May 16, 2021

Notable Stock News to Watch: Richmond Mutual Bancorporation (NASDAQ:RMBI)

Richmond Mutual Bancorporation (NASDAQ:RMBI) spotted trading -29.59% off 52-week high price. On the other end, the stock has been noted 26.03% away from the low price over the last 52-weeks. The stock changed -0.62% to recent value of $11.28. The stock transacted 8616 shares during most recent day however it has an average volume of 33.56K shares. The company has 12.47M of outstanding shares and 12.12M shares were floated in the market.

On July 23, 2020, Richmond Mutual Bancorporation (NASDAQ:RMBI) parent company of First Bank Richmond (the Bank), released net income of $2.5 million, or $0.20 diluted earnings per share, for the second quarter of 2020, which was unchanged from first quarter of 2020 and up $2.2 million compared to net income of $335,000 for the second quarter of 2019.  Net income was $5.0 million, or $0.40 diluted earnings per share for the first half of 2020, compared to $1.7 million for the first half of 2019.  There is no comparison of earnings per share to the second quarter or first half of 2019, as the Company’s reorganization from the mutual to stock form of ownership and related stock offering was not completed until July 1, 2019.

President’s Comments

Garry Kleer, Chairman, President and Chief Executive Officer, commented, We hit the ground running in the second quarter of 2020.  The Paycheck Protection Program kicked off on April 3rd and our employees worked nights and weekends to process all the applications.  As of June 30, 2020, we had received, processed and funded 465 loans totaling $64.3 million.  Deferment requests have declined significantly as of quarter end; however, we have continued to receive some requests for additional deferment from borrowers, especially in the hard-hit restaurant and hotel industries. We re-opened our main office and branch lobbies on June 8, 2020, with lobby traffic lighter than normal since re-opening. Our sanitation and disinfecting protocols remain in place to keep our customers and employees as safe as possible.

Our purchase and refinance mortgage volume has been tremendous. For the quarter, our gain on sale income exceeded the gain on sale income for all of 2019. We anticipate some further net interest margin compression in the third and fourth quarters of 2020 as loans reprice in the current interest rate environment.  The decline in loan income should be partially offset by the gradual decline in deposit rates.  While we increased our provision for loan and lease losses during the second quarter, there is still significant uncertainty in the ultimate impact of the COVID-19 pandemic on our borrowers and the performance of our loan and lease portfolio.  Given our very strong capital position, we approved and paid a 5 cent per share dividend on June 18, 2020.  We also approved a 5% stock buyback that will begin July 24, 2020.  Both these actions demonstrate our commitment to our shareholders concluded Kleer.

Its earnings per share (EPS) expected to touch remained -369.20% for this year. RMBI has an operating margin of 68.50% while its profit margin remained -30.80% for the last 12 months.

The price moved ahead of 1.05% from the mean of 20 days, 1.72% from mean of 50 days SMA and performed -11.51% from mean of 200 days price. Company’s performance for the week was -1.66%, 0.89% for month and YTD performance remained -29.32%.