Richmond Mutual Bancorporation(US:RMBI)2025-10-23 20:33Financial Performance - Net income for Q3 2025 was $3.6 million, or $0.37 diluted earnings per share, representing a 42% increase from Q2 2025 and a 54% increase from Q3 2024[1][2]. - Net income for the nine months ended September 30, 2025, was $8.2 million, compared to $6.9 million for the same period in 2024[32]. - Basic earnings per share increased to $0.84 for the nine months ended September 30, 2025, up from $0.68 in the prior year[32]. Interest Income and Margin - Net interest income increased by $536,000, or 5.0%, to $11.3 million compared to Q2 2025, and increased by $1.9 million, or 19.7%, from Q3 2024[4][5]. - Annualized net interest margin improved to 3.07% in Q3 2025, up from 2.93% in Q2 2025 and 2.60% in Q3 2024[4][13]. - Net interest income for the nine months ended September 30, 2025, was $32.3 million, an increase from $28.8 million in the same period of 2024[32]. - Net interest income for the three months ended September 30, 2025, was $11,295 thousand, compared to $9,433 thousand for the same period in 2024, reflecting a year-over-year increase of 19.7%[36]. - The net interest margin improved to 3.07% for the three months ended September 30, 2025, compared to 2.60% for the same period in 2024[37]. Asset Quality - Nonperforming loans and leases rose to $10.8 million, or 0.90% of total loans and leases, compared to $8.1 million, or 0.68%, in Q2 2025[4]. - The allowance for credit losses on loans and leases increased by $574,000, or 3.6%, to $16.4 million, representing 1.37% of total loans and leases outstanding[21]. - Nonperforming loans and leases rose to $10.8 million, or 0.90% of total loans and leases, up from $6.8 million, or 0.58%, at December 31, 2024[20]. - Non-performing assets as a percentage of total assets increased to 0.71% in Q3 2025 from 0.45% in Q3 2024, indicating a slight deterioration in asset quality[40]. Deposits and Liabilities - Deposits totaled $1.1 billion, with noninterest-bearing deposits at $110.8 million, or 9.9% of total deposits[4]. - Total deposits increased by $24.3 million, or 2.2%, to $1.1 billion, with retail time deposits contributing significantly to this growth[24]. - Total deposits rose to $1,118,258 thousand, an increase of 2.1% from $1,096,389 thousand on June 30, 2025[34]. - Interest-bearing liabilities totaled $1,254,840 thousand, with a cost of 3.35% for the three months ended September 30, 2025[36]. Operational Efficiency - Total noninterest expense decreased by $27,000, or 0.3%, to $8.1 million compared to Q2 2025[4][16]. - The efficiency ratio improved to 64.18% in Q3 2025 from 74.51% in Q3 2024, suggesting better cost management relative to income[40]. - The number of full-time equivalent employees increased to 179 in Q3 2025 from 171 in Q3 2024, indicating growth in operational capacity[40]. Capital and Equity - Stockholders' equity rose by $7.2 million, or 5.4%, to $140.0 million, primarily due to net income of $8.2 million[26]. - Common equity tier 1 capital ratio remained stable at 13.11% in Q3 2025, consistent with the previous year, reflecting strong capital adequacy[40]. Overall Assets - Total assets remained stable at $1.5 billion as of September 30, 2025, consistent with previous quarters[4]. - Total assets increased to $1,525,565 thousand as of September 30, 2025, up from $1,507,759 thousand on June 30, 2025, representing a growth of 1.8%[33]. - Total assets reached $1,509,972 thousand at the end of Q3 2025, up from $1,490,458 thousand at the end of Q3 2024, showing overall growth in the balance sheet[38].