Richmond Mutual Bancorporation(US:RMBI)2024-10-24 20:26Financial 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]