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Richmond Mutual Bancorporation Inc. (RMBI+2.28%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total assets to $1.5 billion from $1.46 billion in the previous year. The increase was driven by a $68.8 million rise in the loan and lease portfolio, net of allowance for credit losses.
Net income for the year was $9.4 million, slightly down from $9.5 million in 2023. Net interest income increased by $1.0 million to $38.7 million, while non-interest income rose by $147,000 to $4.8 million.
Total deposits grew by $52.8 million to $1.1 billion, with a notable increase in savings and money market accounts. Brokered deposits accounted for 23.5% of total deposits.
The allowance for credit losses on loans and leases was $15.8 million, representing 1.34% of total loans and leases. Net charge-offs during the year were $1.5 million.
Investment securities decreased by $25.9 million to $261.7 million, primarily due to maturities, paydowns, and sales of securities.
Stockholders' equity was $132.9 million, a decrease from $134.9 million in the previous year, primarily due to dividend payments and stock repurchases.
First Bank Richmond, a subsidiary of Richmond Mutual Bancorporation, maintained a well-capitalized status with a total risk-based capital ratio of 14.2%.
The filing also details various financial activities, including the issuance of dividends, stock repurchases, and capital management strategies.
The company continues to focus on expanding its loan and lease portfolio, enhancing its deposit base, and maintaining strong asset quality.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Richmond Mutual Bancorporation Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.