Richmond Mutual Bancorp reports Q2 EPS 20c vs. 26c last year

Q2 net interest margin was 2.64% vs. 2.74% in the preceding quarter and 2.77% in 2Q23. Book value per share and tangible book value per share were $11.90 at June 30, 2024, compared to $11.91 per share at March 31, 2024, and $12.03 per share at December 31, 2023. Q2 provision for credit losses totaled $270,000K vs. vs. $183K in Q1 and $8K in 2Q23. CEO Garry Kleer commented, “Our average deposit balances increased during the quarter and with the continued pressure on our net interest margin due to our interest-bearing liabilities being more sensitive to rising rates than our interest earning assets, this impacted our net income. The performance of our loan portfolio continues to be strong and we are looking forward to a moderation in the interest rate environment in the future.”