RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2024 SECOND QUARTER FINANCIAL RESULTS
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 (NASDAQ: RMBI) ha registrato un reddito netto di 2,1 milioni di dollari, ovvero 0,20 dollari di utile diluito per azione, nel secondo trimestre del 2024. Questo rappresenta una diminuzione rispetto ai 2,4 milioni di dollari del primo trimestre del 2024 e ai 2,7 milioni di dollari del secondo trimestre del 2023. I punti salienti includono:
- Gli attivi sono rimasti stabili a 1,5 miliardi di dollari
- I prestiti e i leasing, al netto delle rettifiche, hanno totalizzato 1,1 miliardi di dollari
- I depositi sono aumentati a 1,1 miliardi di dollari
- Il reddito netto da interessi è diminuito del 2,6% a 9,6 milioni di dollari
- Il margine di interesse netto è sceso a 2,64%
- I prestiti non performanti sono aumentati a 0,67% del totale dei prestiti
L'azienda ha subito pressione sul proprio margine di interesse netto a causa dell'aumento dei tassi di interesse che ha influenzato le passività più degli attivi. Tuttavia, la performance del portafoglio prestiti è rimasta forte e i saldi medi dei depositi sono aumentati durante il trimestre.
Richmond Mutual Bancorporation (NASDAQ: RMBI) reportó un ingreso neto de 2.1 millones de dólares, o 0.20 dólares de ganancias diluidas por acción, para el segundo trimestre de 2024. Esto representa una disminución de 2.4 millones de dólares en el primer trimestre de 2024 y 2.7 millones de dólares en el segundo trimestre de 2023. Los puntos destacados incluyen:
- Los activos se mantuvieron estables en 1.5 mil millones de dólares
- Préstamos y arrendamientos, netos de provisiones, totalizaron 1.1 mil millones de dólares
- Los depósitos aumentaron a 1.1 mil millones de dólares
- El ingreso neto por intereses disminuyó un 2.6% a 9.6 millones de dólares
- El margen de interés neto cayó a 2.64%
- Los préstamos morosos aumentaron a 0.67% del total de préstamos
La empresa enfrentó presión sobre su margen de interés neto debido al aumento de las tasas de interés que afectaron más a las pasivos que a los activos. Sin embargo, el rendimiento de la cartera de préstamos se mantuvo fuerte, y los saldos promedio de depósitos aumentaron durante el trimestre.
리치몬드 뮤추얼 뱅코포레이션 (NASDAQ: RMBI)은 2024년 2분기에 210만 달러의 순이익, 즉 주당 0.20달러의 희석 주당 순이익을 보고했습니다. 이는 2024년 1분기의 240만 달러와 2023년 2분기의 270만 달러에서 감소한 수치입니다. 주요 하이라이트는 다음과 같습니다:
- 자산은 15억 달러로 안정세를 유지했습니다.
- 대출 및 리스는 대손충당금을 제외하고 총 11억 달러에 달했습니다.
- 예금은 11억 달러로 증가했습니다.
- 순이자 수익은 2.6% 감소하여 960만 달러가 되었습니다.
- 순이자 마진은 2.64%로 하락했습니다.
- 부실 대출 비율은 총 대출의 0.67%로 증가했습니다.
회사는 자산보다 부채에 더 큰 영향을 미치는 금리 상승으로 인해 순이자 마진에 압박을 받았습니다. 그러나 대출 포트폴리오 성과는 견고하게 유지되었으며, 평균 예금 잔액은 분기 동안 증가했습니다.
Richmond Mutual Bancorporation (NASDAQ: RMBI) a annoncé un revenu net de 2,1 millions de dollars, soit 0,20 dollar de bénéfice dilué par action, pour le deuxième trimestre 2024. Cela représente une baisse par rapport à 2,4 millions de dollars au premier trimestre 2024 et 2,7 millions de dollars au deuxième trimestre 2023. Les faits marquants incluent :
- Les actifs sont restés stables à 1,5 milliard de dollars
- Les prêts et baux, net des provisions, ont totalisé 1,1 milliard de dollars
- Les dépôts ont augmenté à 1,1 milliard de dollars
- Le revenu net d'intérêts a diminué de 2,6 % pour atteindre 9,6 millions de dollars
- La marge d'intérêt nette a chuté à 2,64 %
- Les prêts non performants ont augmenté à 0,67 % du total des prêts
L'entreprise a subi des pressions sur sa marge d'intérêt nette en raison de l'augmentation des taux d'intérêt, qui ont eu un impact plus important sur les passifs que sur les actifs. Cependant, la performance du portefeuille de prêts est restée solide et les soldes moyens des dépôts ont augmenté au cours du trimestre.
Richmond Mutual Bancorporation (NASDAQ: RMBI) hat einen Nettoertrag von 2,1 Millionen Dollar, beziehungsweise 0,20 Dollar verwässerter Gewinn pro Aktie, für das 2. Quartal 2024 gemeldet. Dies stellt einen Rückgang gegenüber 2,4 Millionen Dollar im 1. Quartal 2024 und 2,7 Millionen Dollar im 2. Quartal 2023 dar. Zu den wichtigsten Punkten gehören:
- Die Vermögenswerte blieben stabil bei 1,5 Milliarden Dollar
- Kredite und Leasingverträge, netto der Rückstellungen, beliefen sich auf 1,1 Milliarden Dollar
- Die Einlagen stiegen auf 1,1 Milliarden Dollar
- Das Nettokreditvolumen sank um 2,6% auf 9,6 Millionen Dollar
- Die Nettomarge der Zinsen fiel auf 2,64%
- Die notleidenden Kredite stiegen auf 0,67% der Gesamtkredite
Das Unternehmen sah sich aufgrund der steigenden Zinssätze, die die Verbindlichkeiten stärker als die Vermögenswerte beeinflussten, unter Druck auf die Nettomarge der Zinsen. Dennoch blieb die Leistung des Kreditportfolios stark, und die durchschnittlichen Einlagenbestände stiegen im Quartal.
- Stable asset base of $1.5 billion
- Loans and leases maintained at $1.1 billion
- Deposits increased by 5.7% to $1.1 billion
- Net interest income increased 2.6% year-over-year to $9.6 million
- Strong loan portfolio performance
- Net income decreased to $2.1 million from $2.4 million in Q1 2024 and $2.7 million in Q2 2023
- Net interest margin declined to 2.64% from 2.74% in Q1 2024 and 2.77% in Q2 2023
- Nonperforming loans increased to 0.67% of total loans from 0.61% in Q1 2024
- Stockholders' equity decreased by 2.8% to $131.1 million
- Uninsured deposits at 21.4% of total deposits, excluding collateralized public deposits
Insights
Richmond Mutual Bancorporation's Q2 2024 results reveal a mixed financial performance in a challenging interest rate environment. The company reported net income of
Key points to consider:
- Net interest margin compressed to
2.64% , down from2.74% in Q1 2024 and2.77% in Q2 2023, primarily due to rising deposit costs outpacing asset yield increases. - Loan portfolio growth remained steady, with net loans increasing
4.6% to$1.1 billion since year-end 2023. - Deposit growth was strong at
5.7% , reaching$1.1 billion , but the shift towards higher-cost time deposits is pressuring margins. - Asset quality remains stable with nonperforming loans at
0.67% of total loans, slightly improved from0.72% at year-end 2023.
The bank's strategy of growing its loan portfolio and deposit base is evident, but the current interest rate environment is challenging profitability. The increase in uninsured deposits to
Richmond Mutual Bancorporation's Q2 results highlight the ongoing challenges faced by regional banks in the current economic climate. The bank's performance reflects broader industry trends, particularly the squeeze on net interest margins as deposit costs rise faster than loan yields.
Several aspects of the report are noteworthy:
- The decline in noninterest-bearing deposits from
11.0% to9.3% of total deposits since year-end 2023 is concerning, as it indicates customers are seeking higher yields, potentially increasing funding costs further. - The increase in brokered deposits to
26.1% of total deposits suggests the bank is competing aggressively for funds, which could pressure margins in the future. - The allowance for credit losses decreased slightly to
1.37% of total loans, down from1.42% at year-end. This reduction, coupled with increased net charge-offs, bears watching in case of economic deterioration.
The bank's capital position remains solid, with a Tier 1 capital ratio of
President's Comments
Garry Kleer, Chairman, President and Chief Executive Officer, commented, "Our average deposit balances increased during the quarter and with the continued pressure on our net interest margin due to our interest-bearing liabilities being more sensitive to rising rates than our interest earning assets, this impacted our net income. The performance of our loan portfolio continues to be strong and we are looking forward to a moderation in the interest rate environment in the future."
Second Quarter Performance Highlights:
- Assets totaled
$1.5 billion - Loans and leases, net of allowance for credit losses, totaled
$1.1 billion - Nonperforming loans and leases totaled
$7.7 million 0.67% of total loans and leases, at June 30, 2024, compared to$6.9 million 0.61% , at March 31, 2024, and$8.0 million 0.72% , at December 31, 2023. - The allowance for credit losses totaled
$15.9 million 1.37% of total loans and leases outstanding, at June 30, 2024, compared to$15.8 million 1.39% of total loans and leases outstanding, at March 31, 2024, and$15.7 million 1.42% of total loans and leases outstanding, at December 31, 2023. - The provision for credit losses totaled
$270,000 $183,000 $8,000 - Deposits totaled
$1.1 billion $1.0 billion $102.8 million 9.3% of total deposits, compared to$108.8 million 10.2% of total deposits at March 31, 2024, and$114.4 million 11.0% of total deposits at December 31, 2023. At June 30, 2024, approximately$235.0 million 21.4% , of our deposit portfolio, excluding collateralized public deposits, was uninsured. - Stockholders' equity totaled
$131.1 million $132.4 million $134.9 million 8.77% at June 30, 2024. - Book value per share and tangible book value per share were
$11.90 $11.91 $12.03 - Net interest income decreased
$257,000 2.6% , to$9.6 million $9.8 million $243,000 2.6% , from$9.3 million - Annualized net interest margin was
2.64% for the current quarter, compared to2.74% in the preceding quarter and2.77% the comparable quarter in 2023. - The Company repurchased 97,315 shares of common stock at an average price of
$11.68 - The Bank's Tier 1 capital to total assets was
10.65% , well in excess of all regulatory requirements at June 30, 2024.
Income Statement Summary
Net interest income before the provision for credit losses decreased
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 decreased
Annualized net interest margin decreased to
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 multi-family loans, commercial real estate loans, residential mortgage loans, and commercial and industrial 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 June 30, 2024, which evaluation 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 June 30, 2024, approximately
Stockholders' equity totaled
During the quarter ended June 30, 2024, the Company repurchased a total of 97,315 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 recent 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 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, 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 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 | Six Months Ended | ||||||||
SELECTED OPERATIONS DATA: | June 30, | March 31, | June 30, | June 30, | June 30, | ||||
(In thousands, except for per share amounts) | |||||||||
Interest income | $ 20,085 | $ 19,510 | $ 16,223 | $ 39,596 | $ 31,415 | ||||
Interest expense | 10,509 | 9,677 | 6,890 | 20,187 | 12,211 | ||||
Net interest income | 9,576 | 9,833 | 9,333 | 19,409 | 19,204 | ||||
Provision for credit losses | 270 | 183 | 8 | 454 | 178 | ||||
Net interest income after provision for credit losses | 9,306 | 9,650 | 9,325 | 18,955 | 19,026 | ||||
Noninterest income | 1,174 | 1,129 | 1,178 | 2,303 | 2,275 | ||||
Noninterest expense | 8,114 | 8,058 | 7,336 | 16,172 | 14,698 | ||||
Income before income tax expense | 2,366 | 2,721 | 3,167 | 5,086 | 6,603 | ||||
Income tax provision | 305 | 352 | 475 | 657 | 1,007 | ||||
Net income | $ 2,061 | $ 2,369 | $ 2,692 | $ 4,429 | $ 5,596 | ||||
Shares outstanding | 11,019 | 11,116 | 11,449 | 11,019 | 11,449 | ||||
Average shares outstanding: | |||||||||
Basic | 10,067 | 10,160 | 10,403 | 10,113 | 10,501 | ||||
Diluted | 10,178 | 10,230 | 10,476 | 10,204 | 10,581 | ||||
Earnings per share: | |||||||||
Basic | $ 0.20 | $ 0.23 | $ 0.26 | $ 0.44 | $ 0.53 | ||||
Diluted | $ 0.20 | $ 0.23 | $ 0.26 | $ 0.43 | $ 0.53 | ||||
SELECTED FINANCIAL CONDITION DATA: | June 30, | March 31, | December 31, | September 30, | June 30, | ||||
(In thousands, except for per share amounts) | |||||||||
Total assets | $ 1,495,141 | $ 1,487,671 | $ 1,461,024 | $ 1,422,319 | $ 1,408,593 | ||||
Cash and cash equivalents | 19,019 | 20,290 | 20,240 | 20,652 | 17,464 | ||||
Interest-bearing time deposits | — | — | — | 245 | 490 | ||||
Investment securities | 271,997 | 281,006 | 287,638 | 269,363 | 287,096 | ||||
Loans and leases, net of allowance for credit losses | 1,140,579 | 1,123,194 | 1,090,073 | 1,066,892 | 1,043,024 | ||||
Loans held for sale | 370 | 85 | 794 | 568 | 340 | ||||
Premises and equipment, net | 13,115 | 13,212 | 13,312 | 13,342 | 13,539 | ||||
Federal Home Loan Bank stock | 13,907 | 13,907 | 12,647 | 11,297 | 10,802 | ||||
Other assets | 36,154 | 35,977 | 36,320 | 39,960 | 35,838 | ||||
Deposits | 1,100,085 | 1,069,642 | 1,041,140 | 1,053,909 | 1,039,573 | ||||
Borrowings | 252,000 | 273,000 | 271,000 | 238,000 | 226,000 | ||||
Total stockholder's equity | 131,110 | 132,391 | 134,860 | 118,038 | 130,235 | ||||
Book value (GAAP) | $ 131,110 | $ 132,391 | $ 134,860 | $ 118,038 | $ 130,235 | ||||
Tangible book value (non-GAAP) | 131,110 | 132,391 | 134,860 | 118,038 | 130,235 | ||||
Book value per share (GAAP) | 11.90 | 11.91 | 12.03 | 10.45 | 11.38 | ||||
Tangible book value per share (non-GAAP) | 11.90 | 11.91 | 12.03 | 10.45 | 11.38 |
The following table summarizes information relating to our loan and lease portfolio at the dates indicated:
(In thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||
Commercial mortgage | $ 356,250 | $ 338,434 | $ 341,633 | $ 345,714 | $ 341,475 | ||||
Commercial and industrial | 127,160 | 123,661 | 115,428 | 111,450 | 114,162 | ||||
Construction and development | 139,588 | 165,063 | 157,805 | 140,651 | 117,029 | ||||
Multi-family | 174,251 | 153,719 | 138,757 | 135,409 | 141,545 | ||||
Residential mortgage | 175,059 | 171,050 | 162,123 | 160,488 | 159,753 | ||||
Home equity | 13,781 | 12,146 | 10,904 | 10,776 | 10,492 | ||||
Direct financing leases | 148,173 | 152,468 | 156,598 | 154,520 | 152,181 | ||||
Consumer | 22,782 | 23,004 | 23,264 | 24,176 | 22,657 | ||||
Total loans and leases | $ 1,157,044 | $ 1,139,545 | $ 1,106,512 | $ 1,083,184 | $ 1,059,294 |
The following table summarizes information relating to our deposits at the dates indicated:
(In thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||
Noninterest-bearing demand | $ 102,796 | $ 108,805 | $ 114,377 | $ 115,632 | $ 104,691 | ||||
Interest-bearing demand | 144,769 | 153,460 | 151,809 | 146,118 | 149,770 | ||||
Savings and money market | 283,538 | 255,634 | 256,811 | 249,575 | 267,624 | ||||
Non-brokered time deposits | 281,505 | 260,451 | 249,305 | 240,297 | 226,493 | ||||
Brokered time deposits | 287,477 | 291,292 | 268,838 | 302,287 | 290,995 | ||||
Total deposits | $ 1,100,085 | $ 1,069,642 | $ 1,041,140 | $ 1,053,909 | $ 1,039,573 |
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 June 30, | |||||||||||
2024 | 2023 | ||||||||||
Average | Interest Paid | Yield/ Rate | Average | Interest Paid | Yield/ Rate | ||||||
(Dollars in thousands) | |||||||||||
Interest-earning assets: | |||||||||||
Loans and leases receivable | $ 17,811 | 6.20 % | $ 14,098 | 5.48 % | |||||||
Securities | 273,142 | 1,734 | 2.54 % | 294,076 | 1,810 | 2.46 % | |||||
FHLB stock | 13,907 | 322 | 9.26 % | 10,136 | 180 | 7.10 % | |||||
Cash and cash equivalents and other | 16,492 | 218 | 5.29 % | 12,646 | 135 | 4.24 % | |||||
Total interest-earning assets | 1,452,998 | 20,085 | 5.53 % | 1,346,020 | 16,223 | 4.82 % | |||||
Non-earning assets | 44,668 | 43,557 | |||||||||
Total assets | 1,497,666 | 1,389,577 | |||||||||
Interest-bearing liabilities: | |||||||||||
Savings and money market accounts | 290,250 | 1,803 | 2.48 % | 288,124 | 1,356 | 1.88 % | |||||
Interest-bearing checking accounts | 144,363 | 437 | 1.21 % | 146,396 | 236 | 0.64 % | |||||
Certificate accounts | 556,521 | 5,761 | 4.14 % | 507,630 | 3,953 | 3.11 % | |||||
Borrowings | 257,885 | 2,508 | 3.89 % | 197,137 | 1,345 | 2.73 % | |||||
Total interest-bearing liabilities | 1,249,019 | 10,509 | 3.37 % | 1,139,287 | 6,890 | 2.42 % | |||||
Noninterest-bearing demand deposits | 106,924 | 103,231 | |||||||||
Other liabilities | 13,287 | 13,315 | |||||||||
Stockholders' equity | 128,436 | 133,744 | |||||||||
Total liabilities and stockholders' equity | 1,497,666 | 1,389,577 | |||||||||
Net interest income | $ 9,576 | $ 9,333 | |||||||||
Net earning assets | $ 203,979 | $ 206,733 | |||||||||
Net interest rate spread(1) | 2.16 % | 2.40 % | |||||||||
Net interest margin(2) | 2.64 % | 2.77 % | |||||||||
Average interest-earning assets to average interest-bearing liabilities | 116.33 % | 118.15 % | |||||||||
________________________________________________ | |
(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. |
Six Months Ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
Average | Interest Paid | Yield/ Rate | Average | Interest Paid | Yield/ Rate | ||||||
(Dollars in thousands) | |||||||||||
Interest-earning assets: | |||||||||||
Loans and leases receivable | $ 35,062 | 6.16 % | $ 27,291 | 5.42 % | |||||||
Securities | 278,505 | 3,531 | 2.54 % | 294,510 | 3,606 | 2.45 % | |||||
FHLB stock | 13,818 | 646 | 9.35 % | 10,087 | 318 | 6.31 % | |||||
Cash and cash equivalents and other | 15,232 | 357 | 4.69 % | 11,114 | 200 | 3.60 % | |||||
Total interest-earning assets | 1,445,077 | 39,596 | 5.48 % | 1,322,517 | 31,415 | 4.75 % | |||||
Non-earning assets | 43,365 | 43,909 | |||||||||
Total assets | 1,488,442 | 1,366,426 | |||||||||
Interest-bearing liabilities: | |||||||||||
Savings and money market accounts | 274,724 | 3,182 | 2.32 % | 283,840 | 2,353 | 1.66 % | |||||
Interest-bearing checking accounts | 146,244 | 819 | 1.12 % | 149,787 | 425 | 0.57 % | |||||
Certificate accounts | 547,207 | 11,066 | 4.04 % | 488,034 | 6,792 | 2.78 % | |||||
Borrowings | 267,552 | 5,120 | 3.83 % | 197,823 | 2,641 | 2.67 % | |||||
Total interest-bearing liabilities | 1,235,727 | 20,187 | 3.27 % | 1,119,484 | 12,211 | 2.18 % | |||||
Noninterest-bearing demand deposits | 107,750 | 100,271 | |||||||||
Other liabilities | 13,984 | 13,660 | |||||||||
Stockholders' equity | 130,981 | 133,011 | |||||||||
Total liabilities and stockholders' equity | 1,488,442 | 1,366,426 | |||||||||
Net interest income | $ 19,409 | $ 19,204 | |||||||||
Net earning assets | $ 209,350 | $ 203,033 | |||||||||
Net interest rate spread(1) | 2.21 % | 2.57 % | |||||||||
Net interest margin(2) | 2.69 % | 2.90 % | |||||||||
Average interest-earning assets to average interest-bearing liabilities | 116.94 % | 118.14 % | |||||||||
________________________________________________ | |
(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: | June 30, | March 31, | December 31, | September 30, | June 30, | ||||
Performance ratios: | |||||||||
Return on average assets(1) | 0.55 % | 0.64 % | 0.54 % | 0.55 % | 0.77 % | ||||
Return on average equity(1) | 6.42 % | 7.10 % | 6.45 % | 6.04 % | 8.05 % | ||||
Yield on interest-earning assets | 5.53 % | 5.43 % | 5.32 % | 5.07 % | 4.82 % | ||||
Rate paid on interest-bearing liabilities | 3.37 % | 3.17 % | 3.10 % | 2.85 % | 2.42 % | ||||
Average interest rate spread | 2.16 % | 2.26 % | 2.22 % | 2.22 % | 2.40 % | ||||
Net interest margin(1)(2) | 2.64 % | 2.74 % | 2.67 % | 2.66 % | 2.77 % | ||||
Operating expense to average total assets(1) | 2.17 % | 2.18 % | 2.22 % | 2.26 % | 2.11 % | ||||
Efficiency ratio(3) | 75.48 % | 73.51 % | 76.39 % | 77.91 % | 69.79 % | ||||
Average interest-earning assets to average | 116.33 % | 117.57 % | 116.97 % | 118.04 % | 118.15 % | ||||
Asset quality ratios: | |||||||||
Non-performing assets to total assets(4) | 0.52 % | 0.47 % | 0.56 % | 0.60 % | 0.62 % | ||||
Non-performing loans and leases to total gross | 0.67 % | 0.61 % | 0.72 % | 0.74 % | 0.81 % | ||||
Allowance for credit losses to non-performing | 206.30 % | 228.36 % | 195.80 % | 194.70 % | 180.44 % | ||||
Allowance for credit losses to total loans and leases | 1.37 % | 1.39 % | 1.42 % | 1.43 % | 1.45 % | ||||
Net charge-offs/(recoveries) to average | 0.16 % | 0.12 % | 0.09 % | 0.11 % | 0.08 % | ||||
Capital ratios: | |||||||||
Equity to total assets at end of period | 8.77 % | 8.90 % | 9.22 % | 8.34 % | 9.28 % | ||||
Average equity to average assets | 8.58 % | 9.03 % | 8.32 % | 9.10 % | 9.62 % | ||||
Common equity tier 1 capital (to risk weighted assets)(6) | 12.96 % | 12.89 % | 12.85 % | 12.48 % | 12.77 % | ||||
Tier 1 leverage (core) capital (to adjusted | 10.65 % | 10.67 % | 10.64 % | 10.71 % | 10.81 % | ||||
Tier 1 risk-based capital (to risk weighted assets)(6) | 12.96 % | 12.89 % | 12.85 % | 12.48 % | 12.77 % | ||||
Total risk-based capital (to risk weighted assets)(6) | 14.21 % | 14.14 % | 14.10 % | 13.73 % | 14.02 % | ||||
Other data: | |||||||||
Number of full-service offices | 12 | 12 | 12 | 12 | 12 | ||||
Full-time equivalent employees | 182 | 178 | 176 | 176 | 183 | ||||
(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-second-quarter-financial-results-302207092.html
SOURCE Richmond Mutual Bancorporation, Inc.
FAQ
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