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Richmond Mutual Bancorporation(RMBI) - 2025 Q2 - Quarterly Results

Q2 2025 Financial Results Overview Richmond Mutual Bancorporation, Inc. reported strong Q2 2025 financial results with increased net income and EPS, driven by improved net interest margin and controlled expenses, alongside strategic share repurchases Q2 2025 Financial Performance Highlights Richmond Mutual Bancorporation, Inc. reported a significant increase in net income and diluted earnings per share for Q2 2025, driven by higher net interest income from an expanded net interest margin and reduced noninterest expenses Q2 2025 Key Financial Performance | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Net Income | $2.6M | $2.0M | $2.1M | +30.0% | +23.8% | | Diluted EPS | $0.26 | $0.20 | $0.20 | +30.0% | +30.0% | | Net Interest Income | $10.8M | $10.3M | $9.6M | +4.9% | +12.4% | | Annualized Net Interest Margin | 2.93% | 2.79% | 2.64% | +14 bps | +29 bps | | Provision for Credit Losses | $745K | $731K | $270K | +1.9% | +175.9% | | Nonperforming Loans & Leases | $8.1M | $7.0M | N/A | +15.7% | N/A | | Nonperforming Loans % of Total Loans | 0.68% | 0.59% | N/A | +0.09% | N/A | | Allowance for Credit Losses | $16.2M | $16.1M | N/A | +0.6% | N/A | | Allowance for Credit Losses % of Total Loans | 1.37% | 1.35% | N/A | +0.02% | N/A | | Stockholders' Equity | $132.3M | $130.9M | $131.1M | +1.1% | +0.9% | | Book Value Per Share | $12.74 | $12.48 | $11.90 | +2.1% | +7.1% | - The increase in net income and diluted EPS was primarily driven by higher net interest income due to an expanded net interest margin and lower noninterest expense, with share repurchases also contributing to the increase in EPS2 - The Company repurchased 101,127 shares of common stock at an average price of $13.46 per share during Q2 20254 - The Bank's Tier 1 capital to total assets was 10.75% at June 30, 2025, exceeding regulatory requirements5 President's Comments Garry Kleer, Chairman, President, and CEO, highlighted the strength of the core banking model, noting improvements in net interest margin and solid credit quality, alongside disciplined expense management - The company's core banking model, built on strong relationships and sound credit practices, demonstrated strength in Q2 20253 - Management observed improvement in net interest margin and maintained solid credit quality, while actively controlling expenses3 - Despite economic uncertainties (inflation, rate pressures, global tensions), the company is focused on customer service, community support, and disciplined decisions for long-term shareholder value3 Detailed Income Statement Analysis The company's Q2 2025 income statement shows increased net interest income driven by margin expansion, partially offset by higher credit loss provisions and lower noninterest income, while noninterest expenses decreased Net Interest Income Net interest income increased significantly in Q2 2025, driven by an expanded average interest rate spread and growth in average net earning assets, supported by favorable repricing following rate cuts Net Interest Income Performance | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Net Interest Income | $10.8M | $10.3M | $9.6M | +4.9% | +12.4% | | Average Interest Rate Spread (QoQ) | +13 bps | N/A | N/A | N/A | N/A | | Average Net Earning Assets (QoQ) | +$3.6M | N/A | N/A | N/A | N/A | | Average Interest Rate Spread (YoY) | +29 bps | N/A | N/A | N/A | N/A | | Average Net Earning Assets (YoY) | +$6.3M | N/A | N/A | N/A | N/A | | Net Interest Margin | 2.93% | 2.79% | 2.64% | +14 bps | +29 bps | - Federal Open Market Committee rate cuts in late 2024 (100 basis points to 4.25%-4.50%) contributed to a modest decline in the cost of interest-bearing deposits and borrowings, while yields on earning assets remained relatively stable or adjusted upward6 Interest Income Breakdown Total interest income increased in Q2 2025, primarily from higher loan and lease income due to increased yields and balances, partially offset by decreased investment securities income Interest Income by Source | Source | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Total Interest Income | $21.3M | $20.9M | $20.1M | +2.3% | +6.3% | | Interest Income on Loans & Leases | $19.2M | $18.8M | $17.8M | +2.2% | +7.7% | | Average Yield on Loans & Leases | 6.51% | 6.36% | 6.20% | +15 bps | +31 bps | | Interest Income on Investment Securities (excl. FHLB) | $1.6M | $1.6M | $1.7M | -2.5% | -7.1% | | Interest Income on Cash & Equivalents | $243K | $131K | $218K | +85.6% | +11.5% | - The decrease in interest income from investment securities was primarily due to a reduction in average balances, as proceeds from maturities and paydowns were used to fund loan growth9 Interest Expense Breakdown Total interest expense remained stable in Q2 2025, with decreased deposit expense due to lower rates offset by increased FHLB borrowing expense from higher average rates Interest Expense by Source | Source | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Total Interest Expense | $10.6M | $10.6M | $10.5M | -0.2% | +0.7% | | Interest Expense on Deposits | $7.8M | $7.8M | $8.0M | -0.4% | -2.4% | | Average Rate Paid on Interest-Bearing Deposits | 3.14% | 3.17% | 3.23% | -3 bps | -9 bps | | Interest Expense on FHLB Borrowings | $2.8M | $2.8M | $2.5M | +0.3% | +10.6% | | Average Rate Paid on FHLB Borrowings | 4.24% | 4.03% | 3.89% | +21 bps | +35 bps | Provision for Credit Losses The provision for credit losses increased in Q2 2025 due to growth in higher-risk commercial loan portfolios and an increase in net charge-offs during the quarter Provision for Credit Losses & Net Charge-offs | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Provision for Credit Losses | $745K | $731K | $270K | +1.9% | +175.9% | | Net Charge-offs | $626K | $395K | $450K | +58.5% | +39.1% | - The increase in the provision was primarily driven by increased loan growth in commercial loan portfolios, which have a higher estimated loss rate, and higher charge-offs15 Noninterest Income Noninterest income decreased in Q2 2025, mainly due to net losses on securities sales, partially offset by increases in recurring fee income categories reflecting higher transaction volumes Noninterest Income Breakdown | Source | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Total Noninterest Income | $1.1M | $1.2M | $1.2M | -7.1% | -2.9% | | Net Losses on Sales of Securities | -$157K | $0 | -$62K | N/A | +153.2% | | Card Fee Income | $336K | $299K | $302K | +12.4% | +11.3% | | Loan & Lease Servicing Fees | $136K | $112K | N/A | +21.4% | N/A | | Service Charges on Deposit Accounts | $310K | $296K | N/A | +4.7% | N/A | | Other Income | $354K | N/A | $341K | N/A | +3.8% | - The decrease in noninterest income was primarily due to net losses on sales of securities totaling $157,000 in Q2 2025, compared to no securities sold in the prior quarter16 - Recurring fee income categories, including card fees, loan and lease servicing fees, and service charges on deposit accounts, showed increases due to higher transaction volume and customer utilization16 Noninterest Expense Total noninterest expense decreased in Q2 2025 due to reduced one-time core systems contract negotiation expenses, despite an increase in salaries and employee benefits Noninterest Expense Breakdown | Expense Category | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Total Noninterest Expense | $8.1M | $8.4M | $8.1M | -3.1% | +0.7% | | Salaries and Employee Benefits | $4.8M | $4.7M | $4.7M | +1.2% | +2.1% | | Other Expenses | N/A | N/A | N/A | -18.8% | +1.6% | | Legal and Professional Fees | N/A | N/A | N/A | -15.7% | -6.9% | | Deposit Insurance Expense | N/A | N/A | N/A | -10.3% | -20.0% | | Data Processing Fees | $926K | N/A | $880K | N/A | +5.3% | - The decrease in other expenses QoQ was primarily due to one-time expenses recognized in the prior quarter related to contract negotiations with the Bank's core systems provider, with the new agreement expected to yield long-term cost savings and improve operational efficiency17 Income Tax Expense Income tax expense increased in Q2 2025 compared to prior periods, while the effective tax rate decreased slightly from the previous quarter Income Tax Expense & Effective Tax Rate | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Income Tax Expense | $382K | $348K | $305K | +9.8% | +25.2% | | Effective Tax Rate | 12.8% | 15.0% | 12.9% | -2.2% | -0.1% | Detailed Balance Sheet Analysis The balance sheet at June 30, 2025, shows a modest increase in total assets driven by loan growth and cash, offset by decreased investment securities, with a shift in deposit mix and a slight decrease in equity Total Assets Total assets saw a modest increase at June 30, 2025, primarily driven by growth in loans and leases and cash and cash equivalents, partially offset by a decrease in investment securities Total Assets and Key Components (vs. Dec 31, 2024) | Metric | June 30, 2025 | Dec 31, 2024 | Change | Change % | | :-------------------------------- | :------------ | :----------- | :----- | :------- | | Total Assets | $1.5B | $1.5B | +$2.9M | +0.2% | | Loans & Leases, Net | $1.2B | $1.2B | +$9.0M | +0.8% | | Cash & Cash Equivalents | $27.2M | $21.8M | +$5.5M | +25.1% | | Investment Securities | $252.3M | $261.7M | -$9.4M | -3.6% | Loans and Leases Portfolio The loan and lease portfolio increased, primarily driven by growth in commercial mortgage, commercial and industrial, and multi-family loans, partially offset by a significant decrease in construction and development loans Loan and Lease Portfolio Changes (vs. Dec 31, 2024) | Loan Type | Change | | :-------------------------------- | :----- | | Commercial Mortgage | +$21.9M | | Commercial and Industrial | +$14.3M | | Multi-family | +$5.9M | | Construction and Development | -$30.2M | Nonperforming Loans and Allowance for Credit Losses Nonperforming loans and leases increased at June 30, 2025, leading to a higher allowance for credit losses, which management deems adequate despite ongoing economic pressures Asset Quality Metrics (vs. Dec 31, 2024) | Metric | June 30, 2025 | Dec 31, 2024 | Change | Change % | | :-------------------------------- | :------------ | :----------- | :----- | :------- | | Nonperforming Loans & Leases | $8.1M | $6.8M | +$1.3M | +19.1% | | Nonperforming Loans % of Total Loans | 0.68% | 0.58% | +0.10% | N/A | | Accruing Loans Past Due > 90 Days | $2.5M | $1.7M | +$0.8M | +47.1% | | Allowance for Credit Losses | $16.2M | $15.8M | +$0.4M | +2.7% | | ACL % of Total Loans & Leases | 1.37% | 1.34% | +0.03% | N/A | | Net Charge-offs (H1 2025) | $1.0M | $0.8M (H1 2024) | +$0.2M | +29.2% | - Management regularly evaluates credit exposure, incorporating inflationary pressures, capital market volatility, and geopolitical risks, and believes the allowance for credit losses remains adequate24 Investment Securities Investment securities decreased due to sales, maturities, and principal repayments, with proceeds strategically redeployed to support loan growth and prioritize higher-yielding assets Investment Securities (vs. Dec 31, 2024) | Metric | June 30, 2025 | Dec 31, 2024 | Change | Change % | | :-------------------------------- | :------------ | :----------- | :----- | :------- | | Investment Securities | $252.3M | $261.7M | -$9.4M | -3.6% | | Securities Sales | $6.8M | N/A | N/A | N/A | | Maturities and Principal Repayments | $8.9M | N/A | N/A | N/A | - Proceeds from securities sales, maturities, and principal repayments were redeployed to support loan growth, aligning with the Company's strategy to prioritize higher-yielding assets25 Deposits Total deposits increased slightly, with a notable shift from noninterest-bearing and brokered time deposits to interest-bearing demand and retail time deposits, reflecting customer demand for higher yields Deposit Composition Changes (vs. Dec 31, 2024) | Deposit Type | June 30, 2025 | Dec 31, 2024 | Change | Change % | | :-------------------------------- | :------------ | :----------- | :----- | :------- | | Total Deposits | $1.1B | $1.1B | +$2.4M | +0.2% | | Interest-Bearing Demand Deposits | N/A | N/A | +$12.0M | N/A | | Retail (Non-Brokered) Time Deposits | N/A | N/A | +$10.5M | N/A | | Brokered Time Deposits | $239.5M | $257.6M | -$18.1M | -7.0% | | Noninterest-Bearing Accounts | $106.2M | $110.1M | -$3.9M | -3.5% | | Noninterest-Bearing % of Total Deposits | 9.7% | 10.1% | -0.4% | N/A | | Uninsured Deposits | $249.8M | N/A | N/A | N/A | | Uninsured Deposits % of Total Deposits | 22.8% | N/A | N/A | N/A | - The shift in deposit mix towards time deposits is attributed to customer demand for higher yields, as financial institutions offer competitive rates on certificates of deposit26 Stockholders' Equity Stockholders' equity experienced a slight decrease at June 30, 2025, due to dividends and share repurchases, partially offset by net income and improved fair values of available-for-sale investments Stockholders' Equity Changes (vs. Dec 31, 2024) | Metric | June 30, 2025 | Dec 31, 2024 | Change | Change % | | :-------------------------------- | :------------ | :----------- | :----- | :------- | | Stockholders' Equity | $132.3M | $132.9M | -$0.55M | -0.4% | | Dividends Paid | $2.9M | N/A | N/A | N/A | | Common Stock Repurchased | $5.6M | N/A | N/A | N/A | | Net Income | $4.6M | N/A | N/A | N/A | | Decrease in Accumulated Other Comprehensive Loss | $2.4M | N/A | N/A | N/A | | Shares Repurchased (Q2 2025) | 101,127 | N/A | N/A | N/A | | Average Repurchase Price (Q2 2025) | $13.46/share | N/A | N/A | N/A | - The decrease in accumulated other comprehensive loss was a result of improved fair values in the Company's available-for-sale investment portfolio, driven by a reduction in market interest rates28 Company Information This section provides an overview of Richmond Mutual Bancorporation, Inc. and its subsidiary, First Bank Richmond, along with important disclosures regarding forward-looking statements About Richmond Mutual Bancorporation, Inc. Richmond Mutual Bancorporation, Inc. is the holding company for First Bank Richmond, a community-oriented financial institution offering traditional financial and trust services across multiple locations in Indiana and Ohio - Richmond Mutual Bancorporation, Inc. is headquartered in Richmond, Indiana, and is the parent company of First Bank Richmond30 - First Bank Richmond provides traditional financial and trust services through eight locations in Indiana and five locations plus a loan production office in Ohio3031 Forward-Looking Statements This section serves as a disclaimer regarding forward-looking statements, emphasizing that such statements are based on current beliefs and expectations but are subject to significant business, economic, and competitive uncertainties and contingencies - Forward-looking statements are based on current beliefs and expectations and are subject to significant business, economic, and competitive uncertainties and contingencies beyond the Company's control32 - Key risk factors include adverse economic conditions, changes in interest rates, inflation, bank failures, legislative and regulatory changes, credit risk, funding access, real estate fluctuations, competitive pressures, technological changes, cybersecurity vulnerabilities, and geopolitical developments33 - The Company explicitly declines any obligation to publicly release revisions to forward-looking statements to reflect events or circumstances after their date34 Unaudited Financial Tables & Ratios This section presents unaudited financial tables including selected operations data, financial condition data, loan and deposit summaries, average balances, and key financial ratios for various reporting periods Selected Operations Data This table presents key income statement figures for the three and six months ended June 30, 2025, and comparable periods, detailing interest income, interest expense, net income, and earnings per share SELECTED OPERATIONS DATA | Metric | Three Months Ended June 30, 2025 | Three Months Ended March 31, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :-------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Interest income | $21.3M | $20.9M | $20.1M | $42.2M | $39.6M | | Interest expense | $10.6M | $10.6M | $10.5M | $21.2M | $20.2M | | Net interest income | $10.8M | $10.3M | $9.6M | $21.0M | $19.4M | | Provision for credit losses | $745K | $731K | $270K | $1.5M | $454K | | Net interest income after provision for credit losses | $10.0M | $9.5M | $9.3M | $19.5M | $19.0M | | Noninterest income | $1.1M | $1.2M | $1.2M | $2.2M | $2.3M | | Noninterest expense | $8.1M | $8.4M | $8.1M | $16.5M | $16.2M | | Income before income tax expense | $3.0M | $2.3M | $2.4M | $5.3M | $5.1M | | Income tax provision | $382K | $348K | $305K | $731K | $657K | | Net income | $2.6M | $2.0M | $2.1M | $4.6M | $4.4M | | Shares outstanding | 10,389 | 10,490 | 11,019 | 10,389 | 11,019 | | Average shares outstanding: Basic | 9,558 | 9,841 | 10,067 | 9,699 | 10,113 | | Average shares outstanding: Diluted | 9,845 | 10,084 | 10,178 | 9,964 | 10,204 | | Earnings per share: Basic | $0.27 | $0.20 | $0.20 | $0.47 | $0.44 | | Earnings per share: Diluted | $0.26 | $0.20 | $0.20 | $0.46 | $0.43 | Selected Financial Condition Data This table provides a snapshot of the company's financial position at various quarter-ends, including total assets, cash and equivalents, investment securities, loans, deposits, and total stockholders' equity SELECTED FINANCIAL CONDITION DATA | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------- | :---------------- | :----------------- | :------------ | | Total assets | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | | Cash and cash equivalents | $27.2M | $27.0M | $21.8M | $19.6M | $19.0M | | Interest-bearing time deposits | $300K | $300K | $300K | $300K | — | | Investment securities | $252.3M | $259.0M | $261.7M | $271.3M | $272.0M | | Loans and leases, net of allowance for credit losses | $1.2B | $1.2B | $1.2B | $1.1B | $1.1B | | Loans held for sale | $136K | $388K | $1.1M | $220K | $370K | | Premises and equipment, net | $13.2M | $12.8M | $12.9M | $13.0M | $13.1M | | Federal Home Loan Bank stock | $13.9M | $13.9M | $13.9M | $13.9M | $13.9M | | Other assets | $32.9M | $33.5M | $34.3M | $33.3M | $36.2M | | Deposits | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | | Borrowings | $267.0M | $274.0M | $265.0M | $252.0M | $252.0M | | Total stockholder's equity | $132.3M | $130.9M | $132.9M | $140.0M | $131.1M | | Book value (GAAP) | $132.3M | $130.9M | $132.9M | $140.0M | $131.1M | | Tangible book value (non-GAAP) | $132.3M | $130.9M | $132.9M | $140.0M | $131.1M | | Book value per share (GAAP) | $12.74 | $12.48 | $12.29 | $12.79 | $11.90 | | Tangible book value per share (non-GAAP) | $12.74 | $12.48 | $12.29 | $12.79 | $11.90 | Loan and Lease Portfolio Summary This table details the composition of the loan and lease portfolio across various categories, including commercial mortgage, commercial and industrial, construction and development, and residential mortgage Loan and Lease Portfolio | Loan Type | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------- | :---------------- | :----------------- | :------------ | | Commercial mortgage | $393.6M | $387.5M | $371.7M | $348.5M | $356.2M | | Commercial and industrial | $140.7M | $136.5M | $126.4M | $126.6M | $127.2M | | Construction and development | $102.4M | $99.9M | $132.6M | $140.8M | $139.6M | | Multi-family | $191.8M | $211.5M | $185.9M | $183.8M | $174.3M | | Residential mortgage | $169.0M | $172.6M | $172.6M | $172.9M | $175.1M | | Home equity | $19.4M | $18.1M | $16.8M | $15.2M | $13.8M | | Direct financing leases | $147.2M | $146.1M | $148.1M | $147.1M | $148.2M | | Consumer | $20.6M | $20.2M | $21.2M | $22.6M | $22.8M | | Total loans and leases | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | Deposits Summary This table provides a detailed breakdown of the company's deposit base by type, including noninterest-bearing demand, interest-bearing demand, savings, money market, and time deposits, across various reporting periods Deposits | Deposit Type | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------- | :---------------- | :----------------- | :------------ | | Noninterest-bearing demand | $106.2M | $103.4M | $110.1M | $98.5M | $102.8M | | Interest-bearing demand | $147.3M | $142.2M | $135.3M | $136.3M | $144.8M | | Savings and money market | $303.2M | $301.4M | $301.3M | $283.8M | $283.5M | | Non-brokered time deposits | $300.1M | $293.9M | $289.6M | $290.9M | $281.5M | | Brokered time deposits | $239.5M | $264.8M | $257.6M | $279.6M | $287.5M | | Total deposits | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | Average Balances, Interest and Average Yields/Cost These tables detail average balances of interest-earning assets and interest-bearing liabilities, along with interest income and expense, yields, spread, and net interest margin for Q2 2025 and 2024 Average Balances, Interest and Average Yields/Cost (Three Months Ended June 30, 2025 vs. 2024) | Metric | 2025 Average Balance | 2025 Interest Earned/Paid | 2025 Yield/Rate | 2024 Average Balance | 2024 Interest Earned/Paid | 2024 Yield/Rate | | :-------------------------------- | :------------------- | :------------------------ | :-------------- | :------------------- | :------------------------ | :-------------- | | Interest-earning assets: | | | | | | | | Loans and leases receivable | $1.2B | $19.2M | 6.51 % | $1.1B | $17.8M | 6.20 % | | Securities | $251.7M | $1.6M | 2.56 % | $273.1M | $1.7M | 2.54 % | | FHLB stock | $13.9M | $309K | 8.89 % | $13.9M | $322K | 9.26 % | | Cash and cash equivalents and other | $24.2M | $243K | 4.02 % | $16.5M | $218K | 5.29 % | | Total interest-earning assets | $1.5B | $21.3M | 5.82 % | $1.5B | $20.1M | 5.53 % | | Interest-bearing liabilities: | | | | | | | | Savings and money market accounts | $316.4M | $1.8M | 2.32 % | $290.2M | $1.8M | 2.48 % | | Interest-bearing checking accounts | $141.0M | $373K | 1.06 % | $144.4M | $437K | 1.21 % | | Certificate accounts | $538.0M | $5.6M | 4.17 % | $556.5M | $5.8M | 4.14 % | | Borrowings | $262.1M | $2.8M | 4.24 % | $257.9M | $2.5M | 3.89 % | | Total interest-bearing liabilities | $1.3B | $10.6M | 3.37 % | $1.2B | $10.5M | 3.37 % | | Net interest income | | $10.8M | | | $9.6M | | | Net interest rate spread | | | 2.45 % | | | 2.16 % | | Net interest margin | | | 2.93 % | | | 2.64 % | Average Balances, Interest and Average Yields/Cost (Six Months Ended June 30, 2025 vs. 2024) | Metric | 2025 Average Balance | 2025 Interest Earned/Paid | 2025 Yield/Rate | 2024 Average Balance | 2024 Interest Earned/Paid | 2024 Yield/Rate | | :-------------------------------- | :------------------- | :------------------------ | :-------------- | :------------------- | :------------------------ | :-------------- | | Interest-earning assets: | | | | | | | | Loans and leases receivable | $1.2B | $38.0M | 6.44 % | $1.1B | $35.1M | 6.16 % | | Securities | $256.9M | $3.3M | 2.54 % | $278.5M | $3.5M | 2.54 % | | FHLB stock | $13.9M | $620K | 8.92 % | $13.8M | $646K | 9.35 % | | Cash and cash equivalents and other | $19.2M | $374K | 3.90 % | $15.2M | $357K | 4.69 % | | Total interest-earning assets | $1.5B | $42.2M | 5.75 % | $1.4B | $39.6M | 5.48 % | | Interest-bearing liabilities: | | | | | | | | Savings and money market accounts | $310.5M | $3.6M | 2.29 % | $274.7M | $3.2M | 2.32 % | | Interest-bearing checking accounts | $137.7M | $697K | 1.01 % | $146.2M | $819K | 1.12 % | | Certificate accounts | $544.2M | $11.4M | 4.19 % | $547.2M | $11.1M | 4.04 % | | Borrowings | $268.3M | $5.5M | 4.13 % | $267.6M | $5.1M | 3.83 % | | Total interest-bearing liabilities | $1.3B | $21.2M | 3.36 % | $1.2B | $20.2M | 3.27 % | | Net interest income | | $21.0M | | | $19.4M | | | Net interest rate spread | | | 2.39 % | | | 2.21 % | | Net interest margin | | | 2.86 % | | | 2.69 % | Selected Financial Ratios and Other Data This table provides a comprehensive overview of key performance, asset quality, and capital ratios, along with other operational data, for various periods, offering insights into the company's financial health and efficiency Selected Financial Ratios and Other Data | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------- | :---------------- | :----------------- | :------------ | | Return on average assets | 0.69 % | 0.52 % | 0.66 % | 0.66 % | 0.55 % | | Return on average equity | 7.99 % | 5.89 % | 7.23 % | 7.36 % | 6.42 % | | Yield on interest-earning assets | 5.82 % | 5.68 % | 5.66 % | 5.57 % | 5.53 % | | Rate paid on interest-bearing liabilities | 3.37 % | 3.36 % | 3.47 % | 3.48 % | 3.37 % | | Average interest rate spread | 2.45 % | 2.32 % | 2.19 % | 2.09 % | 2.16 % | | Net interest margin | 2.93 % | 2.79 % | 2.70 % | 2.60 % | 2.64 % | | Operating expense to average total assets | 2.15 % | 2.22 % | 2.11 % | 2.15 % | 2.17 % | | Efficiency ratio | 68.50 % | 73.31 % | 71.68 % | 74.51 % | 75.48 % | | Average interest-earning assets to average interest-bearing liabilities | 116.72 % | 116.35 % | 117.25 % | 116.71 % | 116.33 % | | Non-performing assets to total assets | 0.54 % | 0.46 % | 0.45 % | 0.45 % | 0.52 % | | Non-performing loans and leases to total gross loans and leases | 0.68 % | 0.59 % | 0.58 % | 0.58 % | 0.67 % | | Allowance for credit losses to non-performing loans and leases | 201.14 % | 229.90 % | 232.99 % | 235.89 % | 206.30 % | | Allowance for credit losses to total loans and leases | 1.37 % | 1.35 % | 1.34 % | 1.36 % | 1.37 % | | Net charge-offs to average outstanding loans and leases during the period | 0.21 % | 0.13 % | 0.10 % | 0.15 % | 0.16 % | | Equity to total assets at end of period | 8.78 % | 8.60 % | 8.83 % | 9.38 % | 8.77 % | | Average equity to average assets | 8.64 % | 8.85 % | 9.12 % | 8.98 % | 8.58 % | | Common equity tier 1 capital (to risk-weighted assets) | 12.99 % | 12.79 % | 12.98 % | 13.10 % | 12.96 % | | Tier 1 leverage (core) capital (to adjusted tangible assets) | 10.75 % | 10.68 % | 10.75 % | 10.73 % | 10.65 % | | Tier 1 risk-based capital (to risk-weighted assets) | 12.99 % | 12.79 % | 12.98 % | 13.10 % | 12.96 % | | Total risk-based capital (to risk-weighted assets) | 14.24 % | 14.04 % | 14.23 % | 14.35 % | 14.21 % | | Number of full-service offices | 12 | 12 | 12 | 12 | 12 | | Full-time equivalent employees | 176 | 171 | 173 | 171 | 182 | Contacts This section provides contact information for key executives at Richmond Mutual Bancorporation, Inc. Contacts This section provides contact information for Richmond Mutual Bancorporation, Inc.'s Chairman, President, and CEO, Garry D. Kleer, and SVP/Chief Financial Officer, Bradley M. Glover - Contact information for Richmond Mutual Bancorporation, Inc. is provided for Garry D. Kleer (Chairman, President, and CEO) and Bradley M. Glover (SVP/Chief Financial Officer) at (765) 962-258145