RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2025 SECOND QUARTER FINANCIAL RESULTS
Richmond Mutual Bancorporation (NASDAQ:RMBI) reported strong Q2 2025 financial results, with net income of $2.6 million ($0.26 diluted EPS), marking a 30% increase in EPS compared to both Q1 2025 and Q2 2024. The improved performance was driven by higher net interest income and an expanded net interest margin.
Key metrics include: Assets remained stable at $1.5 billion, net loans and leases at $1.2 billion, and deposits at $1.1 billion. The net interest margin improved to 2.93%, up from 2.79% in Q1 2025. The bank maintained strong capital levels with a Tier 1 capital ratio of 10.75%. Book value per share increased to $12.74, up from $12.48 in Q1 2025.
During Q2 2025, the company repurchased 101,127 shares at an average price of $13.46 per share, while credit quality metrics showed slight deterioration with nonperforming loans at 0.68% of total loans.
Richmond Mutual Bancorporation (NASDAQ:RMBI) ha riportato solidi risultati finanziari nel secondo trimestre del 2025, con un utile netto di 2,6 milioni di dollari (utile diluito per azione di 0,26 dollari), segnando un aumento del 30% dell'EPS rispetto sia al primo trimestre 2025 che al secondo trimestre 2024. La migliore performance 猫 stata guidata da un incremento del reddito netto da interessi e da un ampliamento del margine di interesse netto.
I principali indicatori includono: attivit脿 stabili a 1,5 miliardi di dollari, prestiti netti e leasing a 1,2 miliardi di dollari e depositi a 1,1 miliardi di dollari. Il margine di interesse netto 猫 migliorato al 2,93%, rispetto al 2,79% del primo trimestre 2025. La banca ha mantenuto solidi livelli di capitale con un rapporto Tier 1 del 10,75%. Il valore contabile per azione 猫 salito a 12,74 dollari, rispetto ai 12,48 dollari del primo trimestre 2025.
Nel secondo trimestre 2025, la societ脿 ha riacquistato 101.127 azioni a un prezzo medio di 13,46 dollari per azione, mentre gli indicatori di qualit脿 del credito hanno mostrato un lieve peggioramento con prestiti non performanti pari allo 0,68% del totale prestiti.
Richmond Mutual Bancorporation (NASDAQ:RMBI) report贸 s贸lidos resultados financieros en el segundo trimestre de 2025, con un ingreso neto de 2,6 millones de d贸lares (EPS diluido de 0,26 d贸lares), lo que representa un aumento del 30% en el EPS en comparaci贸n con el primer trimestre de 2025 y el segundo trimestre de 2024. El mejor desempe帽o se debi贸 a un mayor ingreso neto por intereses y a una ampliaci贸n del margen de inter茅s neto.
Los indicadores clave incluyen: activos estables en 1,5 mil millones de d贸lares, pr茅stamos netos y arrendamientos en 1,2 mil millones de d贸lares, y dep贸sitos en 1,1 mil millones de d贸lares. El margen de inter茅s neto mejor贸 a 2,93%, desde el 2,79% en el primer trimestre de 2025. El banco mantuvo niveles s贸lidos de capital con una ratio de capital Tier 1 del 10,75%. El valor contable por acci贸n aument贸 a 12,74 d贸lares, desde 12,48 d贸lares en el primer trimestre de 2025.
Durante el segundo trimestre de 2025, la compa帽铆a recompr贸 101,127 acciones a un precio promedio de 13,46 d贸lares por acci贸n, mientras que los indicadores de calidad crediticia mostraron un leve deterioro con pr茅stamos en mora del 0,68% del total de pr茅stamos.
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Richmond Mutual Bancorporation (NASDAQ:RMBI) a annonc茅 de solides r茅sultats financiers pour le deuxi猫me trimestre 2025, avec un b茅n茅fice net de 2,6 millions de dollars (BPA dilu茅 de 0,26 $), marquant une augmentation de 30% du BPA par rapport au premier trimestre 2025 et au deuxi猫me trimestre 2024. Cette am茅lioration des performances a 茅t茅 port茅e par une hausse du revenu net d'int茅r锚ts et une marge nette d'int茅r锚t 茅largie.
Les indicateurs cl茅s comprennent : des actifs stables 脿 1,5 milliard de dollars, des pr锚ts nets et des contrats de location 脿 1,2 milliard de dollars, et des d茅p么ts 脿 1,1 milliard de dollars. La marge nette d'int茅r锚t s'est am茅lior茅e 脿 2,93%, contre 2,79% au premier trimestre 2025. La banque a maintenu des niveaux de capital solides avec un ratio de capital Tier 1 de 10,75%. La valeur comptable par action a augment茅 脿 12,74 $, contre 12,48 $ au premier trimestre 2025.
Au cours du deuxi猫me trimestre 2025, la soci茅t茅 a rachet茅 101 127 actions 脿 un prix moyen de 13,46 $ par action, tandis que les indicateurs de qualit茅 du cr茅dit ont montr茅 une l茅g猫re d茅t茅rioration avec des pr锚ts non performants repr茅sentant 0,68 % du total des pr锚ts.
Richmond Mutual Bancorporation (NASDAQ:RMBI) meldete starke Finanzergebnisse f眉r das zweite Quartal 2025 mit einem Nettogewinn von 2,6 Millionen US-Dollar (verw盲ssertes Ergebnis je Aktie von 0,26 US-Dollar), was eine 30%ige Steigerung des Gewinns je Aktie gegen眉ber dem ersten Quartal 2025 und dem zweiten Quartal 2024 darstellt. Die verbesserte Leistung wurde durch h枚here Nettozinsertr盲ge und eine ausgeweitete Nettozinsmarge angetrieben.
Wichtige Kennzahlen umfassen: Stabile Aktiva bei 1,5 Milliarden US-Dollar, Netto-Darlehen und Leasingvertr盲ge bei 1,2 Milliarden US-Dollar sowie Einlagen bei 1,1 Milliarden US-Dollar. Die Nettozinsmarge verbesserte sich auf 2,93%, gegen眉ber 2,79% im ersten Quartal 2025. Die Bank hielt starke Kapitalquoten mit einer Tier-1-Kapitalquote von 10,75%. Der Buchwert je Aktie stieg auf 12,74 US-Dollar, nach 12,48 US-Dollar im ersten Quartal 2025.
Im zweiten Quartal 2025 kaufte das Unternehmen 101.127 Aktien zu einem Durchschnittspreis von 13,46 US-Dollar pro Aktie zur眉ck, w盲hrend sich die Kreditqualit盲t leicht verschlechterte, mit notleidenden Krediten in H枚he von 0,68% der Gesamtkredite.
- Net income increased 30% year-over-year to $2.6 million
- Net interest margin expanded to 2.93% from 2.79% in Q1 2025
- Book value per share grew to $12.74 from $12.48 in Q1 2025
- Strong capital position with 10.75% Tier 1 capital ratio
- Continued share repurchase program execution at $13.46 per share
- Nonperforming loans increased to 0.68% from 0.59% in Q1 2025
- Net charge-offs rose to $626,000 from $395,000 in Q1 2025
- Provision for credit losses increased to $745,000 from $270,000 year-over-year
- Noninterest income decreased 7.1% quarter-over-quarter to $1.1 million
- Net losses on securities sales of $157,000 in Q2 2025
Insights
Richmond Mutual's Q2 shows strengthening fundamentals with 30% EPS growth driven by expanding margins and disciplined expense management.
Richmond Mutual Bancorporation delivered impressive second quarter results, with net income rising to
The earnings improvement stems primarily from an expanding net interest margin of
Asset quality metrics show minor deterioration, with nonperforming loans increasing to
The efficiency improvement is particularly impressive, with noninterest expenses decreasing
Capital levels remain strong with the Bank's Tier 1 capital ratio at
The bank's steady loan portfolio (
The increase in net income and diluted earnings per share for the second quarter of 2025 was primarily driven by higher net interest income resulting from an expanded net interest margin, as well as lower noninterest expense compared to the prior quarters. In addition, the reduction in average diluted shares outstanding from share repurchases contributed to the increase in earnings per share.
President's Comments
Garry Kleer, Chairman, President, and Chief Executive Officer, commented, "Our second quarter results reflect the strength of our core banking model, built on strong relationships, sound credit practices, and a steady approach to growth. We saw improvement in our net interest margin and maintained solid credit quality, all while keeping a close eye on expenses. While the broader economic outlook remains uncertain with inflation, rate pressures, and global tensions, we're staying focused on what we can control: taking care of our customers, supporting our communities, and making disciplined decisions that support long-term value for our shareholders. That's what has guided us for generations, and it will continue to do so."
Second听Quarter Performance Highlights:
- Assets totaled
$1.5 billion - Loans and leases, net of allowance for credit losses, totaled
$1.2 billion - Nonperforming loans and leases totaled
$8.1 million 0.68% of total loans and leases, at June 30, 2025, compared to$7.0 million 0.59% of total loans and leases, at March 31, 2025, and$6.8 million 0.58% of total loans and leases, at December 31, 2024. - The allowance for credit losses totaled
$16.2 million 1.37% of total loans and leases outstanding, at June 30, 2025, compared to$16.1 million 1.35% of total loans and leases outstanding, at March 31, 2025, and$15.8 million 1.34% of total loans and leases outstanding, at December 31, 2024. - A provision for credit losses of
$745,000 $731,000 $270,000 - Deposits totaled
$1.1 billion $106.2 million 9.7% of total deposits, compared to$103.4 million 9.3% of total deposits at March 31, 2025, and$110.1 million 10.1% of total deposits at December 31, 2024. - Stockholders' equity totaled
$132.3 million $130.9 million $132.9 million 8.78% at June 30, 2025. - Book value per share and tangible book value per share were
$12.74 $12.48 $12.29 - Net interest income increased
$501,000 4.9% , to$10.8 million $10.3 million $1.2 million 12.4% , from$9.6 million - Annualized net interest margin was
2.93% for the current quarter, compared to2.79% in the preceding quarter and2.64% for the comparable quarter in 2024. - The Company repurchased 101,127 shares of common stock at an average price of
$13.46 - The Bank's Tier 1 capital to total assets was
10.75% , well in excess of regulatory requirements at June 30, 2025.
Income Statement Summary
Net interest income before the provision for credit losses increased
Interest income increased
Interest income on loans and leases increased
Interest income on听investment securities, excluding FHLB stock, decreased
Interest income on cash and cash equivalents increased
Interest expense decreased
Interest expense on FHLB borrowings increased
Annualized net interest margin increased to
A provision for credit losses of
Noninterest income decreased
Total noninterest expense decreased
Income tax expense increased
Balance Sheet Summary
Total assets increased
The increase in loans and leases was attributable to an increase in commercial mortgage, commercial and industrial, and multi-family loans of
Nonperforming loans and leases, consisting of nonaccrual loans and leases and accruing loans and leases more than 90 days past due, totaled
The allowance for credit losses on loans and leases increased
Management regularly evaluates credit exposure across its loan portfolio and within its geographic markets. As of June 30, 2025, the Company's credit risk assessment incorporated ongoing inflationary pressures, capital market volatility, and geopolitical risks. Portfolio stress testing and credit metric monitoring are conducted on an ongoing basis, and management believes the allowance for credit losses remains adequate based on current conditions.
Investment securities decreased
Total deposits increased
As of June 30, 2025, approximately
Stockholders' equity totaled
During the quarter ended June 30, 2025, the Company repurchased a total of 101,127 shares of Company common stock at an average price of
About Richmond Mutual Bancorporation, Inc.
Richmond Mutual Bancorporation, Inc., headquartered in
FORWARD-LOOKING STATEMENTS:
This document and other filings by the Company with the Securities and Exchange Commission (the "SEC"), as well as press releases or other public or stockholder communications released by the Company, may contain forward-looking statements, including, but not limited to, (i) statements regarding the financial condition, results of operations, and business of the Company, (ii) statements about the Company's plans, objectives, expectations, and intentions and other statements that are not historical facts, and (iii) other statements identified by the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "intends," or similar expressions that are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current beliefs and expectations of the Company's management and are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond the Company's control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. When considering forward-looking statements, keep in mind these risks and uncertainties. Undue reliance should not be placed on any forward-looking statement, which speaks only as of the date made.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: adverse economic conditions in our local market areas or other markets where we have lending relationships; employment levels, labor shortages, and the effects of persistent inflation, recessionary pressures, or slowing economic growth; changes in interest rate levels and duration of such changes, including actions by the Federal Reserve, which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and monetary and fiscal policy responses thereto, and their impact on consumer and business behavior; the effects of a federal government shutdown, debt ceiling standoff, or other fiscal policy uncertainty; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative changes; changes in policies by regulatory agencies; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses on loans and leases; the Company's ability to access cost-effective funding, including maintaining the confidence of depositors; fluctuations in real estate values and both residential and commercial real estate market conditions; competitive pressures among depository institutions, including repricing and competitors' pricing initiatives, and their impact on our market position, loan, and deposit products; changes in management's business strategies, including expectations regarding key growth initiatives and strategic priorities; the ability to adapt to rapid technological changes, including advancements in artificial intelligence, digital banking, and cybersecurity; legislation or regulatory changes, including but not limited to shifts in capital requirements, banking regulation, tax laws, or consumer protection laws; vulnerabilities in information technology systems or third-party service providers, including disruptions, breaches, or attacks; geopolitical developments and international conflicts, including but not limited to tensions or instability in
The factors listed above could materially affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake - and specifically declines any obligation - to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Financial Highlights (unaudited)
Three Months Ended | Six Months Ended | ||||||||
SELECTED OPERATIONS DATA: | June 30, | March 31, | June 30, | June 30, | June 30, | ||||
(In thousands, except for per share amounts) | |||||||||
Interest income | $听听听听听听听听听听听 21,346 | $听听听听听听听听听听听 20,868 | $听听听听听听听听听听听听听 20,085 | $听听听听听听听听听听听 42,214 | $听听听听听听听听听听听 39,596 | ||||
Interest expense | 10,587 | 10,610 | 10,509 | 21,196 | 20,187 | ||||
Net interest income听 | 10,759 | 10,258 | 9,576 | 21,018 | 19,409 | ||||
Provision for credit losses | 745 | 731 | 270 | 1,476 | 454 | ||||
Net interest income after provision for credit losses | 10,014 | 9,527 | 9,306 | 19,542 | 18,955 | ||||
Noninterest income | 1,080 | 1,162 | 1,174 | 2,242 | 2,303 | ||||
Noninterest expense | 8,110 | 8,373 | 8,114 | 16,483 | 16,172 | ||||
Income before income tax expense | 2,984 | 2,316 | 2,366 | 5,301 | 5,086 | ||||
Income tax provision | 382 | 348 | 305 | 731 | 657 | ||||
Net income | $听听听听听听听听听听听听听 2,602 | $听听听听听听听听听听听听听 1,968 | $听听听听听听听听听听听听听听听 2,061 | $听听听听听听听听听听听听听 4,570 | $听听听听听听听听听听听听听 4,429 | ||||
Shares outstanding | 10,389 | 10,490 | 11,019 | 10,389 | 11,019 | ||||
Average shares outstanding: | |||||||||
Basic | 9,558 | 9,841 | 10,067 | 9,699 | 10,113 | ||||
Diluted | 9,845 | 10,084 | 10,178 | 9,964 | 10,204 | ||||
Earnings per share: | |||||||||
Basic | $听听听听听听听听听听听听听听听听 0.27 | $听听听听听听听听听听听听听听听听 0.20 | $听听听听听听听听听听听听听听听听听听 0.20 | $听听听听听听听听听听听听听听听听 0.47 | $听听听听听听听听听听听听听听听听 0.44 | ||||
Diluted | $听听听听听听听听听听听听听听听听 0.26 | $听听听听听听听听听听听听听听听听 0.20 | $听听听听听听听听听听听听听听听听听听 0.20 | $听听听听听听听听听听听听听听听听 0.46 | $听听听听听听听听听听听听听听听听 0.43 | ||||
听
SELECTED FINANCIAL CONDITION DATA: | June 30, | March 31, | December 31, | September 30, | June 30, | ||||
(In thousands, except for per share amounts) | |||||||||
Total assets | $听听听听听听 1,507,759 | $听听听听听听 1,522,792 | $听听听听听听 1,504,875 | $听听听听听听 1,492,550 | $听听听听听听听听听 1,495,141 | ||||
Cash and cash equivalents | 27,211 | 27,032 | 21,757 | 19,570 | 19,019 | ||||
Interest-bearing time deposits | 300 | 300 | 300 | 300 | 鈥� | ||||
Investment securities | 252,280 | 259,033 | 261,690 | 271,304 | 271,997 | ||||
Loans and leases, net of allowance for credit losses | 1,167,850 | 1,175,833 | 1,158,879 | 1,140,969 | 1,140,579 | ||||
Loans held for sale | 136 | 388 | 1,093 | 220 | 370 | ||||
Premises and equipment, net | 13,189 | 12,779 | 12,922 | 13,018 | 13,115 | ||||
Federal Home Loan Bank stock | 13,907 | 13,907 | 13,907 | 13,907 | 13,907 | ||||
Other assets | 32,886 | 33,520 | 34,327 | 33,262 | 36,154 | ||||
Deposits | 1,096,389 | 1,105,662 | 1,093,940 | 1,089,094 | 1,100,085 | ||||
Borrowings | 267,000 | 274,000 | 265,000 | 252,000 | 252,000 | ||||
Total stockholder's equity | 132,322 | 130,932 | 132,872 | 140,027 | 131,110 | ||||
Book value (GAAP) | $听听听听听听听听听听 132,322 | $听听听听听听听听听听 130,932 | $听听听听听听听听听听 132,872 | $听听听听听听听听听听 140,027 | $听听听听听听听听听听听听听 131,110 | ||||
Tangible book value (non-GAAP) | 132,322 | 130,932 | 132,872 | 140,027 | 131,110 | ||||
Book value per share (GAAP) | 12.74 | 12.48 | 12.29 | 12.79 | 11.90 | ||||
Tangible book value per share (non-GAAP) | 12.74 | 12.48 | 12.29 | 12.79 | 11.90 |
The following table summarizes information relating to our loan and lease portfolio at the dates indicated:
(In thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||
Commercial mortgage | $听听听听听听听听听听 393,632 | $听听听听听听听听听听 387,516 | $听听听听听听听听听听 371,705 | $听听听听听听听听听听 348,473 | $听听听听听听听听听听听听听 356,250 | ||||
Commercial and industrial | 140,700 | 136,524 | 126,367 | 126,591 | 127,160 | ||||
Construction and development | 102,367 | 99,953 | 132,570 | 140,761 | 139,588 | ||||
Multi-family | 191,750 | 211,485 | 185,864 | 183,778 | 174,251 | ||||
Residential mortgage | 168,956 | 172,614 | 172,644 | 172,873 | 175,059 | ||||
Home equity | 19,449 | 18,115 | 16,826 | 15,236 | 13,781 | ||||
Direct financing leases | 147,193 | 146,067 | 148,102 | 147,057 | 148,173 | ||||
Consumer | 20,596 | 20,243 | 21,218 | 22,608 | 22,782 | ||||
Total loans and leases | $听听听听听听 1,184,643 | $听听听听听听 1,192,517 | $听听听听听听 1,175,296 | $听听听听听听 1,157,377 | $听听听听听听听听听 1,157,044 |
The following table summarizes information relating to our deposits at the dates indicated:
(In thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||
Noninterest-bearing demand | $听听听听听听听听听听 106,216 | $听听听听听听听听听听 103,353 | $听听听听听听听听听听 110,106 | $听听听听听听听听听听听听 98,522 | $听听听听听听听听听听听听听 102,796 | ||||
Interest-bearing demand | 147,318 | 142,203 | 135,310 | 136,263 | 144,769 | ||||
Savings and money market | 303,241 | 301,427 | 301,311 | 283,848 | 283,538 | ||||
Non-brokered time deposits | 300,143 | 293,892 | 289,626 | 290,874 | 281,505 | ||||
Brokered time deposits | 239,471 | 264,787 | 257,587 | 279,587 | 287,477 | ||||
Total deposits | $听听听听听听 1,096,389 | $听听听听听听 1,105,662 | $听听听听听听 1,093,940 | $听听听听听听 1,089,094 | $听听听听听听听听听 1,100,085 |
Average Balances, Interest and Average Yields/Cost.听 The following tables set forth for the periods indicated, information regarding average balances of assets and liabilities as well as the total dollar amounts of interest income from average interest-earning assets and interest expense on average interest-bearing liabilities, resultant yields, interest rate spread, net interest margin (otherwise known as net yield on interest-earning assets), and the ratio of average interest-earning assets to average interest-bearing liabilities. Average balances have been calculated using daily balances. Non-accruing loans have been included in the table as loans carrying a zero yield. Loan fees are included in interest income on loans and are not material.
Three Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Average | Interest Paid | Yield/ Rate | Average | Interest Paid | Yield/ Rate | ||||||
(Dollars in thousands) | |||||||||||
Interest-earning assets: | |||||||||||
Loans and leases receivable | $听听听听听听 19,183 | 6.51听% | $听听听听听听 17,811 | 6.20听% | |||||||
Securities | 251,717 | 1,611 | 2.56听% | 273,142 | 1,734 | 2.54听% | |||||
FHLB stock | 13,907 | 309 | 8.89听% | 13,907 | 322 | 9.26听% | |||||
Cash and cash equivalents and other | 24,156 | 243 | 4.02听% | 16,492 | 218 | 5.29听% | |||||
Total interest-earning assets | 1,467,806 | 21,346 | 5.82听% | 1,452,998 | 20,085 | 5.53听% | |||||
Non-earning assets | 40,536 | 44,668 | |||||||||
Total assets | 1,508,342 | 1,497,666 | |||||||||
Interest-bearing liabilities: | |||||||||||
Savings and money market accounts | 316,419 | 1,833 | 2.32听% | 290,250 | 1,803 | 2.48听% | |||||
Interest-bearing checking accounts | 140,977 | 373 | 1.06听% | 144,363 | 437 | 1.21听% | |||||
Certificate accounts | 538,026 | 5,606 | 4.17听% | 556,521 | 5,761 | 4.14听% | |||||
Borrowings | 262,088 | 2,775 | 4.24听% | 257,885 | 2,508 | 3.89听% | |||||
Total interest-bearing liabilities | 1,257,510 | 10,587 | 3.37听% | 1,249,019 | 10,509 | 3.37听% | |||||
Noninterest-bearing demand deposits | 107,351 | 106,924 | |||||||||
Other liabilities | 13,222 | 13,287 | |||||||||
Stockholders' equity | 130,259 | 128,436 | |||||||||
Total liabilities and stockholders' equity | 1,508,342 | 1,497,666 | |||||||||
Net interest income | $听听听听听听 10,759 | $听听听听听听听听 9,576 | |||||||||
Net earning assets | $听听 210,296 | $听听 203,979 | |||||||||
Net interest rate spread(1) | 2.45听% | 2.16听% | |||||||||
Net interest margin(2) | 2.93听% | 2.64听% | |||||||||
Average interest-earning assets to average interest-bearing | 116.72听% | 116.33听% | |||||||||
________________________________________________ | |
(1) | Net interest rate spread represents the difference between the weighted average yield earned on interest-earning assets and the weighted average rate paid on interest bearing liabilities. |
(2) | Net interest margin represents net interest income divided by average total interest-earning assets. |
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Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Average | Interest Paid | Yield/ Rate | Average | Interest Paid | Yield/ Rate | ||||||
(Dollars in thousands) | |||||||||||
Interest-earning assets: | |||||||||||
Loans and leases receivable | $听听听听听听 37,956 | 6.44听% | $听听听听听听 35,062 | 6.16听% | |||||||
Securities | 256,866 | 3,264 | 2.54听% | 278,505 | 3,531 | 2.54听% | |||||
FHLB stock | 13,907 | 620 | 8.92听% | 13,818 | 646 | 9.35听% | |||||
Cash and cash equivalents and other | 19,177 | 374 | 3.90听% | 15,232 | 357 | 4.69听% | |||||
Total interest-earning assets | 1,469,279 | 42,214 | 5.75听% | 1,445,077 | 39,596 | 5.48听% | |||||
Non-earning assets | 40,278 | 43,365 | |||||||||
Total assets | 1,509,557 | 1,488,442 | |||||||||
Interest-bearing liabilities: | |||||||||||
Savings and money market accounts | 310,484 | 3,556 | 2.29听% | 274,724 | 3,182 | 2.32听% | |||||
Interest-bearing checking accounts | 137,737 | 697 | 1.01听% | 146,244 | 819 | 1.12听% | |||||
Certificate accounts | 544,192 | 11,403 | 4.19听% | 547,207 | 11,066 | 4.04听% | |||||
Borrowings | 268,343 | 5,540 | 4.13听% | 267,552 | 5,120 | 3.83听% | |||||
Total interest-bearing liabilities | 1,260,756 | 21,196 | 3.36听% | 1,235,727 | 20,187 | 3.27听% | |||||
Noninterest-bearing demand deposits | 103,316 | 107,750 | |||||||||
Other liabilities | 13,477 | 13,984 | |||||||||
Stockholders' equity | 132,008 | 130,981 | |||||||||
Total liabilities and stockholders' equity | 1,509,557 | 1,488,442 | |||||||||
Net interest income | $听听听听听听 21,018 | $听听听听听听 19,409 | |||||||||
Net earning assets | $听听 208,523 | $听听 209,350 | |||||||||
Net interest rate spread(1) | 2.39听% | 2.21听% | |||||||||
Net interest margin(2) | 2.86听% | 2.69听% | |||||||||
Average interest-earning assets to average interest-bearing | 116.54听% | 116.94听% | |||||||||
________________________________________________ | |
(1) | Net interest rate spread represents the difference between the weighted average yield earned on interest-earning assets and the weighted average rate paid on interest bearing liabilities. |
(2) | Net interest margin represents net interest income divided by average total interest-earning assets. |
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At and for the Three Months Ended | |||||||||
Selected Financial Ratios and Other Data: | June 30, | March 31, | December 31, | September 30, | June 30, | ||||
Performance ratios: | |||||||||
Return on average assets(1) | 0.69听% | 0.52听% | 0.66听% | 0.66听% | 0.55听% | ||||
Return on average equity(1) | 7.99听% | 5.89听% | 7.23听% | 7.36听% | 6.42听% | ||||
Yield on interest-earning assets | 5.82听% | 5.68听% | 5.66听% | 5.57听% | 5.53听% | ||||
Rate paid on interest-bearing liabilities | 3.37听% | 3.36听% | 3.47听% | 3.48听% | 3.37听% | ||||
Average interest rate spread | 2.45听% | 2.32听% | 2.19听% | 2.09听% | 2.16听% | ||||
Net interest margin(1)(2) | 2.93听% | 2.79听% | 2.70听% | 2.60听% | 2.64听% | ||||
Operating expense to average total assets(1) | 2.15听% | 2.22听% | 2.11听% | 2.15听% | 2.17听% | ||||
Efficiency ratio(3) | 68.50听% | 73.31听% | 71.68听% | 74.51听% | 75.48听% | ||||
Average interest-earning assets to average | 116.72听% | 116.35听% | 117.25听% | 116.71听% | 116.33听% | ||||
Asset quality ratios: | |||||||||
Non-performing assets to total assets(4) | 0.54听% | 0.46听% | 0.45听% | 0.45听% | 0.52听% | ||||
Non-performing loans and leases to total gross | 0.68听% | 0.59听% | 0.58听% | 0.58听% | 0.67听% | ||||
Allowance for credit losses to non-performing | 201.14听% | 229.90听% | 232.99听% | 235.89听% | 206.30听% | ||||
Allowance for credit losses to total loans and | 1.37听% | 1.35听% | 1.34听% | 1.36听% | 1.37听% | ||||
Net charge-offs to average outstanding loans | 0.21听% | 0.13听% | 0.10听% | 0.15听% | 0.16听% | ||||
Capital ratios: | |||||||||
Equity to total assets at end of period | 8.78听% | 8.60听% | 8.83听% | 9.38听% | 8.77听% | ||||
Average equity to average assets | 8.64听% | 8.85听% | 9.12听% | 8.98听% | 8.58听% | ||||
Common equity tier 1 capital (to risk weighted | 12.99听% | 12.79听% | 12.98听% | 13.10听% | 12.96听% | ||||
Tier 1 leverage (core) capital (to adjusted | 10.75听% | 10.68听% | 10.75听% | 10.73听% | 10.65听% | ||||
Tier 1 risk-based capital (to risk weighted | 12.99听% | 12.79听% | 12.98听% | 13.10听% | 12.96听% | ||||
Total risk-based capital (to risk weighted | 14.24听% | 14.04听% | 14.23听% | 14.35听% | 14.21听% | ||||
Other data: | |||||||||
Number of full-service offices | 12 | 12 | 12 | 12 | 12 | ||||
Full-time equivalent employees | 176 | 171 | 173 | 171 | 182 | ||||
(1) | Annualized |
(2) | Net interest income divided by average interest-earning assets. |
(3) | Total noninterest expenses as a percentage of net interest income and total noninterest income. |
(4) | Non-performing assets consist of nonaccrual loans and leases, accruing loans and leases more than 90 days past due and foreclosed assets. |
(5) | Non-performing loans and leases consist of nonaccrual loans and leases and accruing loans and leases more than 90 days past due. |
(6) | Capital ratios are for First Bank Richmond. |
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SOURCE Richmond Mutual Bancorporation, Inc.
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