RICHMOND, Ind., April 21,
2022 /PRNewswire/ -- Richmond Mutual Bancorporation,
Inc., a Maryland corporation (the
"Company") (NASDAQ: RMBI), parent company of First Bank Richmond
(the "Bank"), today announced net income of $3.0 million, or $0.26 diluted earnings per share, for the first
quarter of 2022, compared to net income of $2.7 million, or $0.24 diluted earnings per share, for the fourth
quarter of 2021, and net income of $2.6
million, or $0.22 diluted
earnings per share, for the first quarter of 2021. Diluted earnings
per share increased 8.3% and 18.2% for the first quarter of 2022 as
compared to the fourth and first quarters of 2021,
respectively.
President's Comments
Garry Kleer, Chairman, President
and Chief Executive Officer, commented, "Despite a challenging
interest rate environment and the tragedy of the war in
Ukraine impacting all of us in
various ways, in the first quarter of 2022 we continued to increase
profitability, grow our loan and lease and deposit portfolios and
return excess capital to shareholders through dividends and share
repurchases. We continued to experience margin compression but
remain optimistic that anticipated Fed interest rate increases will
provide some relief in future quarters."
First Quarter Performance Highlights:
- Assets totaled $1.3 billion both
at March 31, 2022 and December 31, 2021.
- Loans and leases, net of allowance, totaled $850.0 million at March
31, 2022, compared to $832.8
million at December 31,
2021.
- Nonperforming loans and leases totaled $8.0 million, or 0.92% of total loans and leases,
at March 31, 2022, compared to
$8.0 million, or 0.95% at
December 31, 2021.
- The allowance for loan and lease losses totaled $12.3 million, or 1.43% of total loans and leases
outstanding, at March 31, 2022,
compared to $12.1 million, or 1.43%
of total loans and leases outstanding, at December 31, 2021.
- The provision for loan and lease losses totaled $200,000 in the quarter ended March 31, 2022, compared to no provision in the
preceding quarter, and $400,000 in
the first quarter of 2021.
- Deposits totaled $909.5 million
at March 31, 2022, compared to
$900.2 million at December 31, 2021. At March 31, 2022, noninterest bearing deposits
totaled $113.7 million or 12.5% of
total deposits, compared to $114.3
million or 12.7% of total deposits at December 31, 2021.
- Stockholders' equity totaled $157.3
million at March 31, 2022,
compared to $180.5 million at
December 31, 2021. The Company's
equity to asset ratio was 12.53% at March
31, 2022.
- Net interest income decreased $41,000 or 0.4% to $10.1
million for the three months ended March 31, 2022, compared to net interest income
of $10.1 million for the prior
quarter, and increased $1.1 million
or 11.7% from $9.0 million for the
comparable quarter in 2021.
- Annualized net interest margin was 3.26% for the current
quarter, compared to 3.31% in the preceding quarter and 3.53% the
first quarter a year ago.
- The Company repurchased 90,191 shares of common stock at an
average price of $16.62 per share
during the quarter ended March 31,
2022.
- The Bank's Tier 1 capital to total assets was 12.64% and the
Bank's capital was well in excess of all regulatory requirements at
March 31, 2022.
Income Statement Summary
Net interest income before the provision for loan and lease
losses decreased $41,000, or 0.4%, to
$10.1 million in the first quarter of
2022, compared to $10.1 million in
the fourth quarter of 2021, and increased $1.1 million, or 11.7%, from $9.0 million in the first quarter of 2021. The
decrease from the fourth quarter of 2021 was due to a $22.4 million decrease in average net earning
assets during the first quarter of 2022, and a one basis point
decrease in the average interest rate spread. The increase from the
comparable quarter in 2021 was due to an increase in net average
earning assets of $19.9 million
during the first quarter of 2022 versus the comparable quarter of
2021, partially offset by a 20 basis point decrease in the average
interest rate spread during the first quarter of 2022.
Interest income decreased $88,000,
or 0.7%, to $11.9 million during the
quarter ended March 31, 2022,
compared to the quarter ended December 31,
2021 and increased $1.1
million, or 9.7%, compared to the quarter ended March 31, 2021. Interest income on loans and
leases decreased $151,000, or 1.4%,
to $10.3 million for the quarter
ended March 31, 2022 compared to
$10.4 million in the fourth quarter
of 2021, as a $30.5 million increase
in the average balance of loans and leases was offset by a decrease
in the average yield earned on loans and leases of 25 basis point
to 4.83%. Interest income on loans and leases increased
$399,000, or 4.0%, in the first
quarter of 2022 compared to the first quarter of 2021, due to an
increase in the average balance of loans and leases of $132.0 million, partially offset by a decrease in
the average loan and lease yield of 67 basis points.
Interest income on investment securities, excluding FHLB
stock, increased $76,000, or 5.0%, to
$1.6 million during the quarter ended
March 31, 2022, compared to the
quarter ended December 31, 2021, and
increased $646,000, or 68.7%, from
the comparable quarter in 2021. The increase in interest income on
investment securities, excluding FHLB stock, in the first quarter
of 2022 from the fourth quarter of 2021 was due to a 16 basis point
increase in the average yield earned on investment securities
offset by a $14.4 million decrease in
average balances. The increase in interest on investment
securities, excluding FHLB stock, in the first quarter of 2022 from
the first quarter of 2021 was due to a $92.5
million increase in the average balance and a 36 basis point
increase in the average yield earned on investment securities.
Interest expense remained relatively flat at $1.9 million for the quarter ended March 31, 2022 compared to the quarter ended
December 31, 2021 and the quarter
ended March 31, 2021. Interest
expense on deposits decreased $25,000, or 1.9%, to $1.2
million for the quarter ended March
31, 2022, compared to the previous quarter primarily due to
a 12 basis point decrease in the average rate paid on
interest-bearing certificate of deposit accounts, partially offset
by a $32.7 million increase in
average interest-bearing certificate of deposit account balances.
The decrease from the comparable quarter in 2021 was due to a
decrease of 43 basis points in the average rate paid on certificate
of deposit accounts, partially offset by an increase of
$179.0 million in average
interest-bearing deposit balances. The average rate paid on
interest-bearing deposits was 0.63% for the quarter ended
March 31, 2022, compared to 0.68% and
0.77% for the quarters ended December 31,
2021 and March 31, 2021,
respectively. Interest expense on FHLB borrowings decreased
$23,000, or 3.5%, to $640,000 for the first quarter of 2022 compared
to the previous quarter and decreased $54,000, or 7.8%, from the comparable quarter in
2021. The average balance of FHLB borrowings totaled $183.5 million during the quarter ended
March 31, 2022, compared to
$191.4 million and $170.0 million for the quarters ended
December 31, 2021 and March 31, 2021, respectively. The average rate
paid on FHLB borrowings was 1.40% for the quarter ended
March 31, 2022, 1.39% for
December 31, 2021, and 1.63% for the
first quarter of 2021.
Annualized net interest margin decreased to 3.26% for the first
quarter of 2022, compared to 3.31% for the fourth quarter of 2021
and 3.53% for the first quarter of 2021. The decrease in the net
interest margin for the first quarter of 2022 compared to the
fourth quarter of 2021 and the comparable quarter in 2021 was
primarily due to the yield on interest-earnings assets dropping
faster than the rate paid on interest-bearing
liabilities.
The provision for loan and lease losses totaled $200,000 for the three months ended March 31, 2022, compared to no provision during
the quarter ended December 31, 2021
and $400,000 for the quarter ended
March 31, 2021. Net recoveries
during the first quarter of 2022 were $9,000, compared to net recoveries of
$259,000 during the fourth quarter of
2021 and net charge-offs of $27,000
in the first quarter of 2021. While we believe the steps we have
taken and continue to take are necessary to effectively manage our
portfolio and assist our clients through the ongoing uncertainty
surrounding the duration and impact of the COVID-19 pandemic,
uncertainties relating to our allowance for loan losses are
heightened as a result of any possible continuing effects of the
COVID-19 pandemic.
Total noninterest income increased $13,000, or 1.2%, to $1.1
million for the quarter ended March
31, 2022 compared to the quarter ended December 31, 2021, and decreased $412,000, or 27.0%, from the comparable quarter
in 2021. The increase in noninterest income in the first quarter of
2022 from the fourth quarter of 2021 occurred despite a decrease in
gains on loan and lease sales. Gain on sale of loans and
leases decreased $116,000, or 32.4%,
to $243,000 in the first quarter of
2022 compared to the fourth quarter of 2021 and was offset
primarily by increases in loan and lease servicing fees and other
income. Loan and lease servicing fees increased $74,000 in the first quarter of 2022 compared to
the fourth quarter of 2021 as an impairment charge of $111,000 to mortgage servicing rights was
recorded in the first quarter of 2022 compared to an impairment
charge of $129,000 in the fourth
quarter of 2021. Other income increased $98,000 in the first quarter of 2022 compared to
the fourth quarter of 2021 primarily due to fees associated with
several letters of credit and the sale of a repossessed
asset. In addition, card fee income decreased $25,000, or 8.3%, to $278,000 in the first quarter of 2022 from the
fourth quarter of 2021 and service fees on deposit accounts
decreased $18,000, or 7.0%, to
$235,000 for the quarter ended
March 31, 2022, compared to
$252,000 for the fourth quarter of
2021. The decrease in card fee income was due to higher card
activity in the fourth quarter of 2021 and the decrease in service
fees on deposit accounts was primarily attributable to decreased
overdraft fees during the first quarter of 2022 compared to the
fourth quarter of 2021.
The decrease in noninterest income in the first quarter of 2022
from the comparable quarter of 2021 was due to a $722,000, or 74.8%, decrease in gain on sale of
loans as mortgage banking activity declined primarily due to lower
refinancing activity and a lower supply of houses for sale in the
Bank's market area. Partially offsetting this decrease were
increases in loan and lease servicing fees, card fee income and
service fees on deposit accounts. Loan and lease servicing fees
increased $133,000 in the first
quarter of 2022 compared to the same quarter in 2021 as an
impairment charge of $111,000 to
mortgage servicing rights was recorded in the first quarter of 2022
compared as an impairment charge of $158,000 in the first quarter of 2021. Card fee
income increased $35,000, or 14.5%,
in the first quarter of 2022 due to higher card usage. Service fees
on deposit accounts increased $40,000, or 20.6%, in the first quarter of 2022
from the comparable quarter in 2021 due to increased overdraft
fees, many of which were waived in the first quarter of 2021.
Total noninterest expense decreased $614,000, or 7.7%, to $7.3
million for the three months ended March 31, 2022, compared to the fourth quarter of
2021, and increased $356,000, or 5.1%
compared to the same period in 2021. Salaries and employee
benefits decreased $715,000, or
13.8%, to $4.5 million for the
quarter ended March 31, 2022,
compared to the fourth quarter of 2021, and were steady compared to
the quarter ended March 31, 2021. The
decrease in salaries and benefits in the first quarter of 2022 from
the fourth quarter of 2021 was primarily due to a $665,000 expense associated with the termination
of the Company's DB Plan in the fourth quarter of 2021. Data
processing fees increased $80,000, or
13.7% to $659,000 for the quarter
ended March 31, 2022, compared to the
fourth quarter of 2021, and increased $133,000, or 25.2%, compared to the same quarter
of 2021 due to enhancements to our digital banking products.
Other expenses decreased $46,000, or
4.6% in the first quarter of 2022 compared to the prior quarter,
and increased $185,000, or 24.0%,
compared to the same quarter of 2021. The increase in other
expenses in the first quarter of 2022 from the first quarter of
2021 primarily was due to increased loan expenses, franchise tax
expense and expenses related to employee professional
development.
Income tax expense increased $88,000 during the three months ended
March 31, 2022 compared to the prior
quarter due to a higher level of pre-tax income and a higher
effective tax rate. Income tax expense increased $28,000 during the three months ended
March 31, 2022, compared to the same
period in 2021 due to a higher level of pre-tax income, partially
offset by a lower effective tax rate. The effective tax rate
for the first quarter of 2022 was 17.0% compared to 16.3% in the
fourth quarter of 2021, and 18.7% in the first quarter a year
ago.
Balance Sheet Summary
Total assets decreased $11.5
million, or 0.9%, to $1.3
billion at March 31, 2022 from
December 31, 2021. The decrease was
primarily the result of a $31.6
million, or 8.6%, decrease in investment securities to
$335.0 million and a $3.5 million, or 15.0% decrease in cash and cash
equivalents to $19.6 million at
March 31, 2022. These decreases were
partially offset by increases of $17.1
million or 2.1% in loans and leases, net of allowance, to
$850.0 million and $6.8 million or 33.4% in other assets to
$27.1 million at March 31, 2022.
The decrease in investment securities primarily was the result
of reinvesting only a portion of normal recurring maturities and
payments on securities and using the remainder to fund growth in
the loan and lease portfolio. The increase in loans and leases was
attributable to an increase in multi-family loans, construction and
development loans, and direct financing leases of $9.0 million, $8.4
million and $3.7 million,
respectively, partially offset by declines in commercial mortgage
loans of $3.4 million and commercial
and industrial loans of $3.1 million.
The decline in commercial and industrial loans was due to a
decrease in PPP loans of $3.4 million
resulting from PPP loan forgiveness by the SBA. As of
March 31, 2022, we had funded a total
of 892 PPP loans totaling $103.1
million and the SBA had approved 853 loan forgiveness
applications totaling $95.4 million.
PPP loans totaled $6.0 million at
March 31, 2022. Other assets
increased primarily due to a $6.4
million increase in deferred tax assets due to the
mark-to-market adjustment on the investment portfolio.
Nonperforming loans and leases, consisting of nonaccrual loans
and leases and accruing loans and leases more than 90 days past
due, totaled $8.0 million or 0.92% of
total loans and leases at March 31,
2022, compared to $8.0 million
or 0.95% at December 31, 2021.
Accruing loans past due more than 90 days totaled $1.8 million at both dates.
The allowance for loan and lease losses increased $209,000, or 1.7%, to $12.3 million at March 31,
2022 from $12.1 million at
December 31, 2021. At both dates, the
allowance for loan and lease losses totaled 1.43% of total loans
and leases outstanding. Net recoveries during the first quarter of
2022 were $9,000 compared to net
charge-offs of $27,000 during the
comparable quarter of 2021.
Management regularly analyzes conditions within its geographic
markets and evaluates its loan and lease portfolio. The Company
evaluated its exposure to potential loan and lease losses as of
March 31, 2022, which evaluation
included consideration of potential credit losses due to economic
conditions driven by any lingering impact of the COVID-19
pandemic. Any lingering impact of the pandemic on the Company's
deposit and loan customers is still not fully known at this time.
Credit metrics are being reviewed and stress testing is being
performed on the loan portfolio on an ongoing basis. Potentially
higher risk segments of the portfolio, such as hotels and
restaurants, are being closely monitored.
Total deposits increased $9.3
million or 1.0% to $909.5
million at March 31, 2022,
compared to December 31, 2021. The
increase in deposits from December 31,
2021 primarily was due to an increase in savings and money
market accounts of $21.2 million,
partially offset by a decrease in time deposits of $13.8 million. Management attributes the shift in
funds to customers anticipating potentially higher rates being paid
on time deposits in 2022 in connection with the expected interest
rate hikes by the Federal Reserve this year. Brokered time deposits
totaled $120.1 million or 13.2% of
total deposits at March 31, 2022.
Noninterest-bearing demand deposits decreased slightly and totaled
12.5% of total deposits at March 31,
2022.
Stockholders' equity totaled $157.3
million at March 31, 2022, a
decrease of $23.1 million or 12.8%
from December 31, 2021. The decrease
in stockholders' equity from December 31,
2021 primarily was the result of a reduction in accumulated
comprehensive income of $24.1 million
due to a greater mark-to-market adjustment to the investment
portfolio as a result of higher interest rates, the payment of
$1.1 million in dividends to Company
stockholders, and the repurchase of $1.5
million of Company common stock, partially offset by net
income of $3.0 million.
During the quarter ended March 31,
2022, the Company repurchased a total of 90,191 shares of
Company common stock at an average price of $16.62 per share. As of March 31, 2022, the Company had approximately
909,362 shares available for repurchase under its existing stock
repurchase program. Subsequent to quarter end through April 21, 2022, the Company repurchased an
additional 12,896 shares, leaving 896,466 shares available for
future repurchase.
About Richmond Mutual Bancorporation, Inc.
Richmond Mutual Bancorporation, Inc., headquartered in
Richmond, Indiana, is the holding
company for First Bank Richmond, a community-oriented financial
institution offering traditional financial and trust services
within its local communities through its eight locations in
Richmond, Centerville, Cambridge City and Shelbyville, Indiana, its five locations in
Sidney, Piqua and Troy,
Ohio, and its loan production office in Columbus, 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.
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: the
effect of the COVID-19 pandemic, including on the Company's credit
quality and business operations, as well as its impact on general
economic and financial market conditions and other uncertainties
such as the extent and duration of the impact of the pandemic on
public health, the U.S. and global economies, and on consumer and
corporate customers, including economic activity, employment levels
and market liquidity; legislative changes; changes in policies by
regulatory agencies; fluctuations in interest rates; 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 loan losses; the
Company's ability to access cost-effective funding; fluctuations in
real estate values and both residential and commercial real estate
market conditions; demand for loans and deposits in the Company's
market area; changes in management's business strategies; changes
in the regulatory and tax environments in which the Company
operates; and other factors set forth 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 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. 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.
Refer to the Company's periodic and current reports filed with the
SEC for specific risks that could cause actual results to be
significantly different from those expressed or implied by any
forward-looking statements.
Financial Highlights (unaudited)
|
Three Months Ended
|
SELECTED OPERATIONS DATA:
|
March 31,
2022
|
|
December 31,
2021
|
|
March 31,
2021
|
(In thousands, except
for per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
11,942
|
|
$
12,030
|
|
$
10,883
|
Interest
expense
|
1,888
|
|
1,936
|
|
1,881
|
Net
interest income
|
10,054
|
|
10,094
|
|
9,002
|
|
|
|
|
|
|
Provision for loan
losses
|
200
|
|
—
|
|
400
|
Net interest income
after provision
|
9,854
|
|
10,094
|
|
8,602
|
Noninterest
income
|
1,116
|
|
1,102
|
|
1,528
|
Noninterest
expense
|
7,334
|
|
7,947
|
|
6,978
|
Income before income
tax expense
|
3,636
|
|
3,249
|
|
3,152
|
Income tax
provision
|
618
|
|
530
|
|
590
|
|
|
|
|
|
|
Net income
|
$
3,018
|
|
$
2,719
|
|
$
2,562
|
|
|
|
|
|
|
Shares
outstanding
|
12,310
|
|
12,400
|
|
13,051
|
Average shares
outstanding:
|
|
|
|
|
|
Basic
|
11,048
|
|
11,104
|
|
11,687
|
Diluted
|
11,474
|
|
11,465
|
|
11,864
|
Earnings per
share:
|
|
|
|
|
|
Basic
|
$
0.27
|
|
$
0.24
|
|
$
0.22
|
Diluted
|
$
0.26
|
|
$
0.24
|
|
$
0.22
|
SELECTED FINANCIAL CONDITION
DATA:
|
March 31,
2022
|
|
December 31,
2021
|
(In thousands, except
for per share amounts)
|
|
|
|
|
|
|
|
Total assets
|
$
1,256,113
|
|
$
1,267,640
|
Cash and cash
equivalents
|
19,576
|
|
23,038
|
Investment
securities
|
334,981
|
|
366,579
|
Loans and leases, net
of allowance
|
849,987
|
|
832,846
|
Loans held for
sale
|
583
|
|
558
|
Premises and equipment,
net
|
14,146
|
|
14,347
|
Federal Home Loan Bank
stock
|
9,781
|
|
9,992
|
Other assets
|
27,059
|
|
20,280
|
Deposits
|
909,495
|
|
900,175
|
Borrowings
|
182,000
|
|
180,000
|
Total stockholder's
equity
|
157,343
|
|
180,481
|
|
|
|
|
Book value
(GAAP)
|
$
157,343
|
|
$
180,481
|
Tangible book value
(non-GAAP)
|
157,343
|
|
180,481
|
Book value per share
(GAAP)
|
12.78
|
|
14.55
|
Tangible book value per
share (non-GAAP)
|
12.78
|
|
14.55
|
The following table summarizes information relating to our loan
and lease portfolio at the dates indicated:
(In
thousands)
|
March 31,
2022
|
|
December 31,
2021
|
|
|
|
|
Commercial
mortgage
|
$
257,755
|
|
$
261,202
|
Commercial and
industrial
|
96,609
|
|
99,682
|
Construction and
development
|
102,123
|
|
93,678
|
Multi-family
|
116,439
|
|
107,421
|
Residential
mortgage
|
135,155
|
|
134,155
|
Home equity
|
8,393
|
|
7,146
|
Direct financing
leases
|
130,451
|
|
126,762
|
Consumer
|
16,130
|
|
15,905
|
|
|
|
|
Total loans and leases
|
$
863,055
|
|
$
845,951
|
The following table summarizes information relating to our
deposits at the dates indicated:
(In
thousands)
|
March 31,
2022
|
|
December 31,
2021
|
|
|
|
|
Noninterest-bearing
demand
|
$
113,662
|
|
$
114,303
|
Interest-bearing
demand
|
166,902
|
|
164,356
|
Savings and money
market
|
275,173
|
|
253,957
|
Non-brokered time
deposits
|
233,703
|
|
245,808
|
Brokered time
deposits
|
120,055
|
|
121,751
|
|
|
|
|
Total deposits
|
$
909,495
|
|
$
900,175
|
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
March 31,
|
|
2022
|
|
2021
|
|
Average
Balance
Outstanding
|
|
Interest
Earned/
Paid
|
|
Yield/
Rate
|
|
Average
Balance
Outstanding
|
|
Interest
Earned/
Paid
|
|
Yield/
Rate
|
|
(Dollars in
thousands)
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
receivable
|
$
849,936
|
|
$
10,266
|
|
4.83%
|
|
$
717,980
|
|
$
9,867
|
|
5.50%
|
Securities
|
353,285
|
|
1,586
|
|
1.80%
|
|
260,763
|
|
940
|
|
1.44%
|
FHLB stock
|
9,908
|
|
83
|
|
3.35%
|
|
9,050
|
|
69
|
|
3.05%
|
Cash and cash
equivalents and other
|
18,704
|
|
7
|
|
0.15%
|
|
31,595
|
|
7
|
|
0.09%
|
Total interest-earning assets
|
1,231,833
|
|
11,942
|
|
3.88%
|
|
1,019,388
|
|
10,883
|
|
4.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Savings and money
market accounts
|
264,822
|
|
336
|
|
0.51%
|
|
223,560
|
|
278
|
|
0.50%
|
Interest-bearing
checking accounts
|
165,619
|
|
98
|
|
0.24%
|
|
142,457
|
|
81
|
|
0.23%
|
Certificate
accounts
|
362,945
|
|
814
|
|
0.90%
|
|
248,360
|
|
828
|
|
1.33%
|
Borrowings
|
183,500
|
|
640
|
|
1.40%
|
|
170,000
|
|
694
|
|
1.63%
|
Total interest-bearing liabilities
|
976,886
|
|
1,888
|
|
0.77%
|
|
784,377
|
|
1,881
|
|
0.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
$
10,054
|
|
|
|
|
|
$
9,002
|
|
|
Net earning
assets
|
$
254,947
|
|
|
|
|
|
$
235,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate
spread(1)
|
|
|
|
|
3.11%
|
|
|
|
|
|
3.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin(2)
|
|
|
|
|
3.26%
|
|
|
|
|
|
3.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
interest-earning assets to average interest-
bearing liabilities
|
126.10%
|
|
|
|
|
|
129.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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:
|
March 31,
2022
|
|
December
31,
2021
|
|
September
30,
2021
|
|
June 30,
2021
|
|
March 31,
2021
|
Performance
ratios:
|
|
|
|
|
|
|
|
|
|
Return on average
assets (annualized)
|
0.96
%
|
|
0.87
%
|
|
1.02
%
|
|
0.96
%
|
|
0.92
%
|
Return on average
equity (annualized)
|
7.15
%
|
|
6.06
%
|
|
6.83
%
|
|
5.98
%
|
|
5.36
%
|
Yield on
interest-earning assets
|
3.88
%
|
|
3.94
%
|
|
4.08
%
|
|
3.96
%
|
|
4.27
%
|
Rate paid on
interest-bearing liabilities
|
0.77
%
|
|
0.82
%
|
|
0.87
%
|
|
0.91
%
|
|
0.96
%
|
Average interest rate
spread
|
3.11
%
|
|
3.12
%
|
|
3.21
%
|
|
3.05
%
|
|
3.31
%
|
Net interest margin
(annualized)(1)
|
3.26
%
|
|
3.31
%
|
|
3.42
%
|
|
3.27
%
|
|
3.53
%
|
Operating expense to
average total assets
(annualized)
|
2.32
%
|
|
2.55
%
|
|
2.26
%
|
|
2.36
%
|
|
2.51
%
|
Efficiency
ratio(2)
|
65.66
%
|
|
70.99
%
|
|
61.74
%
|
|
63.74
%
|
|
66.27
%
|
Average
interest-earning assets to average
interest-bearing liabilities
|
126.10
%
|
|
129.42
%
|
|
130.45
%
|
|
132.31
%
|
|
129.96
%
|
Asset quality
ratios:
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets(3)
|
0.64
%
|
|
0.64
%
|
|
0.69
%
|
|
0.65
%
|
|
0.71
%
|
Non-performing loans
and leases to total
gross loans and leases(4)
|
0.92
%
|
|
0.95
%
|
|
1.05
%
|
|
0.97
%
|
|
1.05
%
|
Allowance for loan and
lease losses to non-
performing loans and leases(4)
|
154.91
%
|
|
150.76
%
|
|
139.23
%
|
|
147.62
%
|
|
135.07
%
|
Allowance for loan and
lease losses to total
loans and leases
|
1.43
%
|
|
1.43
%
|
|
1.47
%
|
|
1.43
%
|
|
1.41
%
|
Net (recoveries)
charge-offs (annualized) to
average outstanding loans and leases during
the period
|
— %
|
|
(0.13)
%
|
|
0.04
%
|
|
0.03
%
|
|
0.01
%
|
Capital
ratios:
|
|
|
|
|
|
|
|
|
|
Equity to total assets
at end of period
|
12.53
%
|
|
14.27
%
|
|
14.51
%
|
|
15.36
%
|
|
16.61
%
|
Average equity to
average assets
|
13.39
%
|
|
14.39
%
|
|
14.93
%
|
|
15.97
%
|
|
17.18
%
|
Common equity tier 1
capital (to risk
weighted assets)(5)
|
15.62
%
|
|
16.02
%
|
|
16.38
%
|
|
17.81
%
|
|
19.52
%
|
Tier 1 leverage (core)
capital (to adjusted
tangible assets)(5)
|
12.64
%
|
|
12.53
%
|
|
12.76
%
|
|
13.68
%
|
|
14.19
%
|
Tier 1 risk-based
capital (to risk weighted
|assets)(5)
|
15.62
%
|
|
16.02
%
|
|
16.38
%
|
|
17.81
%
|
|
19.52
%
|
Total risk-based
capital (to risk weighted
assets)(5)
|
16.81
%
|
|
17.25
%
|
|
17.63
%
|
|
19.06
%
|
|
20.77
%
|
Other
data:
|
|
|
|
|
|
|
|
|
|
Number of full-service
offices
|
12
|
|
12
|
|
12
|
|
12
|
|
12
|
Full-time equivalent
employees
|
177
|
|
173
|
|
175
|
|
178
|
|
175
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Net interest income
divided by average interest-earning assets.
|
(2)
|
Total noninterest
expenses as a percentage of net interest income and total
noninterest income, excluding net securities
transactions.
|
(3)
|
Non-performing assets
consist of nonaccrual loans and leases, accruing loans and leases
more than 90 days past due and foreclosed assets.
|
(4)
|
Non-performing loans
and leases consist of nonaccrual loans and leases and accruing
loans and leases more than 90 days past due.
|
(5)
|
Capital ratios are for
First Bank Richmond.
|
View original
content:https://www.prnewswire.com/news-releases/richmond-mutual-bancorporation-inc-announces-2022-first-quarter-financial-results-301530513.html
SOURCE Richmond Mutual Bancorporation, Inc.