UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ________ Commission file number: 001-38956 RICHMOND MUTUAL BANCORPORATION, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ________ Commission file number: 001-38956 RICHMOND MUTUAL BANCORPORATION, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inco ...

Financial Position - As of March 31, 2023, the Company had total assets of $1.4 billion, net loans and leases of $989.1 million, total deposits of $1.0 billion, and stockholders' equity of $136.1 million[133]. - Total assets increased by $33.6 million, or 2.5%, to $1.4 billion as of March 31, 2023, compared to December 31, 2022[146]. - Loans and leases increased by $27.4 million, or 2.9%, to $989.1 million at March 31, 2023, driven by increases in commercial real estate loans, direct financing leases, and multi-family loans[148]. - Total deposits rose by $24.8 million, or 2.5%, to $1.0 billion at March 31, 2023, with brokered time deposits increasing by $33.3 million[154]. - Stockholders' equity increased by $3.2 million, or 2.4%, to $136.1 million at March 31, 2023, supported by $2.9 million in net income[157]. - Liquid assets totaled $309.1 million at March 31, 2023, with $357.3 million in certificates of deposit maturing within one year[179]. Income and Expenses - For the three months ended March 31, 2023, net income was $2.9 million, a slight decrease from $3.0 million for the same period in 2022[133]. - Net income for the three months ended March 31, 2023, was $2.9 million, a decrease of $114,000 or 3.8% from the same period in 2022[159]. - Interest income increased by $3.3 million, or 27.2%, to $15.2 million for the quarter ended March 31, 2023, compared to $11.9 million for the same quarter in 2022[160]. - Interest expense on deposits surged by $2.8 million, or 222.5%, to $4.0 million for the quarter ended March 31, 2023, due to a significant increase in the average balance and rate paid on interest-bearing deposits[162]. - Net interest income before the provision for credit losses decreased by $183,000, or 1.8%, to $9.9 million in the first quarter of 2023[163]. - Net interest income for Q1 2023 was $9.871 million, compared to $10.054 million in Q1 2022, reflecting a decrease of 1.8%[167]. - Noninterest income decreased by $19,000 or 1.7% to $1.1 million in Q1 2023, primarily due to a 36.0% decrease in net gains on loan and lease sales[168]. - Noninterest expense increased by $27,000 or 0.4% to $7.4 million in Q1 2023, with data processing fees rising by 27.0%[170]. Credit Losses and Capital - The Company has adopted the Current Expected Credit Loss (CECL) model as of January 1, 2023, impacting the allowance for credit losses[135]. - The allowance for credit losses is based on expected future credit losses and is charged to operations based on periodic evaluations[137]. - The allowance for credit losses on loans and leases totaled $15.5 million, or 1.54% of total loans and leases outstanding at March 31, 2023, following the adoption of the CECL accounting standard[151]. - Provision for credit losses decreased by $30,000 or 14.9% to $170,000 in Q1 2023 from $200,000 in Q1 2022[167]. - Nonperforming loans and leases decreased to $8.6 million, or 0.86% of total loans and leases, from $9.2 million, or 0.94%, at December 31, 2022[149]. Regulatory Compliance - The total risk-based capital ratio for First Bank Richmond was 14.39%, exceeding the 10.0% requirement for a well-capitalized institution[133]. - As of March 31, 2023, First Bank Richmond's total risk-based capital was $166,213 thousand, representing a ratio of 14.4%, exceeding the minimum requirement of 8.0%[184]. - The Tier 1 risk-based capital was $151,738 thousand, with a ratio of 13.1%, above the required minimum of 6.0%[184]. - Common equity tier 1 capital stood at $151,738 thousand, with a ratio of 13.1%, surpassing the minimum requirement of 4.5%[184]. - The Tier 1 leverage capital ratio was 10.9% as of March 31, 2023, exceeding the minimum requirement of 4.0%[184]. - First Bank Richmond maintained a capital conservation buffer above the required 2.5% of risk-weighted assets as of March 31, 2023[184]. - Richmond Mutual Bancorporation would have exceeded all regulatory capital requirements if it were subject to guidelines for bank holding companies with assets of $3.0 billion or more[185]. - The Company is subject to regulation by the Board of Governors of the Federal Reserve System and the Indiana Department of Financial Institutions[126]. Market and Operational Overview - The Company operates primarily in Wayne and Shelby Counties in Indiana and Shelby, Miami, and Franklin Counties in Ohio[130]. - The Company’s principal business involves attracting deposits and investing those funds primarily in loans secured by commercial and multi-family real estate[129]. - There has been no material change in market risk disclosures since the 2022 Form 10-K[186]. - The effective tax rate for Q1 2023 was 15.5%, down from 17.0% in Q1 2022[171]. - Net cash provided by operating activities was $3.6 million in Q1 2023, compared to $3.9 million in Q1 2022[181]. - The company paid a quarterly dividend of $0.14 per common share in Q1 2023, compared to $0.10 per share in 2022[173].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ COMMISSION FILE NUMBER 001-38956 Richmond Mutual Bancorporation, Inc. (Exact Name of Registrant as Specified in its Charter) | Maryland | 36-4926041 | | -- ...

Financial Position - As of September 30, 2022, the Company had total assets of $1.3 billion, net loans and leases of $915.5 million, total deposits of $958.6 million, and stockholders' equity of $125.0 million[131]. - Total assets increased by $11.0 million, or 0.9%, to $1.3 billion at September 30, 2022, primarily due to an $82.6 million, or 9.9%, increase in loans and leases[144]. - Loans and leases increased by $82.6 million, or 9.9%, to $915.5 million, driven by increases in commercial real estate loans, construction loans, and residential mortgages[146]. - Total deposits increased by $58.5 million, or 6.5%, to $958.6 million, attributed to an increase in brokered time deposits and savings accounts[152]. - Stockholders' equity decreased by $55.5 million, or 30.8%, to $125.0 million, primarily due to a reduction in accumulated comprehensive income and stock repurchases[154]. Income and Earnings - For the nine months ended September 30, 2022, net income was $9.7 million, an increase from $8.4 million for the same period in 2021, representing a growth of approximately 15.5%[131]. - Net income for the three months ended September 30, 2022, was $3.2 million, a 2.5% increase from $3.1 million for the same period in 2021[155]. - Net income for the nine months ended September 30, 2022, was $9.7 million, a 14.7% increase from $8.4 million in the same period of 2021[169]. - Noninterest income increased by $39,000, or 3.4%, to $1.2 million for the quarter ended September 30, 2022, compared to $1.1 million in the same quarter of 2021[165]. - Noninterest income fell by $838,000, or 19.4%, to $3.5 million for the nine months ended September 30, 2022, primarily due to a 72.2% decrease in net gains on loan and lease sales[4]. Capital and Risk Management - First Bank Richmond's total risk-based capital ratio was 14.74%, exceeding the 10.0% requirement for a well-capitalized institution[131]. - The bank maintained a Tier 1 leverage capital ratio of 11.3%, exceeding the required minimum of 4.0%[192]. - Richmond Mutual Bancorporation would have exceeded all regulatory capital requirements if it were subject to guidelines for bank holding companies with assets of $3.0 billion or more[193]. - The Company has a significant exposure to market risks, including fluctuations in interest rates and economic conditions, which could impact net interest margin and income[130]. - There has been no material change in the market risk disclosures since the 2021 Form 10-K[194]. Income Sources and Expenses - The Company primarily generates income from net interest income, service charges, and fees from the sale of residential mortgage loans originated for sale in the secondary market[129]. - Interest income increased by $3.7 million, or 10.8%, to $37.6 million during the nine months ended September 30, 2022, compared to $33.9 million in the same period of 2021[170]. - Interest expense on deposits increased by $660,000, or 18.0%, to $4.3 million for the nine months ended September 30, 2022[172]. - Noninterest expense increased by $878,000, or 12.8%, to $7.7 million for the three months ended September 30, 2022, compared to $6.8 million in the same period of 2021[167]. - Noninterest expense rose by $1.5 million, or 7.3%, to $22.2 million for the nine months ended September 30, 2022, driven by increases in salaries, data processing fees, and legal expenses[5]. Allowance and Provisions - The Company maintains an allowance for loan and lease losses to cover probable incurred credit losses, which is subject to significant estimates and management judgment[133]. - The allowance for loan and lease losses increased by $448,000, or 3.7%, to $12.6 million, representing 1.35% of total loans and leases[149]. - Provision for loan and lease losses decreased by $300,000, or 60.0%, to $200,000 for the three months ended September 30, 2022, compared to $500,000 in the same period of 2021[164]. - The provision for loan and lease losses decreased by $830,000, or 58.0%, to $600,000 for the nine months ended September 30, 2022, compared to $1.4 million in 2021, attributed to economic improvements post-COVID-19[3]. Operational Overview - The Company operates through seven full-service offices and one limited-service office in Indiana, and five full-service offices in Ohio, with a loan production office in Columbus, Ohio[126]. - The average outstanding loan and lease balances were $878.3 million for the first nine months of 2022, a 12.5% increase from $775.6 million in the same period of 2021[170]. - The company sold $25.7 million of loans during the nine months ended September 30, 2022, down from $62.3 million in the same period of 2021[10]. - The effective tax rate for the first nine months of 2022 was 18.0%, slightly down from 18.4% in 2021, due to a higher proportion of tax-free income[7]. - The effective tax rate for the third quarter of 2022 was 16.3%, down from 18.0% in the same quarter of 2021[168]. Dividend Policy - The company plans to continue paying regular quarterly dividends of $0.10 per share, with an average total dividend of approximately $1.2 million per quarter based on current outstanding shares[11].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ________ Commission file number: 001-38956 RICHMOND MUTUAL BANCORPORATION, INC. (Exact name of registrant as specified in its charter) Maryland 36-4926041 (State or other jur ...

Financial Position - As of March 31, 2022, the Company had total assets of $1.3 billion, with loans and leases amounting to $850.0 million and deposits totaling $909.5 million[119]. - Total assets decreased by $11.5 million, or 0.9%, to $1.3 billion as of March 31, 2022, primarily due to an $31.6 million decrease in investment securities[132]. - Loans and leases increased by $17.1 million, or 2.1%, to $850.0 million, driven by increases in multi-family loans and construction loans[135]. - Total deposits increased by $9.3 million, or 1.0%, to $909.5 million, attributed to a rise in savings and money market accounts[141]. - Other assets increased by $6.9 million, or 64.2%, to $17.8 million, mainly due to a rise in deferred tax assets[140]. - Shareholders' equity decreased to $157.3 million as of March 31, 2022, down from $180.5 million at the end of 2021[158]. Income and Earnings - For the three months ended March 31, 2022, net income was $3.0 million, an increase from $2.6 million for the same period in 2021, representing a growth of approximately 15.4%[119]. - Net income for Q1 2022 was $3.0 million, a 17.8% increase from $2.6 million in Q1 2021, resulting in diluted earnings per share of $0.26[145]. - Net interest income for Q1 2022 was $10.05 million, compared to $9.00 million in Q1 2021, representing an increase of 11.7%[151]. - Interest income increased by $1.1 million, or 9.7%, to $11.9 million in Q1 2022, with interest income on loans and leases rising by 4.0%[146]. - Noninterest income fell by 27.0% to $1.1 million in Q1 2022, primarily due to a 74.8% decrease in net gains on loan and lease sales[154]. Capital and Risk Management - The total risk-based capital ratio for First Bank Richmond was 16.81%, exceeding the 10.0% requirement for a well-capitalized institution[119]. - As of March 31, 2022, total risk-based capital to risk-weighted assets was $173,358 thousand, representing a ratio of 16.8%[170]. - Tier 1 risk-based capital to risk-weighted assets was $161,041 thousand, with a ratio of 15.6% as of March 31, 2022[170]. - Common equity tier 1 capital to risk-weighted assets was $161,041 thousand, also at 15.6% as of March 31, 2022[170]. - The bank's CET1 capital exceeded the required capital conservation buffer, which is greater than 2.5% of risk-weighted assets[170]. - Richmond Mutual Bancorporation would have exceeded all regulatory capital requirements if subject to guidelines for bank holding companies with $3.0 billion or more in assets as of March 31, 2022[171]. Operational Highlights - The Company operates through seven full-service offices and one limited-service office in Indiana, and five full-service offices in Ohio[113]. - The Company primarily generates income from net interest income, service charges, and fees from the sale of residential mortgage loans originated for sale in the secondary market[116]. - The Company is focused on attracting deposits and investing those funds primarily in loans secured by commercial and multi-family real estate, as well as consumer loans[114]. - The Company has a significant exposure to economic conditions, including potential adverse impacts from the COVID-19 pandemic and changes in interest rates[109]. - The Company maintains an allowance for loan and lease losses to cover probable incurred credit losses, which is subject to significant estimates and management judgment[121]. - The Company evaluates all securities quarterly for potential other-than-temporary impairments, considering various factors including the financial condition of the issuer[126]. Expenses and Cash Flow - Noninterest expense rose by 5.1% to $7.3 million in Q1 2022, driven by a 25.2% increase in data processing fees[156]. - Provision for loan and lease losses decreased by 50.0% to $200,000 in Q1 2022 from $400,000 in Q1 2021, attributed to economic improvements post-COVID-19[153]. - Net cash provided by operating activities was $3.9 million in Q1 2022, compared to a cash outflow of $2.4 million in Q1 2021[166]. Dividends and Taxation - The company paid a regular quarterly dividend of $0.10 per common share in Q1 2022, with an expected total quarterly dividend of approximately $1.2 million[159]. - The effective tax rate for Q1 2022 was 17.0%, a decrease from 18.7% in Q1 2021, due to higher pre-tax income[157].

Financial Performance - For the year ended December 31, 2021, the company reported a net income of $11.1 million, an increase from $10.0 million in the previous year, representing an 11% growth[22] - The total loans outstanding increased to $845.951 million in 2021, up from $746.348 million in 2020, marking a growth of 13.3%[112] - Loan and lease originations increased by $129.2 million, or 31.9%, to $533.7 million during 2021 compared to $404.6 million in 2020[87] - Total deposits increased by 29.9% to $900.175 million in 2021[126][131] - The net increase in total deposits for 2021 was $207.130 million, compared to a net increase of $75.826 million in 2020[131] Asset and Loan Portfolio - As of December 31, 2021, Richmond Mutual Bancorporation had total assets of $1.3 billion, with loans and leases amounting to $832.8 million and deposits totaling $900.2 million[22] - As of December 31, 2021, First Bank Richmond's total loan and lease portfolio amounted to $845.951 million, with a weighted average yield of 4.3%[40] - The total loan and lease portfolio was secured by commercial and multi-family real estate, amounting to $368.6 million, or 43.6%[51] - Residential real estate loans accounted for $141.3 million, or 16.7% of the total loan and lease portfolio[41] - The company retains jumbo loans which exceed conforming loan limits, amounting to $44.1 million or 31.2% of the one- to four-family loan portfolio[43] Capital and Regulatory Compliance - The total risk-based capital ratio for First Bank Richmond was 17.3% as of December 31, 2021, exceeding the 10.0% requirement for a well-capitalized institution[22] - The bank's capital exceeded all applicable regulatory requirements as of December 31, 2021, ensuring financial stability[160] - First Bank Richmond met the criteria to be considered "well capitalized" with a total risk-based capital ratio of 10% or more, a Tier 1 risk-based ratio of 8.0% or more, and a common equity Tier 1 ratio of 6.5% or more as of December 31, 2021[162] - The implementation of the Current Expected Credit Loss (CECL) standard in 2023 is expected to reduce retained earnings and affect regulatory capital[161] Deposits and Funding - Core deposits totaled $716.4 million, representing 79.6% of total deposits[126][131] - Brokered deposits rose to $121.8 million, or 13.5% of total deposits, compared to $23.3 million, or 3.4% in 2020[126] - The largest banking office, located in Richmond, Indiana, accounted for $425.0 million or 47.2% of total deposits[128] - Total deposits as of December 31, 2021, included $61.3 million in time deposits exceeding the FDIC insurance limit[137] Non-Performing Assets - Nonperforming loans and leases totaled $8.1 million, or 0.95% of total loans and leases at December 31, 2021, compared to $4.8 million, or 0.64%, at December 31, 2020[96] - The total non-performing assets to total assets ratio increased to 0.64% in 2021 from 0.45% in 2020[101] - Non-accrual loans represented 0.73% of total loans outstanding as of December 31, 2021, compared to 0.11% in 2020[112] - The allowance for loan and lease losses was $12.108 million, which is 1.43% of total loans outstanding, slightly up from 1.42% in 2020[112] Employment and Workforce - As of December 31, 2021, Richmond Mutual Bancorporation had 173 full-time equivalent employees, with an average tenure of 10.4 years[200] - Approximately 71.1% of the workforce at Richmond Mutual Bancorporation was female as of December 31, 2021[201] Market Presence - The unemployment rate in Wayne County was 1.4% in December 2021, compared to the national rate of 3.7%[24] - The bank's share of deposits in Wayne County was approximately 22.7% as of June 30, 2021, indicating a strong market presence[145] Taxation and Regulatory Environment - Richmond Mutual Bancorporation and First Bank Richmond are subject to federal income taxation in a manner similar to other corporations[193] - The Indiana financial institutions tax rate was 5.5% on adjusted gross income as of December 31, 2021, with a planned reduction to 4.9% by 2023[197] - The bank is subject to a maximum deposit insurance of $250,000 for each separately insured depositor[169] Interest Rate Risk Management - The Asset/Liability Committee monitors interest rate risk and meets quarterly to assess pricing and liquidity needs[346] - Richmond Mutual Bancorporation utilizes a third-party modeling program to evaluate sensitivity to changing interest rates on a quarterly basis[346]

Financial Position - As of September 30, 2021, the Company had total assets of $1.2 billion, net loans and leases of $795.4 million, total deposits of $824.3 million, and stockholders' equity of $178.6 million[130]. - Total assets increased by $146.5 million, or 13.5%, to $1.2 billion at September 30, 2021, from $1.1 billion at December 31, 2020[147]. - Loans and leases increased by $61.0 million, or 8.3%, to $795.4 million at September 30, 2021, compared to $734.4 million at December 31, 2020[149]. - Total deposits increased by $131.2 million, or 18.9%, to $824.3 million at September 30, 2021, from $693.0 million at December 31, 2020[155]. - Cash and cash equivalents decreased by $28.9 million to $19.8 million as of September 30, 2021, from $48.8 million as of December 31, 2020[191]. - The company had $177.9 million in loan and lease commitments and unused lines of credit as of September 30, 2021[194]. Income and Earnings - For the nine months ended September 30, 2021, net income was $8.4 million, an increase from $7.5 million for the same period in 2020, representing a year-over-year growth of approximately 12%[130]. - Net income for the three months ended September 30, 2021, was $3.1 million, a $551,000 increase from $2.5 million for the same period in 2020[158]. - Net income for the nine months ended September 30, 2021, was $8.4 million, a $936,000 increase from $7.5 million for the same period in 2020[171]. Interest Income and Expense - Interest income increased by $2.0 million, or 6.4%, to $33.9 million during the nine months ended September 30, 2021, compared to $31.9 million during the same period in 2020[172]. - Interest income increased by $1.2 million, or 10.7%, to $11.9 million during the quarter ended September 30, 2021, compared to $10.7 million for the same quarter in 2020[159]. - Interest income on investment securities increased by $256,000, or 7.4%, to $3.7 million during the nine months ended September 30, 2021, from $3.5 million during the comparable period in 2020[173]. - Interest income on investment securities increased by $439,000, or 43.2%, to $1.5 million for the quarter ended September 30, 2021, compared to the same quarter in 2020[160]. - Interest expense decreased by $1.6 million, or 21.8%, to $5.7 million for the nine months ended September 30, 2021, compared to $7.3 million for the same period in 2020[174]. - Interest expense decreased by $366,000, or 15.8%, to $1.9 million for the quarter ended September 30, 2021, from $2.3 million for the same quarter in 2020[161]. Capital Ratios - First Bank Richmond's total risk-based capital ratio was 17.63%, significantly exceeding the 10.0% requirement for a well-capitalized institution[130]. - Total risk-based capital to risk-weighted assets was $165.0 million, representing a ratio of 17.6% as of September 30, 2021, exceeding the required minimum of 8.0%[197]. - Tier 1 risk-based capital to risk-weighted assets was $153.3 million, with a ratio of 16.4% as of September 30, 2021, above the required minimum of 6.0%[197]. - Common equity tier 1 capital to risk-weighted assets was $153.3 million, with a ratio of 16.4% as of September 30, 2021, exceeding the required minimum of 4.5%[197]. - The company maintained a capital conservation buffer exceeding the required 2.5% of risk-weighted assets as of September 30, 2021[197]. - The company was well-capitalized under regulatory prompt corrective action standards as of September 30, 2021[196]. Risk Management - The allowance for loan and lease losses is maintained to cover probable incurred credit losses, reflecting the Company's proactive risk management approach[132]. - The allowance for loan and lease losses increased by $1.3 million, or 11.9%, to $11.8 million at September 30, 2021, from $10.6 million at December 31, 2020[152]. - The provision for loan and lease losses decreased by $1.4 million, or 49.5%, totaling $1.4 million for the nine months ended September 30, 2021, compared to $2.8 million for the same period in 2020[180]. - The provision for loan and lease losses decreased by $800,000, or 61.5%, to $500,000 for the three months ended September 30, 2021, compared to $1.3 million for the same period in 2020[166]. - Nonperforming loans and leases totaled $8.5 million, or 1.05% of total loans and leases at September 30, 2021, up from $4.8 million, or 0.65%, at December 31, 2020[150]. Operational Overview - The principal business involves attracting deposits and investing primarily in loans secured by commercial and multi-family real estate, first mortgages, and consumer loans[125]. - The Company operates through seven full-service and one limited-service offices in Indiana, and five full-service offices in Ohio, indicating a regional market expansion strategy[124]. - The Company has a leasing operation that consists of direct investments in technology-related equipment leased to small businesses across the United States[126]. - Total wealth management assets under management and administration were $151.8 million as of September 30, 2021[126]. Regulatory Compliance - The Company is subject to regulatory oversight by the Board of Governors of the Federal Reserve System and the Indiana Department of Financial Institutions, ensuring compliance with financial regulations[122]. - Management is not aware of any trends or uncertainties that could materially impact liquidity or capital resources[195]. Noninterest Income and Expense - Noninterest income decreased by $542,000, or 11.2%, to $4.3 million for the nine months ended September 30, 2021, compared to $4.9 million for the same period in 2020[181]. - Noninterest income decreased by $848,000, or 42.5%, to $1.1 million for the quarter ended September 30, 2021, compared to $2.0 million for the same quarter in 2020[167]. - Noninterest expense increased by $3.5 million, or 20.7%, to $20.7 million for the nine months ended September 30, 2021, from $17.2 million for the same period in 2020[182]. - Noninterest expense increased by $859,000, or 14.4%, to $6.8 million for the three months ended September 30, 2021, from $6.0 million for the same period in 2020[169].

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Richmond Mutual Bancorporation, Inc. as of June 30, 2021, and for the three and six-month periods then ended, along with detailed notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $1.19 billion at June 30, 2021, from $1.08 billion at December 31, 2020, driven by increases in investment securities and net loans, funded by a significant rise in total deposits Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 (Unaudited) | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$1,188,480** | **$1,084,193** | | Cash and cash equivalents | $17,087 | $48,768 | | Investment securities | $339,630 | $256,730 | | Loans and leases, net | $785,339 | $734,413 | | **Total Liabilities** | **$1,005,911** | **$891,480** | | Total deposits | $793,070 | $693,045 | | Federal Home Loan Bank advances | $189,000 | $170,000 | | **Total Stockholders' Equity** | **$182,569** | **$192,713** | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For the six months ended June 30, 2021, net income increased to $5.34 million from $4.96 million in the prior year period, driven by higher net interest income and a lower provision for loan losses Key Income Statement Data (Unaudited, in thousands except per share data) | Metric | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $8,925 | $8,024 | $17,689 | $15,911 | | Provision for losses on loans | $530 | $1,320 | $930 | $1,530 | | Noninterest Income | $1,905 | $2,083 | $3,672 | $3,036 | | Noninterest Expenses | $6,879 | $5,648 | $13,857 | $11,171 | | **Net Income** | **$2,781** | **$2,506** | **$5,344** | **$4,958** | | **Basic EPS** | **$0.24** | **$0.20** | **$0.46** | **$0.40** | | **Diluted EPS** | **$0.24** | **$0.20** | **$0.45** | **$0.40** | [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for the six months ended June 30, 2021, was $3.30 million, a significant decrease from $8.64 million in the same period of 2020, primarily due to a net unrealized loss on available-for-sale securities Comprehensive Income Summary (Unaudited, in thousands) | Metric | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $2,781 | $2,506 | $5,344 | $4,958 | | Other Comprehensive Income (Loss) | $1,614 | $914 | $(2,046) | $3,684 | | **Comprehensive Income** | **$4,396** | **$3,420** | **$3,298** | **$8,642** | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity decreased from $192.7 million at the end of 2020 to $182.6 million at June 30, 2021, primarily due to common stock repurchases and dividends paid - Key activities impacting stockholders' equity in the first six months of 2021 included net income of **$5.3 million**, other comprehensive loss of **$2.0 million**, common stock dividends of **$7.7 million** (including a **$0.50** special dividend), and common stock repurchases of **$7.2 million**[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2021, cash and cash equivalents decreased by $31.7 million, primarily due to cash used in investing activities, offset by financing activities Net Cash Flow Summary (Unaudited, in thousands) | Activity | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(2,495) | $7,455 | | Net cash used in investing activities | $(133,369) | $(84,687) | | Net cash provided by financing activities | $104,183 | $147,242 | | **Net Change in Cash and Cash Equivalents** | **$(31,681)** | **$70,010** | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the financial statements, covering accounting policies, portfolio compositions, credit quality, and fair value measurements - Under the CARES Act, the company provided loan modifications to customers, with **six loans totaling $2.5 million** outstanding as of June 30, 2021[35](index=35&type=chunk) - The company originated approximately **$103.1 million** in Paycheck Protection Program (PPP) loans, with **$34.6 million** outstanding as of June 30, 2021[36](index=36&type=chunk) - The company, as an emerging growth company, will comply with the new credit loss standard (ASU 2016-13) for fiscal years beginning after December 15, 2022[37](index=37&type=chunk)[40](index=40&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, asset growth, loan and deposit trends, and the impact of the COVID-19 pandemic, confirming strong liquidity and capital resources [Comparison of Financial Condition (June 30, 2021 vs. December 31, 2020)](index=44&type=section&id=Comparison%20of%20Financial%20Condition) Total assets increased by 9.6% to $1.2 billion, driven by growth in net loans and investment securities, funded by a rise in deposits, while stockholders' equity decreased - Total assets increased by **$104.3 million (9.6%)** to **$1.2 billion** at June 30, 2021[156](index=156&type=chunk) - Net loans and leases grew by **$50.9 million (6.9%)**, primarily in multi-family and construction loans[157](index=157&type=chunk) - Total deposits increased by **$100.0 million (14.4%)**, attributed to changes in customer savings habits and government stimulus[163](index=163&type=chunk) - Nonperforming loans increased to **$7.7 million (0.97% of total loans)** from **$4.8 million (0.65%)**, primarily due to a single **$4.9 million** non-accruing commercial real estate loan[158](index=158&type=chunk) [Comparison of Results of Operations for the Three Months Ended June 30, 2021 and 2020](index=46&type=section&id=Comparison%20of%20Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20June%2030%2C%202021%20and%202020) Net income for Q2 2021 increased to $2.8 million, driven by higher net interest income and a lower provision for loan losses, despite increased noninterest expenses Q2 2021 vs Q2 2020 Performance | Metric | Q2 2021 | Q2 2020 | Change | | :--- | :--- | :--- | :--- | | Net Income | $2.8M | $2.5M | +$0.3M | | Diluted EPS | $0.24 | $0.20 | +$0.04 | | Net Interest Income | $8.9M | $8.0M | +11.2% | | Provision for Loan Losses | $0.53M | $1.3M | -59.8% | | Noninterest Income | $1.9M | $2.1M | -8.5% | | Noninterest Expense | $6.9M | $5.6M | +21.8% | - Net interest margin increased to **3.18%** for Q2 2021 from **3.03%** in Q2 2020, benefiting from a **25 basis point** increase in the net interest rate spread[171](index=171&type=chunk) [Comparison of Results of Operations for the Six Months Ended June 30, 2021 and 2020](index=49&type=section&id=Comparison%20of%20Results%20of%20Operations%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202021%20and%202020) For the first half of 2021, net income rose to $5.3 million, supported by increased net interest income and a reduced provision for loan losses, despite higher noninterest expenses H1 2021 vs H1 2020 Performance | Metric | H1 2021 | H1 2020 | Change | | :--- | :--- | :--- | :--- | | Net Income | $5.3M | $5.0M | +$0.3M | | Diluted EPS | $0.45 | $0.40 | +$0.05 | | Net Interest Income | $17.7M | $15.9M | +11.2% | | Provision for Loan Losses | $0.93M | $1.5M | -39.2% | | Noninterest Income | $3.7M | $3.0M | +20.9% | | Noninterest Expense | $13.9M | $11.2M | +24.0% | - Net interest margin for the six-month period was **3.38%** in 2021, up from **3.25%** in 2020[185](index=185&type=chunk) [Liquidity and Capital Resources](index=53&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity through cash, unpledged securities, and FHLB borrowing capacity, with capital levels significantly exceeding regulatory requirements - At June 30, 2021, the Bank had access to **$177.9 million** in cash and unpledged available-for-sale securities, plus an additional **$51.0 million** in FHLB borrowing capacity[196](index=196&type=chunk) First Bank Richmond Capital Ratios as of June 30, 2021 | Ratio | Actual | To Be Well Capitalized | | :--- | :--- | :--- | | Total risk-based capital | 19.1% | 10.0% | | Tier 1 risk-based capital | 17.8% | 8.0% | | Common equity tier 1 capital | 17.8% | 6.5% | | Tier 1 leverage (core) capital | 13.7% | 5.0% | [Quantitative and Qualitative Disclosures about Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes in market risk disclosures were reported since the 2020 Annual Report on Form 10-K - No material changes in market risk disclosures were reported since the 2020 Form 10-K[209](index=209&type=chunk) [Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2021, with no material changes during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2021[210](index=210&type=chunk) [PART II OTHER INFORMATION](index=56&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material pending legal proceedings beyond routine matters in the ordinary course of business - As of June 30, 2021, the company was not involved in any material legal proceedings[214](index=214&type=chunk) [Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020, were reported - No material changes in Risk Factors were reported since the 2020 Form 10-K[215](index=215&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details its common stock repurchase activity for Q2 2021, including the authorization of a third repurchase program Share Repurchases for Q2 2021 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2021 | 89,001 | $13.93 | | May 2021 | 116,534 | $13.92 | | June 2021 | 164,484 | $14.43 | | **Total Q2** | **370,019** | **$14.15** | - On May 19, 2021, the Board authorized a third stock repurchase program for up to **1,263,841 shares** (approx. **10%** of outstanding shares), which commenced on July 2, 2021[220](index=220&type=chunk) [Defaults Upon Senior Securities](index=56&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There is nothing to report regarding defaults upon senior securities [Mine Safety Disclosures](index=56&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company [Other Information](index=56&type=section&id=Item%205.%20Other%20Information) There is nothing to report under this item [Exhibits](index=57&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including company certifications and the Interactive Data File (XBRL) - Exhibits filed include CEO/CFO certifications (**31.1, 31.2, 32.0**) and the XBRL interactive data file (**101.0, 104**)[222](index=222&type=chunk)[223](index=223&type=chunk)