Tue, May 14, 7:57 PM (220 days ago)
Richmond Mutual Bancorporation, Inc. reported a net income of $2.4 million for Q1 2024, a decrease from $2.9 million in Q1 2023. The decrease in net income was driven by a slight reduction in net interest income, which fell by $38,000 to $9.8 million, and an increase in noninterest expenses by $696,000. The provision for credit losses rose by $13,000 to $183,000. Total assets increased by $26.6 million to $1.5 billion, driven primarily by a $33.1 million rise in loans and leases. Deposits grew by $28.5 million, with brokered deposits increasing by $22.5 million. The allowance for credit losses on loans and leases rose by $162,000 to $15.8 million. The company repurchased 92,613 shares of common stock and paid dividends of $1.4 million. The net interest margin decreased to 2.74% from 3.04% in Q1 2023, reflecting higher costs of interest-bearing liabilities. The company remains well-capitalized with a Tier 1 capital ratio of 10.67%.