Richmond Mutual Bancorporation Reports Q2 Earnings Amid Merger Completion
Richmond Mutual Bancorporation, Inc. (NASDAQ: RMBI) reported second-quarter net income of $2.2 million or diluted earnings per share of $0.22 for the quarter ended June 30, 2026. This represents a decline from both Q1 2026 ($2.8M; $0.28 EPS) and Q2 2025 ($2.6M; $0.26 EPS), primarily due to higher noninterest expenses including $1.9 million in merger-related costs tied to the acquisition of Farmers Bancorp, as well as a larger provision for credit losses. The company completed its merger with Farmers Bancorp on July 1, 2026, under which The Farmers Bank merged into First Bank Richmond. Post-merger operations will be conducted under the name First Bank Midwest while continuing to trade under RMBI. Financial results in this release do not yet include Farmers Bancorp's performance; those figures are expected in Q3 reporting. CEO Garry Kleer noted that despite lower earnings, core operating metrics improved with higher net interest income and a broader net interest margin compared to previous periods.