Financial Performance - For the nine months ended September 30, 2024, net income was $6.9 million, a decrease from $7.5 million for the same period in 2023, reflecting a decline of approximately 8%[136] - Net income for the three months ended September 30, 2024, was $2.5 million, a 26.8% increase from $1.9 million in the same period of 2023[151] - Noninterest income rose by $168,000, or 14.5%, to $1.3 million, driven by a 135.8% increase in net gains on loan and lease sales[165] - Noninterest income rose by $134,000 or 3.9% to $3.6 million for the nine months ended September 30, 2024, driven by higher service charges and other income[183] - Net cash provided by operating activities was $8.0 million for the nine months ended September 30, 2024, compared to $8.3 million for the same period in 2023[193] Asset Quality - Nonaccrual loans and leases decreased to $5.1 million at September 30, 2024, down from $6.3 million at December 31, 2023, indicating improved asset quality[142] - Nonperforming loans and leases totaled $6.7 million, or 0.58% of total loans and leases, down from $8.0 million, or 0.72%, at December 31, 2023[143] - The allowance for credit losses on loans and leases increased by $110,000, or 0.7%, to $15.8 million, representing 1.36% of total loans and leases outstanding[144] - Net charge-offs during the first nine months of 2024 were $1.2 million, compared to $436,000 during the same period in 2023, indicating increased credit losses[144] - Provision for credit losses increased by $127,000 or 55.6% to $355,000 for the nine months ended September 30, 2024, compared to $228,000 for the same period in 2023[182] Capital Position - The Company's total risk-based capital ratio was 14.35%, exceeding the 10.0% requirement for a well-capitalized institution[136] - As of September 30, 2024, First Bank Richmond's total risk-based capital was $180,328 thousand, representing a ratio of 14.3% to risk-weighted assets, exceeding the minimum requirement of 8.0%[196] - The Tier 1 risk-based capital was $164,609 thousand, with a ratio of 13.1% to risk-weighted assets, surpassing the minimum requirement of 6.0%[196] - Common equity tier 1 capital stood at $164,609 thousand, also at 13.1% to risk-weighted assets, exceeding the minimum requirement of 4.5%[196] - The Tier 1 leverage capital ratio was 10.7%, with $164,609 thousand in capital against adjusted tangible assets, above the minimum requirement of 4.0%[196] Deposits and Borrowings - Total deposits increased by $48.0 million, or 4.6%, to $1.1 billion as of September 30, 2024, driven by a rise in non-brokered time deposits and savings accounts[147] - Total borrowings decreased by $19.0 million, or 7.0%, to $252.0 million at September 30, 2024, due to increased deposits reducing the need for additional borrowing[149] - Approximately $224.6 million, or 20.6% of total deposits, was uninsured as of September 30, 2024[148] Interest Income and Expense - Interest income rose by $2.8 million, or 16.4%, to $20.3 million for the quarter ended September 30, 2024, primarily due to an increase in loans and leases[152] - Interest expense increased by $2.5 million, or 30.7%, to $10.8 million for the quarter ended September 30, 2024, largely due to higher rates on interest-bearing deposits[155] - Interest income increased by $11.0 million, or 22.6%, to $59.9 million, with interest income on loans and leases up by 24.8% to $53.1 million[170] - The average yield on loans and leases increased to 6.27% for the quarter ended September 30, 2024, compared to 5.71% for the same quarter in 2023[152] - The average yield on loans and leases increased to 6.20%, up from 5.52% in the previous year[170] Noninterest Expense - Noninterest expense remained stable at $8.0 million, with salaries and employee benefits increasing by 4.7% to $4.6 million[167] - Noninterest expense increased by $1.4 million or 6.2% to $24.1 million for the nine months ended September 30, 2024, primarily due to higher salaries and employee benefits[185] Tax Rate - The effective tax rate increased to 13.0% from 12.3% due to higher pre-tax income levels[168] - The effective tax rate decreased to 12.9% for the first nine months of 2024, down from 14.5% for the same period in 2023, due to lower pre-tax income[186] Liquidity - The company had approximately $287.1 million in liquid assets as of September 30, 2024, enhancing its liquidity position[191] Stock Repurchase - The stock repurchase program allows for the purchase of up to an additional 321,386 shares, with approximately 606,802 shares remaining available for repurchase as of September 30, 2024[188] Market Risk - There has been no material change in market risk disclosures since the 2023 Form 10-K[198]

Financial Performance - Net income for Q3 2024 was $2.5 million, or $0.24 diluted earnings per share, representing a 20.0% increase from Q2 2024 and a 26.3% increase from Q3 2023[1] - Net income for the quarter ended September 30, 2024, was $2.472 million, compared to $2.061 million in the previous quarter[24] - Return on average assets improved to 0.66%, up from 0.55% in the previous quarter[34] - Return on average equity rose to 7.36%, compared to 6.42% in the prior quarter[34] Asset and Equity Management - Total assets remained stable at $1.5 billion as of September 30, 2024, consistent with previous quarters[2] - Total assets increased by $31.5 million, or 2.2%, to $1.5 billion as of September 30, 2024, compared to December 31, 2023[14] - Total assets as of September 30, 2024, were $1,492,550, a slight decrease from $1,495,141 as of June 30, 2024[25] - Total stockholder's equity increased to $140,027 as of September 30, 2024, from $131,110 as of June 30, 2024[25] - Stockholders' equity increased to $140.0 million at September 30, 2024, compared to $131.1 million at June 30, 2024[3] Loan and Deposit Activity - Total deposits were $1.1 billion as of September 30, 2024, up from $1.0 billion at December 31, 2023[3] - Total deposits increased by $48.0 million, or 4.6%, to $1.1 billion as of September 30, 2024, primarily due to an increase in non-brokered time deposits[17] - Total deposits decreased to $1,089,094 as of September 30, 2024, from $1,100,085 as of June 30, 2024, representing a decline of approximately 0.9%[27] - Loans and leases increased by $50.9 million, or 4.7%, to $1.1 billion, driven by increases in multi-family loans, commercial and industrial loans, residential mortgage loans, and commercial real estate loans[14] Income and Interest Metrics - Net interest income decreased by $143,000, or 1.5%, to $9.4 million compared to Q2 2024, but increased by $305,000, or 3.3%, from Q3 2023[4] - Interest income increased by $176,000, or 0.9%, to $20.3 million compared to Q2 2024, and rose by $2.8 million, or 16.4%, from Q3 2023[5] - Net interest income for the three months ended September 30, 2024, was $208,214, with a net interest margin of 2.60%[29] - The company reported a net interest rate spread of 2.09% for the three months ended September 30, 2024[29] - Average interest rate spread decreased slightly to 2.09%, down from 2.16% in the previous quarter[34] Credit Quality and Losses - Nonperforming loans and leases decreased to $6.7 million, or 0.58% of total loans and leases, down from $7.7 million, or 0.67% in Q2 2024[3] - The allowance for credit losses was $15.8 million, or 1.36% of total loans and leases, slightly down from $15.9 million in Q2 2024[3] - The allowance for credit losses on loans and leases increased by $110,000, or 0.7%, to $15.8 million as of September 30, 2024[15] - Non-performing assets to total assets decreased to 0.45%, down from 0.52% in the previous quarter, indicating improved asset quality[34] Operational Efficiency - The efficiency ratio improved to 74.51%, compared to 75.48% in the previous quarter, suggesting better operational efficiency[34] - The number of full-service offices remained stable at 12, with full-time equivalent employees decreasing to 171 from 182[34] Shareholder Actions - The Company repurchased 71,306 shares of common stock at an average price of $12.42 per share during the quarter[3] - The company repurchased 71,306 shares of common stock at an average price of $12.42 per share during the quarter[19] Tax and Regulatory Metrics - The effective tax rate for Q3 2024 was 13.0%, compared to 12.9% in Q2 2024 and 12.3% in Q3 2023[13] - Common equity tier 1 capital ratio increased to 13.10%, up from 12.96% in the previous quarter, indicating stronger capital position[34]

Core Viewpoint - Richmond Mutual Bancorporation is facing deteriorating fundamentals, leading to a reassessment of its attractiveness as an income investment despite its previously appealing dividend yield [1][5]. Financial Performance - Richmond Mutual Bancorporation has a market value of approximately $136 million and total assets of $1.5 billion, categorizing it as a small bank [3]. - The bank's net interest income (NII) constituted 89% of its revenue in 2023, indicating a high sensitivity to interest rate changes [3]. - In Q2 2024, Richmond's NII declined by 2.6% quarter-on-quarter to $9.6 million, attributed to lower loans and a decrease in average asset yields [3]. - The bank's net income fell to $2 million in Q2 2024, a 23% year-over-year decline, with a return on equity (ROE) of 6.42%, down from 8.4% in Q2 2023 [4]. Risk Profile - Richmond has a conservative risk profile, with a low level of credit risk and secured loans primarily backed by commercial and multifamily properties [3]. - The bank's credit losses were minimal, with provisions for loan losses at only $0.27 million in Q2 2024, reflecting a credit risk ratio of 16 basis points [3]. Dividend and Capitalization - Richmond's current quarterly dividend is $0.14 per share, unchanged since Q1 2023, with a dividend payout ratio increasing to 69% [4]. - The bank's Common Equity Tier 1 (CET1) ratio was 12.96% at the end of June, indicating a comfortable capital position [4]. Business Strategy and Outlook - Richmond needs to diversify its business model to reduce reliance on interest income, focusing on non-interest revenue sources such as payment services and asset management [3]. - The bank's non-interest income was only $1.2 million in the last quarter, showing limited progress in diversifying income sources [3]. - The bank's net interest margin (NIM) has declined from 3.40% at the end of 2022 to 2.71% in Q2 2024, with expectations of further pressure due to potential rate cuts [3]. Valuation - Richmond is currently trading close to book value, which is considered demanding given its weak growth prospects and concerns regarding dividend sustainability [4].

Financial Performance - For the six months ended June 30, 2024, net income was $4.4 million, a decrease from $5.6 million for the same period in 2023, reflecting a decline of approximately 21.4%[112] - Net income for the three months ended June 30, 2024, was $2.1 million, a decrease of $632,000 or 23.5% from $2.7 million in the same period of 2023[124] - Net income for the six months ended June 30, 2024, was $4.4 million, a decrease of $1.2 million or 20.8% from $5.6 million in the same period of 2023[141] Assets and Liabilities - As of June 30, 2024, the Company reported total assets of $1.5 billion, with loans and leases net of allowance at $1.1 billion and deposits also at $1.1 billion[112] - Total assets increased by $34.1 million, or 2.3%, from December 31, 2023, primarily due to a $50.5 million, or 4.6%, increase in loans and leases[115] - Investment securities available for sale decreased by $15.3 million, or 5.4%, to $267.3 million at June 30, 2024, due to maturities and market adjustments[116] - Loans held for sale decreased to $370,000 at June 30, 2024, from $794,000 at December 31, 2023[117] - Total deposits increased by $58.9 million, or 5.7%, to $1.1 billion as of June 30, 2024, primarily driven by non-brokered time deposits and savings accounts[121] Credit Quality - Nonaccrual loans and leases decreased to $5.1 million at June 30, 2024, down from $6.3 million at December 31, 2023[118] - The allowance for credit losses on loans and leases increased by $219,000, or 1.4%, to $15.9 million at June 30, 2024, representing 1.37% of total loans and leases[119] - Net charge-offs during the first half of 2024 were $774,000, compared to $137,000 during the same period in 2023, indicating a significant increase in charge-offs[119] - Nonperforming loans and leases totaled $7.7 million, or 0.67% of total loans and leases, at June 30, 2024, compared to $8.0 million, or 0.72%, at December 31, 2023[118] Income and Expenses - Interest income rose by $3.9 million, or 23.8%, to $20.1 million for the quarter ended June 30, 2024, compared to $16.2 million in the prior year[125] - Interest expense increased by $3.6 million, or 52.5%, to $10.5 million for the quarter ended June 30, 2024, primarily due to higher rates on deposits[128] - Noninterest income decreased by $66,000, or 5.6%, to $1.1 million for the quarter ended June 30, 2024, compared to the same quarter in 2023[137] - Noninterest expense increased by $716,000, or 9.8%, to $8.1 million for the three months ended June 30, 2024[139] - Net interest income before the provision for credit losses increased by $243,000, or 2.6%, to $9.6 million for the second quarter of 2024[129] Capital Ratios - The total risk-based capital ratio for First Bank Richmond was 14.21% at June 30, 2024, exceeding the 10.0% requirement for a well-capitalized institution[112] - The Tier 1 capital to total assets ratio was 10.65% at June 30, 2024, well above regulatory requirements[123] - Approximately $253.0 million, or 21.4% of total deposits, was uninsured as of June 30, 2024[122] - First Bank Richmond's total risk-based capital ratio was 14.2% as of June 30, 2024, exceeding the minimum requirement of 8.0%[165] - Tier 1 risk-based capital ratio for First Bank Richmond was 13.0% as of June 30, 2024, above the required minimum of 6.0%[165] - Common equity tier 1 capital ratio was 13.0% as of June 30, 2024, exceeding the minimum requirement of 4.5%[165] - First Bank Richmond maintained a tier 1 leverage capital ratio of 10.7% as of June 30, 2024, surpassing the minimum of 4.0%[165] - Richmond Mutual Bancorporation would have exceeded all regulatory capital requirements if it were subject to guidelines for bank holding companies with $3.0 billion or more in assets as of June 30, 2024[166] Tax and Dividends - The effective tax rate for the second quarter of 2024 was 12.9%, down from 15.0% for the same quarter a year ago[140] - The effective tax rate decreased to 12.9% for the first half of 2024, down from 15.3% in the same period of 2023, due to lower pre-tax income[154] - The company paid a regular quarterly dividend of $0.14 per common share, with an expected total dividend of approximately $1.5 million per quarter based on outstanding shares[156] Liquidity - As of June 30, 2024, the company had approximately $286.4 million in liquid assets, including cash and cash equivalents[159] - The company had approximately $201.5 million in unencumbered securities available to support additional borrowings if needed[160] - As of June 30, 2024, Richmond Mutual Bancorporation had $7.1 million in cash, noninterest-bearing deposits, and liquid investments available for its cash needs[163] - Net cash provided by operating activities was $5.1 million for the six months ended June 30, 2024, compared to $6.4 million for the same period in 2023[161] Market Risk - There has been no material change in market risk disclosures since the 2023 Form 10-K[167]

Financial Performance - Net interest income decreased by $257,000, or 2.6%, to $9.6 million for the quarter ended June 30, 2024, compared to $9.8 million for the prior quarter[2] - Annualized net interest margin decreased to 2.64% for the current quarter, down from 2.74% in the preceding quarter[10] - Net interest income for the quarter ended June 30, 2024, was $203,979 thousand, compared to $206,733 thousand for the same quarter last year, showing a slight decrease of 1.3%[27] - Net interest income before the provision for credit losses decreased by $257,000, or 2.6%, to $9.6 million in the second quarter of 2024, compared to $9.8 million in the first quarter of 2024, but increased by $243,000, or 2.6%, from $9.3 million in the second quarter of 2023[47] - The net interest margin for the quarter was 2.64%, down from 2.77% in the previous year, indicating a decrease of 13 basis points[27] Asset and Deposit Growth - Average deposit balances increased to $1.1 billion at June 30, 2024, compared to $1.0 billion at December 31, 2023, reflecting a growth of 10%[2] - Total deposits increased by $58.9 million, or 5.7%, to $1.1 billion at June 30, 2024, compared to December 31, 2023[13] - Total assets increased by $34.1 million, or 2.3%, to $1.5 billion at June 30, 2024, primarily due to a $50.5 million increase in loans and leases[6] - Total assets reached $1,497,666 thousand, an increase from $1,389,577 thousand year-over-year, representing a growth of 7.8%[27] Loan Performance - Nonperforming loans and leases totaled $7.7 million, or 0.67% of total loans and leases, at June 30, 2024, up from $6.9 million, or 0.61%, at March 31, 2024[2] - Loans and leases, net of allowance for credit losses, rose to $1,140,579 thousand as of June 30, 2024, compared to $1,123,194 thousand in March 31, 2024, an increase of 1.9%[25] - Total loans and leases increased to $1,157,044 thousand as of June 30, 2024, up from $1,139,545 thousand in the previous quarter, representing a growth of 1.4%[56] - Investment securities decreased by $15.6 million, or 5.4%, to $272.0 million at June 30, 2024, primarily due to $8.4 million in maturities and principal repayments and the sale of $3.8 million of available-for-sale securities[42] Credit Losses and Provisions - The provision for credit losses totaled $270,000 in the quarter ended June 30, 2024, compared to $183,000 in the previous quarter[2] - The allowance for credit losses on loans and leases increased by $219,000, or 1.4%, to $15.9 million at June 30, 2024, representing 1.37% of total loans and leases outstanding[51] Equity and Efficiency - Stockholders' equity totaled $131.1 million at June 30, 2024, a decrease of $3.7 million, or 2.8%, from December 31, 2023[8] - Return on average equity was 6.42% for June 30, 2024, down from 7.10% in March 31, 2024, indicating a decrease of 9.58%[22] - Efficiency ratio increased to 75.48% in June 30, 2024, from 73.51% in March 31, 2024, indicating a decline in operational efficiency[22] Interest Expense and Income - Interest expense increased by $832,000, or 8.6%, to $10.5 million for the quarter ended June 30, 2024, compared to the previous quarter[4] - Interest income on loans and leases rose by $3.7 million, or 26.3%, year-over-year, driven by a $120.3 million increase in the average balance of loans and leases[34] - Interest income on cash and cash equivalents increased by $78,000, or 56.4%, during the quarter ended June 30, 2024, compared to the first quarter of 2024, due to a 127 basis point increase in the average yield[48] Stock Repurchase - The company repurchased a total of 97,315 shares of common stock at an average price of $11.68 per share during the quarter ended June 30, 2024[43]

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. Total deposits increased $58.9 million, or 5.7%, to $1.1 ...

Core Viewpoint - Richmond Mutual Bancorporation, Inc. has extended its stock repurchase program for an additional year, reflecting confidence in the company's future and perceived undervaluation of its common stock [1][2]. Stock Repurchase Program - The stock repurchase program, originally set to expire on June 6, 2024, is now extended to June 6, 2025, with 723,195 shares remaining available for purchase as of May 15, 2024 [1]. - Since the program's inception, the company has repurchased 782,840 shares at a total cost of $8.8 million [1]. Management Commentary - The Chairman, President, and CEO emphasized the company's solid financial condition, strong liquidity, and high-quality loan portfolio despite ongoing turbulence in the banking sector [2]. - The Board has authorized management to enter into a trading plan with Keefe, Bruyette & Woods, Inc. to facilitate share repurchases under the stock repurchase program [2]. Trading Plan Details - The Rule 10b5-1 plan allows the company to repurchase shares during periods when it might be restricted from doing so due to securities laws or self-imposed trading blackout periods [2]. - Keefe, Bruyette & Woods, Inc. will have the authority to repurchase shares on behalf of the company, subject to specified prices, terms, and limitations [2]. Company Overview - Richmond Mutual Bancorporation, Inc. is headquartered in Richmond, Indiana, and serves as the holding company for First Bank Richmond, which offers traditional financial and trust services through multiple locations in Indiana and Ohio [4].

Financial Position - As of March 31, 2024, the Company reported total assets of $1.5 billion, with loans and leases net of allowance at $1.1 billion, and stockholders' equity at $132.4 million[130]. - Total assets increased by $26.6 million, or 1.8%, from December 31, 2023, primarily due to a $33.1 million, or 3.0%, increase in loans and leases[133]. - Stockholders' equity totaled $132.4 million at March 31, 2024, a decrease of $2.5 million or 1.8% from December 31, 2023, due to stock repurchases and increased accumulated other comprehensive loss[144]. - The company's Tier 1 capital to total assets ratio was 10.67% at March 31, 2024, well above regulatory requirements[144]. - Total risk-based capital ratio was 14.1% as of March 31, 2024, exceeding the minimum requirement of 8.0%[170]. Income and Earnings - For the three months ended March 31, 2024, net income was $2.4 million, a decrease from $2.9 million for the same period in 2023[130]. - As of March 31, 2024, net income decreased by $535,000 or 18.4% to $2.4 million compared to $2.9 million for the same period in 2023[145]. - Net interest income before the provision for credit losses decreased by $38,000 or 0.4% to $9.8 million for the first quarter of 2024[151]. - Noninterest income increased by $32,000 or 2.9% to $1.1 million for Q1 2024 compared to Q1 2023, driven by a 26.3% increase in other income to $319,000[157]. - The provision for income taxes decreased by $180,000 in Q1 2024, with an effective tax rate of 12.9% compared to 15.5% in Q1 2023[159]. Loans and Leases - Nonperforming loans and leases decreased to $6.9 million, or 0.61% of total loans and leases, down from $8.0 million, or 0.72%, at December 31, 2023[136]. - Loans and leases increased by $33.1 million, or 3.0%, with significant contributions from multi-family loans, residential mortgage loans, and commercial and industrial loans[135]. - The allowance for credit losses on loans and leases increased by $162,000, or 1.0%, to $15.8 million, representing 1.39% of total loans and leases outstanding[138]. - Net charge-offs during the first quarter of 2024 were $324,000, compared to net recoveries of $78,000 during the same quarter in 2023[138]. - The provision for credit losses increased by $13,000 or 7.7% to $183,000 for the three months ended March 31, 2024, with net charge-offs of $324,000 compared to net recoveries of $78,000 in the prior year[156]. Deposits and Borrowings - Total deposits increased by $28.5 million or 2.7% to $1.1 billion as of March 31, 2024, driven by an increase in brokered time deposits of $22.5 million[141]. - Total borrowings increased by $2.0 million to $273.0 million at March 31, 2024, which, along with the increase in deposits, funded loan growth[143]. - The total remaining borrowing capacity with the FHLB was approximately $91.3 million as of March 31, 2024[166]. Interest Income and Expense - Interest income rose by $4.3 million or 28.4% to $19.5 million for the quarter ended March 31, 2024, primarily due to a $141.4 million increase in the average balance of loans and leases[146][147]. - Interest expense increased by $4.4 million or 81.8% to $9.7 million for the quarter ended March 31, 2024, with interest expense on deposits rising by $3.0 million or 75.5%[150]. - The average yield on loans and leases increased by 77 basis points to 6.13% for the quarter ended March 31, 2024, compared to 5.36% for the same quarter in 2023[147]. Expenses - Noninterest expense rose by $696,000 or 9.5% to $8.1 million for Q1 2024, with salaries and employee benefits increasing by $332,000 or 7.8% to $4.6 million[158]. Wealth Management - Total wealth management assets under management and administration were $180.2 million at March 31, 2024[127]. Dividends - A quarterly dividend of $0.14 per common share was paid in Q1 2024, with an expected average total dividend of approximately $1.6 million per quarter[161]. Liquid Assets - As of March 31, 2024, the company had approximately $296.6 million in liquid assets and $325.4 million in certificates of deposit maturing within one year[165]. - Richmond Mutual Bancorporation had $10.1 million in cash and liquid investments available for its cash needs as of March 31, 2024[168]. Market Risk - There has been no material change in market risk disclosures since the 2023 Form 10-K[172].

Financial Performance - Net income for Q1 2024 was $2.4 million, or $0.23 diluted earnings per share, compared to $1.9 million, or $0.19 diluted earnings per share in Q4 2023[1]. - Net income for the quarter ended March 31, 2024, was $2.4 million, compared to $1.9 million for the same period in 2023, reflecting an increase of 22%[31]. - Noninterest income for the quarter was $1.129 million, slightly down from $1.179 million in the previous quarter[31]. Interest Income and Margin - Net interest income before provision for credit losses increased by $502,000, or 5.4%, to $9.8 million in Q1 2024 from $9.3 million in Q4 2023[3]. - Interest income increased by $929,000, or 5.0%, to $19.5 million in Q1 2024 compared to Q4 2023, and increased by $4.3 million, or 28.4%, compared to Q1 2023[6]. - The annualized net interest margin was 2.74% for Q1 2024, up from 2.67% in Q4 2023 but down from 3.04% in Q1 2023[11]. - The net interest margin decreased to 2.74% in Q1 2024 from 3.04% in Q1 2023[37]. Assets and Loans - Total assets remained stable at $1.5 billion as of March 31, 2024, consistent with December 31, 2023[4]. - Loans and leases, net of allowance for credit losses, totaled $1.1 billion at both March 31, 2024, and December 31, 2023[4]. - Loans and leases increased to $1.139 billion at March 31, 2024, from $1.107 billion at December 31, 2023[32]. - Average interest-earning assets rose to $1,437,166,000 for the three months ended March 31, 2024, compared to $1,298,752,000 for the same period in 2023, reflecting an increase of 10.7%[35]. Nonperforming Loans and Credit Losses - Nonperforming loans decreased to $6.9 million, or 0.61% of total loans, from $8.0 million, or 0.72% at the end of 2023[4]. - Nonperforming loans and leases totaled $6.9 million, or 0.61% of total loans and leases, as of March 31, 2024, down from $8.0 million, or 0.72%, at December 31, 2023[18]. - The provision for credit losses was $183,000 in Q1 2024, down from $304,000 in Q4 2023[12]. - The allowance for credit losses on loans and leases increased by $162,000, or 1.0%, to $15.8 million at March 31, 2024, representing 1.39% of total loans and leases outstanding, compared to 1.42% at December 31, 2023[19]. Equity and Deposits - Stockholders' equity decreased to $132.4 million at March 31, 2024, from $134.9 million at December 31, 2023[4]. - Stockholders' equity decreased by $2.5 million, or 1.8%, to $132.4 million at March 31, 2024, mainly due to a $2.8 million increase in accumulated other comprehensive loss[24]. - Total deposits increased by $28.5 million, or 2.7%, to $1.1 billion at March 31, 2024, primarily due to an increase in brokered time deposits of $22.5 million[22]. - Total deposits increased to $1,069,642,000 as of March 31, 2024, up from $1,041,140,000 at December 31, 2023, representing a growth of 2.6%[33]. Operational Efficiency - Total noninterest expense increased by $29,000, or 0.4%, to $8.1 million in Q1 2024 compared to Q4 2023[14]. - The efficiency ratio improved to 73.51% in Q1 2024, compared to 76.39% in Q4 2023[37]. Capital Ratios - Common equity tier 1 capital ratio was 12.89% as of March 31, 2024, stable compared to 12.85% at December 31, 2023[37].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-38956 Richmond Mutual Bancorporation, Inc. (Exact name of registrant as specified in its charter) | Maryland | 36-4926041 | | - ...