Richmond Mutual Bancorporation (RMBI) investor relations material

Executive summary

• Net income for Q1 2026 was $2.8 million, up 41.5% from $2.0 million in Q1 2025, but down from $3.4 million in Q4 2025, with diluted EPS at $0.28 and improved net interest margin year-over-year.

• Total assets stood at $1.52 billion, loans and leases at $1.19 billion, deposits at $1.11 billion, and stockholders' equity at $144.9 million as of March 31, 2026.

• The company is in the process of merging with The Farmers Bancorp, with completion expected by the end of Q2 2026, pending shareholder approval and all regulatory approvals received.

• Management remains focused on disciplined credit management and integration planning for the merger.

Financial highlights

• Net interest income before provision for credit losses increased 11.6% year-over-year to $11.4 million, with a 32 basis point increase in interest rate spread and higher asset yields.

• Interest income rose 1.4% to $21.2 million, while interest expense fell 8.4% to $9.7 million year-over-year.

• Noninterest income grew 11.7% year-over-year, but decreased 14.7% sequentially, mainly from higher gains on loan and lease sales and increased wealth management income.

• Noninterest expense increased 4.0% year-over-year and 1.9% sequentially, with higher data processing costs, nonrecurring items, and fraud losses, offset by lower salaries and legal fees.

• Provision for credit losses was $693,000, down from $731,000 in Q1 2025; net charge-offs were $347,000.

Outlook and guidance

• Management expects continued vigilance due to economic volatility, inflation, and geopolitical risks, with future estimates for credit losses likely to fluctuate and variability in reported earnings during merger integration.

• The company remains focused on growth in Columbus, Cincinnati/Dayton/Springfield, and Indianapolis markets, which show above-average economic resilience.

• Focus remains on maintaining a strong balance sheet and disciplined credit management.