Richmond Mutual reported net income of $2.2 million, or diluted earnings per share of $0.22, for the second quarter of 2026, down from $2.8 million ($0.28 diluted EPS) in Q1 2026 and $2.6 million ($0.26 diluted EPS) in Q2 2025. Results for the quarter reflect $1.9 million of non-recurring merger-related expenses tied to the July 1, 2026 closing of the Farmers Bancorp merger and a higher provision for credit losses. The financials presented cover operations through June 30, 2026; Farmers Bancorp results will be included beginning in Q3 2026.

Financial Highlights

  • Net income: $2.2 million for Q2 2026 (Q1 2026: $2.8 million; Q2 2025: $2.6 million).
  • Diluted earnings per share: $0.22 for Q2 2026 (Q1 2026: $0.28; Q2 2025: $0.26).
  • Net interest income: $12.1 million for Q2 2026, up $628,000 (5.5%) from Q1 2026 and up $1.3 million (12.2%) year-over-year.
  • Annualized net interest margin: 3.22% for Q2 2026 (Q1 2026: 3.10%; Q2 2025: 2.93%).
  • Noninterest expense: $10.2 million for Q2 2026, up $1.5 million (16.8%) from Q1 2026, driven primarily by $1.9 million of non‑recurring merger-related expenses.

Business Highlights

  • Completed merger with Farmers Bancorp on July 1, 2026; The Farmers Bank merged into First Bank Richmond and the combined bank operates as First Bank Midwest.
  • Operational integration underway with new President Christopher Cook joining the organization and additional Farmers Bancorp personnel onboarding.
  • Loan portfolio growth: loans and leases net increased to $1.2 billion at June 30, 2026, with increases in commercial mortgage, commercial & industrial, construction & development, and home equity lines.
  • Assets totaled $1.6 billion at June 30, 2026; deposits increased to $1.15 billion driven by growth in brokered time deposits and savings/money market balances.
  • Asset quality movement: nonperforming loans and leases rose to $21.8 million (1.78% of loans) at June 30, 2026, with allowance for credit losses at $17.0 million (1.39% of loans).

Original SEC Filing:

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