RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES EXTENSION OF STOCK REPURCHASE PROGRAM

Core Viewpoint - Richmond Mutual Bancorporation, Inc. has extended its stock repurchase program for an additional year, reflecting confidence in the company's future and perceived undervaluation of its common stock [1][2]. Stock Repurchase Program - The stock repurchase program, originally set to expire on June 6, 2024, is now extended to June 6, 2025, with 723,195 shares remaining available for purchase as of May 15, 2024 [1]. - Since the program's inception, the company has repurchased 782,840 shares at a total cost of $8.8 million [1]. Management Commentary - The Chairman, President, and CEO emphasized the company's solid financial condition, strong liquidity, and high-quality loan portfolio despite ongoing turbulence in the banking sector [2]. - The Board has authorized management to enter into a trading plan with Keefe, Bruyette & Woods, Inc. to facilitate share repurchases under the stock repurchase program [2]. Trading Plan Details - The Rule 10b5-1 plan allows the company to repurchase shares during periods when it might be restricted from doing so due to securities laws or self-imposed trading blackout periods [2]. - Keefe, Bruyette & Woods, Inc. will have the authority to repurchase shares on behalf of the company, subject to specified prices, terms, and limitations [2]. Company Overview - Richmond Mutual Bancorporation, Inc. is headquartered in Richmond, Indiana, and serves as the holding company for First Bank Richmond, which offers traditional financial and trust services through multiple locations in Indiana and Ohio [4].