Richmond Mut Bancorporation Stock Price, News & Analysis

Richmond Mutual Bancorporation (NASDAQ: RMBI) has declared a cash dividend of $0.14 per share, a significant 40% increase from the $0.10 dividend in November 2022. This dividend is set to be payable on March 16, 2023 to stockholders recorded by the close of business on March 2, 2023.

This move signals confidence in the company’s financial stability and aims to enhance shareholder value amidst economic uncertainties.

Richmond Mutual Bancorporation (NASDAQ: RMBI) announced that its annual shareholder meeting is set for May 17, 2023, with a voting record date of March 31, 2023. The company operates as a community-oriented financial institution, offering various traditional financial and trust services across its locations in Indiana and Ohio.

Richmond Mutual aims to keep shareholders informed as it navigates challenges, including potential economic impacts from various external factors such as inflation and the ongoing geopolitical situation.

Richmond Mutual Bancorporation (NASDAQ: RMBI) reported a net income of $3.3 million or $0.31 diluted earnings per share for Q4 2022, reflecting a 6.9% increase from Q3 2022 and a 29.2% increase year-over-year. For the year 2022, net income reached $13.0 million or $1.17 per share, up from $11.1 million in 2021. Total assets rose to $1.33 billion, with net loans and leases at $961.7 million. Deposit growth was strong at $1.0 billion, up 11.7% from the previous year. The bank maintained a strong Tier 1 capital ratio of 11.20% and no provision for loan losses was recorded this quarter.

Richmond Mutual Bancorporation (NASDAQ: RMBI) declared a cash dividend of $0.10 per share on November 16, 2022. This dividend will be paid on December 15, 2022 to shareholders recorded as of December 1, 2022. The company, headquartered in Richmond, Indiana, operates First Bank Richmond with multiple locations across Indiana and Ohio, focusing on community-oriented financial services.

Richmond Mutual Bancorporation (NASDAQ: RMBI) reported net income of $3.2 million or $0.29 diluted earnings per share for Q3 2022, a decrease from $3.5 million or $0.31 in Q2 2022, but an increase from $3.1 million or $0.27 in Q3 2021. Total assets remained stable at $1.3 billion. Loans and leases rose to $915.5 million. Nonperforming loans slightly increased to 0.92% of total loans. Deposits grew to $958.6 million, while stockholders' equity fell to $125.0 million. The company maintained profitability amid rising interest rates.

Richmond Mutual Bancorporation (NASDAQ: RMBI) declared a cash dividend of $0.10 per share on August 17, 2022. The dividend is payable on September 15, 2022 to shareholders on record as of September 1, 2022. This announcement underscores the company’s commitment to returning value to its investors.

Richmond Mutual Bancorporation (RMBI) reported a net income of $3.5 million or $0.31 diluted earnings per share for Q2 2022, marking increases of 19.2% and 29.2% compared to Q1 2022 and Q2 2021, respectively. Total assets remained stable at $1.3 billion. Loans and leases grew to $891.9 million, while deposits surged by 5.3% to $948.3 million. The net interest margin improved to 3.45%. However, stockholders' equity fell 23.0% from the previous year, primarily due to market adjustments and share repurchases.

Richmond Mutual Bancorporation (NASDAQ: RMBI) has approved a new stock repurchase program, allowing for the buyback of up to 1,184,649 shares, or about 10% of its outstanding shares, over the next year. This follows the completion of a previous program that purchased 817,984 shares. The company will utilize a trading plan with Keefe, Bruyette & Woods, Inc. to facilitate these purchases, which may occur at various times based on market conditions. The repurchase program aims to enhance shareholder value.