Richmond Mutual Bancorporation, Inc. Reports Strong Fourth Quarter 2024 Results

Alright, let's dive into the latest financial results from Richmond Mutual Bancorporation, Inc. (RMBI), the parent company of First Bank Richmond. The company just announced its fourth quarter 2024 financial results, and I must say, I'm pretty impressed with what I'm seeing.

First off, the company reported net income of $2.5 million, or $0.24 diluted earnings per share, for the fourth quarter of 2024. This is a slight increase from the third quarter of 2024, when net income was also $2.5 million, or $0.24 diluted earnings per share. While the net income remained relatively stable quarter-over-quarter, it's important to note that this is a significant improvement from the fourth quarter of 2023, when net income was $1.9 million, or $0.19 diluted earnings per share.

Now, let's talk about the loan portfolio. Loans and leases, net of allowance for credit losses, totaled $1.2 billion at December 31, 2024, compared to $1.1 billion at both September 30, 2024 and December 31, 2023. This indicates a healthy growth in the loan portfolio, which is great news for the company and its shareholders. Additionally, nonperforming loans and leases totaled $6.8 million, or 0.58% of total loans and leases, at December 31, 2024, compared to $6.7 million, or 0.58% of total loans and leases, at September 30, 2024, and $8.0 million, or 0.72% of total loans and leases, at December 31, 2023. This decline in nonperforming assets suggests that the company is effectively managing its credit risk and maintaining the quality of its loan portfolio.