First Bank Richmond Swings to Loss
(photo courtesy of the Wayne County Area Chamber of Commerce)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe parent company of Richmond-based First Bank Richmond has announced a net loss of $3.3 million for the third quarter, compared to net income of $1.6 million during the same period a year ago.
Officials from Richmond Mutual Bancorporation Inc. (Nasdaq: RMBI) say the decrease reflects the contribution to the First Bank Richmond Inc. Community Foundation.
In June, the bank announced a reorganization plan and stock offering. As part of the plan, First Mutual of Richmond Inc. converted to Richmond Mutual Bancorporation Inc. The following month the company started trading on the Nasdaq Capital Market.
“Our earnings were impacted by the one-time contribution to our new charitable foundation created as part of our reorganization to a public company. We are excited about the impact our foundation can have on the communities we serve,” said Garry Kleer, chairman, president and chief executive officer of Richmond Mutual Bancorp. “Our strategy moving forward is to continue to leverage the capital raised in a safe and disciplined way, allowing for sustained growth in order to create maximum value for our shareholders."
The company says excluding the one-time expenses associated with the Foundation, net income for the three months ended September 30 would have been $1.7 million.
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