Richmond Mutual Bancorporation(US:RMBI)2024-07-25 21:34Financial 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]