Richmond Mutual Bancorporation (NASDAQ: RMBI) is a community banking company that operates through its subsidiary First Bank Richmond, accepting deposits and originating loans and leases across Indiana and contiguous markets. The company earns money primarily on the spread between interest earned on loans and securities and interest paid on deposits, a classic net interest margin model. At December 31, 2025, RMBI held $1.5 billion in total assets, $1.2 billion in loans, and $1.1 billion in deposits, with a risk-based capital ratio of 14.6% at First Bank Richmond, well above the 10.0% well-capitalized regulatory threshold. Net income was $11.6 million for the year ended December 31, 2025, up from $9.4 million in 2024. The bank also services one- to four-family mortgage loans sold into the secondary market, retaining mortgage servicing rights with a book value of $1.9 million at December 31, 2025. Equipment lease financing is conducted through First Federal Leasing, a division of First Bank Richmond.

Revenue model

Net interest income from loans and leases (yield of 6.54% on average balances of $1.18 billion in FY2025), investment securities (yield of 2.54% on average balances of $254.8 million in FY2025), and FHLB stock dividends (yield of 8.89% in FY2025), offset by interest paid on deposits averaging $1.1 billion at a weighted average rate of 2.7% at December 31, 2025. Secondary revenue from mortgage servicing rights on sold one- to four-family loans and fee income from equipment lease financing through third-party brokers.

Products and services

Deposit products: non-interest-bearing demand deposits, interest-bearing demand deposits, savings accounts, money market accounts, and certificate accounts. Loan products: one- to four-family residential mortgages (with secondary market sales and MSR retention), commercial real estate loans, construction and land development loans, and commercial loans. Equipment lease financing through First Federal Leasing for medical, computer, manufacturing, audio/visual, industrial, construction, and transportation equipment, with transaction sizes generally between $2,500 and $250,000 and terms of 24 to 72 months (average size $51,000 as of the FY2025 10-K).

Customers and end markets

Retail deposit customers and commercial borrowers in Indiana and contiguous markets. Commercial equipment lessees served through broker and third-party originator channels. Commercial real estate borrowers, including urban development projects in Indianapolis. Non-performing loans to total loans ratio was 1.46% at December 31, 2025, with stress noted in certain commercial real estate relationships.

Value-chain role

Community bank and direct lender. Originates, underwrites, and holds loans on balance sheet; sells a portion of one- to four-family loans into the secondary market while retaining servicing rights through First Bank Richmond. Relies exclusively on third-party brokers and originators to source equipment lease transactions through First Federal Leasing.

Geographic exposure

Indiana, with a stated strategy to expand in current markets and contiguous areas. Largest disclosed construction loan at December 31, 2025 was secured by an urban development site in Indianapolis, Indiana.

Source: SEC 10-K, filed 2026-03-23

Industry: State Commercial Banks Peers: ChoiceOne Financial Services Inc Embassy Bancorp Inc First Northwest Bancorp First Savings Financial Group, Inc. MIDDLEFIELD BANC CORP PNC Financial Services Group Inc