10-Q · May 12, 2026
Richmond Mutual Bancorporation reported a strong Q1 2026 with revenue of $12.744 million, outpacing Q1 2025's $11.934 million by 6.8%. EPS increased to $0.28 from $0.20 in the prior year, reflecting a positive…
Earnings analysis · 10-Q
RMBI earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Richmond Mutual delivered improved first-half performance, with net interest income up 11.9% to $23.5 million, net interest margin rising to 3.17% from 2.86%, and diluted EPS increasing to $0.51 from $0.46. However,…
Read full summary
Richmond Mutual delivered improved first-half performance, with net interest income up 11.9% to $23.5 million, net interest margin rising to 3.17% from 2.86%, and diluted EPS increasing to $0.51 from $0.46. However, second-quarter net income fell 14.4% to $2.2 million as $1.9 million of merger-related expenses contributed to a $2.1 million increase in noninterest expense. Loans and deposits grew, but nonaccrual loans increased to $20.0 million and the company continues to flag recession, credit, securities-loss, and uninsured-deposit risks. The Farmers Bancorp merger closed July 1, 2026, with its results expected to enter the reported financials in the quarter ending September 30, 2026.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.22
What stood out
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Net interest income and margin expanded
Net interest income before the provision for credit losses increased 12.2% to $12.1 million from $10.8 million, while net interest margin expanded to 3.22% from 2.93%, a 29-basis-point improvement.
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First-half earnings improved
First-half diluted EPS increased to $0.51 from $0.46, and six-month net income rose 9.7% to $5.0 million from $4.6 million.
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Loan balances continued to grow
Net loans and leases increased $31.0 million, or 2.6%, to $1.2 billion from December 31, 2025, supported by $15.6 million of commercial and industrial loan growth and $14.5 million of construction and development loan growth.
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Deposits increased
Deposits increased $31.8 million, or 2.8%, to $1.1 billion. Brokered deposits rose to $264.3 million, or 23.0% of total deposits, from $235.9 million, or 21.2%.
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Fee income strengthened
Second-quarter noninterest income increased 46.3% to $1.6 million, including a 79.5% increase in other income to $635,000 and a 78.9% increase in net gains on loan and lease sales to $181,000.
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Capital remained strong
The Bank remained well-capitalized, with a total risk-based capital ratio of 14.24% versus the 10.0% well-capitalized threshold; consolidated stockholders' equity was $148.3 million at June 30, 2026.
What to watch
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Merger costs pressured quarterly earnings
Second-quarter net income declined $375,000, or 14.4%, to $2.2 million from $2.6 million, while diluted EPS fell to $0.22 from $0.26. Noninterest expense increased $2.1 million, including $1.9 million of nonrecurring merger-related costs.
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Credit quality deterioration
Nonaccrual loans and leases rose to $20.0 million from $13.2 million at December 31, 2025. The company recorded an $823,000 second-quarter credit-loss provision versus $745,000 a year earlier and cited heightened uncertainty from a potential recession, tariffs, inflation, and geopolitical tensions.
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Securities and deposit liquidity risk
The available-for-sale securities portfolio carried a $44.0 million net unrealized loss at June 30, 2026. Approximately $271.6 million, or 23.7% of total deposits, was uninsured, creating potential liquidity sensitivity if deposit outflows require securities sales.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that Farmers Bancorp's operating results will first be included in the quarter ending September 30, 2026.
Earlier filings 4
10-K · March 23, 2026
Richmond Mutual Bancorporation positions itself as a community commercial bank (First Bank Richmond) focused on lending in Indiana and Ohio and generating non-interest income from mortgage loan sales and wealth…
10-Q · November 10, 2025
RMBI reported a strong Q3 2025 quarter driven by higher net interest income and improved profitability. Net interest income rose to $11,294,961 and diluted EPS increased to $0.36, with net income of $3,597,006 for the…
10-K · March 29, 2024
Richmond Mutual Bancorporation positions itself as a community commercial bank (First Bank Richmond) focused on lending in its Indiana and Ohio primary markets and generating non-interest income from mortgage loan sales…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.