Richmond Mutual Bancorporation, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2019; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2019
January 31, 2020 at 04:09 pm EST
Share
Richmond Mutual Bancorporation, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2019. For the quarter, the company reported net interest income of $7,889,878 compared to $7,145,461 same period year ago. Net loss was $12,541,525 compared to net income of $1,470,547 same period year ago. Basic loss per share was $1.01.
For the year, the company reported net interest income of $30,401,422 compared to $27,446,931 same period year ago. Net loss was $14,084,486 compared to net income of $5,677,951 same period year ago. Basic loss per share was $1.27.
Net charge-offs during the fourth quarter of 2019 were $692,000, compared to net charge-offs of $358,000 in the fourth quarter of 2018.
Richmond Mutual Bancorporation, Inc. is a holding company for First Bank Richmond, an Indiana state-chartered commercial bank. The Company's principal business consists of attracting deposits from the general public, as well as brokered deposits, and investing those funds primarily in loans secured by commercial and multi-family real estate, first mortgages on owner-occupied, one-to four-family residences, a variety of consumer loans, direct financing leases and commercial and industrial loans. It offers a full range of lending products, including multi-family and commercial real estate loans, commercial and industrial loans, construction and development loans, residential real estate loans, including home equity loans and lines of credit, and consumer loans. It also engages in lease financing, which consists of direct financing leases and is used by its commercial customers to finance purchases of equipment. It also provides trust and wealth management services.
Richmond Mutual Bancorporation, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2019; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2019
RICHMOND MUTUAL BANCORPORATION, INC. 
