NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF†) are investigating the proposed sale of The Farmers Bancorp, Frankfort, Indiana (OTC: FABP) to Richmond Mutual Bancorporation, Inc. (NasdaqCM: RMBI). Under the terms of the proposed transaction, shareholders of Farmers will receive 3.40 shares of Richmond Mutual for each share of Farmers that they own. KSF is seeking to determine whether. ...

Nov 13, 2025 8:34 AM Eastern Standard TimeRMBI Stock Alert: Halper Sadeh LLC is Investigating Whether the Merger of Richmond Mutual Bancorporation, Inc. is Fair to ShareholdersShareShareholders should contact the firm immediately as there may be limited time to enforce your rights.NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the merger of Richmond Mutual Bancorporation, Inc. (NASDAQ: RMBI) and The Farmers Bancorp is fair to Richmond shareholders. Upon co ...

Core Viewpoint - Richmond Mutual Bancorporation and Farmers Bancorp have announced a definitive agreement for an all-stock merger valued at approximately $82 million, enhancing their competitive position and operational scale in the community banking sector [2][3]. Transaction Details - The merger will involve Farmers Bancorp shareholders receiving 3.40 shares of Richmond Mutual common stock for each share they own [3][4]. - Post-merger, Richmond Mutual shareholders will own about 62% of the combined entity, while Farmers Bancorp shareholders will hold approximately 38% [4]. - The transaction is structured to be tax-free for Farmers Bancorp shareholders [4]. Financial Implications - The merger is projected to generate approximately 35% EPS accretion for Richmond Mutual shareholders after realizing anticipated cost savings [5]. - For Farmers Bancorp shareholders, the merger will result in a dividend per share increase of approximately 27.5% based on the exchange ratio and current dividend levels [5]. Company Structure and Branding - The combined entity will operate under the name "Richmond Mutual Bancorporation, Inc." and will continue trading on the Nasdaq under the ticker symbol "RMBI" [6]. - The administrative headquarters will be located in Richmond, Indiana, while the combined bank's headquarters will be in Frankfort, Indiana [6]. Market Position - The merger will create a community bank with approximately $2.6 billion in assets and a network of 24 branches across Central and East Central Indiana, as well as Western and Central Ohio [7]. - The combination aims to unlock higher lending limits and broaden product offerings for customers, enhancing overall service delivery [7]. Governance and Leadership - The Board of Directors of the combined company will consist of 11 members, with six from Richmond Mutual and five from Farmers Bancorp [8]. - The leadership team will include key executives from both companies, ensuring continuity and leveraging their financial services experience [9][13]. Timeline and Approvals - The merger is expected to close in early Q2 2026, pending regulatory and shareholder approvals [10].

Financial Performance - For the nine months ended September 30, 2025, net income was $8.2 million, an increase of 18.8% compared to $6.9 million for the same period in 2024[137]. - Net income for the three months ended September 30, 2025, was $3.6 million, a 45.5% increase from $2.5 million for the same period in 2024[154]. - Net income for the nine months ended September 30, 2025, was $8.2 million, an increase of $1.3 million or 18.3% from $6.9 million in the same period of 2024[169]. - Noninterest income decreased by $27,000, or 2.0%, to $1.3 million for the quarter ended September 30, 2025, compared to the same quarter in 2024[166]. - Noninterest income decreased by $26,000, or 0.7%, to $3.5 million for the nine months ended September 30, 2025, with net gains on loan and lease sales dropping 30.9% to $291,000[184]. Assets and Liabilities - As of September 30, 2025, the Company reported total assets of $1.5 billion, with loans and leases net of allowance at $1.2 billion and deposits at $1.1 billion[137]. - Total assets increased by $20.7 million, or 1.4%, from December 31, 2024, primarily due to a $19.4 million, or 1.7%, increase in loans and leases[140]. - Cash and cash equivalents rose by $12.5 million, or 57.5%, to $34.3 million at September 30, 2025[140]. - Total deposits rose by $24.3 million, or 2.2%, to $1.1 billion at September 30, 2025, driven by increases in retail time deposits, interest-bearing demand deposits, and savings accounts[148]. - Total borrowings decreased by $11.0 million, or 4.2%, to $254.0 million at September 30, 2025, reflecting reduced liquidity needs from deposit growth[150]. Loans and Credit Quality - Loans and leases increased by $19.4 million, or 1.7%, with notable increases in commercial real estate, multi-family, and commercial and industrial loans[142]. - Nonaccrual loans and leases rose to $6.4 million, up from $5.1 million at December 31, 2024, primarily due to one commercial real estate loan[143]. - Nonperforming loans and leases totaled $10.8 million, or 0.90% of total loans and leases, compared to $6.8 million, or 0.58%, at December 31, 2024[144]. - The allowance for credit losses on loans and leases increased by $574,000, or 3.6%, to $16.4 million as of September 30, 2025, representing 1.37% of total loans and leases outstanding[145]. - The provision for credit losses was $1.7 million for the nine months ended September 30, 2025, significantly higher than $355,000 for the same period in 2024, driven by loan growth in higher-risk portfolios[181]. Capital and Equity - The total risk-based capital ratio was 14.36%, exceeding the 10.0% requirement for a well-capitalized institution[137]. - Stockholders' equity increased by $7.2 million, or 5.4%, to $140.0 million at September 30, 2025, primarily due to net income of $8.2 million and a decrease in accumulated other comprehensive loss[152]. - Shareholders' equity increased to $140.0 million at September 30, 2025, from $132.9 million at December 31, 2024, supported by net income of $8.2 million[187]. - First Bank Richmond's regulatory capital exceeded FDIC requirements as of September 30, 2025, maintaining a well-capitalized status[200]. - As of September 30, 2025, First Bank Richmond's total risk-based capital to risk-weighted assets was $184,296 thousand, representing a ratio of 14.4%[201]. Interest Income and Expenses - Net interest income before the provision for credit losses increased by $1.9 million, or 19.7%, to $11.3 million for the third quarter of 2025[160]. - Interest income on loans and leases increased by $1.6 million, or 8.9%, to $19.7 million for the quarter ended September 30, 2025, due to a higher average balance and yield[155]. - Interest expense on deposits decreased by $574,000, or 6.9%, to $7.8 million for the quarter ended September 30, 2025, attributed to a decrease in the average rate paid[158]. - Interest income increased by $4.1 million, or 7.0%, to $64.0 million for the nine months ended September 30, 2025, compared to $59.9 million for the same period in 2024[170]. - Interest expense increased by $699,000, or 2.3%, to $31.7 million for the nine months ended September 30, 2025[174]. Tax and Regulatory Compliance - The effective tax rate for the third quarter of 2025 was 15.2%, compared to 13.0% for the same quarter a year ago[168]. - The effective tax rate for the first nine months of 2025 was 14.4%, up from 12.9% in the same period of 2024, due to higher pre-tax income[186]. - If Richmond Mutual Bancorporation were subject to regulatory guidelines for bank holding companies with $3.0 billion or more in assets, it would have exceeded all regulatory capital requirements as of September 30, 2025[202]. Other Financial Metrics - The net interest margin (annualized) improved to 3.07% for the three months ended September 30, 2025, compared to 2.60% for the same period in 2024[161]. - The average yield on loans and leases increased to 6.63% for the quarter ended September 30, 2025, compared to 6.27% for the same period in 2024[155]. - Net interest margin (annualized) was 2.93% for the nine months ended September 30, 2025, compared to 2.66% for the same period in 2024[177]. - Noninterest expense increased by $67,000, or 0.8%, to $8.1 million for the three months ended September 30, 2025[167]. - Noninterest expense rose by $441,000, or 1.8%, to $24.6 million for the nine months ended September 30, 2025, primarily due to increased salaries and one-time expenses related to contract negotiations[185].

Financial Performance - Net income for Q3 2025 was $3.6 million, or $0.37 diluted earnings per share, representing a 42% increase from Q2 2025 and a 54% increase from Q3 2024[1][2]. - Net income for the nine months ended September 30, 2025, was $8.2 million, compared to $6.9 million for the same period in 2024[32]. - Basic earnings per share increased to $0.84 for the nine months ended September 30, 2025, up from $0.68 in the prior year[32]. Interest Income and Margin - Net interest income increased by $536,000, or 5.0%, to $11.3 million compared to Q2 2025, and increased by $1.9 million, or 19.7%, from Q3 2024[4][5]. - Annualized net interest margin improved to 3.07% in Q3 2025, up from 2.93% in Q2 2025 and 2.60% in Q3 2024[4][13]. - Net interest income for the nine months ended September 30, 2025, was $32.3 million, an increase from $28.8 million in the same period of 2024[32]. - Net interest income for the three months ended September 30, 2025, was $11,295 thousand, compared to $9,433 thousand for the same period in 2024, reflecting a year-over-year increase of 19.7%[36]. - The net interest margin improved to 3.07% for the three months ended September 30, 2025, compared to 2.60% for the same period in 2024[37]. Asset Quality - Nonperforming loans and leases rose to $10.8 million, or 0.90% of total loans and leases, compared to $8.1 million, or 0.68%, in Q2 2025[4]. - The allowance for credit losses on loans and leases increased by $574,000, or 3.6%, to $16.4 million, representing 1.37% of total loans and leases outstanding[21]. - Nonperforming loans and leases rose to $10.8 million, or 0.90% of total loans and leases, up from $6.8 million, or 0.58%, at December 31, 2024[20]. - Non-performing assets as a percentage of total assets increased to 0.71% in Q3 2025 from 0.45% in Q3 2024, indicating a slight deterioration in asset quality[40]. Deposits and Liabilities - Deposits totaled $1.1 billion, with noninterest-bearing deposits at $110.8 million, or 9.9% of total deposits[4]. - Total deposits increased by $24.3 million, or 2.2%, to $1.1 billion, with retail time deposits contributing significantly to this growth[24]. - Total deposits rose to $1,118,258 thousand, an increase of 2.1% from $1,096,389 thousand on June 30, 2025[34]. - Interest-bearing liabilities totaled $1,254,840 thousand, with a cost of 3.35% for the three months ended September 30, 2025[36]. Operational Efficiency - Total noninterest expense decreased by $27,000, or 0.3%, to $8.1 million compared to Q2 2025[4][16]. - The efficiency ratio improved to 64.18% in Q3 2025 from 74.51% in Q3 2024, suggesting better cost management relative to income[40]. - The number of full-time equivalent employees increased to 179 in Q3 2025 from 171 in Q3 2024, indicating growth in operational capacity[40]. Capital and Equity - Stockholders' equity rose by $7.2 million, or 5.4%, to $140.0 million, primarily due to net income of $8.2 million[26]. - Common equity tier 1 capital ratio remained stable at 13.11% in Q3 2025, consistent with the previous year, reflecting strong capital adequacy[40]. Overall Assets - Total assets remained stable at $1.5 billion as of September 30, 2025, consistent with previous quarters[4]. - Total assets increased to $1,525,565 thousand as of September 30, 2025, up from $1,507,759 thousand on June 30, 2025, representing a growth of 1.8%[33]. - Total assets reached $1,509,972 thousand at the end of Q3 2025, up from $1,490,458 thousand at the end of Q3 2024, showing overall growth in the balance sheet[38].

Core Insights - Richmond Mutual Bancorporation, Inc. reported a net income of $3.6 million, or $0.37 diluted earnings per share, for Q3 2025, marking a 42% increase from Q2 2025 and a 54% increase from Q3 2024 [1][2][3] Financial Performance - The growth in net income and diluted earnings per share was primarily driven by higher net interest income due to an expanded net interest margin [2] - Net interest income before the provision for credit losses increased by $536,000, or 5.0%, to $11.3 million in Q3 2025 compared to Q2 2025, and increased by $1.9 million, or 19.7%, from Q3 2024 [5][12] - The annualized net interest margin improved to 3.07% in Q3 2025, up from 2.93% in Q2 2025 and 2.60% in Q3 2024 [13][12] Income Statement Highlights - Interest income rose by $467,000, or 2.2%, to $21.8 million in Q3 2025 compared to Q2 2025, and increased by $1.6 million, or 7.7%, from Q3 2024 [6] - Interest expense decreased by $68,000, or 0.6%, to $10.5 million in Q3 2025 compared to Q2 2025, and decreased by $310,000, or 2.9%, from Q3 2024 [10] - Noninterest income increased by $218,000, or 20.2%, to $1.3 million in Q3 2025 compared to Q2 2025, but decreased by $27,000, or 2.0%, from Q3 2024 [15] Balance Sheet Summary - Total assets were $1.5 billion as of September 30, 2025, with loans and leases totaling $1.2 billion [12][18] - Total deposits increased by $24.3 million, or 2.2%, to $1.1 billion at September 30, 2025, compared to December 31, 2024 [24] - Stockholders' equity rose to $140.0 million at September 30, 2025, an increase of $7.2 million, or 5.4%, from December 31, 2024 [26] Credit Quality - Nonperforming loans and leases totaled $10.8 million, or 0.90% of total loans and leases, at September 30, 2025, compared to $6.8 million, or 0.58%, at December 31, 2024 [20] - The allowance for credit losses increased to $16.4 million, or 1.37% of total loans and leases outstanding, at September 30, 2025 [21] Management Commentary - The CEO expressed satisfaction with the third quarter results, highlighting the strength of the core banking model and the importance of customer care and community support amid economic uncertainties [3]

Group 1 - Richmond Mutual Bancorporation, Inc. declared a cash dividend of $0.15 per share on its common stock [1] - The cash dividend will be payable on September 18, 2025, to stockholders of record as of September 4, 2025 [1] Group 2 - Richmond Mutual Bancorporation, Inc. is headquartered in Richmond, Indiana, and serves as the holding company for First Bank Richmond [2] - The company offers traditional financial and trust services through eight locations in Indiana and five locations in Ohio, along with a loan production office in Columbus, Ohio [2]

Financial Performance - For the six months ended June 30, 2025, net income was $4.6 million, an increase from $4.4 million for the same period in 2024, representing a growth of approximately 4.5%[140] - Net income for the three months ended June 30, 2025, was $2.6 million, a $541,000 or 26.3% increase from $2.1 million for the same period in 2024[156] - Net income for the six months ended June 30, 2025, was $4.6 million, a 3.2% increase from $4.4 million in the same period of 2024[173] - Noninterest income decreased by $32,000, or 2.9%, to $1.1 million for the quarter ended June 30, 2025[170] - Noninterest income remained flat at $2.2 million for both periods, with an 8.2% increase in other income primarily due to wealth management[8] Asset Quality - Nonaccrual loans and leases rose to $5.6 million at June 30, 2025, compared to $5.1 million at December 31, 2024, indicating a deterioration in asset quality[147] - Nonperforming loans and leases totaled $8.1 million, or 0.68% of total loans and leases, at June 30, 2025, up from $6.8 million, or 0.58%, at December 31, 2024[147] - The allowance for credit losses on loans and leases increased by $428,000, or 2.7%, to $16.2 million at June 30, 2025, representing 1.37% of total loans and leases outstanding[148] - The provision for credit losses was $1.5 million for the first half of 2025, compared to $454,000 for the same period in 2024, reflecting loan growth in higher-risk portfolios[4] Capital and Liquidity - The Company's total risk-based capital ratio was 14.24% at June 30, 2025, exceeding the 10.0% requirement for a well-capitalized institution[140] - Stockholders' equity totaled $132.3 million at June 30, 2025, a decrease of $550,000, or 0.4%, due to $2.9 million in dividends and $5.6 million in stock repurchases, partially offset by net income of $4.6 million[154] - As of June 30, 2025, liquid assets totaled $276.9 million, with $414.2 million in certificates of deposit maturing within one year[13] - The company had a total remaining borrowing capacity with the FHLB of approximately $112.5 million as of June 30, 2025[14] - Richmond Mutual Bancorporation would have exceeded all regulatory capital requirements if it were subject to guidelines for bank holding companies with $3.0 billion or more in assets as of June 30, 2025[203] Loans and Deposits - As of June 30, 2025, the Company reported total assets of $1.5 billion, with net loans and leases of $1.2 billion and deposits of $1.1 billion[140] - Total deposits increased by $2.4 million, or 0.2%, to $1.1 billion at June 30, 2025, driven by a $12.0 million increase in interest-bearing demand deposits and a $10.5 million increase in retail time deposits[151] - Loans and leases increased by $9.0 million, or 0.8%, with significant contributions from commercial real estate, commercial and industrial, and multi-family loans[145] Interest Income and Expense - Interest income increased by $1.3 million, or 6.3%, to $21.3 million for the quarter ended June 30, 2025, with interest income on loans and leases rising by $1.4 million, or 7.7%[157] - Interest income increased by $2.6 million, or 6.6%, to $42.2 million for the six months ended June 30, 2025, compared to $39.6 million for the same period in 2024[174] - Interest expense increased by $1.0 million, or 5.0%, to $21.2 million for the six months ended June 30, 2025[178] - Interest expense increased by $77,000, or 0.7%, to $10.6 million for the quarter ended June 30, 2025, with interest expense on deposits decreasing by $189,000, or 2.4%[160] Margins and Yields - The net interest margin (annualized) was 2.93% for the three months ended June 30, 2025, compared to 2.64% for the same period in 2024[164] - The average yield on loans and leases increased to 6.51% for the quarter ended June 30, 2025, compared to 6.20% for the same quarter in 2024[157] - The average yield on loans and leases was 6.44% for the six months ended June 30, 2025, compared to 6.16% for the same period in 2024[174] - Net interest margin (annualized) was 2.86% for the six months ended June 30, 2025, compared to 2.69% for the same period in 2024[180] Expenses and Tax Rate - Noninterest expense increased by $58,000, or 0.7%, to $8.1 million for the three months ended June 30, 2025[171] - Noninterest expense rose to $16.5 million, a 2.3% increase from $16.1 million in 2024, driven by higher salaries and one-time expenses related to contract negotiations[9] - The effective tax rate for the second quarter of 2025 was 12.8%, compared to 12.9% for the same quarter in 2024[172] - The effective tax rate increased to 13.8% for the first half of 2025, up from 12.9% in 2024, mainly due to the expiration of certain charitable contribution carryforwards[10]

Core Viewpoint - Richmond Mutual Bancorporation (RMBI) is characterized as a small bank lacking competitive advantages in the regional banking sector, which makes its investment case primarily reliant on its above-average performance [1] Group 1: Company Overview - Richmond Mutual Bancorporation is identified as a small bank within the regional banking space [1] - The bank does not possess any particularly competitive advantage, which may limit its growth potential [1] Group 2: Analyst Background - The analysis is conducted by a fund manager/analyst with over 18 years of experience in the financial sector, specifically in portfolio management [1]

[Q2 2025 Financial Results Overview](index=1&type=section&id=Q2%202025%20Financial%20Results%20Overview) Richmond Mutual Bancorporation, Inc. reported strong Q2 2025 financial results with increased net income and EPS, driven by improved net interest margin and controlled expenses, alongside strategic share repurchases [Q2 2025 Financial Performance Highlights](index=1&type=section&id=Q2%202025%20Financial%20Performance%20Highlights) Richmond Mutual Bancorporation, Inc. reported a significant increase in net income and diluted earnings per share for Q2 2025, driven by higher net interest income from an expanded net interest margin and reduced noninterest expenses Q2 2025 Key Financial Performance | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Net Income | $2.6M | $2.0M | $2.1M | +30.0% | +23.8% | | Diluted EPS | $0.26 | $0.20 | $0.20 | +30.0% | +30.0% | | Net Interest Income | $10.8M | $10.3M | $9.6M | +4.9% | +12.4% | | Annualized Net Interest Margin | 2.93% | 2.79% | 2.64% | +14 bps | +29 bps | | Provision for Credit Losses | $745K | $731K | $270K | +1.9% | +175.9% | | Nonperforming Loans & Leases | $8.1M | $7.0M | N/A | +15.7% | N/A | | Nonperforming Loans % of Total Loans | 0.68% | 0.59% | N/A | +0.09% | N/A | | Allowance for Credit Losses | $16.2M | $16.1M | N/A | +0.6% | N/A | | Allowance for Credit Losses % of Total Loans | 1.37% | 1.35% | N/A | +0.02% | N/A | | Stockholders' Equity | $132.3M | $130.9M | $131.1M | +1.1% | +0.9% | | Book Value Per Share | $12.74 | $12.48 | $11.90 | +2.1% | +7.1% | - The increase in **net income** and **diluted EPS** was primarily driven by higher **net interest income** due to an expanded **net interest margin** and lower **noninterest expense**, with **share repurchases** also contributing to the increase in EPS[2](index=2&type=chunk) - The Company repurchased **101,127 shares** of common stock at an average price of **$13.46 per share** during Q2 2025[4](index=4&type=chunk) - The Bank's **Tier 1 capital to total assets** was **10.75%** at June 30, 2025, exceeding regulatory requirements[5](index=5&type=chunk) [President's Comments](index=1&type=section&id=President's%20Comments) Garry Kleer, Chairman, President, and CEO, highlighted the strength of the core banking model, noting improvements in net interest margin and solid credit quality, alongside disciplined expense management - The company's core banking model, built on strong relationships and sound credit practices, demonstrated strength in Q2 2025[3](index=3&type=chunk) - Management observed improvement in **net interest margin** and maintained **solid credit quality**, while actively controlling expenses[3](index=3&type=chunk) - Despite economic uncertainties (inflation, rate pressures, global tensions), the company is focused on customer service, community support, and disciplined decisions for long-term shareholder value[3](index=3&type=chunk) [Detailed Income Statement Analysis](index=2&type=section&id=Income%20Statement%20Summary) The company's Q2 2025 income statement shows increased net interest income driven by margin expansion, partially offset by higher credit loss provisions and lower noninterest income, while noninterest expenses decreased [Net Interest Income](index=2&type=section&id=Net%20interest%20income%20before%20the%20provision%20for%20credit%20losses) Net interest income increased significantly in Q2 2025, driven by an expanded average interest rate spread and growth in average net earning assets, supported by favorable repricing following rate cuts Net Interest Income Performance | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Net Interest Income | $10.8M | $10.3M | $9.6M | +4.9% | +12.4% | | Average Interest Rate Spread (QoQ) | +13 bps | N/A | N/A | N/A | N/A | | Average Net Earning Assets (QoQ) | +$3.6M | N/A | N/A | N/A | N/A | | Average Interest Rate Spread (YoY) | +29 bps | N/A | N/A | N/A | N/A | | Average Net Earning Assets (YoY) | +$6.3M | N/A | N/A | N/A | N/A | | Net Interest Margin | 2.93% | 2.79% | 2.64% | +14 bps | +29 bps | - Federal Open Market Committee rate cuts in late 2024 (**100 basis points to 4.25%-4.50%**) contributed to a modest decline in the cost of interest-bearing deposits and borrowings, while yields on earning assets remained relatively stable or adjusted upward[6](index=6&type=chunk) [Interest Income Breakdown](index=2&type=section&id=Interest%20income) Total interest income increased in Q2 2025, primarily from higher loan and lease income due to increased yields and balances, partially offset by decreased investment securities income Interest Income by Source | Source | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Total Interest Income | $21.3M | $20.9M | $20.1M | +2.3% | +6.3% | | Interest Income on Loans & Leases | $19.2M | $18.8M | $17.8M | +2.2% | +7.7% | | Average Yield on Loans & Leases | 6.51% | 6.36% | 6.20% | +15 bps | +31 bps | | Interest Income on Investment Securities (excl. FHLB) | $1.6M | $1.6M | $1.7M | -2.5% | -7.1% | | Interest Income on Cash & Equivalents | $243K | $131K | $218K | +85.6% | +11.5% | - The decrease in interest income from investment securities was primarily due to a reduction in average balances, as proceeds from maturities and paydowns were used to fund loan growth[9](index=9&type=chunk) [Interest Expense Breakdown](index=2&type=section&id=Interest%20expense) Total interest expense remained stable in Q2 2025, with decreased deposit expense due to lower rates offset by increased FHLB borrowing expense from higher average rates Interest Expense by Source | Source | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Total Interest Expense | $10.6M | $10.6M | $10.5M | -0.2% | +0.7% | | Interest Expense on Deposits | $7.8M | $7.8M | $8.0M | -0.4% | -2.4% | | Average Rate Paid on Interest-Bearing Deposits | 3.14% | 3.17% | 3.23% | -3 bps | -9 bps | | Interest Expense on FHLB Borrowings | $2.8M | $2.8M | $2.5M | +0.3% | +10.6% | | Average Rate Paid on FHLB Borrowings | 4.24% | 4.03% | 3.89% | +21 bps | +35 bps | [Provision for Credit Losses](index=3&type=section&id=A%20provision%20for%20credit%20losses) The provision for credit losses increased in Q2 2025 due to growth in higher-risk commercial loan portfolios and an increase in net charge-offs during the quarter Provision for Credit Losses & Net Charge-offs | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Provision for Credit Losses | $745K | $731K | $270K | +1.9% | +175.9% | | Net Charge-offs | $626K | $395K | $450K | +58.5% | +39.1% | - The increase in the provision was primarily driven by increased loan growth in commercial loan portfolios, which have a higher estimated loss rate, and higher charge-offs[15](index=15&type=chunk) [Noninterest Income](index=3&type=section&id=Noninterest%20income) Noninterest income decreased in Q2 2025, mainly due to net losses on securities sales, partially offset by increases in recurring fee income categories reflecting higher transaction volumes Noninterest Income Breakdown | Source | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Total Noninterest Income | $1.1M | $1.2M | $1.2M | -7.1% | -2.9% | | Net Losses on Sales of Securities | -$157K | $0 | -$62K | N/A | +153.2% | | Card Fee Income | $336K | $299K | $302K | +12.4% | +11.3% | | Loan & Lease Servicing Fees | $136K | $112K | N/A | +21.4% | N/A | | Service Charges on Deposit Accounts | $310K | $296K | N/A | +4.7% | N/A | | Other Income | $354K | N/A | $341K | N/A | +3.8% | - The decrease in noninterest income was primarily due to **net losses on sales of securities totaling $157,000** in Q2 2025, compared to no securities sold in the prior quarter[16](index=16&type=chunk) - Recurring fee income categories, including **card fees**, **loan and lease servicing fees**, and **service charges on deposit accounts**, showed increases due to higher transaction volume and customer utilization[16](index=16&type=chunk) [Noninterest Expense](index=3&type=section&id=Total%20noninterest%20expense) Total noninterest expense decreased in Q2 2025 due to reduced one-time core systems contract negotiation expenses, despite an increase in salaries and employee benefits Noninterest Expense Breakdown | Expense Category | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Total Noninterest Expense | $8.1M | $8.4M | $8.1M | -3.1% | +0.7% | | Salaries and Employee Benefits | $4.8M | $4.7M | $4.7M | +1.2% | +2.1% | | Other Expenses | N/A | N/A | N/A | -18.8% | +1.6% | | Legal and Professional Fees | N/A | N/A | N/A | -15.7% | -6.9% | | Deposit Insurance Expense | N/A | N/A | N/A | -10.3% | -20.0% | | Data Processing Fees | $926K | N/A | $880K | N/A | +5.3% | - The decrease in other expenses QoQ was primarily due to one-time expenses recognized in the prior quarter related to contract negotiations with the Bank's core systems provider, with the new agreement expected to yield long-term cost savings and improve operational efficiency[17](index=17&type=chunk) [Income Tax Expense](index=3&type=section&id=Income%20tax%20expense) Income tax expense increased in Q2 2025 compared to prior periods, while the effective tax rate decreased slightly from the previous quarter Income Tax Expense & Effective Tax Rate | Metric | Q2 2025 | Q1 2025 | Q2 2024 | Change QoQ | Change YoY | | :-------------------------------- | :------ | :------ | :------ | :--------- | :--------- | | Income Tax Expense | $382K | $348K | $305K | +9.8% | +25.2% | | Effective Tax Rate | 12.8% | 15.0% | 12.9% | -2.2% | -0.1% | [Detailed Balance Sheet Analysis](index=3&type=section&id=Balance%20Sheet%20Summary) The balance sheet at June 30, 2025, shows a modest increase in total assets driven by loan growth and cash, offset by decreased investment securities, with a shift in deposit mix and a slight decrease in equity [Total Assets](index=3&type=section&id=Total%20assets%20increased) Total assets saw a modest increase at June 30, 2025, primarily driven by growth in loans and leases and cash and cash equivalents, partially offset by a decrease in investment securities Total Assets and Key Components (vs. Dec 31, 2024) | Metric | June 30, 2025 | Dec 31, 2024 | Change | Change % | | :-------------------------------- | :------------ | :----------- | :----- | :------- | | Total Assets | $1.5B | $1.5B | +$2.9M | +0.2% | | Loans & Leases, Net | $1.2B | $1.2B | +$9.0M | +0.8% | | Cash & Cash Equivalents | $27.2M | $21.8M | +$5.5M | +25.1% | | Investment Securities | $252.3M | $261.7M | -$9.4M | -3.6% | [Loans and Leases Portfolio](index=4&type=section&id=The%20increase%20in%20loans%20and%20leases) The loan and lease portfolio increased, primarily driven by growth in commercial mortgage, commercial and industrial, and multi-family loans, partially offset by a significant decrease in construction and development loans Loan and Lease Portfolio Changes (vs. Dec 31, 2024) | Loan Type | Change | | :-------------------------------- | :----- | | Commercial Mortgage | +$21.9M | | Commercial and Industrial | +$14.3M | | Multi-family | +$5.9M | | Construction and Development | -$30.2M | [Nonperforming Loans and Allowance for Credit Losses](index=4&type=section&id=Nonperforming%20loans%20and%20leases) Nonperforming loans and leases increased at June 30, 2025, leading to a higher allowance for credit losses, which management deems adequate despite ongoing economic pressures Asset Quality Metrics (vs. Dec 31, 2024) | Metric | June 30, 2025 | Dec 31, 2024 | Change | Change % | | :-------------------------------- | :------------ | :----------- | :----- | :------- | | Nonperforming Loans & Leases | $8.1M | $6.8M | +$1.3M | +19.1% | | Nonperforming Loans % of Total Loans | 0.68% | 0.58% | +0.10% | N/A | | Accruing Loans Past Due > 90 Days | $2.5M | $1.7M | +$0.8M | +47.1% | | Allowance for Credit Losses | $16.2M | $15.8M | +$0.4M | +2.7% | | ACL % of Total Loans & Leases | 1.37% | 1.34% | +0.03% | N/A | | Net Charge-offs (H1 2025) | $1.0M | $0.8M (H1 2024) | +$0.2M | +29.2% | - Management regularly evaluates credit exposure, incorporating inflationary pressures, capital market volatility, and geopolitical risks, and believes the allowance for credit losses remains adequate[24](index=24&type=chunk) [Investment Securities](index=4&type=section&id=Investment%20securities%20decreased) Investment securities decreased due to sales, maturities, and principal repayments, with proceeds strategically redeployed to support loan growth and prioritize higher-yielding assets Investment Securities (vs. Dec 31, 2024) | Metric | June 30, 2025 | Dec 31, 2024 | Change | Change % | | :-------------------------------- | :------------ | :----------- | :----- | :------- | | Investment Securities | $252.3M | $261.7M | -$9.4M | -3.6% | | Securities Sales | $6.8M | N/A | N/A | N/A | | Maturities and Principal Repayments | $8.9M | N/A | N/A | N/A | - Proceeds from securities sales, maturities, and principal repayments were redeployed to support loan growth, aligning with the Company's strategy to prioritize higher-yielding assets[25](index=25&type=chunk) [Deposits](index=4&type=section&id=Total%20deposits%20increased) Total deposits increased slightly, with a notable shift from noninterest-bearing and brokered time deposits to interest-bearing demand and retail time deposits, reflecting customer demand for higher yields Deposit Composition Changes (vs. Dec 31, 2024) | Deposit Type | June 30, 2025 | Dec 31, 2024 | Change | Change % | | :-------------------------------- | :------------ | :----------- | :----- | :------- | | Total Deposits | $1.1B | $1.1B | +$2.4M | +0.2% | | Interest-Bearing Demand Deposits | N/A | N/A | +$12.0M | N/A | | Retail (Non-Brokered) Time Deposits | N/A | N/A | +$10.5M | N/A | | Brokered Time Deposits | $239.5M | $257.6M | -$18.1M | -7.0% | | Noninterest-Bearing Accounts | $106.2M | $110.1M | -$3.9M | -3.5% | | Noninterest-Bearing % of Total Deposits | 9.7% | 10.1% | -0.4% | N/A | | Uninsured Deposits | $249.8M | N/A | N/A | N/A | | Uninsured Deposits % of Total Deposits | 22.8% | N/A | N/A | N/A | - The shift in deposit mix towards time deposits is attributed to customer demand for higher yields, as financial institutions offer competitive rates on certificates of deposit[26](index=26&type=chunk) [Stockholders' Equity](index=4&type=section&id=Stockholders'%20equity%20totaled) Stockholders' equity experienced a slight decrease at June 30, 2025, due to dividends and share repurchases, partially offset by net income and improved fair values of available-for-sale investments Stockholders' Equity Changes (vs. Dec 31, 2024) | Metric | June 30, 2025 | Dec 31, 2024 | Change | Change % | | :-------------------------------- | :------------ | :----------- | :----- | :------- | | Stockholders' Equity | $132.3M | $132.9M | -$0.55M | -0.4% | | Dividends Paid | $2.9M | N/A | N/A | N/A | | Common Stock Repurchased | $5.6M | N/A | N/A | N/A | | Net Income | $4.6M | N/A | N/A | N/A | | Decrease in Accumulated Other Comprehensive Loss | $2.4M | N/A | N/A | N/A | | Shares Repurchased (Q2 2025) | 101,127 | N/A | N/A | N/A | | Average Repurchase Price (Q2 2025) | $13.46/share | N/A | N/A | N/A | - The decrease in accumulated other comprehensive loss was a result of improved fair values in the Company's available-for-sale investment portfolio, driven by a reduction in market interest rates[28](index=28&type=chunk) [Company Information](index=4&type=section&id=Company%20Information) This section provides an overview of Richmond Mutual Bancorporation, Inc. and its subsidiary, First Bank Richmond, along with important disclosures regarding forward-looking statements [About Richmond Mutual Bancorporation, Inc.](index=4&type=section&id=About%20Richmond%20Mutual%20Bancorporation,%20Inc.) Richmond Mutual Bancorporation, Inc. is the holding company for First Bank Richmond, a community-oriented financial institution offering traditional financial and trust services across multiple locations in Indiana and Ohio - Richmond Mutual Bancorporation, Inc. is headquartered in Richmond, Indiana, and is the parent company of First Bank Richmond[30](index=30&type=chunk) - First Bank Richmond provides traditional financial and trust services through **eight locations in Indiana** and **five locations plus a loan production office in Ohio**[30](index=30&type=chunk)[31](index=31&type=chunk) [Forward-Looking Statements](index=5&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section serves as a disclaimer regarding forward-looking statements, emphasizing that such statements are based on current beliefs and expectations but are subject to significant business, economic, and competitive uncertainties and contingencies - Forward-looking statements are based on current beliefs and expectations and are subject to significant business, economic, and competitive uncertainties and contingencies beyond the Company's control[32](index=32&type=chunk) - Key risk factors include adverse economic conditions, changes in interest rates, inflation, bank failures, legislative and regulatory changes, credit risk, funding access, real estate fluctuations, competitive pressures, technological changes, cybersecurity vulnerabilities, and geopolitical developments[33](index=33&type=chunk) - The Company explicitly declines any obligation to publicly release revisions to forward-looking statements to reflect events or circumstances after their date[34](index=34&type=chunk) [Unaudited Financial Tables & Ratios](index=6&type=section&id=Financial%20Highlights%20(unaudited)) This section presents unaudited financial tables including selected operations data, financial condition data, loan and deposit summaries, average balances, and key financial ratios for various reporting periods [Selected Operations Data](index=6&type=section&id=SELECTED%20OPERATIONS%20DATA) This table presents key income statement figures for the three and six months ended June 30, 2025, and comparable periods, detailing interest income, interest expense, net income, and earnings per share SELECTED OPERATIONS DATA | Metric | Three Months Ended June 30, 2025 | Three Months Ended March 31, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :-------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Interest income | $21.3M | $20.9M | $20.1M | $42.2M | $39.6M | | Interest expense | $10.6M | $10.6M | $10.5M | $21.2M | $20.2M | | Net interest income | $10.8M | $10.3M | $9.6M | $21.0M | $19.4M | | Provision for credit losses | $745K | $731K | $270K | $1.5M | $454K | | Net interest income after provision for credit losses | $10.0M | $9.5M | $9.3M | $19.5M | $19.0M | | Noninterest income | $1.1M | $1.2M | $1.2M | $2.2M | $2.3M | | Noninterest expense | $8.1M | $8.4M | $8.1M | $16.5M | $16.2M | | Income before income tax expense | $3.0M | $2.3M | $2.4M | $5.3M | $5.1M | | Income tax provision | $382K | $348K | $305K | $731K | $657K | | Net income | $2.6M | $2.0M | $2.1M | $4.6M | $4.4M | | Shares outstanding | 10,389 | 10,490 | 11,019 | 10,389 | 11,019 | | Average shares outstanding: Basic | 9,558 | 9,841 | 10,067 | 9,699 | 10,113 | | Average shares outstanding: Diluted | 9,845 | 10,084 | 10,178 | 9,964 | 10,204 | | Earnings per share: Basic | $0.27 | $0.20 | $0.20 | $0.47 | $0.44 | | Earnings per share: Diluted | $0.26 | $0.20 | $0.20 | $0.46 | $0.43 | [Selected Financial Condition Data](index=7&type=section&id=SELECTED%20FINANCIAL%20CONDITION%20DATA) This table provides a snapshot of the company's financial position at various quarter-ends, including total assets, cash and equivalents, investment securities, loans, deposits, and total stockholders' equity SELECTED FINANCIAL CONDITION DATA | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------- | :---------------- | :----------------- | :------------ | | Total assets | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | | Cash and cash equivalents | $27.2M | $27.0M | $21.8M | $19.6M | $19.0M | | Interest-bearing time deposits | $300K | $300K | $300K | $300K | — | | Investment securities | $252.3M | $259.0M | $261.7M | $271.3M | $272.0M | | Loans and leases, net of allowance for credit losses | $1.2B | $1.2B | $1.2B | $1.1B | $1.1B | | Loans held for sale | $136K | $388K | $1.1M | $220K | $370K | | Premises and equipment, net | $13.2M | $12.8M | $12.9M | $13.0M | $13.1M | | Federal Home Loan Bank stock | $13.9M | $13.9M | $13.9M | $13.9M | $13.9M | | Other assets | $32.9M | $33.5M | $34.3M | $33.3M | $36.2M | | Deposits | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | | Borrowings | $267.0M | $274.0M | $265.0M | $252.0M | $252.0M | | Total stockholder's equity | $132.3M | $130.9M | $132.9M | $140.0M | $131.1M | | Book value (GAAP) | $132.3M | $130.9M | $132.9M | $140.0M | $131.1M | | Tangible book value (non-GAAP) | $132.3M | $130.9M | $132.9M | $140.0M | $131.1M | | Book value per share (GAAP) | $12.74 | $12.48 | $12.29 | $12.79 | $11.90 | | Tangible book value per share (non-GAAP) | $12.74 | $12.48 | $12.29 | $12.79 | $11.90 | [Loan and Lease Portfolio Summary](index=7&type=section&id=loan%20and%20lease%20portfolio) This table details the composition of the loan and lease portfolio across various categories, including commercial mortgage, commercial and industrial, construction and development, and residential mortgage Loan and Lease Portfolio | Loan Type | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------- | :---------------- | :----------------- | :------------ | | Commercial mortgage | $393.6M | $387.5M | $371.7M | $348.5M | $356.2M | | Commercial and industrial | $140.7M | $136.5M | $126.4M | $126.6M | $127.2M | | Construction and development | $102.4M | $99.9M | $132.6M | $140.8M | $139.6M | | Multi-family | $191.8M | $211.5M | $185.9M | $183.8M | $174.3M | | Residential mortgage | $169.0M | $172.6M | $172.6M | $172.9M | $175.1M | | Home equity | $19.4M | $18.1M | $16.8M | $15.2M | $13.8M | | Direct financing leases | $147.2M | $146.1M | $148.1M | $147.1M | $148.2M | | Consumer | $20.6M | $20.2M | $21.2M | $22.6M | $22.8M | | Total loans and leases | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | [Deposits Summary](index=8&type=section&id=deposits%20at%20the%20dates%20indicated) This table provides a detailed breakdown of the company's deposit base by type, including noninterest-bearing demand, interest-bearing demand, savings, money market, and time deposits, across various reporting periods Deposits | Deposit Type | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------- | :---------------- | :----------------- | :------------ | | Noninterest-bearing demand | $106.2M | $103.4M | $110.1M | $98.5M | $102.8M | | Interest-bearing demand | $147.3M | $142.2M | $135.3M | $136.3M | $144.8M | | Savings and money market | $303.2M | $301.4M | $301.3M | $283.8M | $283.5M | | Non-brokered time deposits | $300.1M | $293.9M | $289.6M | $290.9M | $281.5M | | Brokered time deposits | $239.5M | $264.8M | $257.6M | $279.6M | $287.5M | | Total deposits | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | [Average Balances, Interest and Average Yields/Cost](index=9&type=section&id=Average%20Balances,%20Interest%20and%20Average%20Yields/Cost) These tables detail average balances of interest-earning assets and interest-bearing liabilities, along with interest income and expense, yields, spread, and net interest margin for Q2 2025 and 2024 Average Balances, Interest and Average Yields/Cost (Three Months Ended June 30, 2025 vs. 2024) | Metric | 2025 Average Balance | 2025 Interest Earned/Paid | 2025 Yield/Rate | 2024 Average Balance | 2024 Interest Earned/Paid | 2024 Yield/Rate | | :-------------------------------- | :------------------- | :------------------------ | :-------------- | :------------------- | :------------------------ | :-------------- | | **Interest-earning assets:** | | | | | | | | Loans and leases receivable | $1.2B | $19.2M | 6.51 % | $1.1B | $17.8M | 6.20 % | | Securities | $251.7M | $1.6M | 2.56 % | $273.1M | $1.7M | 2.54 % | | FHLB stock | $13.9M | $309K | 8.89 % | $13.9M | $322K | 9.26 % | | Cash and cash equivalents and other | $24.2M | $243K | 4.02 % | $16.5M | $218K | 5.29 % | | **Total interest-earning assets** | **$1.5B** | **$21.3M** | **5.82 %** | **$1.5B** | **$20.1M** | **5.53 %** | | **Interest-bearing liabilities:** | | | | | | | | Savings and money market accounts | $316.4M | $1.8M | 2.32 % | $290.2M | $1.8M | 2.48 % | | Interest-bearing checking accounts | $141.0M | $373K | 1.06 % | $144.4M | $437K | 1.21 % | | Certificate accounts | $538.0M | $5.6M | 4.17 % | $556.5M | $5.8M | 4.14 % | | Borrowings | $262.1M | $2.8M | 4.24 % | $257.9M | $2.5M | 3.89 % | | **Total interest-bearing liabilities** | **$1.3B** | **$10.6M** | **3.37 %** | **$1.2B** | **$10.5M** | **3.37 %** | | Net interest income | | $10.8M | | | $9.6M | | | Net interest rate spread | | | 2.45 % | | | 2.16 % | | Net interest margin | | | 2.93 % | | | 2.64 % | Average Balances, Interest and Average Yields/Cost (Six Months Ended June 30, 2025 vs. 2024) | Metric | 2025 Average Balance | 2025 Interest Earned/Paid | 2025 Yield/Rate | 2024 Average Balance | 2024 Interest Earned/Paid | 2024 Yield/Rate | | :-------------------------------- | :------------------- | :------------------------ | :-------------- | :------------------- | :------------------------ | :-------------- | | **Interest-earning assets:** | | | | | | | | Loans and leases receivable | $1.2B | $38.0M | 6.44 % | $1.1B | $35.1M | 6.16 % | | Securities | $256.9M | $3.3M | 2.54 % | $278.5M | $3.5M | 2.54 % | | FHLB stock | $13.9M | $620K | 8.92 % | $13.8M | $646K | 9.35 % | | Cash and cash equivalents and other | $19.2M | $374K | 3.90 % | $15.2M | $357K | 4.69 % | | **Total interest-earning assets** | **$1.5B** | **$42.2M** | **5.75 %** | **$1.4B** | **$39.6M** | **5.48 %** | | **Interest-bearing liabilities:** | | | | | | | | Savings and money market accounts | $310.5M | $3.6M | 2.29 % | $274.7M | $3.2M | 2.32 % | | Interest-bearing checking accounts | $137.7M | $697K | 1.01 % | $146.2M | $819K | 1.12 % | | Certificate accounts | $544.2M | $11.4M | 4.19 % | $547.2M | $11.1M | 4.04 % | | Borrowings | $268.3M | $5.5M | 4.13 % | $267.6M | $5.1M | 3.83 % | | **Total interest-bearing liabilities** | **$1.3B** | **$21.2M** | **3.36 %** | **$1.2B** | **$20.2M** | **3.27 %** | | Net interest income | | $21.0M | | | $19.4M | | | Net interest rate spread | | | 2.39 % | | | 2.21 % | | Net interest margin | | | 2.86 % | | | 2.69 % | [Selected Financial Ratios and Other Data](index=11&type=section&id=Selected%20Financial%20Ratios%20and%20Other%20Data) This table provides a comprehensive overview of key performance, asset quality, and capital ratios, along with other operational data, for various periods, offering insights into the company's financial health and efficiency Selected Financial Ratios and Other Data | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | | :-------------------------------- | :------------ | :------------- | :---------------- | :----------------- | :------------ | | Return on average assets | 0.69 % | 0.52 % | 0.66 % | 0.66 % | 0.55 % | | Return on average equity | 7.99 % | 5.89 % | 7.23 % | 7.36 % | 6.42 % | | Yield on interest-earning assets | 5.82 % | 5.68 % | 5.66 % | 5.57 % | 5.53 % | | Rate paid on interest-bearing liabilities | 3.37 % | 3.36 % | 3.47 % | 3.48 % | 3.37 % | | Average interest rate spread | 2.45 % | 2.32 % | 2.19 % | 2.09 % | 2.16 % | | Net interest margin | 2.93 % | 2.79 % | 2.70 % | 2.60 % | 2.64 % | | Operating expense to average total assets | 2.15 % | 2.22 % | 2.11 % | 2.15 % | 2.17 % | | Efficiency ratio | 68.50 % | 73.31 % | 71.68 % | 74.51 % | 75.48 % | | Average interest-earning assets to average interest-bearing liabilities | 116.72 % | 116.35 % | 117.25 % | 116.71 % | 116.33 % | | Non-performing assets to total assets | 0.54 % | 0.46 % | 0.45 % | 0.45 % | 0.52 % | | Non-performing loans and leases to total gross loans and leases | 0.68 % | 0.59 % | 0.58 % | 0.58 % | 0.67 % | | Allowance for credit losses to non-performing loans and leases | 201.14 % | 229.90 % | 232.99 % | 235.89 % | 206.30 % | | Allowance for credit losses to total loans and leases | 1.37 % | 1.35 % | 1.34 % | 1.36 % | 1.37 % | | Net charge-offs to average outstanding loans and leases during the period | 0.21 % | 0.13 % | 0.10 % | 0.15 % | 0.16 % | | Equity to total assets at end of period | 8.78 % | 8.60 % | 8.83 % | 9.38 % | 8.77 % | | Average equity to average assets | 8.64 % | 8.85 % | 9.12 % | 8.98 % | 8.58 % | | Common equity tier 1 capital (to risk-weighted assets) | 12.99 % | 12.79 % | 12.98 % | 13.10 % | 12.96 % | | Tier 1 leverage (core) capital (to adjusted tangible assets) | 10.75 % | 10.68 % | 10.75 % | 10.73 % | 10.65 % | | Tier 1 risk-based capital (to risk-weighted assets) | 12.99 % | 12.79 % | 12.98 % | 13.10 % | 12.96 % | | Total risk-based capital (to risk-weighted assets) | 14.24 % | 14.04 % | 14.23 % | 14.35 % | 14.21 % | | Number of full-service offices | 12 | 12 | 12 | 12 | 12 | | Full-time equivalent employees | 176 | 171 | 173 | 171 | 182 | [Contacts](index=12&type=section&id=Contacts) This section provides contact information for key executives at Richmond Mutual Bancorporation, Inc. [Contacts](index=12&type=section&id=Contacts) This section provides contact information for Richmond Mutual Bancorporation, Inc.'s Chairman, President, and CEO, Garry D. Kleer, and SVP/Chief Financial Officer, Bradley M. Glover - Contact information for Richmond Mutual Bancorporation, Inc. is provided for Garry D. Kleer (Chairman, President, and CEO) and Bradley M. Glover (SVP/Chief Financial Officer) at **(765) 962-2581**[45](index=45&type=chunk)