RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2024 FOURTH QUARTER FINANCIAL RESULTS
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) ha riportato un reddito netto nel quarto trimestre del 2024 di 2,5 milioni di dollari, o 0,24 dollari per azione diluita, in linea con i risultati del terzo trimestre del 2024 e in aumento rispetto ai 1,9 milioni di dollari (0,19 dollari per azione) del quarto trimestre del 2023. Il reddito netto da interessi è aumentato del 4,6% raggiungendo i 9,9 milioni di dollari rispetto al terzo trimestre del 2024, con un margine d'interesse netto che migliora al 2,70%.
Il totale delle attivi è rimasto stabile a 1,5 miliardi di dollari, mentre prestiti e leasing, netti di accantonamenti, sono aumentati a 1,2 miliardi di dollari. La qualità del credito ha mostrato miglioramenti con i prestiti non performanti che sono diminuiti allo 0,58% del totale dei prestiti. I depositi sono aumentati del 5,1% anno su anno raggiungendo 1,1 miliardi di dollari, con depositi non assicurati al 22,7% del totale dei depositi.
La società ha continuato il suo programma di riacquisto di azioni, riacquistando 133.858 azioni a un prezzo medio di 13,95 dollari durante il quarto trimestre. Il valore contabile per azione è stato di 12,29 dollari e il rapporto di capitale di Tier 1 della banca è rimasto forte al 10,75%.
Richmond Mutual Bancorporation (NASDAQ: RMBI) reportó un ingreso neto de 2,5 millones de dólares en el cuarto trimestre de 2024, o 0,24 dólares por acción diluida, coincidiendo con los resultados del tercer trimestre de 2024 y aumentando desde 1,9 millones de dólares (0,19 dólares por acción) en el cuarto trimestre de 2023. Los ingresos netos por intereses aumentaron un 4,6% a 9,9 millones de dólares en comparación con el tercer trimestre de 2024, con el margen de interés neto mejorando al 2,70%.
Los activos totales se mantuvieron estables en 1,5 mil millones de dólares, mientras que los préstamos y arrendamientos, netos de provisiones, crecieron a 1,2 mil millones de dólares. La calidad crediticia mostró mejoras con los préstamos en mora disminuyendo al 0,58% del total de préstamos. Los depósitos aumentaron un 5,1% interanual a 1,1 mil millones de dólares, con depósitos no asegurados que representan el 22,7% del total de depósitos.
La compañía continuó su programa de recompra de acciones, comprando 133,858 acciones a un precio promedio de 13,95 dólares durante el cuarto trimestre. El valor contable por acción fue de 12,29 dólares y el ratio de capital de Tier 1 del banco se mantuvo fuerte en el 10,75%.
리치먼드 뮤추얼 은행 (NASDAQ: RMBI)는 2024년 4분기 순이익이 250만 달러, 즉 희석 주당 0.24 달러로, 2024년 3분기 결과와 일치하며 2023년 4분기의 190만 달러 (주당 0.19 달러)에서 증가했다고 보고했습니다. 순이자 수익은 2024년 3분기 대비 4.6% 증가하여 990만 달러에 달했으며, 순이자 마진도 2.70%로 개선되었습니다.
총 자산은 15억 달러로 안정세를 유지했으며, 대출 및 리스는 대손충당금을 제외하고 12억 달러로 증가했습니다. 신용 품질은 개선되었으며, 부실 대출 비율은 총 대출의 0.58%로 감소했습니다. 예금은 연간 5.1% 증가하여 11억 달러에 달하였으며, 보험이 없는 예금은 총 예금의 22.7%를 차지했습니다.
회사는 자사주 매입 프로그램을 계속 진행하여 4분기 동안 평균 가격 13.95 달러로 133,858주를 매입했습니다. 주당 장부 가치는 12.29 달러였으며, 은행의 1계층 자본 비율은 10.75%로 강세를 유지했습니다.
Richmond Mutual Bancorporation (NASDAQ: RMBI) a annoncé un bénéfice net de 2,5 millions de dollars pour le quatrième trimestre 2024, soit 0,24 dollar par action diluée, correspondant aux résultats du troisième trimestre 2024 et en hausse par rapport à 1,9 million de dollars (0,19 dollar par action) au quatrième trimestre 2023. Le revenu net d'intérêts a augmenté de 4,6 % pour atteindre 9,9 millions de dollars par rapport au troisième trimestre 2024, avec une amélioration de la marge d'intérêt nette à 2,70 %.
Les actifs totaux sont restés stables à 1,5 milliard de dollars, tandis que les prêts et baux, nets des provisions, ont augmenté à 1,2 milliard de dollars. La qualité du crédit s'est améliorée avec les prêts non performants diminuant à 0,58 % des prêts totaux. Les dépôts ont augmenté de 5,1 % d'une année sur l'autre, atteignant 1,1 milliard de dollars, les dépôts non assurés représentant 22,7 % du total des dépôts.
L'entreprise a poursuivi son programme de rachat d'actions, rachetant 133 858 actions à un prix moyen de 13,95 dollars au cours du quatrième trimestre. La valeur comptable par action était de 12,29 dollars, et le ratio de capital de niveau 1 de la banque est resté solide à 10,75 %.
Richmond Mutual Bancorporation (NASDAQ: RMBI) berichtete über einen Nettogewinn von 2,5 Millionen Dollar im vierten Quartal 2024, was 0,24 Dollar an verwässertem Gewinn pro Aktie entspricht. Dies entspricht den Ergebnissen des dritten Quartals 2024 und ist ein Anstieg von 1,9 Millionen Dollar (0,19 Dollar pro Aktie) im vierten Quartal 2023. Die Nettozinseinnahmen stiegen um 4,6% auf 9,9 Millionen Dollar im Vergleich zum dritten Quartal 2024, während sich die Nettozinsspanne auf 2,70% verbesserte.
Die Gesamtvermögen blieben stabil bei 1,5 Milliarden Dollar, während Kredite und Leasingverträge, bereinigt um Rückstellungen, auf 1,2 Milliarden Dollar anwuchsen. Die Kreditqualität verbesserte sich, da die notleidenden Kredite auf 0,58% des gesamten Kreditvolumens sanken. Die Einlagen stiegen im Jahresvergleich um 5,1% auf 1,1 Milliarden Dollar, wobei nicht versicherte Einlagen 22,7% der Gesamteinlagen ausmachten.
Das Unternehmen setzte sein Aktienrückkaufprogramm fort und kaufte im vierten Quartal 133.858 Aktien zu einem Durchschnittspreis von 13,95 Dollar zurück. Der Buchwert pro Aktie betrug 12,29 Dollar, und die Eigenkapitalquote der Bank Tier 1 blieb mit 10,75% stark.
- Net income increased 31.6% YoY to $2.5 million in Q4 2024
- Net interest income grew 5.7% YoY to $9.9 million
- Net interest margin improved to 2.70% from 2.60% in Q3
- Nonperforming loans decreased to 0.58% from 0.72% YoY
- Total deposits increased 5.1% YoY to $1.1 billion
- Stockholders' equity decreased 1.5% YoY to $132.9 million
- Book value per share declined to $12.29 from $12.79 in Q3 2024
- Noninterest income decreased 10.1% QoQ to $1.2 million
- Uninsured deposits represent 22.7% of total deposits
Insights
Richmond Mutual's Q4 2024 performance reflects resilient fundamentals amid challenging market conditions. The
The bank's funding profile warrants attention:
Asset quality metrics are encouraging, with nonperforming loans decreasing to
The capital management strategy, including
President's Comments
Garry Kleer, Chairman, President and Chief Executive Officer, commented, "Our earnings for the fourth quarter of 2024 benefited from our year-over-year loan growth as well as margin expansion during the fourth quarter, driven by lower funding costs. Additionally, the performance of our loan and lease portfolio continues to improve, as nonperforming assets declined during the quarter. We anticipate further improvements in credit quality if market interest rates continue to decrease."
Fourth Quarter Performance Highlights:
- Assets totaled
$1.5 billion - Loans and leases, net of allowance for credit losses, totaled
$1.2 billion $1.1 billion - Nonperforming loans and leases totaled
$6.8 million 0.58% of total loans and leases, at December 31, 2024, compared to$6.7 million 0.58% of total loans and leases, at September 30, 2024, and$8.0 million 0.72% of total loans and leases, at December 31, 2023. - The allowance for credit losses totaled
$15.8 million 1.34% of total loans and leases outstanding, at December 31, 2024, compared to$15.8 million 1.36% of total loans and leases outstanding, at September 30, 2024, and$15.7 million 1.42% of total loans and leases outstanding, at December 31, 2023. - A provision for credit losses of
$196,000 $99,000 $304,000 - Deposits totaled
$1.1 billion $1.0 billion $110.1 million 10.1% of total deposits, compared to$98.5 million 9.0% of total deposits at September 30, 2024, and$114.4 million 11.0% of total deposits at December 31, 2023. At December 31, 2024, approximately$248.1 million 22.7% , of our deposit portfolio, excluding collateralized public deposits, was uninsured. - Stockholders' equity totaled
$132.9 million $140.0 million $134.9 million 8.83% at December 31, 2024. - Book value per share and tangible book value per share were
$12.29 $12.79 $12.03 - Net interest income increased
$433,000 4.6% , to$9.9 million $9.4 million $535,000 5.7% , from$9.3 million - Annualized net interest margin was
2.70% for the current quarter, compared to2.60% in the preceding quarter and2.67% for the comparable quarter in 2023. - The Company repurchased 133,858 shares of common stock at an average price of
$13.95 - The Bank's Tier 1 capital to total assets was
10.75% , well in excess of all regulatory requirements at December 31, 2024.
Income Statement Summary
Net interest income before the provision for/(recovery of) credit losses increased
Interest income increased
Interest income on loans and leases increased
Interest income on investment securities, excluding FHLB stock, decreased
Interest expense decreased
Interest expense on FHLB borrowings decreased
Annualized net interest margin increased to
A provision for credit losses of
Noninterest income decreased
Total noninterest expense decreased
Income tax expense increased
Balance Sheet Summary
Total assets increased
The increase in loans and leases was attributable to an increase in multi-family loans, commercial real estate loans, commercial and industrial loans, and residential mortgage loans of
Nonperforming loans and leases, consisting of nonaccrual loans and leases and accruing loans and leases more than 90 days past due, totaled
The allowance for credit losses on loans and leases increased
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, 2024, which 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
Total deposits increased
As of December 31, 2024, approximately
Stockholders' equity totaled
During the quarter ended December 31, 2024, the Company repurchased a total of 133,858 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: adverse economic conditions in our local market areas or other markets where we have lending relationships; employment levels, labor shortages and the effects of inflation, a recession or slowed economic growth; changes in the interest rate environment, including the increases and decrease in the Federal Reserve benchmark rate and duration at which such 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 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; 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; competitive pressures among depository institutions, including repricing and competitors' pricing initiatives, and their impact on our market position, loan, and deposit products; changes in management's business strategies, including expectations regarding key growth initiatives and strategic priorities; 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 potential imposition of new tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest, 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 | $ 20,670 | $ 20,261 | $ 18,581 | $ 80,526 | $ 67,410 | ||||
Interest expense | 10,804 | 10,828 | 9,250 | 41,819 | 29,748 | ||||
Net interest income | 9,866 | 9,433 | 9,331 | 38,707 | 37,662 | ||||
Provision for (recovery of) credit losses | 196 | (99) | 304 | 550 | 532 | ||||
Net interest income after provision for (recovery of) credit losses | 9,670 | 9,532 | 9,027 | 38,157 | 37,130 | ||||
Noninterest income | 1,192 | 1,325 | 1,179 | 4,758 | 4,611 | ||||
Noninterest expense | 7,926 | 8,016 | 8,029 | 32,052 | 30,738 | ||||
Income before income tax expense | 2,936 | 2,841 | 2,177 | 10,863 | 11,003 | ||||
Income tax provision | 460 | 369 | 235 | 1,486 | 1,516 | ||||
Net income | $ 2,476 | $ 2,472 | $ 1,942 | $ 9,377 | $ 9,487 | ||||
Shares outstanding | 10,815 | 10,949 | 11,209 | 10,815 | 11,209 | ||||
Average shares outstanding: | |||||||||
Basic | 10,009 | 10,087 | 10,225 | 10,081 | 10,396 | ||||
Diluted | 10,255 | 10,216 | 10,260 | 10,229 | 10,451 | ||||
Earnings per share: | |||||||||
Basic | $ 0.25 | $ 0.25 | $ 0.19 | $ 0.93 | $ 0.91 | ||||
Diluted | $ 0.24 | $ 0.24 | $ 0.19 | $ 0.92 | $ 0.91 | ||||
SELECTED FINANCIAL CONDITION DATA: | December 31, | September 30, | June 30, | March 31, | December 31, | ||||
(In thousands, except for per share amounts) | |||||||||
Total assets | $ 1,505,309 | $ 1,492,550 | $ 1,495,141 | $ 1,487,671 | $ 1,461,024 | ||||
Cash and cash equivalents | 21,757 | 19,570 | 19,019 | 20,290 | 20,240 | ||||
Interest-bearing time deposits | 300 | 300 | — | — | — | ||||
Investment securities | 261,690 | 271,304 | 271,997 | 281,006 | 287,638 | ||||
Loans and leases, net of allowance for credit losses | 1,158,879 | 1,140,969 | 1,140,579 | 1,123,194 | 1,090,073 | ||||
Loans held for sale | 1,093 | 220 | 370 | 85 | 794 | ||||
Premises and equipment, net | 12,922 | 13,018 | 13,115 | 13,212 | 13,312 | ||||
Federal Home Loan Bank stock | 13,907 | 13,907 | 13,907 | 13,907 | 12,647 | ||||
Other assets | 34,761 | 33,262 | 36,154 | 35,977 | 36,320 | ||||
Deposits | 1,093,940 | 1,089,094 | 1,100,085 | 1,069,642 | 1,041,140 | ||||
Borrowings | 265,000 | 252,000 | 252,000 | 273,000 | 271,000 | ||||
Total stockholder's equity | 132,872 | 140,027 | 131,110 | 132,391 | 134,860 | ||||
Book value (GAAP) | $ 132,872 | $ 140,027 | $ 131,110 | $ 132,391 | $ 134,860 | ||||
Tangible book value (non-GAAP) | 132,872 | 140,027 | 131,110 | 132,391 | 134,860 | ||||
Book value per share (GAAP) | 12.29 | 12.79 | 11.90 | 11.91 | 12.03 | ||||
Tangible book value per share (non-GAAP) | 12.29 | 12.79 | 11.90 | 11.91 | 12.03 |
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 | $ 371,705 | $ 348,473 | $ 356,250 | $ 338,434 | $ 341,633 | ||||
Commercial and industrial | 126,367 | 126,591 | 127,160 | 123,661 | 115,428 | ||||
Construction and development | 132,570 | 140,761 | 139,588 | 165,063 | 157,805 | ||||
Multi-family | 185,864 | 183,778 | 174,251 | 153,719 | 138,757 | ||||
Residential mortgage | 172,644 | 172,873 | 175,059 | 171,050 | 162,123 | ||||
Home equity | 16,826 | 15,236 | 13,781 | 12,146 | 10,904 | ||||
Direct financing leases | 148,102 | 147,057 | 148,173 | 152,468 | 156,598 | ||||
Consumer | 21,218 | 22,608 | 22,782 | 23,004 | 23,264 | ||||
Total loans and leases | $ 1,175,296 | $ 1,157,377 | $ 1,157,044 | $ 1,139,545 | $ 1,106,512 |
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 | $ 110,106 | $ 98,522 | $ 102,796 | $ 108,805 | $ 114,377 | ||||
Interest-bearing demand | 135,310 | 136,263 | 144,769 | 153,460 | 151,809 | ||||
Savings and money market | 301,311 | 283,848 | 283,538 | 255,634 | 256,811 | ||||
Non-brokered time deposits | 289,626 | 290,874 | 281,505 | 260,451 | 249,305 | ||||
Brokered time deposits | 257,587 | 279,587 | 287,477 | 291,292 | 268,838 | ||||
Total deposits | $ 1,093,940 | $ 1,089,094 | $ 1,100,085 | $ 1,069,642 | $ 1,041,140 |
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, | |||||||||||
2024 | 2023 | ||||||||||
Average | Interest Paid | Yield/ Rate | Average | Interest Paid | Yield/ Rate | ||||||
(Dollars in thousands) | |||||||||||
Interest-earning assets: | |||||||||||
Loans and leases receivable | $ 18,464 | 6.39 % | $ 16,231 | 5.93 % | |||||||
Securities | 267,191 | 1,641 | 2.46 % | 270,093 | 1,794 | 2.66 % | |||||
FHLB stock | 13,907 | 284 | 8.17 % | 11,882 | 295 | 9.93 % | |||||
Cash and cash equivalents and other | 25,438 | 281 | 4.42 % | 22,166 | 261 | 4.71 % | |||||
Total interest-earning assets | 1,461,876 | 20,670 | 5.66 % | 1,398,134 | 18,581 | 5.32 % | |||||
Non-earning assets | 40,268 | 47,818 | |||||||||
Total assets | 1,502,144 | 1,445,952 | |||||||||
Interest-bearing liabilities: | |||||||||||
Savings and money market accounts | 303,985 | 1,873 | 2.46 % | 270,226 | 1,452 | 2.15 % | |||||
Interest-bearing checking accounts | 135,186 | 359 | 1.06 % | 146,259 | 346 | 0.95 % | |||||
Certificate accounts | 563,411 | 6,121 | 4.35 % | 527,781 | 5,123 | 3.88 % | |||||
Borrowings | 244,228 | 2,451 | 4.01 % | 251,043 | 2,329 | 3.71 % | |||||
Total interest-bearing liabilities | 1,246,810 | 10,804 | 3.47 % | 1,195,309 | 9,250 | 3.10 % | |||||
Noninterest-bearing demand deposits | 104,738 | 115,890 | |||||||||
Other liabilities | 13,595 | 14,392 | |||||||||
Stockholders' equity | 137,001 | 120,361 | |||||||||
Total liabilities and stockholders' equity | 1,502,144 | 1,445,952 | |||||||||
Net interest income | $ 9,866 | $ 9,331 | |||||||||
Net earning assets | $ 215,066 | $ 202,825 | |||||||||
Net interest rate spread(1) | 2.19 % | 2.22 % | |||||||||
Net interest margin(2) | 2.70 % | 2.67 % | |||||||||
Average interest-earning assets to average interest-bearing liabilities | 117.25 % | 116.97 % | |||||||||
(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, | |||||||||||
2024 | 2023 | ||||||||||
Average | Interest Paid | Yield/ Rate | Average | Interest Paid | Yield/ Rate | ||||||
(Dollars in thousands) | |||||||||||
Interest-earning assets: | |||||||||||
Loans and leases receivable | $ 71,596 | 6.25 % | $ 58,794 | 5.63 % | |||||||
Securities | 273,706 | 6,871 | 2.51 % | 285,600 | 7,203 | 2.52 % | |||||
FHLB stock | 13,863 | 1,232 | 8.89 % | 10,750 | 851 | 7.92 % | |||||
Cash and cash equivalents and other | 18,002 | 827 | 4.59 % | 13,728 | 562 | 4.09 % | |||||
Total interest-earning assets | 1,451,544 | 80,526 | 5.55 % | 1,354,549 | 67,410 | 4.98 % | |||||
Non-earning assets | 41,860 | 45,212 | |||||||||
Total assets | 1,493,404 | 1,399,761 | |||||||||
Interest-bearing liabilities: | |||||||||||
Savings and money market accounts | 285,946 | 6,833 | 2.39 % | 274,497 | 4,989 | 1.82 % | |||||
Interest-bearing checking accounts | 141,902 | 1,609 | 1.13 % | 147,964 | 1,054 | 0.71 % | |||||
Certificate accounts | 557,216 | 23,309 | 4.18 % | 509,316 | 16,767 | 3.29 % | |||||
Borrowings | 255,969 | 10,068 | 3.93 % | 218,025 | 6,938 | 3.18 % | |||||
Total interest-bearing liabilities | 1,241,033 | 41,819 | 3.37 % | 1,149,802 | 29,748 | 2.59 % | |||||
Noninterest-bearing demand deposits | 105,356 | 107,192 | |||||||||
Other liabilities | 13,696 | 13,924 | |||||||||
Stockholders' equity | 133,319 | 128,843 | |||||||||
Total liabilities and stockholders' equity | 1,493,404 | 1,399,761 | |||||||||
Net interest income | $ 38,707 | $ 37,662 | |||||||||
Net earning assets | $ 210,511 | $ 204,747 | |||||||||
Net interest rate spread(1) | 2.18 % | 2.39 % | |||||||||
Net interest margin(2) | 2.67 % | 2.78 % | |||||||||
Average interest-earning assets to average interest-bearing liabilities | 116.96 % | 117.81 % | |||||||||
(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) | 0.66 % | 0.66 % | 0.55 % | 0.64 % | 0.54 % | ||||
Return on average equity(1) | 7.23 % | 7.36 % | 6.42 % | 7.10 % | 6.45 % | ||||
Yield on interest-earning assets | 5.66 % | 5.57 % | 5.53 % | 5.43 % | 5.32 % | ||||
Rate paid on interest-bearing liabilities | 3.47 % | 3.48 % | 3.37 % | 3.17 % | 3.10 % | ||||
Average interest rate spread | 2.19 % | 2.09 % | 2.16 % | 2.26 % | 2.22 % | ||||
Net interest margin(1)(2) | 2.70 % | 2.60 % | 2.64 % | 2.74 % | 2.67 % | ||||
Operating expense to average total assets(1) | 2.11 % | 2.15 % | 2.17 % | 2.18 % | 2.22 % | ||||
Efficiency ratio(3) | 71.68 % | 74.51 % | 75.48 % | 73.51 % | 76.39 % | ||||
Average interest-earning assets to average interest-bearing liabilities | 117.25 % | 116.71 % | 116.33 % | 117.57 % | 116.97 % | ||||
Asset quality ratios: | |||||||||
Non-performing assets to total assets(4) | 0.45 % | 0.45 % | 0.52 % | 0.47 % | 0.56 % | ||||
Non-performing loans and leases to total gross loans and leases(5) | 0.58 % | 0.58 % | 0.67 % | 0.61 % | 0.72 % | ||||
Allowance for credit losses to non-performing loans and leases(5) | 232.99 % | 235.89 % | 206.30 % | 228.36 % | 195.80 % | ||||
Allowance for credit losses to total loans and leases | 1.34 % | 1.36 % | 1.37 % | 1.39 % | 1.42 % | ||||
Net charge-offs to average outstanding loans and leases during the period(1) | 0.10 % | 0.15 % | 0.16 % | 0.12 % | 0.09 % | ||||
Capital ratios: | |||||||||
Equity to total assets at end of period | 8.83 % | 9.38 % | 8.77 % | 8.90 % | 9.22 % | ||||
Average equity to average assets | 9.12 % | 8.98 % | 8.58 % | 9.03 % | 8.32 % | ||||
Common equity tier 1 capital (to risk weighted assets)(6) | 12.98 % | 13.10 % | 12.96 % | 12.89 % | 12.85 % | ||||
Tier 1 leverage (core) capital (to adjusted tangible assets)(6) | 10.75 % | 10.73 % | 10.65 % | 10.67 % | 10.64 % | ||||
Tier 1 risk-based capital (to risk weighted assets)(6) | 12.98 % | 13.10 % | 12.96 % | 12.89 % | 12.85 % | ||||
Total risk-based capital (to risk weighted assets)(6) | 14.23 % | 14.35 % | 14.21 % | 14.14 % | 14.10 % | ||||
Other data: | |||||||||
Number of full-service offices | 12 | 12 | 12 | 12 | 12 | ||||
Full-time equivalent employees | 173 | 171 | 182 | 178 | 176 | ||||
(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) | Capital ratios are for First Bank Richmond. |
View original content:https://www.prnewswire.com/news-releases/richmond-mutual-bancorporation-inc-announces-2024-fourth-quarter-financial-results-302359111.html
SOURCE Richmond Mutual Bancorporation, Inc.
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