RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2024 THIRD QUARTER FINANCIAL RESULTS
Richmond Mutual Bancorporation (NASDAQ: RMBI) reported net income of $2.5 million, or $0.24 diluted earnings per share, for Q3 2024, showing improvements from $2.1 million ($0.20 per share) in Q2 2024 and $1.9 million ($0.19 per share) in Q3 2023. The company's assets remained stable at $1.5 billion, with loans and leases totaling $1.1 billion. Nonperforming loans decreased to $6.7 million (0.58% of total loans) from $7.7 million in Q2. Net interest margin declined to 2.60% from 2.64% in Q2, while deposits increased to $1.1 billion, with noninterest-bearing deposits representing 9.0% of total deposits.
Richmond Mutual Bancorporation (NASDAQ: RMBI) ha riportato un utile netto di 2,5 milioni di dollari, corrispondente a 0,24 dollari per azione in termini diluiti, per il terzo trimestre del 2024, mostrando miglioramenti rispetto ai 2,1 milioni di dollari (0,20 dollari per azione) del secondo trimestre 2024 e ai 1,9 milioni di dollari (0,19 dollari per azione) del terzo trimestre 2023. Gli attivi dell'azienda sono rimasti stabili a 1,5 miliardi di dollari, con prestiti e leasing che ammontano a 1,1 miliardi di dollari. I prestiti non performanti sono diminuiti a 6,7 milioni di dollari (0,58% del totale prestiti) rispetto ai 7,7 milioni del secondo trimestre. Il margine d'interesse netto è diminuito al 2,60% rispetto al 2,64% del secondo trimestre, mentre i depositi sono aumentati a 1,1 miliardi di dollari, con i depositi non fruttiferi che rappresentano il 9,0% del totale depositi.
Richmond Mutual Bancorporation (NASDAQ: RMBI) reportó un ingreso neto de 2.5 millones de dólares, o 0.24 dólares por acción diluida, para el tercer trimestre de 2024, mostrando mejoras respecto a los 2.1 millones de dólares (0.20 dólares por acción) en el segundo trimestre de 2024 y 1.9 millones de dólares (0.19 dólares por acción) en el tercer trimestre de 2023. Los activos de la compañía se mantuvieron estables en 1.5 mil millones de dólares, con préstamos y arrendamientos que totalizan 1.1 mil millones de dólares. Los préstamos en default disminuyeron a 6.7 millones de dólares (0.58% del total de préstamos) desde 7.7 millones en el segundo trimestre. El margen de interés neto cayó al 2.60% desde el 2.64% en el segundo trimestre, mientras que los depósitos aumentaron a 1.1 mil millones de dólares, con los depósitos no remunerativos representando el 9.0% del total de depósitos.
리치몬드 뮤추얼 뱅코퍼레이션 (NASDAQ: RMBI)는 2024년 3분기에 250만 달러의 순이익, 즉 희석주당 0.24달러의 수익을 보고하며, 2024년 2분기의 210만 달러(주당 0.20달러)와 2023년 3분기의 190만 달러(주당 0.19달러)에서 개선된 모습을 보였습니다. 회사 자산은 15억 달러로 안정세를 유지하며, 대출과 리스는 총 11억 달러에 달했습니다. 부실 대출은 670만 달러(총 대출의 0.58%)로 감소하였고, 이는 2분기의 770만 달러에서 줄어든 것입니다. 순이자 마진은 2.60%로 감소했으며, 2분기의 2.64%에서 하락했습니다. 반면, 예금은 11억 달러로 증가하였고, 이자 없는 예금은 총 예금의 9.0%를 차지하고 있습니다.
Richmond Mutual Bancorporation (NASDAQ: RMBI) a rapporté un revenu net de 2,5 millions de dollars, soit 0,24 dollar par action diluée, pour le troisième trimestre 2024, affichant des améliorations par rapport à 2,1 millions de dollars (0,20 dollar par action) au deuxième trimestre 2024 et 1,9 million de dollars (0,19 dollar par action) au troisième trimestre 2023. Les actifs de la société sont restés stables à 1,5 milliard de dollars, avec des prêts et des baux totalisant 1,1 milliard de dollars. Les prêts non performants ont diminué à 6,7 millions de dollars (0,58% du total des prêts) contre 7,7 millions au deuxième trimestre. La marge d'intérêt nette a diminué à 2,60% contre 2,64% au deuxième trimestre, tandis que les dépôts ont augmenté à 1,1 milliard de dollars, les dépôts non rémunérés représentant 9,0% du total des dépôts.
Richmond Mutual Bancorporation (NASDAQ: RMBI) berichtete für das 3. Quartal 2024 einen Nettogewinn von 2,5 Millionen Dollar, was 0,24 Dollar je verwässerte Aktie entspricht, und zeigt Verbesserungen im Vergleich zu 2,1 Millionen Dollar (0,20 Dollar pro Aktie) im 2. Quartal 2024 sowie 1,9 Millionen Dollar (0,19 Dollar pro Aktie) im 3. Quartal 2023. Die Vermögenswerte des Unternehmens blieben stabil bei 1,5 Milliarden Dollar, wobei Kredite und Leasingverträge insgesamt 1,1 Milliarden Dollar betrugen. Die notleidenden Kredite sanken auf 6,7 Millionen Dollar (0,58% der Gesamtkredite) von 7,7 Millionen im 2. Quartal. Die Nettozinsmarge fiel von 2,64% im 2. Quartal auf 2,60%, während die Einlagen auf 1,1 Milliarden Dollar zunahmen, wobei unverzinsliche Einlagen 9,0% der Gesamteinlagen ausmachten.
- Net income increased to $2.5 million in Q3 2024, up from $2.1 million in Q2 2024
- Diluted EPS improved 20% quarter-over-quarter to $0.24
- Nonperforming loans decreased to 0.58% of total loans from 0.67% in Q2 2024
- Book value per share increased to $12.79 from $11.90 in Q2 2024
- Net interest margin declined to 2.60% from 2.64% in Q2 2024
- Net interest income decreased by $143,000 (1.5%) quarter-over-quarter
- Noninterest-bearing deposits declined to 9.0% of total deposits from 11.0% at year-end 2023
- 20.6% of deposit portfolio was uninsured, excluding collateralized public deposits
Insights
Richmond Mutual Bancorporation delivered solid Q3 2024 results with
Key positives include improved credit quality with nonperforming loans decreasing to
Notable concerns include the
President's Comments
Garry Kleer, Chairman, President and Chief Executive Officer, commented, "Our net income increased during the quarter primarily due to an increase in our noninterest income, which resulted from an increase in net gains on loan and lease sales. Additionally, the performance of our loan and lease portfolio improved, as nonperforming assets declined during the period. We anticipate further improvements in credit quality if market interest rates continue to decrease."
Third 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
$6.7 million 0.58% of total loans and leases, at September 30, 2024, compared to$7.7 million 0.67% of total loans and leases, at June 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 1.36% of total loans and leases outstanding, at September 30, 2024, compared to$15.9 million 1.37% of total loans and leases outstanding, at June 30, 2024, and$15.7 million 1.42% of total loans and leases outstanding, at December 31, 2023. - A reversal for credit losses was recognized in the quarter ended September 30, 2024 of
$99,000 $270,000 $50,000 - Deposits totaled
$1.1 billion $1.0 billion $98.5 million 9.0% of total deposits, compared to$102.8 million 9.3% of total deposits at June 30, 2024, and$114.4 million 11.0% of total deposits at December 31, 2023. At September 30, 2024, approximately$224.6 million 20.6% , of our deposit portfolio, excluding collateralized public deposits, was uninsured. - Stockholders' equity totaled
$140.0 million $131.1 million $134.9 million 9.38% at September 30, 2024. - Book value per share and tangible book value per share were
$12.79 $11.90 $12.03 - Net interest income decreased
$143,000 1.5% , to$9.4 million $9.6 million $305,000 3.3% , from$9.1 million - Annualized net interest margin was
2.60% for the current quarter, compared to2.64% in the preceding quarter and2.66% for the comparable quarter in 2023. - The Company repurchased 71,306 shares of common stock at an average price of
$12.42 - The Bank's Tier 1 capital to total assets was
10.73% , well in excess of all regulatory requirements at September 30, 2024.
Income Statement Summary
Net interest income before the (recovery of)/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
A reversal of the provision for credit losses of
Noninterest income increased
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 and industrial loans, residential mortgage loans, and commercial real estate 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 September 30, 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 September 30, 2024, approximately
Stockholders' equity totaled
During the quarter ended September 30, 2024, the Company repurchased a total of 71,306 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; 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, 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 | Nine Months Ended | ||||||||
SELECTED OPERATIONS DATA: | September 30, | June 30, | September 30, | September 30, | September 30, | ||||
(In thousands, except for per share amounts) | |||||||||
Interest income | $ 20,261 | $ 20,085 | $ 17,413 | $ 59,857 | $ 48,829 | ||||
Interest expense | 10,828 | 10,509 | 8,286 | 31,015 | 20,498 | ||||
Net interest income | 9,433 | 9,576 | 9,127 | 28,842 | 28,331 | ||||
(Recovery of) provision for credit losses | (99) | 270 | 50 | 355 | 228 | ||||
Net interest income after (recovery of) provision for credit losses | 9,532 | 9,306 | 9,077 | 28,487 | 28,103 | ||||
Noninterest income | 1,325 | 1,112 | 1,159 | 3,566 | 3,433 | ||||
Noninterest expense | 8,016 | 8,052 | 8,013 | 24,125 | 22,710 | ||||
Income before income tax expense | 2,841 | 2,366 | 2,223 | 7,928 | 8,826 | ||||
Income tax provision | 369 | 305 | 274 | 1,027 | 1,281 | ||||
Net income | $ 2,472 | $ 2,061 | $ 1,949 | $ 6,901 | $ 7,545 | ||||
Shares outstanding | 10,949 | 11,019 | 11,300 | 10,949 | 11,300 | ||||
Average shares outstanding: | |||||||||
Basic | 10,087 | 10,067 | 10,359 | 10,105 | 10,453 | ||||
Diluted | 10,216 | 10,178 | 10,382 | 10,211 | 10,514 | ||||
Earnings per share: | |||||||||
Basic | $ 0.25 | $ 0.20 | $ 0.19 | $ 0.68 | $ 0.72 | ||||
Diluted | $ 0.24 | $ 0.20 | $ 0.19 | $ 0.68 | $ 0.72 | ||||
SELECTED FINANCIAL CONDITION DATA: | September 30, | June 30, | March 31, | December 31, | September 30, | ||||
(In thousands, except for per share amounts) | |||||||||
Total assets | $ 1,492,550 | $ 1,495,141 | $ 1,487,671 | $ 1,461,024 | $ 1,422,319 | ||||
Cash and cash equivalents | 19,570 | 19,019 | 20,290 | 20,240 | 20,652 | ||||
Interest-bearing time deposits | 300 | — | — | — | 245 | ||||
Investment securities | 271,304 | 271,997 | 281,006 | 287,638 | 269,363 | ||||
Loans and leases, net of allowance for credit losses | 1,140,969 | 1,140,579 | 1,123,194 | 1,090,073 | 1,066,892 | ||||
Loans held for sale | 220 | 370 | 85 | 794 | 568 | ||||
Premises and equipment, net | 13,018 | 13,115 | 13,212 | 13,312 | 13,342 | ||||
Federal Home Loan Bank stock | 13,907 | 13,907 | 13,907 | 12,647 | 11,297 | ||||
Other assets | 33,262 | 36,154 | 35,977 | 36,320 | 39,960 | ||||
Deposits | 1,089,094 | 1,100,085 | 1,069,642 | 1,041,140 | 1,053,909 | ||||
Borrowings | 252,000 | 252,000 | 273,000 | 271,000 | 238,000 | ||||
Total stockholder's equity | 140,027 | 131,110 | 132,391 | 134,860 | 118,038 | ||||
Book value (GAAP) | $ 140,027 | $ 131,110 | $ 132,391 | $ 134,860 | $ 118,038 | ||||
Tangible book value (non-GAAP) | 140,027 | 131,110 | 132,391 | 134,860 | 118,038 | ||||
Book value per share (GAAP) | 12.79 | 11.90 | 11.91 | 12.03 | 10.45 | ||||
Tangible book value per share (non-GAAP) | 12.79 | 11.90 | 11.91 | 12.03 | 10.45 | ||||
The following table summarizes information relating to our loan and lease portfolio at the dates indicated:
(In thousands) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||
Commercial mortgage | $ 348,473 | $ 356,250 | $ 338,434 | $ 341,633 | $ 345,714 | ||||
Commercial and industrial | 126,591 | 127,160 | 123,661 | 115,428 | 111,450 | ||||
Construction and development | 140,761 | 139,588 | 165,063 | 157,805 | 140,651 | ||||
Multi-family | 183,778 | 174,251 | 153,719 | 138,757 | 135,409 | ||||
Residential mortgage | 172,873 | 175,059 | 171,050 | 162,123 | 160,488 | ||||
Home equity | 15,236 | 13,781 | 12,146 | 10,904 | 10,776 | ||||
Direct financing leases | 147,057 | 148,173 | 152,468 | 156,598 | 154,520 | ||||
Consumer | 22,608 | 22,782 | 23,004 | 23,264 | 24,176 | ||||
Total loans and leases | $ 1,157,377 | $ 1,157,044 | $ 1,139,545 | $ 1,106,512 | $ 1,083,184 |
The following table summarizes information relating to our deposits at the dates indicated:
(In thousands) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||
Noninterest-bearing demand | $ 98,522 | $ 102,796 | $ 108,805 | $ 114,377 | $ 115,632 | ||||
Interest-bearing demand | 136,263 | 144,769 | 153,460 | 151,809 | 146,118 | ||||
Savings and money market | 283,848 | 283,538 | 255,634 | 256,811 | 249,575 | ||||
Non-brokered time deposits | 290,874 | 281,505 | 260,451 | 249,305 | 240,297 | ||||
Brokered time deposits | 279,587 | 287,477 | 291,292 | 268,838 | 302,287 | ||||
Total deposits | $ 1,089,094 | $ 1,100,085 | $ 1,069,642 | $ 1,041,140 | $ 1,053,909 |
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 September 30, | |||||||||||
2024 | 2023 | ||||||||||
Average | Interest Paid | Yield/ Rate | Average | Interest Paid | Yield/ Rate | ||||||
(Dollars in thousands) | |||||||||||
Interest-earning assets: | |||||||||||
Loans and leases receivable | $ 18,071 | 6.27 % | $ 15,270 | 5.71 % | |||||||
Securities | 270,857 | 1,700 | 2.51 % | 283,600 | 1,802 | 2.54 % | |||||
FHLB stock | 13,907 | 302 | 8.69 % | 10,923 | 239 | 8.75 % | |||||
Cash and cash equivalents and other | 15,874 | 188 | 4.74 % | 10,371 | 102 | 3.93 % | |||||
Total interest-earning assets | 1,453,963 | 20,261 | 5.57 % | 1,373,943 | 17,413 | 5.07 % | |||||
Non-earning assets | 40,485 | 45,175 | |||||||||
Total assets | 1,494,448 | 1,419,118 | |||||||||
Interest-bearing liabilities: | |||||||||||
Savings and money market accounts | 290,108 | 1,779 | 2.45 % | 260,386 | 1,184 | 1.82 % | |||||
Interest-bearing checking accounts | 140,028 | 431 | 1.23 % | 146,084 | 283 | 0.77 % | |||||
Certificate accounts | 570,820 | 6,121 | 4.29 % | 532,721 | 4,851 | 3.64 % | |||||
Borrowings | 244,793 | 2,497 | 4.08 % | 224,750 | 1,968 | 3.50 % | |||||
Total interest-bearing liabilities | 1,245,749 | 10,828 | 3.48 % | 1,163,941 | 8,286 | 2.85 % | |||||
Noninterest-bearing demand deposits | 101,239 | 112,109 | |||||||||
Other liabilities | 13,200 | 13,945 | |||||||||
Stockholders' equity | 134,260 | 129,123 | |||||||||
Total liabilities and stockholders' equity | 1,494,448 | 1,419,118 | |||||||||
Net interest income | $ 9,433 | $ 9,127 | |||||||||
Net earning assets | $ 208,214 | $ 210,002 | |||||||||
Net interest rate spread(1) | 2.09 % | 2.22 % | |||||||||
Net interest margin(2) | 2.60 % | 2.66 % | |||||||||
Average interest-earning assets to average interest-bearing liabilities | 116.71 % | 118.04 % | |||||||||
(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 | ||||||
.
Nine Months Ended September 30, | |||||||||||
2024 | 2023 | ||||||||||
Average | Interest Paid | Yield/ Rate | Average | Interest Paid | Yield/ Rate | ||||||
(Dollars in thousands) | |||||||||||
Interest-earning assets: | |||||||||||
Loans and leases receivable | $ 53,133 | 6.20 % | $ 42,562 | 5.52 % | |||||||
Securities | 275,903 | 5,232 | 2.53 % | 290,820 | 5,408 | 2.48 % | |||||
FHLB stock | 13,848 | 947 | 9.12 % | 10,369 | 557 | 7.16 % | |||||
Cash and cash equivalents and other | 15,480 | 545 | 4.69 % | 10,877 | 302 | 3.70 % | |||||
Total interest-earning assets | 1,448,059 | 59,857 | 5.51 % | 1,339,848 | 48,829 | 4.86 % | |||||
Non-earning assets | 42,399 | 44,335 | |||||||||
Total assets | 1,490,458 | 1,384,183 | |||||||||
Interest-bearing liabilities: | |||||||||||
Savings and money market accounts | 279,890 | 4,961 | 2.36 % | 275,936 | 3,537 | 1.71 % | |||||
Interest-bearing checking accounts | 144,157 | 1,250 | 1.16 % | 148,539 | 708 | 0.64 % | |||||
Certificate accounts | 555,136 | 17,188 | 4.13 % | 503,093 | 11,644 | 3.09 % | |||||
Borrowings | 259,911 | 7,617 | 3.91 % | 206,897 | 4,609 | 2.97 % | |||||
Total interest-bearing liabilities | 1,239,094 | 31,016 | 3.34 % | 1,134,465 | 20,498 | 2.41 % | |||||
Noninterest-bearing demand deposits | 105,564 | 104,260 | |||||||||
Other liabilities | 13,718 | 13,757 | |||||||||
Stockholders' equity | 132,082 | 131,701 | |||||||||
Total liabilities and stockholders' equity | 1,490,458 | 1,384,183 | |||||||||
Net interest income | $ 28,841 | $ 28,331 | |||||||||
Net earning assets | $ 208,965 | $ 205,383 | |||||||||
Net interest rate spread(1) | 2.17 % | 2.45 % | |||||||||
Net interest margin(2) | 2.66 % | 2.82 % | |||||||||
Average interest-earning assets to average interest-bearing liabilities | 116.86 % | 118.10 % | |||||||||
(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: | September 30, | June 30, | March 31, | December 31, | September 30, | ||||
Performance ratios: | |||||||||
Return on average assets(1) | 0.66 % | 0.55 % | 0.64 % | 0.54 % | 0.55 % | ||||
Return on average equity(1) | 7.36 % | 6.42 % | 7.10 % | 6.45 % | 6.04 % | ||||
Yield on interest-earning assets | 5.57 % | 5.53 % | 5.43 % | 5.32 % | 5.07 % | ||||
Rate paid on interest-bearing liabilities | 3.48 % | 3.37 % | 3.17 % | 3.10 % | 2.85 % | ||||
Average interest rate spread | 2.09 % | 2.16 % | 2.26 % | 2.22 % | 2.22 % | ||||
Net interest margin(1)(2) | 2.60 % | 2.64 % | 2.74 % | 2.67 % | 2.66 % | ||||
Operating expense to average total assets(1) | 2.15 % | 2.17 % | 2.18 % | 2.22 % | 2.26 % | ||||
Efficiency ratio(3) | 74.51 % | 75.48 % | 73.51 % | 76.39 % | 77.91 % | ||||
Average interest-earning assets to average interest-bearing liabilities | 116.71 % | 116.33 % | 117.57 % | 116.97 % | 118.04 % | ||||
Asset quality ratios: | |||||||||
Non-performing assets to total assets(4) | 0.45 % | 0.52 % | 0.47 % | 0.56 % | 0.60 % | ||||
Non-performing loans and leases to total gross loans and leases(5) | 0.58 % | 0.67 % | 0.61 % | 0.72 % | 0.74 % | ||||
Allowance for credit losses to non-performing loans and leases(5) | 235.89 % | 206.30 % | 228.36 % | 195.80 % | 194.70 % | ||||
Allowance for credit losses to total loans and leases | 1.36 % | 1.37 % | 1.39 % | 1.42 % | 1.43 % | ||||
Net charge-offs to average outstanding loans and leases during the period(1) | 0.15 % | 0.16 % | 0.12 % | 0.09 % | 0.11 % | ||||
Capital ratios: | |||||||||
Equity to total assets at end of period | 9.38 % | 8.77 % | 8.90 % | 9.22 % | 8.34 % | ||||
Average equity to average assets | 8.98 % | 8.58 % | 9.03 % | 8.32 % | 9.10 % | ||||
Common equity tier 1 capital (to risk weighted assets)(6) | 13.10 % | 12.96 % | 12.89 % | 12.85 % | 12.48 % | ||||
Tier 1 leverage (core) capital (to adjusted tangible assets)(6) | 10.73 % | 10.65 % | 10.67 % | 10.64 % | 10.71 % | ||||
Tier 1 risk-based capital (to risk weighted assets)(6) | 13.10 % | 12.96 % | 12.89 % | 12.85 % | 12.48 % | ||||
Total risk-based capital (to risk weighted assets)(6) | 14.35 % | 14.21 % | 14.14 % | 14.10 % | 13.73 % | ||||
Other data: | |||||||||
Number of full-service offices | 12 | 12 | 12 | 12 | 12 | ||||
Full-time equivalent employees | 171 | 182 | 178 | 176 | 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-third-quarter-financial-results-302286501.html
SOURCE Richmond Mutual Bancorporation, Inc.
FAQ
What was RMBI's earnings per share in Q3 2024?
How much was RMBI's net income for Q3 2024?
What was RMBI's net interest margin in Q3 2024?
What percentage of RMBI's loans were nonperforming in Q3 2024?
