RMBI - As Reported Financial Statements

Balance Sheet
Income Statement
Cashflow Statement

Document NameAs Of DateCurrency Code (in units)	2020 Y10-K12/31/2020USD	2021 Y10-Q12/31/2021USD	2022 Y10-K12/31/2022USD	2023 Y10-K12/31/2023USD	2024 Q1 YTD10-Q3/31/2024USD
Assets
Cash and due from banks	16,748,093	8,473,558	7,782,348	8,578,489	8,441,313
Interest-earning demand deposits	32,020,364	14,564,587	8,139,745	11,661,636	11,848,901
Cash and cash equivalents	48,768,457	23,038,145	15,922,093	20,240,125	20,290,214
Investment securities - available for sale	244,505,189	357,537,845	284,899,665	282,688,326	276,347,393
Interest-bearing time deposits	NA	NA	490,000	0	NA
Investment securities - held to maturity	12,225,275	9,040,825	6,672,233	4,949,530	4,658,475
Loans held for sale	1,986,650	557,500	473,700	793,500	85,000
Loans and leases, net of allowance for credit losses	734,413,448	832,846,017	961,690,677	1,090,073,198	1,123,194,329
Premises and equipment, net	14,892,110	14,347,088	13,668,496	13,311,892	13,212,493
Federal Home Loan Bank stock	9,049,600	9,992,400	9,947,300	12,647,100	13,907,100
Interest receivable	4,703,604	4,192,827	4,710,481	5,843,705	5,988,336
Mortgage-servicing rights	1,712,138	1,646,509	2,011,889	1,945,367	1,945,994
Cash surrender value of life insurance	3,525,736	3,619,140	3,674,499	3,764,929	3,787,292
Other assets	8,410,450	10,821,445	24,459,108	24,766,129	24,254,717
Total assets	1,084,192,657	1,267,639,741	1,328,620,141	1,461,023,801	1,487,671,343
Liabilities
Noninterest-bearing deposits	98,724,887	114,302,794	106,414,812	114,376,777	108,805,348
Interest-bearing deposits	594,320,508	785,872,606	898,845,958	926,763,134	960,837,124
Total deposits	693,045,395	900,175,400	1,005,260,770	1,041,139,911	1,069,642,472
Federal Home Loan Bank advances	170,000,000	180,000,000	180,000,000	271,000,000	273,000,000
Advances by borrowers for taxes and insurance	492,524	531,030	560,196	588,371	701,791
Interest payable	222,118	258,032	1,369,351	4,396,952	3,864,170
Other liabilities	10,265,203	6,193,944	8,451,521	9,038,991	8,072,193
Multi-employer pension plan liability	17,454,709	NA	NA	NA	NA
Total liabilities	891,479,949	1,087,158,406	1,195,641,838	1,326,164,225	1,355,280,626
Commitments and Contingent Liabilities	0	0	0	0	0
Stockholders' Equity
Common stock	131,938	124,002	117,842	112,085	111,159
Additional paid-in capital	124,246,425	114,339,810	106,088,897	101,347,566	100,613,827
Retained earnings	78,290,113	80,157,893	88,715,782	87,902,747	88,834,364
Unearned employee stock ownership plan (ESOP)	-13,664,373	-12,928,359	-12,193,043	-11,457,726	-11,273,897
Accumulated other comprehensive loss	3,708,605	-1,212,011	-49,751,175	-43,045,096	-45,894,736
Total stockholders' equity	192,712,708	180,481,335	132,978,303	134,859,576	132,390,717
Total liabilities and stockholders' equity	1,084,192,657	1,267,639,741	1,328,620,141	1,461,023,801	1,487,671,343

Document NameAs Of DateCurrency Code (in units)	2020 Y10-K12/31/2020USD	2021 Y10-K12/31/2021USD	2022 Y10-K12/31/2022USD	2023 Y10-K12/31/2023USD	2024 Q1 YTD10-Q3/31/2024USD
Interest Income
Loans and leases	38,297,049	40,578,703	44,593,660	58,793,495	17,250,722
Investment securities	4,411,750	5,295,318	7,111,383	8,054,095	2,120,223
Other	152,336	51,975	152,958	562,323	139,248
Total interest income	42,861,135	45,925,996	51,858,001	67,409,913	19,510,193
Interest Expense
Deposits	6,382,623	4,935,944	7,128,195	22,809,866	7,065,764
Borrowings	3,010,032	2,745,837	3,091,146	6,937,656	2,611,648
Total interest expense	9,392,655	7,681,781	10,219,341	29,747,522	9,677,412
Net Interest Income	33,468,480	38,244,215	41,638,660	37,662,391	9,832,781
Provision for credit losses	3,770,000	1,430,000	600,000	531,974	183,134
Net Interest Income After Provision for Credit Losses	29,698,480	36,814,215	41,038,660	37,130,417	9,649,647
Non-interest Income
Service charges on deposit accounts	730,847	881,586	1,049,777	1,115,079	272,931
Card fee income	842,902	1,086,576	1,209,528	1,258,718	290,186
Loan and lease servicing fees, including mortgage servicing right impairment	381,552	-84,333	861,758	448,027	127,242
Net gains on loan and lease sales	3,632,579	2,450,083	639,274	517,883	119,317
Net gains on securities	196,317	55,799	0	NA	NA
Other income	1,021,556	1,025,889	1,106,436	1,271,072	319,259
Total non-interest income	6,805,753	5,415,600	4,866,773	4,610,779	1,128,935
Non-interest Expenses
Salaries and employee benefits	14,780,970	18,143,286	18,478,020	17,438,599	4,573,707
Net occupancy expenses	1,163,910	1,236,549	1,425,018	1,333,625	344,354
Equipment expenses	1,175,771	1,306,754	1,268,812	1,127,770	236,216
Data processing fees	1,850,832	2,181,012	2,712,950	3,348,543	906,791
Deposit insurance expense	248,155	301,000	494,000	1,163,060	403,000
Printing and office supplies	120,949	165,317	194,462	163,339	34,676
Legal and professional fees	1,131,600	1,226,469	1,420,352	1,598,453	432,553
Advertising expense	371,755	395,949	459,478	385,471	88,723
Bank service charges	129,950	129,015	137,601	204,161	60,706
Real estate owned expense	4,753	25,526	30,067	58,759	1,326
Other expenses	3,030,484	3,538,538	3,535,767	3,916,699	975,454
Total non-interest expenses	24,009,129	28,649,415	30,156,527	30,738,479	8,057,506
Income Before Income Tax Expense	12,495,104	13,580,400	15,748,906	11,002,717	2,721,076
Provision for income taxes	2,477,453	2,435,500	2,783,467	1,515,881	352,160
Net Income	10,017,651	11,144,900	12,965,439	9,486,836	2,368,916
Earnings Per Share
Basic	0.82	0.98	1.2	0.91	0.23
Diluted	0.82	0.96	1.17	0.91	0.23
Consolidated Statements of Comprehensive (Loss) Income
Net Income	10,017,651	11,144,900	12,965,439	9,486,836	2,368,916
Other Comprehensive (Loss) Income
Unrealized (loss) gain on available for sale securities, net of tax benefit (expense)	4,524,439	-4,876,535	-48,539,164	6,706,079	-2,849,640
Comprehensive (Loss) Income	14,387,000	6,224,284	-35,573,725	16,192,915	-480,724

Document NameAs Of DateCurrency Code (in units)	2020 Y10-K12/31/2020USD	2021 Y10-K12/31/2021USD	2022 Y10-K12/31/2022USD	2023 Y10-K12/31/2023USD	2024 Q1 YTD10-Q3/31/2024USD
Operating Activities
Net income	10,017,651	11,144,900	12,965,439	9,486,836	2,368,916
Items not requiring (providing) cash
Provision for credit losses	3,770,000	1,430,000	600,000	531,974	183,134
Depreciation and amortization	1,001,463	1,124,474	1,063,691	975,813	214,846
Deferred income tax	-35,000	2,268,000	1,035,000	641,148	36,457
Stock based compensation	810,881	1,811,089	1,538,737	1,627,203	367,484
Investment securities amortization, net	2,617,575	2,526,033	1,546,615	1,136,167	265,798
Net gains on loan and lease sales	-3,632,579	-2,450,083	-639,274	-517,883	-119,317
Investment securities gains	-196,317	-55,799	0	NA	NA
Gain on sale of real estate owned	0	1,278	10,882	4,042	-1,558
Gain on sale of premises and equipment	NA	NA	NA	-1,800	0
Accretion of loan origination fees	-1,735,552	-3,138,208	-1,578,653	-945,579	-160,947
Loss on sale of premises and equipment	42,968	0	NA	NA	NA
Amortization of mortgage-servicing rights	465,079	412,941	224,274	213,891	43,135
ESOP shares expense	647,507	796,449	798,746	611,545	154,168
Increase in cash surrender value of life insurance	314,174	-93,404	-55,359	-90,430	-22,363
Loans originated for sale	-105,499,317	-79,981,656	-28,749,971	-19,829,819	-6,697,600
Proceeds on loans sold	107,159,767	78,552,506	28,666,171	20,149,619	5,989,100
Net change in
Interest receivable	-1,651,224	510,777	-517,654	-1,133,224	-144,631
Other assets	1,025,766	-3,015,304	-2,117,372	-1,986,401	1,185,192
Other liabilities	1,526,372	-4,071,259	2,257,577	-1,786,506	-966,798
Multi-employer pension plan liability	0	-17,454,709	0	NA	NA
Interest payable	-74,656	35,914	1,111,319	3,027,601	-532,782
Net cash provided by operating activities	16,574,558	-9,646,061	18,160,168	12,114,197	2,162,234
Investing Activities
Purchases of securities available for sale	-167,378,042	-188,839,863	-22,532,827	-11,242,380	-1,935,953
Net change in interest-bearing time deposits	NA	NA	-490,000	490,000	NA
Proceeds from maturities and paydowns of securities available for sale	93,106,632	61,825,965	32,181,335	20,810,919	4,404,697
Proceeds from maturities and paydowns of securities held to maturity	3,669,856	3,169,901	2,357,168	1,718,044	290,306
Net change in loans	-50,093,990	-92,150,518	-127,384,295	-131,955,234	-31,650,763
Proceeds from sales of real estate owned	0	30,270	84,652	963,871	48,821
Proceeds from sales of securities available for sale	34,737,656	5,296,930	0	NA	NA
Purchases of premises and equipment	-1,880,372	-579,452	-385,099	-619,209	-115,447
Proceeds from sale of premises and equipment	NA	NA	NA	1,800	0
Purchase of FHLB stock	NA	NA	NA	-2,699,800	-1,260,000
Net cash used in investing activities	-89,256,460	-212,189,567	-116,123,966	-122,531,989	-30,218,339
Proceeds from sale of FHLB stock	NA	NA	NA	0	NA
Change in FHLB stock	-1,449,200	-942,800	45,100	NA	NA
Proceeds from sale of premises and equipment	31,000	0	NA	NA	NA
Financing Activities
Net change in
Demand and savings deposits	114,773,005	125,089,675	11,892,698	-21,513,087	-5,097,505
Certificates of deposit	-38,946,423	82,040,330	93,192,672	57,392,228	33,600,066
Advances by borrowers for taxes and insurance	-52,974	38,506	29,166	28,175	113,420
Proceeds from FHLB advances	64,000,000	209,000,000	327,500,000	541,500,000	58,000,000
Repayment of FHLB advances	-48,000,000	-199,000,000	-327,500,000	-450,500,000	-56,000,000
Repurchase of common stock	-9,081,154	-11,913,648	-9,859,240	-6,250,519	-1,072,488
Dividends paid	-1,838,972	-9,277,120	-4,407,550	-5,920,973	-1,437,299
Net cash provided by financing activities	80,853,482	196,105,316	90,847,746	114,735,824	28,106,194
Proceeds from stock option exercises	0	127,573	0	NA	NA
Net Change in Cash and Cash Equivalents	8,171,580	-25,730,312	-7,116,052	4,318,032	50,089
Cash and Cash Equivalents, Beginning of Period	40,596,877	48,768,457	23,038,145	15,922,093	20,240,125
Cash and Cash Equivalents, End of Period	48,768,457	23,038,145	15,922,093	20,240,125	20,290,214
Additional Cash Flows and Supplementary Information
Interest paid	9,467,311	7,645,867	9,108,022	26,719,921	10,210,194
Transfers from loans to other real estate owned	31,548	27,000	115,965	1,053,040	0
Income tax paid	1,050,000	2,900,000	2,180,634	2,050,000	NA
Right of use assets obtained in exchange for new operating lease liabilities	NA	NA	504,682	0	NA

Open a printable version of this page
Email the URL of this page to a friend

As Reported Financial Statements

Navigation

Contact