Richmond Mutual Bancorporation(RMBI) - 2024 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2024 was $2.4 million, or $0.23 diluted earnings per share, compared to $1.9 million, or $0.19 diluted earnings per share in Q4 2023[1]. - Net income for the quarter ended March 31, 2024, was $2.4 million, compared to $1.9 million for the same period in 2023, reflecting an increase of 22%[31]. - Noninterest income for the quarter was $1.129 million, slightly down from $1.179 million in the previous quarter[31]. Interest Income and Margin - Net interest income before provision for credit losses increased by $502,000, or 5.4%, to $9.8 million in Q1 2024 from $9.3 million in Q4 2023[3]. - Interest income increased by $929,000, or 5.0%, to $19.5 million in Q1 2024 compared to Q4 2023, and increased by $4.3 million, or 28.4%, compared to Q1 2023[6]. - The annualized net interest margin was 2.74% for Q1 2024, up from 2.67% in Q4 2023 but down from 3.04% in Q1 2023[11]. - The net interest margin decreased to 2.74% in Q1 2024 from 3.04% in Q1 2023[37]. Assets and Loans - Total assets remained stable at $1.5 billion as of March 31, 2024, consistent with December 31, 2023[4]. - Loans and leases, net of allowance for credit losses, totaled $1.1 billion at both March 31, 2024, and December 31, 2023[4]. - Loans and leases increased to $1.139 billion at March 31, 2024, from $1.107 billion at December 31, 2023[32]. - Average interest-earning assets rose to $1,437,166,000 for the three months ended March 31, 2024, compared to $1,298,752,000 for the same period in 2023, reflecting an increase of 10.7%[35]. Nonperforming Loans and Credit Losses - Nonperforming loans decreased to $6.9 million, or 0.61% of total loans, from $8.0 million, or 0.72% at the end of 2023[4]. - Nonperforming loans and leases totaled $6.9 million, or 0.61% of total loans and leases, as of March 31, 2024, down from $8.0 million, or 0.72%, at December 31, 2023[18]. - The provision for credit losses was $183,000 in Q1 2024, down from $304,000 in Q4 2023[12]. - The allowance for credit losses on loans and leases increased by $162,000, or 1.0%, to $15.8 million at March 31, 2024, representing 1.39% of total loans and leases outstanding, compared to 1.42% at December 31, 2023[19]. Equity and Deposits - Stockholders' equity decreased to $132.4 million at March 31, 2024, from $134.9 million at December 31, 2023[4]. - Stockholders' equity decreased by $2.5 million, or 1.8%, to $132.4 million at March 31, 2024, mainly due to a $2.8 million increase in accumulated other comprehensive loss[24]. - Total deposits increased by $28.5 million, or 2.7%, to $1.1 billion at March 31, 2024, primarily due to an increase in brokered time deposits of $22.5 million[22]. - Total deposits increased to $1,069,642,000 as of March 31, 2024, up from $1,041,140,000 at December 31, 2023, representing a growth of 2.6%[33]. Operational Efficiency - Total noninterest expense increased by $29,000, or 0.4%, to $8.1 million in Q1 2024 compared to Q4 2023[14]. - The efficiency ratio improved to 73.51% in Q1 2024, compared to 76.39% in Q4 2023[37]. Capital Ratios - Common equity tier 1 capital ratio was 12.89% as of March 31, 2024, stable compared to 12.85% at December 31, 2023[37].