Richmond Mutual Bancorporation (RMBI) investor relations material

Executive summary

• Net income for Q1 2026 was $2.8 million ($0.28 diluted EPS), down from $3.4 million in Q4 2025 but up from $2.0 million in Q1 2025, reflecting higher credit loss provisions and nonrecurring expenses sequentially, but improved net interest margin year-over-year.

• A proposed merger with Farmers Bancorp is expected to close in Q2 2026, pending shareholder approval, with all regulatory approvals already received.

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

Financial highlights

• Net interest income was $11.4 million, down 0.8% sequentially but up 11.6% year-over-year.

• Annualized net interest margin was 3.10%, nearly flat sequentially but up from 2.79% a year ago.

• Noninterest income decreased 14.7% sequentially but increased 11.7% year-over-year, with Q1 2026 impacted by lower servicing and card fees but higher gains on loan sales.

• Noninterest expense rose 1.9% sequentially and 4.0% year-over-year, including $188,000 in core processor fees, $263,000 in fraud losses, and $150,000 in real estate taxes on a nonaccrual loan.

• Total assets were $1.52 billion, with loans and leases at $1.19 billion and deposits at $1.11 billion as of March 31, 2026.

• Book value per share was $13.80, down from $13.88 at year-end 2025.

Outlook and guidance

• Management expects variability in reported earnings during merger integration, with normalization anticipated as synergies are realized.

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