Richmond Mutual Q1 net income $2.9M ($0.27 EPS); NIM narrows to 3.04% on rate headwinds

Richmond Mutual Bancorporation, Inc.

2023-Q1 EPS reported $0.27

Net income $2.9M vs $3.3M in Q4 2022; diluted EPS $0.27 down 12.9% sequentially.
Net interest income fell 6.2% to $9.9M; NIM compressed 29 bp to 3.04%.
Adopted CECL, recording a one-time $3.8M after-tax reduction to retained earnings.
Nonperforming loans improved to 0.86% of loans from 0.94% at Dec 31.
Repurchased 98,553 shares at avg $11.68; deposits flat but brokered deposits up to 28.3%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Richmond Mutual Bancorporation, Inc. reported first quarter of 2023 results: net income $2.9 million, EPS $0.27 diluted earnings per share.

Period: first quarter of 2023
Net income: $2.9 million
EPS: $0.27 diluted earnings per share
Result: reported results

Exact text from the filing

Richmond Mutual Bancorporation, Inc., a Maryland corporation (the “Company”) (NASDAQ: RMBI), parent company of First Bank Richmond (the “Bank”), today announced net income of $2.9 million, or $0.27 diluted earnings per share, for the first quarter of 2023

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Richmond Mutual Bancorporation, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-013653

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