Richmond Mutual Bancorporation(US:RMBI)2021-11-12 20:26Financial Position - As of September 30, 2021, the Company had total assets of $1.2 billion, net loans and leases of $795.4 million, total deposits of $824.3 million, and stockholders' equity of $178.6 million[130]. - Total assets increased by $146.5 million, or 13.5%, to $1.2 billion at September 30, 2021, from $1.1 billion at December 31, 2020[147]. - Loans and leases increased by $61.0 million, or 8.3%, to $795.4 million at September 30, 2021, compared to $734.4 million at December 31, 2020[149]. - Total deposits increased by $131.2 million, or 18.9%, to $824.3 million at September 30, 2021, from $693.0 million at December 31, 2020[155]. - Cash and cash equivalents decreased by $28.9 million to $19.8 million as of September 30, 2021, from $48.8 million as of December 31, 2020[191]. - The company had $177.9 million in loan and lease commitments and unused lines of credit as of September 30, 2021[194]. Income and Earnings - For the nine months ended September 30, 2021, net income was $8.4 million, an increase from $7.5 million for the same period in 2020, representing a year-over-year growth of approximately 12%[130]. - Net income for the three months ended September 30, 2021, was $3.1 million, a $551,000 increase from $2.5 million for the same period in 2020[158]. - Net income for the nine months ended September 30, 2021, was $8.4 million, a $936,000 increase from $7.5 million for the same period in 2020[171]. Interest Income and Expense - Interest income increased by $2.0 million, or 6.4%, to $33.9 million during the nine months ended September 30, 2021, compared to $31.9 million during the same period in 2020[172]. - Interest income increased by $1.2 million, or 10.7%, to $11.9 million during the quarter ended September 30, 2021, compared to $10.7 million for the same quarter in 2020[159]. - Interest income on investment securities increased by $256,000, or 7.4%, to $3.7 million during the nine months ended September 30, 2021, from $3.5 million during the comparable period in 2020[173]. - Interest income on investment securities increased by $439,000, or 43.2%, to $1.5 million for the quarter ended September 30, 2021, compared to the same quarter in 2020[160]. - Interest expense decreased by $1.6 million, or 21.8%, to $5.7 million for the nine months ended September 30, 2021, compared to $7.3 million for the same period in 2020[174]. - Interest expense decreased by $366,000, or 15.8%, to $1.9 million for the quarter ended September 30, 2021, from $2.3 million for the same quarter in 2020[161]. Capital Ratios - First Bank Richmond's total risk-based capital ratio was 17.63%, significantly exceeding the 10.0% requirement for a well-capitalized institution[130]. - Total risk-based capital to risk-weighted assets was $165.0 million, representing a ratio of 17.6% as of September 30, 2021, exceeding the required minimum of 8.0%[197]. - Tier 1 risk-based capital to risk-weighted assets was $153.3 million, with a ratio of 16.4% as of September 30, 2021, above the required minimum of 6.0%[197]. - Common equity tier 1 capital to risk-weighted assets was $153.3 million, with a ratio of 16.4% as of September 30, 2021, exceeding the required minimum of 4.5%[197]. - The company maintained a capital conservation buffer exceeding the required 2.5% of risk-weighted assets as of September 30, 2021[197]. - The company was well-capitalized under regulatory prompt corrective action standards as of September 30, 2021[196]. Risk Management - The allowance for loan and lease losses is maintained to cover probable incurred credit losses, reflecting the Company's proactive risk management approach[132]. - The allowance for loan and lease losses increased by $1.3 million, or 11.9%, to $11.8 million at September 30, 2021, from $10.6 million at December 31, 2020[152]. - The provision for loan and lease losses decreased by $1.4 million, or 49.5%, totaling $1.4 million for the nine months ended September 30, 2021, compared to $2.8 million for the same period in 2020[180]. - The provision for loan and lease losses decreased by $800,000, or 61.5%, to $500,000 for the three months ended September 30, 2021, compared to $1.3 million for the same period in 2020[166]. - Nonperforming loans and leases totaled $8.5 million, or 1.05% of total loans and leases at September 30, 2021, up from $4.8 million, or 0.65%, at December 31, 2020[150]. Operational Overview - The principal business involves attracting deposits and investing primarily in loans secured by commercial and multi-family real estate, first mortgages, and consumer loans[125]. - The Company operates through seven full-service and one limited-service offices in Indiana, and five full-service offices in Ohio, indicating a regional market expansion strategy[124]. - The Company has a leasing operation that consists of direct investments in technology-related equipment leased to small businesses across the United States[126]. - Total wealth management assets under management and administration were $151.8 million as of September 30, 2021[126]. Regulatory Compliance - The Company is subject to regulatory oversight by the Board of Governors of the Federal Reserve System and the Indiana Department of Financial Institutions, ensuring compliance with financial regulations[122]. - Management is not aware of any trends or uncertainties that could materially impact liquidity or capital resources[195]. Noninterest Income and Expense - Noninterest income decreased by $542,000, or 11.2%, to $4.3 million for the nine months ended September 30, 2021, compared to $4.9 million for the same period in 2020[181]. - Noninterest income decreased by $848,000, or 42.5%, to $1.1 million for the quarter ended September 30, 2021, compared to $2.0 million for the same quarter in 2020[167]. - Noninterest expense increased by $3.5 million, or 20.7%, to $20.7 million for the nine months ended September 30, 2021, from $17.2 million for the same period in 2020[182]. - Noninterest expense increased by $859,000, or 14.4%, to $6.8 million for the three months ended September 30, 2021, from $6.0 million for the same period in 2020[169].