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Richmond Mutual Bancorporation, Inc. - RMBI STOCK NEWS

Welcome to our dedicated page for Richmond Mutual Bancorporation news (Ticker: RMBI), a resource for investors and traders seeking the latest updates and insights on Richmond Mutual Bancorporation stock.

Richmond Mutual Bancorporation, Inc. (NASDAQ: RMBI) is a nationally chartered mutual bank primarily engaged in traditional community banking services. Headquartered in Richmond, Indiana, it operates through its subsidiary, First Bank Richmond, providing a comprehensive range of financial products and services. The bank has a strong regional presence with eight branches in Richmond, Cambridge City, Centerville, and Shelbyville, Indiana, along with additional locations in Ohio, including Sidney, Piqua, Troy, and a loan production office in Columbus.

Richmond Mutual Bancorporation's core business involves attracting deposits from the public and brokered deposits, which are then predominantly invested in various loan types. These include commercial and multi-family real estate loans, first mortgages on owner-occupied residences, consumer loans, direct financing leases, and commercial and industrial loans. This diversified portfolio ensures a stable income stream and mitigates risk.

The Company has demonstrated resilient financial performance amidst fluctuating interest rates and economic conditions. Notably, in recent quarters, it has managed to sustain profitability despite significant interest rate hikes by the Federal Reserve. For example, the third quarter of 2023 saw net income of $1.9 million, although this was a decrease from the $2.7 million reported in the second quarter. Similarly, the first quarter of 2024 showed improvement with net income rising to $2.4 million from $1.9 million in the previous quarter.

Richmond Mutual Bancorp has adeptly managed its balance sheet, with total assets increasing to $1.5 billion by the end of the first quarter of 2024. This growth was primarily driven by a $33.1 million increase in loans and leases. Additionally, the company has proactively repurchased common stock and maintained robust dividend payouts, reflecting a strong commitment to shareholder value.

In terms of credit quality, the bank's nonperforming loans and leases have remained stable, with allowances for credit losses being sufficiently maintained. The adoption of the CECL accounting standard has further strengthened its financial health by ensuring adequate provisioning against potential loan losses.

First Bank Richmond has also focused on enhancing noninterest income through increased card fee income and loan hedging programs. Despite challenges such as rising interest rates and an uncertain economic environment, the bank continues to leverage its strategic initiatives to maintain steady growth and profitability.

Overall, Richmond Mutual Bancorporation, Inc. stands out as a robust regional banking entity, adeptly navigating economic challenges while consistently delivering value to its stakeholders. Its commitment to community banking and strategic financial management positions it well for sustained growth and stability.

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Richmond Mutual Bancorporation announced a quarterly cash dividend of $0.14 per share, payable on June 13, 2024, to shareholders of record by May 30, 2024. This announcement reflects the company's continued commitment to returning value to its shareholders.

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Richmond Mutual Bancorporation (NASDAQ: RMBI) announced an extension of its stock repurchase program, originally set to expire on June 6, 2024, to June 6, 2025. As of May 15, 2024, 723,195 shares remain available for repurchase.

Since the program's inception, the company has repurchased 782,840 shares, costing $8.8 million. The Board also authorized a Rule 10b5-1 trading plan with Keefe, Bruyette & Woods to facilitate stock repurchases during blackout periods. The plan will be subject to market conditions and pricing constraints.

CEO Garry Kleer emphasized the Board's confidence in the company's future, citing strong liquidity, capital position, and a high-quality loan and lease portfolio despite current industry uncertainties.

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Richmond Mutual Bancorporation, Inc. reported a net income of $2.4 million for the first quarter of 2024, showing improvement in net interest margin and strong credit quality. Assets remained at $1.5 billion, loans and leases at $1.1 billion, and nonperforming loans at 0.61% of total loans. Deposits increased to $1.1 billion, while stockholders' equity decreased to $132.4 million. Net interest income rose to $9.8 million, with an annualized net interest margin of 2.74%. The company repurchased 92,613 shares of common stock. Interest income on loans and leases and investment securities increased, while interest expense also rose. The provision for credit losses was $183,000. Uncertainties regarding the allowance for credit losses persist.
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Richmond Mutual Bancorporation, Inc. (RMBI) declares a cash dividend of $0.14 per share, payable on March 14, 2024, to stockholders of record as of March 4, 2024.
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Richmond Mutual Bancorporation, Inc. (NASDAQ: RMBI) has scheduled its annual meeting of shareholders for May 15, 2024. The voting record date for shareholders entitled to vote at the annual meeting will be March 28, 2024.
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Richmond Mutual Bancorporation, Inc. announced net income of $1.9 million for Q4 2023, compared to $1.9 million in Q3 2023 and $3.3 million in Q4 2022. Annual net income was $9.5 million for 2023, down from $13.0 million in 2022. Assets totaled $1.5 billion, nonperforming loans and leases were 0.72% of total loans and leases, and deposits totaled $1.0 billion at the end of 2023.
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Richmond Mutual Bancorporation, Inc. (NASDAQ: RMBI) Declares $0.14 Cash Dividend Per Share
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Richmond Mutual Bancorporation reports net income of $1.9 million for Q3 2023
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Richmond Mutual Bancorporation, Inc. (NASDAQ: RMBI) has declared a cash dividend of $0.14 per share on its common stock. The dividend will be payable on September 14, 2023, to stockholders of record as of August 31, 2023.
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FAQ

What services does Richmond Mutual Bancorporation, Inc. offer?

Richmond Mutual Bancorporation, Inc. offers a comprehensive range of financial services through its subsidiary First Bank Richmond, including commercial and multi-family real estate loans, first mortgages, consumer loans, direct financing leases, and commercial and industrial loans.

How has Richmond Mutual Bancorporation, Inc. performed financially?

Richmond Mutual Bancorporation, Inc. has shown resilient financial performance, maintaining profitability despite fluctuating interest rates. For instance, it reported a net income of $2.4 million in the first quarter of 2024.

Where is Richmond Mutual Bancorporation, Inc. headquartered?

Richmond Mutual Bancorporation, Inc. is headquartered in Richmond, Indiana.

How many branches does First Bank Richmond operate?

First Bank Richmond operates eight branches in Richmond, Cambridge City, Centerville, and Shelbyville, Indiana, and additional locations in Sidney, Piqua, Troy, Ohio, and a loan production office in Columbus, Ohio.

What is the ticker symbol for Richmond Mutual Bancorporation, Inc.?

The ticker symbol for Richmond Mutual Bancorporation, Inc. is RMBI.

What recent financial highlights has Richmond Mutual Bancorporation, Inc. reported?

Recent financial highlights include a net income of $2.4 million for the first quarter of 2024 and an increase in total assets to $1.5 billion by the end of the first quarter of 2024.

How does Richmond Mutual Bancorporation, Inc. manage credit quality?

Richmond Mutual Bancorporation, Inc. maintains credit quality by managing allowances for credit losses and ensuring nonperforming loans and leases remain stable. It adopted the CECL accounting standard to strengthen financial health.

How does Richmond Mutual Bancorporation, Inc. enhance noninterest income?

The company enhances noninterest income through initiatives such as increasing card fee income and participating in loan hedging programs.

What is the focus of Richmond Mutual Bancorporation, Inc.'s strategic initiatives?

Richmond Mutual Bancorporation, Inc. focuses on strategic growth, maintaining profitability, enhancing financial services, and providing value to its shareholders.

How does Richmond Mutual Bancorporation, Inc. handle changes in the economic environment?

The company navigates economic changes by managing its balance sheet effectively, maintaining profitability, and leveraging strategic initiatives to mitigate risks.

Richmond Mutual Bancorporation, Inc.

Nasdaq:RMBI

RMBI Rankings

RMBI Stock Data

119.80M
11.07M
14.34%
20.23%
0.95%
Commercial Banking
Finance and Insurance
Link
United States of America
RICHMOND