Richmond Mutual Bancorporation(US:RMBI)2025-05-09 21:22Financial Performance - For the three months ended March 31, 2025, net income was $2.0 million, a decrease from $2.4 million for the same period in 2024, reflecting a decline of 16.67%[135] - Net income for the three months ended March 31, 2025, was $2.0 million, a decrease of $401,000 or 16.9% from $2.4 million for the same period in 2024[150] - Noninterest income rose by $33,000, or 3.0%, to $1.2 million in Q1 2025, driven by a 12.9% increase in other income to $360,000[164] - Noninterest expense increased by $315,000, or 3.9%, to $8.4 million in Q1 2025, with salaries and employee benefits up by 3.0% to $4.7 million[165] - The effective tax rate for Q1 2025 was 15.0%, up from 12.9% in Q1 2024, primarily due to the expiration of certain charitable contribution carryforwards[166] Assets and Liabilities - As of March 31, 2025, the Company reported total assets of $1.5 billion, with loans and leases net of allowance at $1.2 billion and deposits at $1.1 billion[135] - Total assets increased by $17.9 million, or 1.2%, from December 31, 2024, primarily due to the increase in loans and leases[138] - Total deposits increased by $11.7 million, or 1.1%, to $1.1 billion as of March 31, 2025, primarily due to an increase in brokered time deposits of $7.2 million[146] - Approximately $243.0 million of the deposit portfolio, or 22.0% of total deposits, was uninsured as of March 31, 2025[147] - The company had a total remaining borrowing capacity with the FHLB of approximately $101.1 million as of March 31, 2025[174] Loans and Credit Quality - Loans and leases increased by $17.0 million, or 1.5%, from December 31, 2024, driven by growth in multi-family, commercial real estate, and commercial and industrial loans[140] - The allowance for credit losses on loans and leases rose by $287,000, or 1.8%, to $16.1 million, representing 1.35% of total loans and leases outstanding[143] - Nonperforming loans and leases totaled $7.0 million, or 0.59% of total loans and leases, as of March 31, 2025, compared to $6.8 million, or 0.58%, at December 31, 2024[142] - Net charge-offs during the first three months of 2025 totaled $395,000, primarily from direct financing leases, compared to $324,000 in the same period of 2024[143] - Provision for credit losses increased to $731,000 in Q1 2025 from $183,000 in Q1 2024, with net charge-offs rising to $395,000 from $324,000[161] Capital and Equity - The Company’s total risk-based capital ratio was 14.04%, exceeding the 10.0% requirement for a well-capitalized institution[135] - Total risk-based capital ratio was 14.0% as of March 31, 2025, exceeding the minimum requirement of 8.0%[178] - Stockholders' equity totaled $130.9 million at March 31, 2025, a decrease of $1.9 million, or 1.5%, from December 31, 2024[149] - Shareholders' equity totaled $130.9 million as of March 31, 2025, down from $132.9 million at the end of 2024[167] Income and Expenses - Interest income increased by $1.4 million, or 7.0%, to $20.9 million for the quarter ended March 31, 2025, compared to $19.5 million for the same quarter in 2024[151] - Net interest income before the provision for credit losses increased by $425,000, or 4.3%, to $10.3 million for the first quarter of 2025[156] - Interest expense increased by $933,000, or 9.6%, to $10.6 million for the quarter ended March 31, 2025[154] - The net interest margin (annualized) was 2.79% for the three months ended March 31, 2025, compared to 2.74% for the same period in 2024[157] Dividends and Liquid Assets - The company paid a quarterly dividend of $0.15 per share in Q1 2025, compared to $0.14 per share in Q1 2024, with an expected total dividend of approximately $1.6 million per quarter[168] - As of March 31, 2025, the company had $283.4 million in liquid assets and $418.6 million in certificates of deposit maturing within one year[173] - Richmond Mutual Bancorporation had $2.2 million in cash and liquid investments available for its cash needs as of March 31, 2025[176]