Richmond Mutual Bancorporation(US:RMBI)2025-01-23 21:54Net Income and Earnings - Net income for Q4 2024 was $2.5 million, or $0.24 diluted earnings per share, consistent with Q3 2024 but up from $1.9 million, or $0.19 diluted earnings per share, in Q4 2023[1] - Net income for Q4 2024 was $2.5 million, compared to $1.9 million in Q4 2023[29] - Return on average assets remained stable at 0.66% in Q4 2024, consistent with Q3 2024, and up from 0.54% in Q4 2023[37] Total Assets and Loans - Total assets remained stable at $1.5 billion as of December 31, 2024, September 30, 2024, and December 31, 2023[3] - Loans and leases, net of allowance for credit losses, increased to $1.2 billion at December 31, 2024, up from $1.1 billion in both Q3 2024 and Q4 2023[3] - Total assets increased by $44.3 million (3.0%) to $1.5 billion at December 31, 2024, driven by a $68.8 million (6.3%) increase in loans and leases, net of allowance for credit losses[15] - Loans and leases increased by $47.1 million in multi-family loans, $30.1 million in commercial real estate loans, $10.9 million in commercial and industrial loans, and $10.5 million in residential mortgage loans[16] - Total assets increased to $1,505,309 thousand as of September 2024, up from $1,461,024 thousand in December 2023[30] - Loans and leases receivable grew to $1,175,296 thousand in September 2024, compared to $1,106,512 thousand in December 2023[30] - Commercial mortgage loans increased to $371,705 thousand in September 2024, up from $341,633 thousand in December 2023[30] Net Interest Income and Margin - Net interest income increased by $433,000, or 4.6%, to $9.9 million in Q4 2024 compared to Q3 2024, and by $535,000, or 5.7%, compared to Q4 2023[4] - Annualized net interest margin rose to 2.70% in Q4 2024, up from 2.60% in Q3 2024 and 2.67% in Q4 2023[10] - Interest income on loans and leases increased by $393,000, or 2.2%, to $18.5 million in Q4 2024 compared to Q3 2024, driven by a $2.0 million increase in average loan balance and a 12 basis point rise in average yield[6] - Net interest income for Q4 2024 was $9.9 million, up from $9.3 million in Q4 2023[29] - Net interest income for the three months ended December 31, 2024, was $9,866 thousand, compared to $9,331 thousand in the same period of 2023[33] - The average yield on loans and leases receivable increased to 6.39% in December 2024, up from 5.93% in December 2023[33] - The net interest margin improved to 2.70% in December 2024, compared to 2.67% in December 2023[33] - The average balance of interest-earning assets rose to $1,461,876 thousand in December 2024, compared to $1,398,134 thousand in December 2023[33] - Total interest-earning assets increased to $1,451,544 thousand in 2024 from $1,354,549 thousand in 2023, with a yield of 5.55% compared to 4.98% in 2023[35] - Net interest income rose to $38,707 thousand in 2024 from $37,662 thousand in 2023, with a net interest margin of 2.67% compared to 2.78% in 2023[35] Nonperforming Loans and Credit Losses - Nonperforming loans and leases decreased to $6.8 million, or 0.58% of total loans and leases, at December 31, 2024, down from $8.0 million, or 0.72%, in Q4 2023[3] - Nonperforming loans and leases totaled $6.8 million (0.58% of total loans and leases) at December 31, 2024, down from $8.0 million (0.72%) at December 31, 2023[17] - A provision for credit losses of $196,000 was recognized in Q4 2024, compared to a reversal of $99,000 in Q3 2024 and a provision of $304,000 in Q4 2023[11] - The allowance for credit losses on loans and leases increased by $128,000 (0.8%) to $15.8 million at December 31, 2024, representing 1.34% of total loans and leases, down from 1.42% at December 31, 2023[18] - Net charge-offs to average outstanding loans and leases during the period increased to 0.10% in Q4 2024 from 0.09% in Q4 2023[37] Noninterest Income and Expense - Noninterest income decreased by $133,000, or 10.1%, to $1.2 million in Q4 2024 compared to Q3 2024, primarily due to a $77,000 decrease in net gains on loan and lease sales[12] - Total noninterest expense decreased by $89,000, or 1.1%, to $7.9 million in Q4 2024 compared to Q3 2024, driven by reductions in salaries and employee benefits, deposit insurance, and legal fees[13] - Noninterest-bearing demand deposits decreased to $110,106 thousand in September 2024, down from $114,377 thousand in December 2023[31] Deposits and Equity - Total deposits increased by $52.8 million (5.1%) to $1.1 billion at December 31, 2024, driven by a $44.5 million increase in savings and money-market accounts and a $40.3 million increase in non-brokered time deposits[21] - Approximately $248.1 million (22.7%) of the deposit portfolio was uninsured as of December 31, 2024[22] - Stockholders' equity decreased by $2.0 million (1.5%) to $132.9 million at December 31, 2024, due to $5.7 million in dividends and $5.0 million in stock repurchases, partially offset by $9.4 million in net income[23] - Total deposits reached $1,093,940 thousand in September 2024, up from $1,041,140 thousand in December 2023[31] Capital and Efficiency Ratios - Equity to total assets at end of period was 8.83% in Q4 2024, down from 9.22% in Q4 2023[37] - Common equity tier 1 capital ratio increased to 12.98% in Q4 2024 from 12.85% in Q4 2023[37] - Total risk-based capital ratio rose to 14.23% in Q4 2024 from 14.10% in Q4 2023[37] - Efficiency ratio improved to 71.68% in Q4 2024 from 76.39% in Q4 2023[37] - Full-time equivalent employees decreased to 173 in Q4 2024 from 176 in Q4 2023[37] Stock Repurchases - The company repurchased 133,858 shares of common stock at an average price of $13.95 per share during Q4 2024, with 472,944 shares remaining available for repurchase as of December 31, 2024[24] Tax Expense - Income tax expense increased by $90,000 in Q4 2024 compared to Q3 2024, and by $225,000 compared to Q4 2023, with an effective tax rate of 15.7% in Q4 2024, up from 13.0% in Q3 2024 and 10.8% in Q4 2023[14] Non-performing Assets - Non-performing assets to total assets improved to 0.45% in Q4 2024 from 0.56% in Q4 2023[37]