Richmond Mutual Bancorporation(US:RMBI)2025-04-24 20:50Financial Performance - Net income for Q1 2025 was $2.0 million, or $0.20 diluted earnings per share, down from $2.5 million, or $0.24 per share in Q4 2024[1] - Net income for the first quarter of 2025 was $1.968 million, a decrease from $2.476 million in the fourth quarter of 2024[32] - Basic earnings per share for the first quarter of 2025 was $0.20, down from $0.25 in the fourth quarter of 2024[32] - Return on average assets decreased to 0.52% in Q1 2025 from 0.66% in Q4 2024[38] - Return on average equity declined to 5.89% in Q1 2025 compared to 7.23% in Q4 2024[38] Asset and Liability Management - Total assets remained stable at $1.5 billion as of March 31, 2025, consistent with December 31, 2024[3] - Total assets increased to $1,522,792 thousand as of March 31, 2025, up from $1,504,875 thousand on December 31, 2024, representing a growth of 1.9%[33] - Total loans and leases amounted to $1,192,517 thousand as of March 31, 2025, an increase from $1,175,296 thousand on December 31, 2024, representing a growth of 1.5%[33] - Deposits totaled $1.1 billion as of March 31, 2025, unchanged from December 31, 2024[3] - Total deposits reached $1,105,662 thousand as of March 31, 2025, compared to $1,093,940 thousand on December 31, 2024, reflecting an increase of 1.0%[34] Income and Expense Analysis - Net interest income rose by $392,000, or 4.0%, to $10.3 million in Q1 2025 compared to $9.9 million in Q4 2024[4] - Noninterest income decreased by $30,000, or 2.5%, to $1.2 million in Q1 2025 compared to Q4 2024[14] - Total noninterest expense increased by $446,000, or 5.6%, to $8.4 million for the three months ended March 31, 2025, compared to the fourth quarter of 2024[15] - Interest expense decreased by $194,000, or 1.8%, to $10.6 million in Q1 2025 compared to Q4 2024[9] Credit Quality - Provision for credit losses increased to $731,000 in Q1 2025, compared to $196,000 in Q4 2024 and $183,000 in Q1 2024, primarily due to growth in commercial loan portfolios[3] - Nonperforming loans increased to $7.0 million, or 0.59% of total loans, from $6.8 million, or 0.58% at the end of Q4 2024[3] - The allowance for credit losses on loans and leases increased by $287,000, or 1.8%, to $16.1 million at March 31, 2025[20] - Non-performing assets to total assets slightly increased to 0.46% in Q1 2025 from 0.45% in Q4 2024[38] - Allowance for credit losses to non-performing loans and leases was 229.90% in Q1 2025, down from 232.99% in Q4 2024[38] Capital and Equity - Stockholders' equity decreased to $130.9 million at March 31, 2025, from $132.9 million at December 31, 2024[3] - The company reported a total stockholder's equity of $130,932 thousand as of March 31, 2025, slightly down from $132,872 thousand on December 31, 2024, a decrease of 1.5%[33] - Total risk-based capital ratio decreased to 14.04% in Q1 2025 from 14.23% in Q4 2024[38] Operational Efficiency - Efficiency ratio increased to 73.31% in Q1 2025 from 71.68% in Q4 2024[38] - Number of full-time equivalent employees decreased to 171 in Q1 2025 from 173 in Q4 2024[39] - The company maintained 12 full-service offices throughout the reporting period[38] Interest Metrics - Annualized net interest margin improved to 2.79% in Q1 2025, up from 2.70% in Q4 2024[12] - The net interest margin improved to 2.79% for the three months ended March 31, 2025, compared to 2.74% for the same period in 2024[37] - Average interest rate spread increased to 2.32% in Q1 2025 from 2.19% in Q4 2024[38] - The average yield on loans and leases receivable was 6.36% for the three months ended March 31, 2025, compared to 6.13% for the same period in 2024[36]