Richmond Mutual Q2 net income falls to $2.1M, EPS $0.20; NIM compresses to 2.64%

Richmond Mutual Bancorporation, Inc.

2024-Q2 EPS reported $0.43

Diluted EPS of $0.20 vs $0.23 in Q1'24 and $0.26 in Q2'23; net income $2.1M down 12.5% QoQ.
Net interest margin 2.64% from 2.74% QoQ and 2.77% YoY; interest expense rose 8.6% QoQ.
Provision for credit losses $270K vs $183K QoQ; net charge-offs $450K in Q2.
Nonperforming loans $7.7M (0.67% of loans) vs $8.0M at Dec'23; deposit base grew 5.7% since Dec'23.
Repurchased 97,315 shares at avg $11.68 in Q2; additional 16,034 shares repurchased post-quarter.

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