Richmond Mutual Bancorporation Q2 net income falls on merger costs
RMBI•Key second-quarter figures
| Metric | Actual |
|---|---|
| Q2 EPS | $0.22 |
| Q2 Net Income | $2.23 million |
| Q2 Net Interest Income | $12.07 million |
| Q2 Provision for Credit Losses | $823,000 |
Credit loss provision increases
The provision for credit losses increased from prior periods, reducing net income.
The company did not provide specific financial guidance for the current quarter or full year in the press release.
Net interest income and margin rise
Net interest income rose from last year, driven by loan growth and higher yields, which expanded the net interest margin.
Noninterest income also increased, helped by higher wealth management income and no securities losses.
Q2 results fall on merger-related costs
Richmond Mutual Bancorporation said second-quarter net income and earnings per share fell year over year on merger-related expenses.
The US community bank said higher noninterest expense was primarily due to $1.9 million of one-time merger-related costs. The company completed its merger with Farmers Bancorp; second-quarter results exclude Farmers Bancorp operations.
