||
Securities | 285,600 | 7,203 | 2.52 % | 318,917 | 6,712 | 2.10 % | |||||
FHLB stock | 10,750 | 851 | 7.92 % | 9,856 | 399 | 4.05 % | |||||
Cash and cash equivalents and other | 13,728 | 562 | 4.09 % | 13,739 | 153 | 1.11 % | |||||
Total interest-earning assets | 1,354,549 | 67,410 | 4.98 % | 1,240,430 | 51,858 | 4.18 % | |||||
Non-earning assets | 45,212 | 40,659 | |||||||||
Total assets | 1,399,761 | 1,281,089 | |||||||||
Interest-bearing liabilities: | |||||||||||
Savings and money market accounts | 274,497 | 4,989 | 1.82 % | 284,725 | 2,153 | 0.76 % | |||||
Interest-bearing checking accounts | 147,964 | 1,054 | 0.71 % | 165,213 | 534 | 0.32 % | |||||
Certificate accounts | 509,316 | 16,767 | 3.29 % | 384,038 | 4,441 | 1.16 % | |||||
Borrowings | 218,025 | 6,938 | 3.18 % | 179,966 | 3,091 | 1.72 % | |||||
Total interest-bearing liabilities | 1,149,802 | 29,748 | 2.59 % | 1,013,942 | 10,219 | 1.01 % | |||||
Noninterest-bearing demand deposits | 107,192 | 111,990 | |||||||||
Other liabilities | 13,924 | 7,686 | |||||||||
Stockholders' equity | 128,843 | 147,471 | |||||||||
Total liabilities and stockholders' equity | 1,399,761 | 1,281,089 | |||||||||
Net interest income | $ 37,662 | $ 41,639 | |||||||||
Net earning assets | $ 204,747 | $ 226,488 | |||||||||
Net interest rate spread(1) | 2.39 % | 3.17 % | |||||||||
Net interest margin(2) | 2.78 % | 3.36 % | |||||||||
Average interest-earning assets to average interest-bearing liabilities | 117.81 % | 122.34 % | |||||||||
________________________________________________ | |
(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: | December 31, | September 30, | June 30, | March 31, | December 31, | ||||
Performance ratios: | |||||||||
Return on average assets(1) | 0.54 % | 0.55 % | 0.77 % | 0.86 % | 1.01 % | ||||
Return on average equity(1) | 6.45 % | 6.04 % | 8.05 % | 8.78 % | 10.40 % | ||||
Yield on interest-earning assets | 5.32 % | 5.07 % | 4.82 % | 4.68 % | 4.52 % | ||||
Rate paid on interest-bearing liabilities | 3.10 % | 2.85 % | 2.42 % | 1.94 % | 1.42 % | ||||
Average interest rate spread | 2.22 % | 2.22 % | 2.40 % | 2.74 % | 3.10 % | ||||
Net interest margin(1)(2) | 2.67 % | 2.66 % | 2.77 % | 3.04 % | 3.33 % | ||||
Operating expense to average total assets(1) | 2.22 % | 2.26 % | 2.11 % | 2.19 % | 2.43 % | ||||
Efficiency ratio(3) | 76.39 % | 77.91 % | 69.79 % | 67.12 % | 66.66 % | ||||
Average interest-earning assets to average interest-bearing liabilities | 116.97 % | 118.04 % | 118.15 % | 118.13 % | 118.97 % | ||||
Asset quality ratios: | |||||||||
Non-performing assets to total assets(4) | 0.56 % | 0.60 % | 0.62 % | 0.66 % | 0.69 % | ||||
Non-performing loans and leases to total gross loans and leases(5) | 0.72 % | 0.74 % | 0.81 % | 0.86 % | 0.94 % | ||||
Allowance for credit losses to non-performing loans and leases(5)(6) | 195.80 % | 194.70 % | 180.44 % | 179.80 % | 135.28 % | ||||
Allowance for credit losses to total loans and leases(6) | 1.42 % | 1.43 % | 1.45 % | 1.54 % | 1.27 % | ||||
Net charge-offs/(recoveries) to average outstanding loans and leases during the period(1) | 0.09 % | 0.11 % | 0.08 % | (0.03) % | 0.06 % | ||||
Capital ratios: | |||||||||
Equity to total assets at end of period | 9.22 % | 8.34 % | 9.28 % | 9.99 % | 10.01 % | ||||
Average equity to average assets | 8.32 % | 9.10 % | 9.62 % | 9.85 % | 9.70 % | ||||
Common equity tier 1 capital (to risk weighted assets)(7) | 12.85 % | 12.48 % | 12.77 % | 13.14 % | 13.23 % | ||||
Tier 1 leverage (core) capital (to adjusted tangible assets)(7) | 10.64 % | 10.71 % | 10.81 % | 10.95 % | 11.20 % | ||||
Tier 1 risk-based capital (to risk weighted assets)(7) | 12.85 % | 12.48 % | 12.77 % | 13.14 % | 13.23 % | ||||
Total risk-based capital (to risk weighted assets)(7) | 14.10 % | 13.73 % | 14.02 % | 14.39 % | 14.31 % | ||||
Other data: | |||||||||
Number of full-service offices | 12 | 12 | 12 | 12 | 12 | ||||
Full-time equivalent employees | 176 | 176 | 183 | 181 | 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. |
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SOURCE Richmond Mutual Bancorporation, Inc.
FAQ
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