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Richmond Mutual Bancorporation, Inc. conducts its banking business through First Bank Richmond, serving households and businesses mainly in Indiana and Ohio. The bank uses customer deposits to finance loans and equipment leases, supplements funding with brokered deposits and Federal Home Loan Bank borrowings, and puts funds not used for lending into securities. Borrowers pay interest and equipment users make lease payments; the bank’s main earnings depend on what it earns from these assets after paying interest on deposits and borrowings.
Commercial and multifamily real estate account for most of the loan and lease portfolio, with properties concentrated in Indiana and Ohio and substantial exposure to the Columbus market. Repayment therefore leans heavily on businesses’ cash flow and rental income. Through First Federal Leasing, the bank also finances equipment for small businesses nationwide. That operation relies entirely on brokers and other outside originators, with a relatively small group supplying most transactions.
The bank also earns fees for managing customers’ wealth, trusts and estates, servicing loans and maintaining deposit accounts. It sells many of the residential mortgages it originates, generally retaining servicing on eligible conventional loans. The parent company is a separate holding company, and banking regulations limit the dividends First Bank Richmond can send upstream.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Richmond Mutual’s outlook also hinges on completing its announced acquisition of The Farmers Bancorp of Frankfort, Indiana, alongside commercial property credit quality and funding costs.
Horizon Bancorp, Inc. and Richmond Mutual both earn income from lending in central Indiana, so the state’s borrower health and loan demand matter to both. Horizon’s loan revenue is the line to watch for those shared lending conditions.
Farmers & Merchants Bancorp, Inc. and Richmond Mutual both lend to businesses and households in Indiana and Ohio, tying their results to regional loan demand and repayment conditions. Watch Farmers & Merchants’ lending for business operating needs, machinery purchases and commercial property, where its newer markets have generated loan growth.
Mercantile Bank Corp and Richmond Mutual finance business property and equipment, so changes in the interest borrowers pay and the cost of funding loans matter to both. Mercantile’s generally floating-rate commercial property loans offer a useful comparison for Richmond Mutual’s largely adjustable-rate commercial and multifamily property lending.
HomeTrust Bancshares, Inc. and Richmond Mutual both use customer deposits and borrowings to finance commercial property, business loans and equipment leases. HomeTrust’s equipment-lease repayments and deposit costs are useful comparisons for Richmond Mutual’s nationwide leasing business and its cost of funding loans.
Great Southern Bancorp Inc and Richmond Mutual both earn interest on commercial property loans funded by customer deposits, deposits gathered through brokers and Federal Home Loan Bank borrowings, while selling longer-term fixed-rate home loans to investors. Watch what Great Southern pays to attract deposits: that funding pressure also matters to Richmond Mutual.
Equity Bancshares, Inc. and Richmond Mutual both depend heavily on interest and repayments from property borrowers: at December 31, 2025, commercial real estate represented 53.0% of Equity’s loans, while commercial and multifamily property loans represented 52.2% of Richmond Mutual’s loans and leases. Equity’s commercial property credit performance and lending rates are the useful comparisons, rather than its different regional markets.
First Mid Bancshares, Inc.’s commercial property borrowers provide a useful credit comparison for Richmond Mutual, whose commercial and multifamily property loans make up over half its loans and leases. Watch repayment trends in First Mid’s $2.6 billion commercial real estate loan book at December 31, 2025, rather than its insurance or wealth-management businesses.
United Community Banks, Inc. competes with Richmond Mutual for businesses needing equipment financing across the United States. Its national equipment finance pricing is worth watching against Richmond Mutual’s business of leasing equipment to small businesses nationwide.
SmartFinancial, Inc. competes with Richmond Mutual for small and medium-sized businesses needing equipment financing in the Southeast. Its Fountain Equipment Finance subsidiary lends money and leases heavy equipment, semi-trucks and trailers; pricing on those products is the clearest comparison with Richmond Mutual’s nationwide equipment leasing.
Mercantile Bank Corp earningsMBWM
Mercantile Bank’s report will show whether interest from its floating-rate commercial property loans is keeping ahead of funding costs, a comparison for Richmond Mutual Bancorporation’s lending spread.
Watch the change in Mercantile Bank’s net interest margin, which measures interest income relative to interest-earning assets and reflects the tug-of-war between loan yields and deposit and other funding costs. A firmer margin would show loan returns holding up better against funding costs; a weaker one would suggest those costs are catching up, a risk to Richmond Mutual’s spread too. Their loan books and funding mixes differ, so the comparison is not a direct read-through.
Great Southern Bancorp Inc earningsGSBC
Great Southern Bancorp’s report will show what it costs to attract deposits, a funding comparison for Richmond Mutual Bancorporation, which also uses customer and brokered deposits to support commercial property lending.
Watch the interest cost Great Southern pays on deposits. Stable costs would suggest less pressure of this kind on Richmond Mutual’s funding; rising costs would show banks may need to pay more to keep deposits, leaving less of their loan interest income after funding. The banks’ deposit mixes differ, so this indicates the direction of pressure, not Richmond Mutual’s actual cost.
Horizon Bancorp, Inc. earningsHBNC
Horizon Bancorp’s report will show loan revenue in central Indiana, offering a read on local borrower demand and repayment conditions for Richmond Mutual Bancorporation’s Indiana lending.
Watch Horizon’s loan revenue and whether its explanation points to changing borrower demand or repayments. Steady loan revenue without signs of weaker repayments would suggest a supportive local backdrop for Richmond Mutual’s Indiana lending; weaker revenue or repayments would flag possible demand or credit pressure, not establish that Richmond Mutual has seen the same results.
Richmond Mutual Bancorporation, Inc. earningsThis company
Richmond Mutual Bancorporation earns most of its income from interest on loans and leases after paying for deposits and other funding, so this report will show whether that spread holds up alongside borrower repayments.
Read net interest income alongside credit losses, paying attention to repayments on commercial and multifamily property loans and equipment leases. Rising net interest income with stable credit losses would show loan income is growing without being offset by funding costs or borrower stress; weaker income or higher losses would point to margin pressure or repayment risk eroding this bank’s earnings.
HomeTrust Bancshares, Inc. earningsHTB
HomeTrust Bancshares’ report will show equipment-lease repayments and deposit and other funding costs, comparisons for Richmond Mutual Bancorporation’s leasing business and loan funding.
Read HomeTrust’s equipment-lease repayments alongside its deposit and other funding costs. Stable repayments with contained funding costs would suggest its lease collections and loan-funding pressure are steady; weaker repayments or higher costs would flag lease credit risk or margin pressure, respectively—both relevant paths for Richmond Mutual, though the companies’ customers and funding mixes differ.
Fed Interest Rate Decision
For Richmond Mutual, the Fed’s rate decision affects what it earns on loans and securities versus what it pays depositors and FHLB lenders, while also influencing demand for the residential mortgages it originates.
Expected4.0%Last release4.0%
If it comes in above expectations
For Richmond Mutual, a higher-than-expected policy rate may lift income on loans and securities as they reprice, but can also raise deposit and FHLB borrowing costs; higher borrowing costs may dampen demand for residential mortgages.
If it comes in below expectations
For Richmond Mutual, a lower-than-expected policy rate may ease deposit and FHLB borrowing costs, but can also reduce income as loans and securities reprice; lower borrowing costs may support demand for residential mortgages.
