RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2024 SECOND QUARTER FINANCIAL RESULTS

Core Viewpoint - The company reported a net income of $2.1 million for the second quarter of 2024, reflecting a decrease from both the previous quarter and the same quarter last year, attributed to pressures on net interest margin and rising interest expenses [31][15]. Financial Performance - Total assets increased by $34.1 million, or 2.3%, to $1.5 billion as of June 30, 2024, primarily due to a $50.5 million increase in loans and leases [35]. - Net interest income before the provision for credit losses decreased by $257,000, or 2.6%, to $9.6 million in the second quarter of 2024 compared to the first quarter [19][31]. - Interest income increased by $575,000, or 2.9%, to $20.1 million during the quarter ended June 30, 2024, compared to the previous quarter [17]. Deposits and Loans - Total deposits increased by $58.9 million, or 5.7%, to $1.1 billion at June 30, 2024, driven by an increase in non-brokered time deposits and savings accounts [2][8]. - Loans and leases, net of allowance for credit losses, totaled $1.1 billion at June 30, 2024, reflecting a strong performance in the loan portfolio [32]. Interest Rates and Margins - The annualized net interest margin decreased to 2.64% for the second quarter of 2024, down from 2.74% in the previous quarter [25][31]. - Interest expense increased by $832,000, or 8.6%, to $10.5 million for the quarter ended June 30, 2024, compared to the previous quarter [23]. Stock Repurchase and Equity - The company repurchased 97,315 shares of common stock at an average price of $11.68 per share during the quarter ended June 30, 2024 [3][31]. - Stockholders' equity totaled $131.1 million at June 30, 2024, compared to $132.4 million at March 31, 2024 [32]. Credit Quality - Nonperforming loans and leases totaled $7.7 million, or 0.67% of total loans and leases, at June 30, 2024, showing a slight increase from the previous quarter [36]. - The provision for credit losses totaled $270,000 for the quarter ended June 30, 2024, compared to $183,000 for the previous quarter [26][32].