Richmond Mutual reports 41% earnings jump, merger with Farmers Bancorp set for Q2 close

Filed May 12, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~2 min read

Key Changes

• high

  Net income rose 41.5% to $2.8M on improved net interest margin (3.10% vs 2.79% prior year); deposit costs fell 28 basis points while loan yields held, driving profitability rebound after prior-year decline.

  MD&A: Net Income and Net Interest Margin verify on EDGAR →
• high

  Definitive merger with Farmers Bancorp announced; Farmers shareholders receive 3.40 RMBI shares per share and will own ~38% of combined company. Regulatory approvals received, shareholder votes scheduled late May 2026, closing expected end of Q2 2026.

  MD&A: Merger Announcement verify on EDGAR →
• high

  Nonperforming loans tripled to $17.6M (1.48% of total loans) from $7.0M (0.59%) a year earlier, driven by one $2.4M multi-family loan moving to nonaccrual. Credit quality deterioration notable despite lower provision expense.

  MD&A: Nonperforming Loans verify on EDGAR →