Quarterly ResultJul 27, 2026, 05:12 PM
Richmond Mutual Q2 Net Income $2.2M; Farmers Bancorp Merger Done
AI Summary
Richmond Mutual Bancorporation, Inc. reported Q2 2026 net income of $2.2 million, or $0.22 diluted EPS, a decrease from $2.8 million in Q1 2026 and $2.6 million in Q2 2025. The decline was primarily due to $1.9 million in non-recurring merger-related expenses and a higher provision for credit losses. The company successfully completed its merger with The Farmers Bancorp on July 1, 2026, forming First Bank Midwest, which is expected to enhance scale and market presence, while core operating performance showed improvement with increased net interest income and an expanded net interest margin.
Key Highlights
- Net income $2.2M ($0.22 diluted EPS) for Q2 2026.
- Merger with The Farmers Bancorp completed on July 1, 2026.
- Q2 net income decreased due to $1.9M non-recurring merger-related expenses.
- Net interest income increased 5.5% QoQ to $12.1M.
- Net interest margin expanded to 3.22% from 3.10% QoQ.
- Total assets reached $1.6B at June 30, 2026.
- Nonperforming loans increased to $21.8M (1.78% of total loans).
- Stockholders' equity $148.3M at June 30, 2026.
Price Impact
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