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

Core Viewpoint - Richmond Mutual Bancorporation, Inc. reported stable net income of $2.5 million for Q4 2024, maintaining the same level as Q3 2024, and showing an increase from $1.9 million in Q4 2023, indicating consistent performance amidst changing market conditions [1][2]. Financial Performance - Net interest income before credit losses increased by $433,000, or 4.6%, to $9.9 million in Q4 2024 compared to Q3 2024, and increased by $535,000, or 5.7%, from Q4 2023 [4][9]. - Interest income rose by $409,000, or 2.0%, to $20.7 million in Q4 2024 compared to Q3 2024, and increased by $2.1 million, or 11.2%, from Q4 2023 [5]. - Interest income on loans and leases increased by $393,000, or 2.2%, to $18.5 million in Q4 2024, driven by a $2.0 million increase in the average balance of loans and leases [6]. Asset and Liability Management - Total assets remained stable at $1.5 billion as of December 31, 2024, with loans and leases net of allowance for credit losses totaling $1.2 billion [9][17]. - Nonperforming loans and leases decreased to $6.8 million, or 0.58% of total loans and leases, down from $8.0 million, or 0.72%, a year earlier [19]. - Total deposits increased by $52.8 million, or 5.1%, to $1.1 billion compared to December 31, 2023, primarily due to increases in savings and money-market accounts [23]. Equity and Capital Management - Stockholders' equity totaled $132.9 million at December 31, 2024, a decrease of $2.0 million from the previous year, attributed to dividend payments and stock repurchases [25][26]. - The Company repurchased 133,858 shares of common stock at an average price of $13.95 per share during Q4 2024 [26]. Credit Quality and Provisions - A provision for credit losses of $196,000 was recognized in Q4 2024, compared to a reversal of $99,000 in Q3 2024, indicating a cautious approach to credit risk management [13]. - The allowance for credit losses totaled $15.8 million, or 1.34% of total loans and leases outstanding, reflecting a slight decrease from 1.42% a year earlier [20]. Interest Rate Environment - The annualized net interest margin increased to 2.70% for Q4 2024, compared to 2.60% in Q3 2024, driven by a greater increase in interest-earning assets relative to interest-bearing liabilities [12][36].