RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES 2026 SECOND QUARTER FINANCIAL RESULTS
Rhea-AI Summary
Richmond Mutual Bancorporation (NASDAQ: RMBI) reported second quarter 2026 net income of $2.2 million, or $0.22 diluted EPS, down from $2.8 million ($0.28) in Q1 2026 and $2.6 million ($0.26) in Q2 2025. The decline was mainly driven by $1.9 million in nonrecurring merger-related expenses tied to the acquisition of Farmers Bancorp and a higher provision for credit losses of $823,000.
Core performance improved, with net interest income rising to $12.1 million, up 5.5% sequentially and 12.2% year-over-year, and annualized net interest margin expanding to 3.22%. Noninterest income grew 21.7% sequentially and 46.3% year-over-year. At June 30, 2026, assets totaled $1.6 billion, loans and leases $1.2 billion, deposits $1.1 billion, and stockholders’ equity $148.3 million, with book value and tangible book value per share of $14.11. Nonperforming loans and leases increased to $21.8 million (1.78% of total loans and leases), while the allowance for credit losses was $17.0 million (1.39%). The merger with Farmers Bancorp closed on July 1, 2026, and the combined bank now operates as First Bank Midwest.
Positive
- Net interest income up 5.5% QoQ and 12.2% YoY to $12.1 million
- Net interest margin expanded to 3.22% from 3.10% in Q1 2026 and 2.93% in Q2 2025
- Noninterest income rose 21.7% QoQ and 46.3% YoY to $1.6 million
- Assets increased to $1.6 billion; stockholders’ equity reached $148.3 million, equity-to-assets ratio 9.55%
- Book value and tangible book value per share increased to $14.11 from $13.80 at March 31, 2026
- Deposit funding costs improved, with average rate on interest-bearing deposits down to 2.82% from 3.14% a year ago
Negative
- Net income declined to $2.2 million from $2.8 million in Q1 2026 and $2.6 million in Q2 2025
- Nonrecurring merger-related expenses totaled $1.9 million in Q2 2026, significantly lifting noninterest expense
- Provision for credit losses increased to $823,000 from $693,000 in Q1 2026 and $745,000 a year ago
- Nonperforming loans and leases rose to $21.8 million, 1.78% of total loans and leases, from 1.48% at March 31, 2026
- Net charge-offs were $557,000 in Q2 2026, higher than $347,000 in Q1 2026
News Explained
The Farmers Bancorp merger was completed on
News Market Reaction – RMBI
In the Jul 28 session, RMBI gained 0.45%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 23 | 1Q26 earnings report | Positive | +0.5% | Net income, EPS, and net interest margin were reported alongside merger updates. |
| Jan 22 | 4Q25 earnings report | Positive | -2.3% | Quarterly and annual earnings growth accompanied merger terms and improved net interest margin. |
| Oct 23 | 3Q25 earnings report | Positive | +0.1% | Higher earnings and net interest margin were reported with stable assets and loans. |
| Jul 23 | 2Q25 earnings report | Positive | -3.1% | EPS growth and improved net interest margin were reported with strong capital levels. |
| Apr 24 | 1Q25 earnings report | Negative | -1.1% | Lower earnings coincided with higher credit-loss provision and rising nonperforming loans. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions aligned with the stated news direction in 3 of 5 events, while the five-event average move was -1.18%.
Key Terms
net interest margin financial
nonperforming loans and leases financial
allowance for credit losses financial
tier 1 capital regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
The decrease in net income and diluted earnings per share from the first quarter of 2026 was primarily due to higher noninterest expense, reflecting
On July 1, 2026, the Company completed its previously announced merger with Farmers Bancorp pursuant to the Agreement and Plan of Merger dated November 11, 2025. Immediately thereafter, The Farmers Bank merged with and into First Bank Richmond. The combined company continues to operate as Richmond Mutual Bancorporation, Inc., while the combined bank is operating under the name First Bank Midwest. The combined company continues to trade on the Nasdaq Capital Market under the ticker symbol "RMBI." The administrative headquarters of the holding company remains in
The financial results presented in this earnings release reflect the Company's operations through June 30, 2026, immediately prior to the completion of the merger. Accordingly, the operating results of Farmers Bancorp will first be included in the Company's financial results for the quarter ending September 30, 2026.
CEO's and President's Message
Garry Kleer, Chairman and Chief Executive Officer, commented, "Our second quarter results reflected continued improvement in our core operating performance, highlighted by growth in net interest income and expansion of our net interest margin compared to both the prior quarter and the second quarter of last year. Loan growth remained solid, funding costs continued to improve, and our capital position remained strong. While earnings were impacted by a higher provision for credit losses and merger-related expenses during the quarter, we believe the Company entered this next phase from a position of financial strength.
"The successful completion of our merger with Farmers Bancorp marks an important milestone in our Company's history. The combination creates a stronger community banking franchise with greater scale, an expanded market presence and enhanced opportunities to serve our customers and communities. I am pleased to welcome Christopher Cook as our President, along with our new colleagues from Farmers Bancorp, and I look forward to working together as we integrate our organizations and execute on the strategic opportunities this combination creates," concluded Kleer.
Christopher Cook, President stated, "I am honored to join Richmond Mutual at such an exciting time. Our immediate priority is a successful integration that is seamless for our customers, employees and communities, while positioning the combined organization to realize the long-term benefits of this merger. I look forward to working alongside Garry and our entire team as we build on the strong foundation established by both organizations."
Second Quarter Performance Highlights:
- Net interest income increased by
$628,000 5.5% , to$12.1 million $11.4 million $1.3 million 12.2% , from$10.8 million - Annualized net interest margin was
3.22% for the current quarter, compared to3.10% in the prior quarter and2.93% for the comparable quarter in 2025. - A provision for credit losses of
$823,000 $693,000 $745,000 - Noninterest income increased
$282,000 21.7% , to$1.6 million $1.3 million $500,000 46.3% , from$1.1 million - Noninterest expense increased
$1.5 million 16.8% , to$10.2 million $8.7 million $2.1 million 25.4% , from$8.1 million $1.9 million - Assets totaled
$1.6 billion $1.5 billion - Loans and leases, net of allowance for credit losses, totaled
$1.2 billion - Nonperforming loans and leases totaled
$21.8 million 1.78% of total loans and leases, at June 30, 2026, compared to$17.6 million 1.48% , at March 31, 2026, and$17.4 million 1.46% , at December 31, 2025. - The allowance for credit losses totaled
$17.0 million 1.39% of total loans and leases outstanding, at June 30, 2026, compared to$16.7 million 1.41% , at March 31, 2026, and$16.5 million 1.38% , at December 31, 2025. - Deposits totaled
$1.1 billion $100.1 million 8.7% of total deposits, compared to$99.4 million 9.0% , at March 31, 2026, and$100.1 million 9.0% , at December 31, 2025. - Stockholders' equity totaled
$148.3 million $144.9 million $145.8 million 9.55% at June 30, 2026. - Book value per share and tangible book value per share were each
$14.11 $13.80 $13.88 - The Bank's Tier 1 capital to total assets was
10.90% at June 30, 2026, well in excess of regulatory requirements, reflecting the Company's strong capital position.
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 investment securities, excluding FHLB stock, decreased
Interest income on cash and cash equivalents increased
Interest expense increased
Interest expense on deposits decreased
Interest expense on FHLB borrowings increased
Annualized net interest margin was
A provision for credit losses of
Noninterest income increased
Total noninterest expense increased
Income tax expense decreased
Balance Sheet Summary
Total assets increased
Investment securities decreased
The increase in loans and leases was attributable to increases in commercial mortgage loans, commercial and industrial loans, construction and development loans, and home equity lines of credit of
Nonperforming loans and leases, consisting of nonaccrual loans and leases and accruing loans and leases 90 days or more 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, 2026, the Company's credit risk assessment incorporated ongoing economic conditions, including inflationary pressures, capital market volatility, and geopolitical risks. Management continues to conduct portfolio stress testing and monitor credit metrics and believes the allowance for credit losses is appropriate based on the current composition of the loan and lease portfolio, the level of individually evaluated reserves, and the continued low level of net charge-offs.
Total deposits increased
Borrowings decreased
Stockholders' equity totaled
About Richmond Mutual Bancorporation, Inc.
Richmond Mutual Bancorporation, Inc., headquartered in Richmond, Indiana, is the holding company for First Bank Midwest, a community-oriented financial institution offering traditional financial and trust services within its local communities through its branch locations in Cambridge City, Centerville, Fishers, Frankfort, Kirklin, Lebanon, Michigantown, Mulberry, Noblesville, Richmond, Rossville, Shelbyville, Sheridan, Tipton, and Westfield, Indiana, and its locations in Columbus, Sidney, Piqua, and Troy, Ohio.
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 the Company's local market areas or other markets where the Company has lending relationships; employment levels, labor shortages, and the effects of persistent inflation, recessionary pressures, or slowing economic growth; changes in interest rate levels and volatility, and the timing and pace of such changes, including actions by the Federal Reserve, which could adversely affect the Company's 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 publicity 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 the Company's 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 platforms, 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 Eastern Europe, South America, the Middle East, and Asia, or the imposition of new or increased tariffs and trade restrictions, which may disrupt financial markets, global supply chains, commodity prices, or economic activity in specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, domestic political unrest, and other external events on the Company's business; and other factors described in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other reports filed with or furnished to the Securities and Exchange Commission that are available on our website at www.firstbankrichmond.com and on the SEC's website at www.sec.gov.
In addition, statements about the potential effects of the Company's completed merger with Farmers Bancorp on the Company's business, financial results, and condition may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in the forward-looking statements due to factors and future developments which are uncertain, unpredictable and in many cases beyond the Company's control, including the following: the potential that anticipated cost savings, synergies, or revenue enhancements from the merger may not be realized or may take longer to achieve than expected; the ability to successfully integrate the operations, systems, personnel, and technologies of the combined company; disruption to customer, employee, or vendor relationships, including key community relationships; diversion of management's attention from ongoing operations and strategic initiatives as a result of integration activities; lower-than-expected revenues or profitability following the merger; and higher-than expected transaction or integration costs; as well as other factors detailed in the Company's filings with the SEC.
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 expressly disclaims 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 except as required by law.
Financial Highlights (unaudited) | |||||||||
Three Months Ended | Six Months Ended | ||||||||
SELECTED | June 30, | March 31, | June 30, | June 30, | June 30, | ||||
(In thousands, except for per | |||||||||
Interest income | $ 21,899 | $ 21,162 | $ 21,346 | $ 43,061 | $ 42,214 | ||||
Interest expense | 9,825 | 9,716 | 10,587 | 19,541 | 21,196 | ||||
Net interest income | 12,074 | 11,446 | 10,759 | 23,520 | 21,018 | ||||
Provision for credit losses | 823 | 693 | 745 | 1,516 | 1,476 | ||||
Net interest income after | 11,251 | 10,753 | 10,014 | 22,004 | 19,542 | ||||
Noninterest income | 1,580 | 1,298 | 1,080 | 2,878 | 2,242 | ||||
Noninterest expense | 10,168 | 8,704 | 8,110 | 18,871 | 16,483 | ||||
Income before income tax expense | 2,663 | 3,347 | 2,984 | 6,011 | 5,301 | ||||
Income tax provision | 436 | 562 | 382 | 999 | 731 | ||||
Net income | $ 2,227 | $ 2,785 | $ 2,602 | $ 5,012 | $ 4,570 | ||||
Shares outstanding | 10,505 | 10,501 | 10,389 | 10,505 | 10,389 | ||||
Average shares outstanding: | |||||||||
Basic | 9,693 | 9,678 | 9,558 | 9,686 | 9,699 | ||||
Diluted | 9,913 | 9,860 | 9,845 | 9,887 | 9,964 | ||||
Earnings per share: | |||||||||
Basic | $ 0.23 | $ 0.29 | $ 0.27 | $ 0.52 | $ 0.47 | ||||
Diluted | $ 0.22 | $ 0.28 | $ 0.26 | $ 0.51 | $ 0.46 | ||||
SELECTED FINANCIAL CONDITION DATA: | June 30, | March 31, | December 31, | September 30, | June 30, | ||||
(In thousands, except for per share amounts) | |||||||||
Total assets | $ 1,552,029 | $ 1,519,216 | $ 1,525,790 | $ 1,525,565 | $ 1,507,759 | ||||
Cash and cash equivalents | 34,721 | 34,798 | 33,130 | 34,265 | 27,211 | ||||
Interest-bearing time deposits | 2,850 | 2,820 | 2,070 | — | 300 | ||||
Investment securities | 247,625 | 247,872 | 254,663 | 253,221 | 252,280 | ||||
Loans and leases, net of allowance for credit losses | 1,207,852 | 1,174,122 | 1,176,813 | 1,178,232 | 1,167,850 | ||||
Loans held for sale | — | 835 | 828 | 1,441 | 136 | ||||
Premises and equipment, net | 13,563 | 13,497 | 13,397 | 13,427 | 13,189 | ||||
Federal Home Loan Bank stock | 13,907 | 13,907 | 13,907 | 13,907 | 13,907 | ||||
Other assets | 31,511 | 31,365 | 30,982 | 31,072 | 32,886 | ||||
Deposits | 1,146,643 | 1,106,365 | 1,114,893 | 1,118,258 | 1,096,389 | ||||
Borrowings | 244,000 | 256,000 | 252,000 | 254,000 | 267,000 | ||||
Total stockholder's equity | 148,273 | 144,910 | 145,781 | 140,035 | 132,322 | ||||
Book value (GAAP) | $ 148,273 | $ 144,910 | $ 145,781 | $ 140,035 | $ 132,322 | ||||
Tangible book value (non-GAAP) | 148,273 | 144,910 | 145,781 | 140,035 | 132,322 | ||||
Book value per share (GAAP) | 14.11 | 13.80 | 13.88 | 13.43 | 12.74 | ||||
Tangible book value per share (non-GAAP) | 14.11 | 13.80 | 13.88 | 13.43 | 12.74 |
The following table summarizes information relating to the Company's loan and lease portfolio at the dates indicated:
(In thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||
Commercial mortgage | $ 419,123 | $ 414,875 | $ 414,316 | $ 420,680 | $ 393,632 | ||||
Commercial and industrial | 158,075 | 145,214 | 142,508 | 138,333 | 140,700 | ||||
Construction and development | 86,201 | 74,315 | 71,705 | 67,446 | 102,367 | ||||
Multi-family | 207,760 | 208,034 | 208,894 | 216,982 | 191,750 | ||||
Residential mortgage | 170,149 | 166,260 | 171,063 | 166,594 | 168,956 | ||||
Home equity | 22,398 | 21,398 | 20,147 | 18,816 | 19,449 | ||||
Direct financing leases | 143,602 | 142,979 | 145,806 | 146,413 | 147,193 | ||||
Consumer | 17,951 | 18,179 | 19,280 | 19,914 | 20,596 | ||||
Total loans and leases | $ 1,225,259 | $ 1,191,254 | $ 1,193,719 | $ 1,195,178 | $ 1,184,643 |
The following table summarizes information relating to the Company's deposits at the dates indicated:
(In thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||
Noninterest-bearing demand | $ 100,071 | $ 99,400 | $ 100,091 | $ 110,815 | $ 106,216 | ||||
Interest-bearing demand | 154,055 | 152,469 | 143,863 | 145,705 | 147,318 | ||||
Savings and money market | 330,361 | 316,255 | 319,337 | 307,667 | 303,241 | ||||
Non-brokered time deposits | 297,881 | 301,725 | 315,655 | 305,821 | 300,143 | ||||
Brokered time deposits | 264,275 | 236,516 | 235,947 | 248,250 | 239,471 | ||||
Total deposits | $ 1,146,643 | $ 1,106,365 | $ 1,114,893 | $ 1,118,258 | $ 1,096,389 |
Average Balances, Interest and Average Yields/Cost. 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, | |||||||||||
2026 | 2025 | ||||||||||
Average | Interest Paid | Yield/ Rate | Average | Interest Paid | Yield/ Rate | ||||||
(Dollars in thousands) | |||||||||||
Interest-earning assets: | |||||||||||
Loans and leases receivable | $ 1,207,815 | $ 19,790 | 6.55 % | $ 1,178,026 | $ 19,183 | 6.51 % | |||||
Securities | 250,647 | 1,580 | 2.52 % | 251,717 | 1,611 | 2.56 % | |||||
FHLB stock | 13,907 | 301 | 8.66 % | 13,907 | 309 | 8.89 % | |||||
Cash and cash equivalents and other | 25,214 | 228 | 3.62 % | 24,156 | 243 | 4.02 % | |||||
Total interest-earning assets | 1,497,583 | 21,899 | 5.85 % | 1,467,806 | 21,346 | 5.82 % | |||||
Non-earning assets | 40,111 | 40,536 | |||||||||
Total assets | 1,537,694 | 1,508,342 | |||||||||
Interest-bearing liabilities: | |||||||||||
Savings and money market accounts | 343,151 | 1,845 | 2.15 % | 316,419 | 1,833 | 2.32 % | |||||
Interest-bearing checking accounts | 147,925 | 401 | 1.08 % | 140,977 | 373 | 1.06 % | |||||
Certificate accounts | 533,159 | 4,967 | 3.73 % | 538,026 | 5,606 | 4.17 % | |||||
Borrowings | 253,637 | 2,612 | 4.12 % | 262,088 | 2,775 | 4.24 % | |||||
Total interest-bearing liabilities | 1,277,872 | 9,825 | 3.08 % | 1,257,510 | 10,587 | 3.37 % | |||||
Noninterest-bearing demand deposits | 100,108 | 107,351 | |||||||||
Other liabilities | 13,522 | 13,222 | |||||||||
Stockholders' equity | 146,192 | 130,259 | |||||||||
Total liabilities and stockholders' equity | 1,537,694 | 1,508,342 | |||||||||
Net interest income | $ 12,074 | $ 10,759 | |||||||||
Net earning assets | $ 219,711 | $ 210,296 | |||||||||
Net interest rate spread(1) | 2.77 % | 2.45 % | |||||||||
Net interest margin(2) | 3.22 % | 2.93 % | |||||||||
Average interest-earning assets to average interest-bearing | 117.19 % | 116.72 % | |||||||||
____________________________________ | |
(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. |
Six Months Ended June 30, | |||||||||||
2026 | 2025 | ||||||||||
Average | Interest Paid | Yield/ Rate | Average | Interest Paid | Yield/ Rate | ||||||
(Dollars in thousands) | |||||||||||
Interest-earning assets: | |||||||||||
Loans and leases receivable | $ 1,195,543 | $ 38,901 | 6.51 % | $ 1,179,329 | $ 37,956 | 6.44 % | |||||
Securities | 253,649 | 3,162 | 2.49 % | 256,866 | 3,264 | 2.54 % | |||||
FHLB stock | 13,907 | 592 | 8.51 % | 13,907 | 620 | 8.92 % | |||||
Cash and cash equivalents and other | 23,064 | 406 | 3.52 % | 19,177 | 374 | 3.90 % | |||||
Total interest-earning assets | 1,486,163 | 43,061 | 5.79 % | 1,469,279 | 42,214 | 5.75 % | |||||
Non-earning assets | 39,243 | 40,278 | |||||||||
Total assets | 1,525,406 | 1,509,557 | |||||||||
Interest-bearing liabilities: | |||||||||||
Savings and money market accounts | 331,888 | 3,505 | 2.11 % | 310,484 | 3,556 | 2.29 % | |||||
Interest-bearing checking accounts | 147,308 | 798 | 1.08 % | 137,737 | 697 | 1.01 % | |||||
Certificate accounts | 538,356 | 10,208 | 3.79 % | 544,192 | 11,403 | 4.19 % | |||||
Borrowings | 247,398 | 5,029 | 4.07 % | 268,343 | 5,540 | 4.13 % | |||||
Total interest-bearing liabilities | 1,264,950 | 19,540 | 3.09 % | 1,260,756 | 21,196 | 3.36 % | |||||
Noninterest-bearing demand deposits | 99,240 | 103,316 | |||||||||
Other liabilities | 13,916 | 13,477 | |||||||||
Stockholders' equity | 147,300 | 132,008 | |||||||||
Total liabilities and stockholders' equity | 1,525,406 | 1,509,557 | |||||||||
Net interest income | $ 23,521 | $ 21,018 | |||||||||
Net earning assets | $ 221,213 | $ 208,523 | |||||||||
Net interest rate spread(1) | 2.70 % | 2.39 % | |||||||||
Net interest margin(2) | 3.17 % | 2.86 % | |||||||||
Average interest-earning assets to average interest-bearing | 117.49 % | 116.54 % | |||||||||
____________________________________ | |
(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. |
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) | 0.58 % | 0.74 % | 0.89 % | 0.95 % | 0.69 % | ||||
Return on average equity(1) | 6.09 % | 7.51 % | 9.55 % | 10.78 % | 7.99 % | ||||
Yield on interest-earning assets | 5.85 % | 5.74 % | 5.89 % | 5.93 % | 5.82 % | ||||
Rate paid on interest-bearing liabilities | 3.08 % | 3.10 % | 3.28 % | 3.35 % | 3.37 % | ||||
Average interest rate spread | 2.77 % | 2.64 % | 2.61 % | 2.58 % | 2.45 % | ||||
Net interest margin(1)(2) | 3.22 % | 3.10 % | 3.11 % | 3.07 % | 2.93 % | ||||
Operating expense to average total assets(1) | 2.64 % | 2.30 % | 2.24 % | 2.14 % | 2.15 % | ||||
Efficiency ratio(3) | 74.47 % | 68.29 % | 65.39 % | 64.18 % | 68.50 % | ||||
Average interest-earning assets to average | 117.19 % | 117.79 % | 117.86 % | 117.25 % | 116.72 % | ||||
Asset quality ratios: | |||||||||
Non-performing assets to total assets(4) | 1.41 % | 1.16 % | 1.14 % | 0.71 % | 0.54 % | ||||
Non-performing loans and leases to total gross | 1.78 % | 1.48 % | 1.46 % | 0.90 % | 0.68 % | ||||
Allowance for credit losses to non-performing | 77.91 % | 95.02 % | 94.64 % | 151.64 % | 201.14 % | ||||
Allowance for credit losses to total loans and leases | 1.39 % | 1.41 % | 1.38 % | 1.37 % | 1.37 % | ||||
Net charge-offs to average outstanding loans | 0.18 % | 0.12 % | 0.12 % | 0.11 % | 0.21 % | ||||
Capital ratios: | |||||||||
Equity to total assets at end of period | 9.55 % | 9.54 % | 9.55 % | 9.18 % | 8.78 % | ||||
Average equity to average assets | 9.51 % | 9.81 % | 9.36 % | 8.84 % | 8.64 % | ||||
Common equity tier 1 capital (to risk weighted | 12.99 % | 13.37 % | 13.38 % | 13.11 % | 12.99 % | ||||
Tier 1 leverage (core) capital (to adjusted | 10.90 % | 11.10 % | 10.95 % | 10.85 % | 10.75 % | ||||
Tier 1 risk-based capital (to risk weighted | 12.99 % | 13.37 % | 13.38 % | 13.11 % | 12.99 % | ||||
Total risk-based capital (to risk weighted | 14.24 % | 14.62 % | 14.64 % | 14.36 % | 14.24 % | ||||
Other data: | |||||||||
Number of full-service offices | 13 | 13 | 13 | 12 | 12 | ||||
Full-time equivalent employees | 174 | 173 | 180 | 179 | 176 | ||||
(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.