Richmond Mutual Bancorporation (RMBI) files pro forma data on $100M Farmers Bancorp deal

Q: What does Richmond Mutual Bancorporation (RMBI) disclose in this 8-K/A about the Farmers Bancorp merger?

Richmond Mutual Bancorporation adds audited and unaudited financial statements for The Farmers Bancorp and unaudited pro forma combined financials, showing how the two institutions would look as a single company after their July 1, 2026 stock merger.

Q: How large is The Farmers Bancorp that Richmond Mutual Bancorporation (RMBI) acquired?

As of March 31, 2026, The Farmers Bancorp reported $1.13 billion in total assets and $919.6 million in total deposits, with net loans of $782.7 million . These figures indicate a sizable community banking franchise in north central Indiana.

Q: What are the key terms of Richmond Mutual Bancorporation’s (RMBI) stock merger with The Farmers Bancorp?

Each Farmers Bancorp share was converted into 3.40 shares of Richmond Mutual common stock. Approximately 6,254,286 Richmond Mutual shares were issued, with total estimated consideration of about $100.2 million , based on a June 30, 2026 share price of $15.88.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

8-K/A

Rhea-AI Filing Summary

Richmond Mutual Bancorporation, Inc. filed an amended report to add full historical and pro forma financial information for its completed stock merger with The Farmers Bancorp of Frankfort, Indiana. Earlier filings had already reported closing of the merger on July 1, 2026 and related board committee matters; this amendment focuses on the required financial statements.

Farmers Bancorp reported total assets of $1.13 billion and total deposits of $919.6 million as of March 31, 2026, with net loans of $782.7 million. For the nine months ended March 31, 2026 it generated net interest income of $26.9 million, net income of $7.8 million, and basic earnings per share of $4.24, up from $3.77 a year earlier. Credit quality data, loan segmentation and allowance for credit losses are provided in detail.

Pro forma information shows a combined company with $2.65 billion in assets as of March 31, 2026. The merger was structured as an all‑stock transaction in which each Farmers Bancorp share was converted into 3.40 Richmond Mutual shares, resulting in issuance of approximately 6.25 million shares and an estimated total consideration of about $100.2 million.

Filing Explained

The merger is complete, but its preliminary purchase-price allocation remains subject to potentially material accounting changes.

Richmond Mutual says this amendment supplements the completed July 1 merger report with required financial statements and pro forma information; the merger is complete, but the accounting presentation remains preliminary.

The pro forma figures model the companies as combined on earlier dates for illustration, rather than reporting the combined company’s actual historical results or establishing its future results.

The unresolved item is the final purchase-price allocation: additional valuation work and changes through closing may materially change goodwill and related income-statement adjustments from the amounts shown.

8-K Event Classification

2 items: 2.01, 9.01

2 items

Item 2.01 Completion of Acquisition or Disposition of Assets Financial

The company completed a significant acquisition or sale of business assets.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Farmers total assets: $1,125,496 (thousand) Farmers deposits: $919,599 (thousand) Farmers net income: $7,765 (thousand) +5 more

8 metrics

Farmers total assets $1,125,496 (thousand) The Farmers Bancorp consolidated assets as of March 31, 2026

Farmers deposits $919,599 (thousand) Total deposits at The Farmers Bancorp as of March 31, 2026

Farmers net income $7,765 (thousand) Nine months ended March 31, 2026 net income for The Farmers Bancorp

Farmers basic EPS $4.24 Basic and diluted earnings per share for nine months ended March 31, 2026

Combined pro forma assets $2,649,256 (thousand) Pro forma combined assets of Richmond Mutual and Farmers as of March 31, 2026

Merger consideration $100,236 (thousand) Preliminary fair value of total consideration for Farmers Bancorp acquisition

Exchange ratio 3.40 shares Richmond Mutual shares issued per Farmers Bancorp share

New RMBI shares issued 6,254,286 shares Richmond Mutual common stock issued in the merger, after fractional adjustment

Key Terms

unaudited pro forma condensed combined financial information, allowance for credit losses, community bank leverage ratio framework, core deposit intangible, +2 more

6 terms

unaudited pro forma condensed combined financial information financial

"The following is the unaudited pro forma condensed combined financial information for Richmond Mutual Bancorporation, Inc."

Unaudited pro forma condensed combined financial information is a preliminary set of shortened financial statements that shows how two or more businesses would have performed if they had been operating together, presented without an independent audit. Investors use it as a dress-rehearsal snapshot to gauge the potential size, profitability and cash flow impact of a merger or acquisition, but should treat it as an estimate rather than a final, verified record.

allowance for credit losses financial

"Loans, net of allowance for credit losses of $10,907 and $10,306"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

community bank leverage ratio framework financial

"the community bank leverage ratio framework (CBLR framework), for qualifying community bank organizations"

core deposit intangible financial

"Core deposit intangible (“CDI”), net"

Core deposit intangible is an accounting asset that represents the value of customer deposits a bank gains, usually through an acquisition, because those deposits provide a stable, low-cost source of funding. Think of it like paying for a loyal customer list that will save the bank money over time; it is written down over several years and affects reported earnings and the apparent cost of acquiring new funds, so investors watch it to understand future profitability and capital impact.

collateral dependent loans financial

"the amortized cost basis of collateral dependent loans, which are individually evaluated"

repurchase agreements financial

"Repurchase agreements are borrowings from customers that are collateralized by a pledge of Mortgage-backed securities."

A repurchase agreement is a short-term loan where one party sells a security and promises to buy it back shortly after at a slightly higher price, effectively using the security as collateral. Investors care because these deals lubricate the plumbing of money markets—keeping cash flowing, helping set short-term interest rates, and affecting borrowing costs and liquidity that can influence asset prices and market stability.

FAQ

What does Richmond Mutual Bancorporation (RMBI) disclose in this 8-K/A about the Farmers Bancorp merger?

Richmond Mutual Bancorporation adds audited and unaudited financial statements for The Farmers Bancorp and unaudited pro forma combined financials, showing how the two institutions would look as a single company after their July 1, 2026 stock merger.

How large is The Farmers Bancorp that Richmond Mutual Bancorporation (RMBI) acquired?

As of March 31, 2026, The Farmers Bancorp reported $1.13 billion in total assets and $919.6 million in total deposits, with net loans of $782.7 million. These figures indicate a sizable community banking franchise in north central Indiana.

What were The Farmers Bancorp’s recent earnings before joining Richmond Mutual Bancorporation (RMBI)?

For the nine months ended March 31, 2026, Farmers Bancorp generated net income of $7.8 million, up from $6.9 million a year earlier. Basic and diluted earnings per share were $4.24, compared with about $3.77 in the prior‑year period.

What are the key terms of Richmond Mutual Bancorporation’s (RMBI) stock merger with The Farmers Bancorp?

Each Farmers Bancorp share was converted into 3.40 shares of Richmond Mutual common stock. Approximately 6,254,286 Richmond Mutual shares were issued, with total estimated consideration of about $100.2 million, based on a June 30, 2026 share price of $15.88.

What does the pro forma financial information show for the combined Richmond Mutual Bancorporation (RMBI) and Farmers Bancorp?

The unaudited pro forma balance sheet as of March 31, 2026 shows a combined company with $2.65 billion in assets and deposits of about $2.03 billion. Pro forma income statements illustrate the merged bank’s earnings profile for the three months ended March 31, 2026 and year ended December 31, 2025.

How strong was The Farmers Bancorp’s capital position before merging with Richmond Mutual Bancorporation (RMBI)?

Farmers Bancorp’s bank subsidiary reported Tier 1 capital to average assets of 10.0% at March 31, 2026 and was categorized as well capitalized under prompt corrective action rules, using the community bank leverage ratio framework with a 9% minimum requirement.

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Available on EDGAR 08/12/2026 - 05:01 PM Accepted by SEC EDGAR 08/12/2026 - 05:00 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

(Amendment No. 2)

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 1, 2026

Richmond Mutual Bancorporation, Inc.

(Exact name of registrant as specified in its charter)

Maryland		001-38956		36-4926041
(State or other jurisdiction of incorporation)		(Commission File No.)		(IRS Employer Identification No.)

31 North 9th Street, Richmond, Indiana		47374
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (765) 962-2581

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	RMBI	The NASDAQ Stock Market LLC

Indicated by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨

Explanatory Note

This Amendment No. 2 to Current Report on Form 8-K/A is being filed with the Securities and Exchange Commission (the “SEC”) solely to amend and supplement Item 9.01 of the Current Report on Form 8-K (the “Original Form 8-K”) filed by Richmond Mutual Bancorporation, Inc. (“Richmond Mutual”) on July 1, 2026, reporting under Item 2.01 the completion of its previously announced merger (the “Merger”) with The Farmers Bancorp, Frankfort, Indiana (“Farmers Bancorp”). Amendment No. 1 to the Original Form 8-K (“Amendment No. 1”) was filed on July 17, 2026 solely to report committee assignments. Under Item 9.01 of the Original Form 8-K, Richmond Mutual stated that (a) the historical financial statements required by Item 9.01 of Form 8-K would be filed as an amendment to the Original Form 8-K not later than 71 days after the date the Original Form 8-K was required to be filed. No modifications have been made to information contained in the Original Form 8-K or Amendment No. 1, and Richmond Mutual has not updated any information contained therein to reflect events that have occurred since the date of the Original Form 8-K.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(a) Financial statements of businesses acquired

The audited consolidated balance sheets of Farmers Bancorp as of June 30, 2025 and 2024, the related audited consolidated statements of income, comprehensive income, changes in shareholder’s equity, and cash flows of Farmers Bancorp for the years ended June 30, 2025 and 2024, the notes related thereto and the independent Auditor’s Report, are filed as Exhibit 99.1 and incorporated herein by reference.

The unaudited consolidated balance sheets of Farmers Bancorp as of March 31, 2026, the related unaudited consolidated statements of income, comprehensive income, changes in shareholder’s equity, and cash flows of Farmers Bancorp for the nine months ended March 31, 2026 and 2025, and the notes related thereto and for the nine months ended March 31, 2026 and 2025 are attached as Exhibit 99.2 and incorporated herein by reference.

(b) Pro forma financial information

The unaudited pro forma condensed combined financial information of Richmond Mutual and Farmers Bancorp as of March 31, 2026 and for the three months ended March 31, 2026 and the year ended December 31, 2025 are attached as Exhibit 99.3 and incorporated herein by reference.

(d) Exhibits

Exhibit No.		Description

23.1		Consent of Forvis Mazars, LLP

99.1		Audited consolidated financial statements of The Farmers Bancorp, Frankfort, Indiana as of and for the years ended June 30, 2025 and 2024 (incorporated by reference from Richmond Mutual Bancorporation, Inc.’s Registration Statement on Form S-4, as amended (SEC File No. 333- 294527))

99.2		Unaudited consolidated financial statements of The Farmers Bancorp, Frankfort, Indiana as of March 31, 2026 and for the nine months ended March 31, 2026 and 2025.

99.3		Unaudited proforma combined financial information as of March 31, 2026 and for the three months ended March 31, 2026 and the year ended December 31, 2025.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RICHMOND MUTUAL BANCORPORATION


Date: August 12, 2026	By:	/s/Christopher D. Cook
	Christopher D. Cook, President

Exhibit 99.2

The Farmers Bancorp

Contents

Consolidated Financial Statements
Balance Sheets as of March 31, 2026 (unaudited) and June 30, 2025 (audited)	1
Unaudited Statements of Income for the nine months ended March 31, 2026 and 2025	2
Unaudited Statements of Comprehensive Income for the nine months ended March 31, 2026 and 2025	3
Unaudited Statements of Changes in Shareholders' Equity for the nine months ended March 31, 2026 and 2025	4
Unaudited Statements of Cash Flows for the nine months ended March 31, 2026 and 2025	5
Notes to Financial Statements	6

The Farmers Bancorp

Consolidated Balance Sheet

Periods ended March 31, 2026 and June 30, 2025

(Dollar Amounts in Thousands)

	(Unaudited) 3/31/2026			06/30/2025
Assets
Cash and cash equivalents	$	71,399		$	66,242
Securities available for sale		203,457			190,132
Loans, net of allowance for credit losses of $10,907 and $10,306		782,739			780,048
Premises and equipment, net		18,946			16,852
Restricted stock, at cost		7,143			7,143
Cash value of life insurance		19,872			19,569
Accrued income and other assets		21,940			22,506

	$	1,125,496		$	1,102,492

Liabilities and Shareholders' Equity
Liabilities
Demand deposits	$	248,939		$	228,352
Savings, NOW and money market deposits		498,571			439,966
Time deposits		172,089			182,998
Total deposits		919,599			851,316
Short-term borrowings		283			39,320
Federal Home Loan Bank advances		95,000			110,000
Subordinated Debentures, net of issuance costs		14,790			14,764
Accrued expenses and other liabilities		11,428			11,293
		1,041,100			1,026,693
Shareholders' Equity
Common stock, no par value - 4,800,000 shares authorized, 1,844,075 and 1,844,075 shares issued and outstanding at March 31, 2026 and June 30, 2025, respectively		2,554			2,419
Additional paid-in capital		1			1
Retained earnings		99,246			93,694
Accumulated other comprehensive loss		(17,405	)		(20,315	)
		84,396			75,799

	$	1,125,496		$	1,102,492

See Notes to Consolidated Financial Statements

The Farmers Bancorp

Consolidated Statements of Income
Nine Months ended March 31, 2026 and 2025
(Dollar Amounts in Thousands)

(unaudited)

	Nine Months ended March 31
	2026		2025
Interest Income
Loans	$	38,955	$	36,234
Securities
Taxable		3,985		3,626
Tax-exempt		1,252		1,078
Other		1,857		405
		46,049		41,344
Interest Expense
Deposits		15,076		12,727
Subordinated Debentures		450		450
Other borrowings		3,669		4,406
		19,195		17,583

Net Interest Income		26,854		23,761
Provision for credit losses		1,050		556

Net Interest Income After Provision for Credit Losses		25,804		23,205

Other Operating Income
Trust fees		1,662		1,462
Service charges and fees on deposit accounts		900		856
Gain on sale of loans		525		421
Increase in cash value of life insurance		322		297
Interchange income		1,321		1,293
Other		889		837
		5,619		5,164
Other Operating Expenses
Salaries and employee benefits		12,940		11,506
Occupancy		1,468		1,204
Equipment		1,002		701
Data processing		2,085		2,235
Federal deposit insurance corporation premiums		412		351
Professional expense		1,068		1,919
Marketing		682		650
Other		2,557		1,766
		22,214		20,332

Income Before Income Taxes		9,208		8,038

Income Tax Expense		1,443		1,154

Net Income	$	7,765	$	6,884

Basic and Diluted Earnings Per Share	$	4.24	$	3.76

See Notes to Consolidated Financial Statements

The Farmers Bancorp

Consolidated Statements of Comprehensive Income
Nine Months Ended March 31, 2026 and 2025

(Dollar Amounts in Thousands)

(unaudited)

	Nine Months ended March 31
	2026		2025
Net Income	$	7,765	$	6,884

Other Comprehensive Income
Unrealized gain (loss) on securities available for sale, net of tax expense of $773 and $318, respectively		2,910		1,199

Total other comprehensive income (loss)		2,910		1,199

Comprehensive Income	$	10,675	$	8,083

See Notes to Consolidated Financial Statements

The Farmers Bancorp

Consolidated Statements of Changes in Shareholders’ Equity
Nine Months Ended March 31, 2026 and 2025
(Dollar Amounts in Thousands)

(unaudited)

	Nine months ended March 31, 2025
	Common Stock		Additional Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total
Balance June 30, 2024	$	2,203	$	1	$	87,212		$	(21,595	)		67,821

Net income						6,884						6,884
Other comprehensive									1,199			1,199
Stock issued (8,299 shares)		133										133
Cash dividends ($1.14 per share)						(2,085	)					(2,085	)

Balance, March 31, 2025	$	2,336	$	1	$	92,011		$	(20,396	)	$	73,952

	Nine months ended March 31, 2026
	Common Stock		Additional Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total
Balance June 30, 2025	$	2,419	$	1	$	93,694		$	(20,315	)		75,799

Net income						7,765						7,765
Other comprehensive income									2,910			2,910
RSU Grants		135										135
Cash dividends ($1.20 per share)						(2,213	)					(2,213	)

Balance, March 31, 2026	$	2,554	$	1	$	99,247		$	(17,405	)	$	84,396

See Notes to Consolidated Financial Statements

The Farmers Bancorp

Consolidated Statements of Cash Flows
Nine Months Ended March 31, 2026 and 2025
(Dollar Amounts in Thousands)

(unaudited)

	Nine Months ended March 31
	2026			2025
Operating Activities
Net income	$	7,765		$	6,884
Items not requiring (providing) cash
Depreciation		939			684
Provision (credit) for credit losses		1,050			685
Deferred income taxes		-			189
Net amortization on securities		15			120
(Gain) on premise and equipment		(1	)		-
Increase in cash value of life insurance		(322	)		(281	)
Change in assets and liabilities
Loans held for sale		-			772
Interest receivable and other assets		(407	)		(294	)
Interest payable and other liabilities		147			(1,022	)
Net cash provided by operating activities		9,186			7,737

Investing Activities
Proceeds from maturities and principal repayments on securities available for sale		14,932			11,055
Purchase of securities available for sale		(24,592	)		(22,712	)
Purchase of restricted stock		-			(2,612	)
Net change in loans		(3,505	)		(59,597	)
Property and equipment expenditures		(2,959	)		(3,864	)
Net cash used in investing activities		(16,197	)		(77,730	)

Financing Activities
Net change in deposits		68,283			50,998
Net change in short-term borrowings		(39,037	)		(2,033	)
Proceeds from FHLB advances		-			222,000
Repayment of FHLB advances		(15,000	)		(215,450	)
Stock issued		135			196
Dividends paid		(2,213	)		(2,088	)
Net cash provided by financing activities		12,168			53,623

Net Change in Cash and Cash Equivalents		5,157			(16,370	)

Cash and Cash Equivalents, Beginning of Year		66,242			46,611

Cash and Cash Equivalents, End of Year	$	71,399		$	30,241

Supplemental Disclosures of Cash Flows Information
Cash paid during the year for
Interest	$	18,233		$	16,338
Income taxes		1,635			710

See Notes to Consolidated Financial Statements

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

Note 1:   Summary of Significant Accounting Policies

Basis of reporting - The consolidated financial statements include the accounts of The Farmers Bancorp (Company) and its wholly owned subsidiaries, The Farmers Bank (Bank), and the bank’s wholly owned subsidiaries, FBF Securities and TFB Properties. Significant intercompany accounts and transactions have been eliminated.

Description of business - The Company generates commercial, installment, and mortgage loans and receives deposits from customers located primarily in north central Indiana. Although the overall loan portfolio is diversified, a substantial portion of its debtors' ability to honor their contracts is dependent upon the agricultural industry. The majority of the Company's loans are secured by specific items of collateral including business assets, consumer assets and real property.

Principles of consolidation - The consolidated financial statements include the accounts of the Bancorp and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of estimates - To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and future results could differ. The allowance for credit losses and the fair values of financial instruments are particularly subject to change.

Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, valuation of deferred tax assets, credit loss on available-for-sale securities, and fair values of financial instruments.

Management Opinion – The accompanying unaudited consolidated interim financial statement have been prepared in accordance with generally accepted accounting principals (“GAAP”) and are unaudited. They do not contain all the disclosures required for annual audited financial statements. In the opinion of management, all adjustments are necessary to present a fair statement of the results for the interim periods have been made. Such adjustments are of a normal and recurring nature. The results of operations for any interim period are not necessarily indicative of the results to be expected for an entire year. These interim consolidated financial statements should be read in conjunction with the annual consolidated financials statements and notes thereto contained in the Company’s consolidated financial statements.

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

Note 2:   Securities

The fair value of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:

	3/31/2026
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
U.S. Government and federal agency	$	7,499	$	68	$	(183	)	$	7,385
Mortgage-backed securities - government-sponsored enterprises (GSE) residential		142,213		371		(13,976	)		128,608
State and municipal		74,777		239		(8,501	)		66,516
Corporate		1,000		-		(151	)		849

Total	$	225,489	$	678	$	(22,810	)	$	203,357

	6/30/2025
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
U.S. Government and federal agency	$	8,095	$	126	$	(205	)	$	8,016
Mortgage-backed securities - government-sponsored enterprises (GSE) residential		137,043		330		(15,654	)		121,719
State and municipal		68,212		171		(10,295	)		58,088
Corporate		2,498		-		(189	)		2,309

Total	$	215,848	$	627	$	(26,343	)	$	190,132

Certain investments in debt securities are reported in the consolidated financial statements at an amount less than their historical cost. Total fair value of these investments at March 31, 2026 and June 30, 2025 was $155,402 and $147,611, which is approximately 76.4% and 77.6% of the Company’s investment portfolio. These changes primarily resulted from recent changes in market interest rates.

At March 31, 2026, management believes the declines in fair value for these securities are temporary. The Company evaluated credit impairment for individual AFS securities that are in an unrealized loss position and determined that the unrealized losses are unrelated to credit quality and are primarily attributable to changes in interest rates and volatility in the financial markets. It is unlikely that the Company will be required to sell these securities before recovery of their amortized cost basis, so the Company did not record an ACL on these securities.

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

The following tables show our investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026 and June 30, 2025:

	3/31/2026
	Less Than 12 Months					12 Months or More					Total
Description of	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Securities	Value		Losses			Value		Losses			Value		Losses
U.S. Government and federal agency	$	1,581	$	(4	)	$	1,321	$	(179	)	$	2,902	$	(183	)
Mortage-backed securities-GSE residential		20,314		(205	)		77,859		(13,770	)		98,173		(13,975	)
State and municipals		5,857		(140	)		47,622		(8,362	)		53,478		(8,501	)
Corporate		-		-			849		(151	)		849		(151	)
Total temporarily impaired securities	$	27,752	$	(348	)	$	127,651	$	(22,461	)	$	155,402	$	(22,810	)

	6/30/2025
	Less Than 12 Months					12 Months or More					Total
Description of	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Securities	Value		Losses			Value		Losses			Value		Losses
U.S. Government and federal agency	$	-	$	-		$	1,295	$	(205	)	$	1,295	$	(205	)
Mortage-backed securities-GSE residential		10,955		(95	)		81,599		(15,559	)		92,554		(15,654	)
State and municipals		3,499		(45	)		47,954		(10,250	)		51,453		(10,295	)
Corporate		-		-			2,309		(189	)		2,309		(189	)
Total temporarily impaired securities	$	14,454	$	(140	)	$	133,157	$	(26,203	)	$	147,611	$	(26,343	)

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

The fair value of debt securities and carrying amount, if different, at March 31, 2026, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.

	Available-for-Sale
	Amortized		Fair
	Cost		Value
Due in one year	$	500	$	497
Due after one year through five years		4,058		3,975
Due after five years through ten years		19,799		18,191
Due after ten years		52,921		46,122
Mortgage-backed securities		148,212		134,672

Total	$	225,489	$	203,457

There were no sales of securities resulting in a gain or loss within the available for sale securities for nine months ended March 31, 2026 and 2025.

Securities with a carrying value of $60,318 and $87,006 at March 31, 2026 and June 30, 2025 were pledged to secure public deposits and repurchase agreements and for other purposes required or permitted by law.

Note 3:   Loans

Loans at period end are comprised of the following:

	3/31/2026			6/30/2025
Agricultural	$	64,325		$	68,138
Commercial		118,965			118,821
Commercial real estate		447,594			439,600
Construction		45,969			46,085
Residential		103,952			102,292
Consumer		12,841			15,418
Subtotal		793,646			790,354
Less: allowance for credit losses		(10,907	)		(10,306	)

Loans, net	$	782,739		$	780,048

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

The risk characteristics of each loan portfolio segment are as follows:

Commercial and agricultural loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and may include a personal guarantee. Short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.

Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The characteristics of properties securing the Company’s commercial real estate portfolio are diverse, but with geographic location almost entirely in the Company’s market area. Management monitors and evaluates commercial real estate loans based on collateral, geography, and risk grade criteria. In general, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. In addition, management tracks the level of owner-occupied commercial real estate versus non-owner-occupied loans.

Construction loans are underwritten utilizing feasibility studies, independent appraisal reviews, sensitivity analysis of absorption and lease rates and financial analysis of the developers and property owners. Construction loans are generally based on estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions, and the availability of long-term financing.

Residential and consumer loans consist of two segments - residential mortgage loans and personal loans. For residential mortgage loans that are secured by 1-4 family residences and are generally owner-occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1-4 family residences, and consumer personal loans are secured by consumer personal assets, such as automobiles or recreational vehicles. Some consumer personal loans are unsecured, such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

The following tables present, by portfolio segment, the activity in the allowance for credit losses for the nine months ended March 31, 2026 and 2025:

	Nine months ended March 31, 2026
						Commercial
	Agricultural		Commercial			Real Estate		Construction		Residential		Consumer			Total
Beginning balance	$	743	$	2,129		$	5,943	$	511	$	891	$	88		$	10,306
Provision (credit)		66		122			459		47		107		13		$	814
Loans charged off		-		(34	)		-		-		-		(329	)		(363	)
Recoveries		-		72			47		-		1		30			150

Ending balance	$	809	$	2,289		$	6,449	$	558	$	999	$	(198	)	$	10,907

	Nine months ended March 31, 2025
						Commercial
	Agricultural		Commercial			Real Estate		Construction		Residential		Consumer			Total
Beginning balance	$	655	$	1,826		$	5,428	$	460	$	769	$	230		$	9,368
Provision (credit)		54		91			352		38		80		12			627
Loans charged off		-		(291	)		-		-		-		(161	)		(452	)
Recoveries		12		462			17		-		8		44			543

Ending balance	$	721	$	2,088		$	5,797	$	498	$	857	$	125		$	10,086

Consistent with regulatory guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined.

For all loan portfolio segments except 1-4 family residential properties and consumer, the Company promptly charges off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral.

The Company charges off 1-4 family residential and consumer loans, or portions thereof, when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance, which provides for the charge-down of 1-4 family first and junior lien mortgages to the net realizable value, less costs to sell when the loan is 180 days past due, charge-off of unsecured open-end loans when the loan is 180 days past due, and charge-down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off.

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

Provision for credit losses related to unfunded commitments was $186 and $96 during the years ended March 31, 2026 and March 31, 2025, respectively, which is included in provision for credit losses on the consolidated income statement.

The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior two years. Management believes the historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates that are comparable to the current period being analyzed.

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

The following table presents the credit risk profile of the Company’s loan portfolio by loan class and by year of origination for the years indicated based on rating category and payment activity as of March 31, 2026 and June 30, 2025:

	As of March 31, 2026 Term Loans Amortized Cost Basis by Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving Loans		Revolving Loans converted to term		Total
Agricultural:
Pass (1-4)	$	3,015	$	8,930	$	4,696	$	3,253	$	4,828	$	11,999	$	16,599	$	-	$	53,320
Special mention (5)		-		74		704		-		846		1,064		5,820		-		8,508
Substandard (6)		-		-		-		1,693		-		554		250		-		2,497
Doubtful (7)		-		-		-		-		-		-		-		-		-
Loss (8)		-		-		-		-		-		-		-		-		-
Total agricultural loans	$	3,015	$	9,004	$	5,400	$	4,946	$	5,674	$	13,617	$	22,669	$	-	$	64,325
Current period gross write offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Commercial:
Pass (1-4)	$	12,903	$	14,626	$	24,920	$	6,444	$	7,771	$	4,565	$	41,084	$	839	$	113,152
Special mention (5)		-		159		45		12		-		2,758		712		-		3,686
Substandard (6)		-		896		595		179		457		-		-		-		2,127
Doubtful (7)		-		-		-		-		-		-		-		-		-
Loss (8)		-		-		-		-		-		-		-		-		-
Total commercial loans	$	12,903	$	15,681	$	25,560	$	6,635	$	8,228	$	7,323	$	41,796	$	839	$	118,965
Current period gross write offs	$	-	$	-	$	4	$	12	$	18	$	-	$	-	$	-	$	34

Commercial real estate:
Pass (1-4)	$	53,157	$	70,747	$	40,633	$	61,846	$	80,821	$	125,643	$	105	$	-	$	432,952
Special mention (5)		131		-		188		5,033		1,532		1,964		-		-		8,848
Substandard (6)		-		1,983		-		-		1,071		2,740		-		-		5,794
Doubtful (7)		-		-		-		-		-		-		-		-		-
Loss (8)		-		-		-		-		-		-		-		-		-
Total commercial real estate loans	$	53,288	$	72,730	$	40,821	$	66,879	$	83,424	$	130,347	$	105	$	-	$	447,594
Current period gross write offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Construction:
Pass (1-4)	$	-	$	-	$	-	$	-	$	-	$	-	$	38,821	$	7,148	$	45,969
Special mention (5)		-		-		-		-		-		-		-		-		-
Substandard (6)		-		-		-		-		-		-		-		-		-
Doubtful (7)		-		-		-		-		-		-		-		-		-
Loss (8)		-		-		-		-		-		-		-		-		-
Total construction loans	$	-	$	-	$	-	$	-	$	-	$	-	$	38,821	$	7,148	$	45,969
Current period gross write offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Residential real estate:
Pass (1-4)	$	9,913	$	13,702	$	15,691	$	8,268	$	5,923	$	16,418	$	33,891	$	-	$	103,806
Special mention (5)		-		-		-		-		-		-		-		-		-
Substandard (6)		-		85		-		-		61		-		-		-		146
Doubtful (7)		-		-		-		-		-		-		-		-		-
Loss (8)		-		-		-		-		-		-		-		-		-
Total residential real estate loans	$	9,913	$	13,787	$	15,691	$	8,268	$	5,984	$	16,418	$	33,891	$	-	$	103,952
Current period gross write offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Consumer:
Pass (1-4)	$	3,345	$	3,806	$	2,231	$	2,038	$	697	$	567	$	157	$	-	$	12,841
Special mention (5)		-		-		-		-		-		-		-		-		-
Substandard (6)		-		-		-		-		-		-		-		-		-
Doubtful (7)		-		-		-		-		-		-		-		-		-
Loss (8)		-		-		-		-		-		-		-		-		-
Total consumer loans	$	3,345	$	3,806	$	2,231	$	2,038	$	697	$	567	$	157	$	-	$	12,841
Current period gross write offs	$	-	$	6	$	194	$	16	$	-	$	16	$	-	$	-	$	232

Total loans	$	82,464	$	115,008	$	89,703	$	88,766	$	104,007	$	168,272	$	137,439	$	7,987	$	793,646

Total current period gross write offs	$	-	$	6	$	198	$	28	$	18	$	16	$	-	$	-	$	266

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

	As of June 30, 2025 Term Loans Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2022		Prior		Revolving Loans		Revolving Loans converted to term		Total
Agricultural:
Pass (1-4)	$	9,388	$	5,800	$	4,849	$	5,966	$	14,481	$	14,481	$	26,094	$	-	$	81,059
Special mention (5)		80		74		212		-		174		174		313		-		1,027
Substandard (6)		-		-		2		-		705		705		-		-		1,412
Doubtful (7)		-		-		-		-		-		-		-		-		-
Loss (8)		-		-		-		-		-		-		-		-		-
Total agricultural loans	$	9,468	$	5,874	$	5,063	$	5,966	$	15,360	$	15,360	$	26,407	$	-	$	83,498
Current period gross write offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Commercial:
Pass (1-4)	$	13,080	$	22,840	$	7,236	$	8,252	$	9,360	$	9,360	$	53,827	$	-	$	123,955
Special mention (5)		-		-		406		-		-		-		100		2,497		3,003
Substandard (6)		433		-		214		512		-		-		-		64		1,223
Doubtful (7)		-		-		-		-		-		-		-		-		-
Loss (8)		-		-		-		-		-		-		-		-		-
Total commercial loans	$	13,513	$	22,840	$	7,856	$	8,764	$	9,360	$	9,360	$	53,927	$	2,561	$	128,181
Current period gross write offs	$	250	$	-	$	41	$	-	$	-	$	-	$	-	$	-	$	291

Commercial real estate:
Pass (1-4)	$	41,996	$	29,667	$	55,697	$	72,495	$	145,511	$	145,511	$	72,462	$	4,974	$	568,313
Special mention (5)		-		190		6,990		1,589		3,750		3,750		-		-		16,269
Substandard (6)		-		-		94		1,097		3,088		3,088		-		-		7,367
Doubtful (7)		-		-		-		-		-		-		-		-		-
Loss (8)		-		-		-		-		-		-		-		-		-
Total commercial real estate loans	$	41,996	$	29,857	$	62,781	$	75,181	$	152,349	$	152,349	$	72,462	$	4,974	$	591,949
Current period gross write offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Construction:
Pass (1-4)	$	-	$	-	$	-	$	-	$	-	$	-	$	42,618	$	3,467	$	46,085
Special mention (5)		-		-		-		-		-		-		-		-		-
Substandard (6)		-		-		-		-		-		-		-		-		-
Doubtful (7)		-		-		-		-		-		-		-		-		-
Loss (8)		-		-		-		-		-		-		-		-		-
Total construction loans	$	-	$	-	$	-	$	-	$	-	$	-	$	42,618	$	3,467	$	46,085
Current period gross write offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Residential real estate:
Pass (1-4)	$	18,854	$	16,681	$	11,079	$	6,511	$	18,266	$	18,266	$	30,901	$	-	$	120,558
Special mention (5)		-		-		-		-		-		-		-		-		-
Substandard (6)		-		-		-		-		-		-		-		-		-
Doubtful (7)		-		-		-		-		-		-		-		-		-
Loss (8)		-		-		-		-		-		-		-		-		-
Total residential real estate loans	$	18,854	$	16,681	$	11,079	$	6,511	$	18,266	$	18,266	$	30,901	$	-	$	120,558
Current period gross write offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Consumer:
Pass (1-4)	$	6,139	$	3,549	$	3,235	$	1,151	$	987	$	987	$	357	$	-	$	16,405
Special mention (5)		-		-		-		-		-		-		-		-		-
Substandard (6)		-		-		-		-		-		-		-		-		-
Doubtful (7)		-		-		-		-		-		-		-		-		-
Loss (8)		-		-		-		-		-		-		-		-		-
Total consumer loans	$	6,139	$	3,549	$	3,235	$	1,151	$	987	$	987	$	357	$	-	$	16,405
Current period gross write offs	$	124	$	31	$	29	$	15	$	13	$	13	$	-	$	-	$	225

Total loans	$	89,970	$	78,801	$	90,014	$	97,573	$	196,322	$	196,322	$	226,672	$	11,002	$	986,676

Total current period gross write offs	$	374	$	31	$	70	$	15	$	13	$	13	$	-	$	-	$	516

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

Internal Risk Categories

Loan grades are numbered 1 through 8. Grades 1 through 4 are considered satisfactory grades. The grade of 5, or Watch or Special Mention, represents loans of lower quality and is considered criticized. The grades of 6, or Substandard, 7 or Doubtful and 8 or Loss, refer to assets that are classified. The use and application of these grades by the Company will be uniform and shall conform to the Company’s policy.

Prime (1) Loans are of superior quality with excellent credit strength and repayment ability providing a nominal credit risk.

Good (2) Loans are of above average credit strength and repayment ability providing only a minimal credit risk.

Satisfactory (3) Loans of reasonable credit strength and repayment ability providing an average credit risk due to one or more underlying weaknesses.

Acceptable (4) Loans of the lowest acceptable credit strength and weakened repayment ability providing a cautionary credit risk due to one or more underlying weaknesses. New borrowers are typically not underwritten within this classification.

Special Mention (5) A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Ordinarily, special mention credits have characteristics which corrective management action would remedy.

Substandard (6) loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful (7) Loans classified as doubtful have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current known facts, conditions and values, highly questionable and improbable.

Loss (8) Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off even though partial recovery may be affected in the future.

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

The following tables present the Company’s loan portfolio aging analysis as of March 31, 2026 and June 30, 2025:

	3/31/2026
					Greater
	30-59 Days		60-89 Days		Than		Total				Total
	Past Due		Past Due		90 Days		Past Due		Current		Loans
Agricultural	$	-	$	-	$	789	$	789	$	63,536	$	64,325
Commercial		300		-		1,011		1,311		117,654		118,965
Commercial real estate		-		-		1,206		1,206		446,388		447,594
Construction		-		-		-		-		45,969		45,969
Residential		405		91		226		722		103,230		103,952
Consumer		16		16		-		32		12,809		12,841

Total loans	$	721	$	107	$	3,232	$	4,060	$	789,586	$	793,646

	6/30/2025
					Greater
	30-59 Days		60-89 Days		Than		Total				Total
	Past Due		Past Due		90 Days		Past Due		Current		Loans
Agricultural	$	910	$	293	$	639	$	1,842	$	66,296	$	68,138
Commercial		4		12		501		517		118,304		118,821
Commercial real estate		1,238		94		-		1,332		438,268		439,600
Construction		2,404		-		-		2,404		43,681		46,085
Residential		1,144		296		114		1,554		100,738		102,292
Consumer		56		23		-		79		15,339		15,418

Total loans	$	5,756	$	718	$	1,254	$	7,728	$	782,626	$	790,354

The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date.

Loans are reclassified to non-accruing status when, in management’s judgment, the collateral value and financial condition of the borrower do not justify accruing interest. At the time the accrual is discontinued, all unpaid accrued interest is reversed against earnings. Interest income accrued in prior years, if any, is charged to the allowance for credit losses. Payments subsequently received on nonaccrual loans are applied to principal. A loan is returned to accrual status when principal and interest are no longer past due and collectability is probable, typically after a minimum of six months of performance.

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

The following table presents the Company’s nonaccrual loans at March 31, 2026 and June 30, 2025:

	3/31/2026
	Nonaccrual loans with no allowance		Nonaccrual loans with allowance		Loans > 90 days and accruing
Agricultural	$	539	$	-	$	250
Commercial		416		-		895
Commercial real estate		2,188		-		-
Construction		-		-		-
Residential		146		-		229
Consumer		-		-		-

Total nonaccrual loans	$	3,289	$	-	$	1,374

	6/30/2025
	Nonaccrual loans with no allowance		Nonaccrual loans with allowance		Loans > 90 days and accruing
Agricultural	$	639	$	-	$	-
Commercial		497		-		5
Commercial real estate		1,364		-		-
Construction		-		-		-
Residential		240		-		-
Consumer		23		-		-

Total nonaccrual loans	$	2,763	$	-	$	5

Determining fair value for collateral dependent loans requires obtaining a current independent appraisal of the collateral and applying a discount factor, which includes selling costs if applicable, to the value. The fair value of real estate is generally based on appraisals by qualified licensed appraisers. The appraisers typically determine the value of the real estate by utilizing an income or market valuation approach. If an appraisal is not available, the fair value may be determined using a cash flow analysis. Fair value on other collateral such as business assets is typically ascertained by assessing, either singularly or some combination of, asset appraisals, accounts receivable aging reports, inventory listings and/or customer financial statements. Both appraisal values and values based on borrower’s financial information are discounted as considered appropriate based on age and quality of the information and current market conditions.

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses at March 31, 2026 and June 30, 2025:

	3/31/2026
		Commercial Real Estate		Residential Real Estate		Other		Total
Agricultural		$	-	$	-	$	984	$	984
Commercial			-		-		466		466
Commercial real estate			2,310		-		-		2,310
Construction			-		-		-		-
Residential			-		477		-		477
Consumer			-		-		4		4

Total collateral dependent loans		$	2,310	$	477	$	1,454	$	4,241

	6/30/2025
		Commercial Real Estate		Residential Real Estate		Other		Total
Agricultural		$	-	$	-	$	1,026	$	1,026
Commercial			-		-		530		530
Commercial real estate			1,445		-		-		1,445
Construction			-		-		-		-
Residential			-		253		-		253
Consumer			-		-		24		24

Total collateral dependent loans		$	1,445	$	253	$	1,580	$	3,278

Subsequent payments on nonaccrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status.

Loans serviced for others are not included in the accompanying consolidated balance sheets. The risks inherent in mortgage-servicing assets relate primarily to changes in prepayments that result from shifts in mortgage interest rates. The unpaid principal balances of mortgage and other loans serviced for others were $153,736 and $153,680 at March 31, 2026 and June 30, 2025, respectively.

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

There was minimal change in the balance of servicing assets for nine months ended March 31, 2026 and 2025.

Comparable market values and a valuation model that calculates the present value of future cash flows were used to estimate fair value. For purposes of measuring impairment, risk characteristics including product type, investor type and interest rates, were used to stratify the originated mortgage-servicing rights.

Note 4:

Premises and Equipment

Period-end premises and equipment were as follows:

	3/31/2026			6/30/2025
Land	$	3,224		$	3,585
Buildings and improvements		20,667			20,135
Furniture and equipment		6,638			7,107
Construction in process		1,338			215
		31,866			31,041
Accumulated depreciation		(12,920	)		(14,189	)

	$	18,946		$	16,852

Note 5:

Deposits

Certificates of deposits and other time deposits of more than $250 totaled approximately $99,353 and $60,936 at March 31, 2026 and June 30, 2025. Additionally, included within time deposits are brokered deposits of $31,760 and $60,624 at March 31, 2026 and June 30, 2025. At March 31, 2026, the scheduled maturities of time deposits are as follows:

2026	$	118,774
2027		32,085
2028		3,820
2029		2,691
2030		14,287
Thereafter		432

	$	172,089

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

Note 6:   Short-Term Borrowings

Short-term borrowings included the following at March 31, 2026 and June 30, 2025:

	3/31/2026		6/30/2025
Repurchase agreements		283		39,320
Total short-term borrowings	$	283	$	39,320

Repurchase agreements are borrowings from customers that are collateralized by a pledge of Mortgage-backed securities. The repurchase agreements mature daily.

The Company retains possession of and control over such securities pledged as collateral.

Information regarding repurchase agreements for the nine months ended March 31, 2026, and year ended June 30, 2025 is presented below:

	Nine months ending			Year ending
	3/31/2026			6/30/2025
Average balance during the period	$	13,990		$	42,052
Average rate paid during the period		3.90	%		3.51	%
Maximum month end balance during the period	$	32,703		$	46,127

The following table represents the remaining contractual maturity of repurchase agreements disaggregated by the class of securities pledged as of March 31, 2026, and June 30, 2025:

	3/31/2026
	Overnight &
	Continuous		< 30 Days		30-90 Days		> 90 Days		Total
Mortgage-backed securities
government-sponsored enterprises
(GSE) residential	$	283	$	-	$	-	$	-	$	283

	6/30/2025
	Overnight &
	Continuous		< 30 Days		30-90 Days		> 90 Days		Total
Mortgage-backed securities
government-sponsored enterprises
(GSE) residential	$	39,320	$	-	$	-	$	-	$	39,320

		-		-		-		-		-

	$	39,320	$	-	$	-	$	-	$	39,320

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

Note 7:   Commitments and Off-Balance-Sheet Items

The Company, in the ordinary course of business, has commitments and contingent liabilities, such as guarantees and commitments to extend credit which are not reflected in the accompanying consolidated balance sheets. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to make loans, standby letters of credit and financial guarantees is represented by the contractual amount of those instruments. The same credit policy is used to make such commitments as is used for on-balance-sheet items.

At March 31, 2026 and June 30, 2025, these financial instruments are summarized as follows:

	3/31/2026		6/30/2025
Financial instruments which contract amount represents
credit risk:
Unused commercial lines of credit	$	101,416	$	104,011
Unused revolving lines of credit		48,472		41,489
Commitments to make loans		43,118		17,572
Standby letters of credit		4,106		3,564

The unused revolving and commercial lines of credit are predominantly variable rate agreements. The commitments are agreements to lend to a customer, provided they accept the terms and conditions offered. These commitments are generally extended for terms of up to 60 days and, in many cases, allow the customer to select from one of several financing options offered. Since many commitments to make loans expire without being used, the amount does not necessarily represent future cash commitments. Collateral obtained upon exercise of the commitment is determined using management’s credit evaluation of the borrower, and may include accounts receivable, inventory, property, land and other items.

At March 31, 2026 and June 30, 2025, the Company was not required to have deposits with the Federal Reserve or as cash on hand.

Note 8:   Capital Requirements

Banks and holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involved quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgements by regulators. Failure to meet capital requirements can initiate regulatory action. The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory capital. Management believes as of March 31, 2026 and June 30, 2025 the Bank meets all capital adequacy requirements to which It is subject.

Prompt corrective action regulations provide five classifications: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At March 31, 2026 and June 30, 2025, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category.

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

In 2019, the federal banking agencies jointly issued a final rule that provides for an optional, simplified measure of capital adequacy, the community bank leverage ratio framework (CBLR framework), for qualifying community bank organizations, consistent with Section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

The community bank leverage ratio removes the requirement for qualifying organizations to calculate and report risk-based capital but rather only requires a Tier 1 to average assets (leverage) ratio. Qualifying banking organizations that elect to use the community bank leverage ratio framework and maintain a leverage ratio greater than the required minimum will be considered to have satisfied the generally applicable risk based and leverage capital requirements in the agencies’ capital rules (generally applicable rule) and, if applicable, will be considered to have met the well capitalized ratio requirements for the purposes of section 38 of the Federal Deposit Insurance Act. The community bank leverage ratio minimum requirement is 9%. An eligible banking organization is provided a two-quarter grace period to correct a ratio that falls below this requirement amount, provided that the bank maintains a leverage ratio greater than 8%.

An eligible banking organization can opt out of the CBLR framework and revert to the risk-weighting framework without restriction. As of March 31, 2026 the Bank was a qualifying community bank organization as defined by the federal banking agencies and elected to measure capital adequacy under the CBLR framework.

Period-end actual and required capital amounts and ratios are presented below:

						Minimum Required
						To Be Well
						Capitalized Under
						Prompt Corrective
	Actual					Action Provisions
	Amount		Ratio			Amount		Ratio
As of March 31, 2026
Tier 1 Capital to average assets
Bank		113,021		10.0	%		101,368		9.0	%

As of June 30, 2025
Tier 1 Capital to average assets
Bank		107,666		10.1	%		95,913		9.0	%

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

Note 9:   Related Party Transactions

At March 31, 2026 and June 30, 2025, the Company had loans outstanding to executive officers, directors, significant shareholders and their affiliates (related parties), in the amount of $11,271 and $14,652, respectively.

	3/31/2026			3/31/2025
Balance, beginning of year		14,652			10,989
New loans and advances		12,815			1,047
Repayments		(7,647	)		(1,024	)
Balance, end of period		19,820			11,012
Unused lines of credit		3,125			460

In management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not involve more than normal risk of collectability or present other unfavorable features.

Note 10:  Disclosure About Fair Value of Financial Instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value:

Level 1

Quoted prices in active markets for identical assets or liabilities

Level 2

Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3

Unobservable inputs supported by little or no market activity and are significant to the fair value of the assets or liabilities.

Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy.

Available-for-Sale Securities

Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Level 2 securities include agency securities, mortgage-backed government-sponsored securities and corporate securities. Third-party vendors compile prices from various sources and may apply such techniques as matrix pricing to determine the value of identical or similar investment securities (Level 2). Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy.

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

The following tables present the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2026 and June 30, 2025:

			3/31/2026
			Fair Value Measurements Using
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
	Fair		Identical Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
U.S. Government and federal agency	$	7,385	$	-	$	7,385	$	-
Mortgage-backed securities - GSE residential		128,608		-		128,608		-
State and municipal		66,516		-		66,516		-
Corporate		849		-		849		-
Interest Rate Swaps		463		-		463		-

	$	203,820	$	-	$	203,820	$	-

			6/30/2025
			Fair Value Measurements Using
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
	Fair		Identical Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
U.S. Government and federal agency	$	8,016	$	-	$	8,016	$	-
Mortgage-backed securities - GSE residential		121,719		-		121,719		-
State and municipal		58,088		-		58,088		-
Corporate		2,309		-		2,309		-
Interest Rate Swaps		527		-		527		-

	$	190,659	$	-	$	190,659	$	-

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

The following tables show the estimated fair value of financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2026 and June 30, 2025:

							3/31/2026
							Fair Value Measurements Using
							Quoted Prices
							in Active			Significant
							Markets for			Other		Significant
							Identical			Observable		Unobservable
	Carrying			Fair			Assets			Inputs		Inputs
	Amount			Value			(Level 1)			(Level 2)		(Level 3)
Financial assets
Cash and cash equivalents	$	71,399		$	71,399		$	71,399		$	-	$	-
Net loans		782,739			805,238			-			-		805,238
Accrued interest receivable		4,951			5,062			5,062			-		-
Restricted stock		7,143			7,135			-			-		7,135

Financial liabilities
Deposits		(919,599	)		(919,598	)		(747,509	)		-		(172,089	)
Short-term borrowings		(283	)		(283	)		-			-		(283	)
FHLB advances		(95,000	)		(95,185	)		-			-		(95,185	)
Subordinated debt		(14,790	)		(11,675	)		-			-		(11,675	)
Accrued interest payable		(1,980	)		(1,980	)		(1,980	)		-		-

							6/30/2025
							Fair Value Measurements Using
							Quoted Prices
							in Active			Significant
							Markets for			Other		Significant
							Identical			Observable		Unobservable
	Carrying			Fair			Assets			Inputs		Inputs
	Amount			Value			(Level 1)			(Level 2)		(Level 3)
Financial assets
Cash and cash equivalents	$	66,242		$	66,242		$	66,242		$	-	$	-
Net loans		780,048			802,360			-			-		802,360
Accrued interest receivable		5,134			5,134			5,134			-		-
Restricted stock		7,143			7,143			-			-		7,143

Financial liabilities
Deposits		(851,316	)		(853,282	)		(671,669	)		-		(181,613	)
Short-term borrowings		(39,320	)		(39,320	)		-			-		(39,320	)
FHLB advances		(110,000	)		(110,201	)		-			-		(110,201	)
Subordinated debt		(14,764	)		(11,675	)		-			-		(11,675	)
Accrued interest payable		(1,019	)		(1,019	)		(1,019	)		-		-

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

Note 11:  Stock-Based Compensation

On July 1, 2024 the Board of Directors authorized the 2024 Equity Incentive Plan (Plan) that enables the issuance of incentive stock options, non-qualified stock options, restricted stock, restricted stock units (RSUs) and performance share awards. The purpose of the Plan is to foster and promote the long-term financial success of the Company and materially increase shareholder value. The Company believes that such awards better align the interest of its employees with those of its shareholders.

Restricted Stock Units - On November 19, 2024 and June 17, 2025, the Company awarded 6,410 and 7,353 RSUs, respectively, to selected officers. These RSUs are subject to a three-year cliff vesting period, contingent upon continued service. Vesting may be accelerated in circumstances involving death, disability, or a change in control.

Holders of RSUs do not possess shareholder rights prior to settlement. Dividend equivalents accumulate throughout the vesting period and are disbursed upon settlement. RSUs are not recognized as participating securities for purposes of calculating earnings per share.

Compensation expense is recognized over the vesting period and is based on the fair value determined at the grant date using the previous quarter’s average share price.

There were 13,763 total RSUs issued under the plan as of December 31, 2025. There was no activity from July 1, 2025 to March 31, 2026.

As of December 31, 2025 there was $368 of total unrecognized compensation cost related to nonvested shares granted under the plan. The cost is expected to be recognized over a weighted average period of 2.84 years. The total fair value of shares vested during the years ended June 30, 2025 was $0.

Performance Share Units — On November 19, 2024, and June 17, 2025, the Company issued 11,743 and 7,353 Performance Share Units (PSUs), respectively, to certain officers. These PSUs include a three-year performance period ending June 30, 2027, with possible payouts ranging from 0% to 150% of the granted awards depending on the achievement of certain performance metrics.

The performance metrics considered are:

3-Year Average Return on Average Assets (ROAA)

3-Year Average Asset Growth Rate

PSUs may be settled in cash or stock at the discretion of the Compensation Committee and are classified as liability awards under ASC 718. The units are remeasured at fair value each reporting period until settlement, with fair value determined using the current share price. Recipients do not possess shareholder rights or dividend entitlements before settlement, and therefore, the PSUs are not considered as participating securities for purposes of calculating earnings per share. Total compensation cost recognized during the year ended March 31, 2026 was $259.

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

Note 12: Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income allocated to common stock by the weighted average number of common shares outstanding during the period which excludes the participating securities. Diluted EPS includes the dilutive effect of additional potential common shares from stock compensation awards, but excludes awards considered participating securities. The following table presents the computation of basic and diluted EPS for the periods indicated (in thousands, except for share and per share data):

	Nine months ended March 31
	2026		2025
Net income	$	7,765	$	6,884

Shares outstanding for Basic EPS		1,830,312		1,823,902

Additional Dilutive Shares		2,333		417

Shares outstanding for Diluted EPS		1,832,645		1,824,319

Basic EPS	$	4.24	$	3.77
Diluted EPS	$	4.24	$	3.77

Note 13: Segment Information

The Company’s reportable segment is determined by the Chief Financial Officer, who is designated the chief operating decision maker, based upon information provided about the Company’s products and services offered, primarily banking operations. The segment is also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business such as branches, which are then aggregated if operating performance, products/services, and customers are similar. The chief operating decision maker will evaluate the financial performance of the Company’s business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company’s segment and in the determination of allocating resources. The chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The chief operating decision maker uses consolidated net income to benchmark the Company against competitors. The bench marking analysis coupled with monitoring of budget to actual results are used in the assessment of performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operations. Interest expense, provisions for credit losses, and payroll provide the significant expenses in the banking operation. All operations are domestic.

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

Accounting policies for segments are the same as those described in Note 1 of the June 30, 2025 and 2024 consolidated financial statements. Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the chief operating decision maker follows, inclusive of reconciliations of significant segment totals to the financial statements:

	Banking Segment

	Nine months ended March 31
	2026		2025
Interest Income	$	46,049	$	41,344

Reconciliation of revenue
Other revenues		5,619		5,164
Total consolidated revenues	$	51,668	$	46,508

Less:
Interest expense		19,195		17,583
Segment net interest income and noninterest income	$	32,473	$	28,925

Less:
Provision for credit losses		1,050		556
Payroll expense		12,940		11,506
Other segment items		9,274		8,826
Income tax expense		1,443		1,154
Consolidated net income	$	7,765	$	6,884


Other segment disclosures
Interest income	$	46,049	$	41,344
Interest expense		19,195		17,583
Depreciation		939		685
Other significant noncash items:
Provision for credit loss		1,050		556

Reconciliation of assets
Total consolidated assets	$	1,125,496	$	1,102,492

The Farmers Bancorp

Notes to Consolidated Financial Statements
(Dollar Amounts in Thousands)

(unaudited)

Note 14: Merger Agreement

On November 11, 2025, the Company and Richmond Mutual Bancorporation, Inc. (“Richmond Mutual”) jointly announced the signing of an agreement and plan of merger (the “Merger Agreement”) under which Richmond Mutual will acquire the Company in a stock transaction. Under the terms of the Merger Agreement, which was unanimously approved by the boards of directors of both companies, the Company will merge into Richmond Mutual. Subject to the terms and conditions of the Merger Agreement, at the effective time of the merger, each share of the Company’s common stock issued and outstanding will be converted into 3.40 shares of Richmond Mutual’s common stock.

The transaction closed July 1, 2026.

Note 15: Subsequent Events

Subsequent events have been evaluated through the date of August 12, 2026, which is the date the consolidated financial statements were available to be issued.

Exhibit 99.3

UNAUDITED PRO FORMA CONDENSED COMBINED
FINANCIAL INFORMATION

The following is the unaudited pro forma condensed combined financial information for Richmond Mutual Bancorporation, Inc. (“Richmond Mutual”) and The Farmers Bancorp, Frankfort, Indiana (“Farmers Bancorp”), giving effect to the merger of Farmers Bancorp with and into Richmond Mutual. The unaudited pro forma condensed combined consolidated balance sheet as of March 31, 2026 gives effect to the merger as if it occurred on that date. The unaudited pro forma condensed combined consolidated statements of income for the three months ended March 31, 2026 and the year ended December 31, 2025 give effect to the merger as if it occurred on January 1, 2025. The actual completion date of the merger was July 1, 2026.

The unaudited pro forma condensed combined financial statements have been prepared using the acquisition method of accounting for business combinations under accounting principles generally accepted in the United States of America (“GAAP”). Richmond Mutual is the acquirer for accounting purposes. Certain immaterial reclassifications have been made to the historical financial statements of Farmers Bancorp to conform to the presentation in Richmond Mutual’s financial statements. The historical financial information has been adjusted to reflect factually supportable items that are directly attributable to the merger.

The unaudited pro forma condensed information is based on assumptions and adjustments that are described in the accompanying combined financial notes. The unaudited pro forma condensed combined financial information is presented for illustrative purposes only. The adjustments included in these unaudited pro forma condensed combined financial statements are preliminary and may be revised. The unaudited pro forma condensed combined financial information also does not consider any potential impacts of current market conditions on revenues, potential revenue enhancements, anticipated cost savings and expense efficiencies, or asset dispositions, among other factors. In addition, the purchase price reflected in the unaudited pro forma condensed combined financial information is subject to adjustment. The unaudited pro forma condensed combined balance sheet has also been adjusted to reflect the preliminary allocation of the estimated purchase price to net assets acquired. The unaudited pro forma condensed combined financial information should not be relied upon as being indicative of the historical results that would have been achieved had the companies always been combined or the future results that the combined company will experience.

The final allocation of the purchase price will be determined after completion of thorough analyses to determine the fair value of Farmers Bancorp’s tangible and identifiable intangible assets and liabilities as of the July 1, 2026 acquisition date. Increases or decreases in the estimated fair values of the net assets of Farmers Bancorp as compared with the information shown in the unaudited pro forma condensed combined financial information may change the amount of the purchase price allocated to goodwill and may impact the statements of income due to adjustments in yield and/or amortization of the adjusted assets or liabilities. Any changes to Farmers Bancorp’s shareholders’ equity, including results of operations through the date the merger was completed, may also change the purchase price allocation, which may include the recording of goodwill. The final adjustments may be materially different from the unaudited pro forma adjustments presented herein.

The unaudited pro forma condensed combined financial statements should be read together with:

The accompanying notes to the unaudited pro forma condensed combined financial statements;

Richmond Mutual’s unaudited historical consolidated financial statements and accompanying notes as of and for the three months ended March 31, 2026 and 2025, included in Richmond Mutual’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026;

Richmond Mutual’s audited historical consolidated financial statements and accompanying notes as of and for the years ended December 31, 2025 and 2024, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025;

Farmers Bancorp’s unaudited historical consolidated financial statements and accompanying notes as of and for the nine months ended March 31, 2026, included in this Current Report on Form 8-K/A;

Farmers Bancorp’s audited historical consolidated financial statements and accompanying notes as of and for the years ended June 30, 2025 and 2024, included in the Form 424(b)(3) prospectus filed with the Securities and Exchange Commission (“SEC”) by Richmond Mutual on April 15, 2026;

Other information pertaining to Richmond Mutual and Farmers Bancorp contained in or incorporated by reference into the Form 424(b)(3) prospectus filed with the SEC by Richmond Mutual on April 15, 2026.

RICHMOND MUTUAL AND FARMERS BANCORP
UNAUDITED PRO FORMA CONDENSED COMBINED

BALANCE SHEET

As of March 31, 2026

(In thousands)

	Richmond Mutual			Farmers Bancorp			Transaction Accounting Adjustments			Notes	Pro Forma
ASSETS

Cash and cash equivalents	$	34,798		$	71,399		$	(10,848	)	A	$	95,349
Interest-earning time deposits		2,820			-			-				2,820
Investment securities – available for sale		245,519			203,457			-				448,976
Investment securities – held to maturity		2,353			-			-				2,353
Loans held for sale		835			260			-				1,095
Loans and leases		1,191,254			794,973			(15,899	)	B		1,970,328
Less: Deferred fees, net		(392	)		(1,587	)		1,587		C		(392	)
Less: Allowance for credit losses		(16,740	)		(10,907	)		(2,608	)	D		(30,255	)
Total loans receivable, net		1,174,122			782,479			(16,920	)			1,939,681
Premises and equipment, net		13,497			18,946			-		E		32,443
Goodwill		-			-			8,189		F		8,190
Federal Home Loan Bank stock		13,907			7,143			-				21,050
Core deposit intangible (“CDI”), net		-			-			22,400		G		22,400
Other assets		31,365			41,812			1,724		H		74,901
TOTAL ASSETS	$	1,519,216		$	1,125,496		$	4,544			$	2,649,256

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Deposits		1,106,365			919,598			(447	)	I		2,025,516
Borrowings		256,000			95,283			-				351,283
Subordinated debentures, net of issuance costs		-			14,790			-				14,790
Accrued expenses and other liabilities		11,940			11,429			-				23,369
Total liabilities		1,374,305			1,041,100			(447	)			2,414,958

STOCKHOLDERS’ EQUITY
Common stock		105			2,554			(2,491	)	J		168
Additional paid-in capital		92,989			1			99,254		K		192,244
Retained earnings		98,644			99,246			(109,177	)	L		88,713
Accumulated other comprehensive loss, net		(37,024	)		(17,405	)		17,405		M		(37,024	)
Unearned ESOP shares		(9,803	)		-			-				(9,803	)
Total stockholders’ equity		144,911			84,396			4,991				234,298
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,519,216		$	1,125,496		$	4,544			$	2,649,256

See accompanying Notes to Unaudited Pro Forma Condensed Combined Financial Information

RICHMOND MUTUAL AND FARMERS BANCORP

UNAUDITED PRO FORMA CONDENSED COMBINED

STATEMENTS OF INCOME

For the Three Months Ended March 31, 2026

(In thousands, except per share data)

	Richmond Mutual		Farmers Bancorp		Transaction Accounting Adjustments			Notes	Pro Forma
Interest income:
Loans and leases	$	19,111	$	12,860	$	795		N	$	32,766
Investment securities		1,873		1,792		-				3,665
Other		178		603		(407	)	O		374
Total interest income		21,162		15,255		388				36,805
Interest expense:
Deposits		7,298		5,018		447		P		12,763
Borrowings		2,418		1,090		-				3,508
Subordinated debt		-		150		-				150
Total interest expense		9,716		6,258		447				16,421
Net interest income		11,446		8,997		(59	)			20,384
Provision for credit loan losses		693		350		-				1,043
Net interest income after provision for credit losses		10,753		8,647		(59	)			19,341
Noninterest income:
Service charges on deposit accounts		322		303		-				625
Card fee income		317		79		-				396
Loan and lease servicing fees		94		15		-				109
Net loss on securities		-		-		-				-
Net gain on loan and leases sales		173		144		-				317
Trust fees		360		532		-				892
Other income		32		1,010		-				1,042
Total noninterest income		1,298		2,083		-				3,381
Noninterest expense:
Salaries and employee benefits		4,564		4,515		(119	)	Q		8,960
Net occupancy expense		438		561		-				999
Equipment expense		253		385		-				638
Data processing		1,192		727		-				1,919
Deposit insurance expense		285		143		-				428
Legal and professional fees		458		425		-				883
Other expense		1,513		1,023		560		R		3,096
Total noninterest expense		8,703		7,779		441				16,923
Income before income taxes		3,348		2,951		(500	)			5,799
Income tax expense		562		443		(125	)	S		880
Net income	$	2,786	$	2,508	$	(375	)		$	4,919

Earnings per common share:
Basic	$	0.29	$	1.37				T	$	0.31
Diluted	$	0.28	$	1.37				T	$	0.31

Average common shares outstanding:
Basic		9,678,102		1,830,312				U		15,901,163
Diluted		9,860,105		1,830,312				U		16,083,166

RICHMOND MUTUAL AND FARMERS BANCORP

UNAUDITED PRO FORMA CONDENSED COMBINED

STATEMENTS OF INCOME

For the Year Ended December 31, 2025

(In thousands, except per share data)

	Richmond Mutual			Farmers Bancorp		Transaction Accounting Adjustments			Notes	Pro Forma
Interest income:
Loans and leases	$	77,383		$	51,013	$	3,180		N	$	131,576
Investment securities		7,706			6,744		-				14,450
Other		818			1,624		(407	)	O		2,035
Total interest income		85,907			59,381		(407	)			148,061
Interest expense:
Deposits		31,248			18,291		135		P		49,674
Borrowings		10,813			6,284		-				17,097
Total interest expense		42,061			24,575		135				66,771
Net interest income		43,846			34,806		2,638				81,290
Provision for credit loan losses		2,153			1,320		-				3,473
Net interest income after provision for credit losses		41,693			33,486		2,638				77,817
Noninterest income:
Service charges on deposit accounts		1,266			1,169		-				2,435
Card fee income		1,317			1,763		-				3,080
Loan and lease servicing fees		681			63		-				744
Net loss on securities		(156	)		-		-				(156	)
Net gain on loan and leases sales		409			615		-				1,024
Trust fees		1,382			2,106		-				3,488
Other income		164			1,075		-				1,239
Total noninterest income		5,063			6,791		-				11,854
Noninterest expense:
Salaries and employee benefits		18,544			16,581		(477	)	Q		34,648
Net occupancy expense		1,456			1,735		-				3,191
Equipment expense		1,001			1,166		-				2,167
Data processing		3,789			2,868		-				6,657
Deposit insurance expense		1,194			517		-				1,711
Legal and professional fees		1,840			2,068		-				3,908
Other expense		5,279			3,903		2,080		R		11,262
Total noninterest expense		33,103			28,838		1,603				63,544
Income before income taxes		13,653			11,439		1,035				26,127
Income tax expense		2,076			1,772		259		S		4,107
Net income	$	11,577		$	9,667	$	777			$	22,021

Earnings per common share:
Basic	$	1.20		$	5.27				T	$	1.38
Diluted	$	1.17		$	5.27				T	$	1.38

Average common shares outstanding:
Basic		9,669,682			1,842,531				U		15,934,287
Diluted		9,901,266			1,842,531				U		16,165,871

Notes to Unaudited Pro Forma Condensed Combined Financial Information

Note 1 – Basis of Presentation

The unaudited pro forma condensed combined financial information has been prepared using the acquisition method of accounting for business combinations in accordance with GAAP. The unaudited pro forma condensed combined balance sheet as of March 31, 2026, is presented as if the merger had occurred on that date, and the unaudited pro forma condensed combined statements of income for the three months ended March 31, 2026 and for the year ended December 31, 2025, are presented as if the merger had occurred as of January 1, 2025. The merger was completed on July 1, 2026

The unaudited pro forma condensed combined financial information is presented for illustrative purposes only and is not necessarily indicative of the results of operations or financial position that would have been achieved had the merger occurred on the dates assumed, nor is it necessarily indicative of the future results of operations or financial position of the combined company.

The pro forma adjustments are preliminary and based on management’s estimates of the fair values of the assets acquired and liabilities assumed as of the acquisition date. These estimates are subject to change as additional information becomes available and as final valuation analyses of tangible and identifiable intangible assets and assumed liabilities are completed. Accordingly, the final fair value adjustments may differ materially from those presented herein.

Under the acquisition method of accounting, Farmers Bancorp’s identifiable assets and liabilities, including any identifiable intangible assets, will be recorded by Richmond Mutual at their respective estimated fair values as of the merger closing date. Because the merger was completed on July 1, 2026, the preliminary purchase price allocation reflected in this unaudited pro forma condensed combined financial information is based on information available as of the date of this filing and has been applied to Farmers Bancorp’s March 31, 2026 historical balance sheet for pro forma presentation purposes. These estimates are subject to adjustment and may vary from the amounts ultimately recorded upon completion of the merger. Potential adjustments may include, but are not limited to, changes in: (i) Farmers Bancorp’s balance sheet through the effective time of the merger; (ii) total merger-related expenses, if consummation and/or implementation costs differ from current estimates; (iii) the fair values of acquired assets and assumed liabilities due to changes in market conditions or additional information; and (iv) the fair value of Richmond Mutual common stock issued as merger consideration.

Certain historical amounts of Farmers Bancorp have been reclassified on a pro forma basis to conform to the presentation and accounting classifications used by Richmond Mutual. The accounting policies of Richmond Mutual and Farmers Bancorp are currently being reviewed. Upon completion of this review, additional conforming adjustments or financial statement reclassifications may be required. The pro forma information does not reflect any potential cost savings, operating synergies, or revenue enhancements that may result from the merger, nor does it reflect the costs that may be incurred to achieve such synergies.

Note 2 – Purchase Price

Each share of Farmers Bancorp common stock has been converted into the right to receive 3.40 shares of Richmond Mutual common stock. Richmond Mutual did not issue any fractional shares of stock in the merger as the value of calculated fractional shares has been paid in cash.

In total, Richmond Mutual issued approximately 6,254,286 shares of Richmond Mutual common stock in the merger, resulting in approximately 16,759,046 shares of Richmond Mutual common stock outstanding after the merger. Richmond Mutual’s June 30, 2026 stock price of $15.88 was used for this presentation to determine the fair value of the stock consideration. The total consideration transferred approximates $100.2 million.

The table below presents a preliminary calculation of estimated merger consideration:

Share consideration:	Amount
	($ in thousands)
Shares of Farmers Bancorp common stock, including unvested Farmers Bancorp RSU Awards		1,839,517
Exchange ratio		3.40
Richmond Mutual common stock issuable based on exchange ratio		6,254,358
Less: Adjustment for fractional shares settled in cash		(72	)
Richmond Mutual common stock issued		6,254,286
Richmond Mutual’s closing share price on June 30, 2026	$	15.88
Preliminary fair value of consideration for outstanding common stock	$	99,318
Cash consideration for fractional shares	$	1
Cash consideration for unvested Farmers Bancorp performance share awards	$	917
Preliminary fair value of estimated total consideration	$	100,236

Note 3 –Purchase Price Allocation of Farmers Bancorp

At the merger effective time, Farmers Bancorp’s assets and liabilities are required to be recorded at their estimated fair values. The assumptions used to determine the relevant estimated fair value adjustments below are discussed in detail in Note 4 – Pro Forma Condensed Combined Financial Information Adjustments. For purposes of the unaudited pro forma condensed combined financial information, the preliminary purchase price allocation has been applied to Farmers Bancorp’s March 31, 2026 historical balance sheet. The fair value of the consideration transferred is based on Richmond Mutual’s closing stock price on June 30, 2026, the day immediately preceding the merger effective date. The excess of the purchase price over the fair value of the net assets acquired is goodwill.

The preliminary estimates of the consideration transferred and the assets acquired and liabilities assumed are summarized in the following table:

	At
	March 31, 2026
	(In thousands)
Pro forma purchase price of Farmers Bancorp
Fair value of Richmond Mutual common stock at $15.88⁽¹⁾ per share for 6,254,286 shares			$	99,318
Cash payment for fractional shares and unvested Farmers Bancorp performance share awards				918
Total pro forma purchase price			$	100,236

Fair value of assets acquired:
Cash	$	71,399
Investment securities available for sale		203,457
Loans receivable		765,819
CDI assets		22,400
Other assets		69,625
Total assets and identifiable intangible assets acquired	$	1,132,699

Fair value of liabilities assumed:
Deposits	$	919,151
Borrowings		95,283
Accrued expenses and other liabilities		26,219
Total liabilities assumed	$	1,040,653

Fair value of net assets and identifiable intangible assets acquired			$	92,046
The excess of the purchase price over the fair value of the net assets acquired - goodwill⁽²⁾			$	8,190

__________________________

(1)

Stock price is as of close of business June 30, 2026.

(2)

Goodwill is reflected as a transaction accounting adjustment int the pro forma condensed combined balance sheet.

Note 4 – Pro Forma Condensed Combined Financial Information Adjustments.

The following pro forma adjustments have been included in the unaudited pro forma condensed combined financial information. Estimated fair value adjustments are based upon available information, and certain assumptions considered reasonable, and may be revised as additional information becomes available. The following are the pro forma adjustments made to record the transaction and to adjust Farmers Bancorp’s assets and liabilities to their estimated fair values at March 31, 2026.

A. Adjustments to Cash and cash equivalents
To reflect cash payment for all unvested Farmers Bancorp performance share awards.	$	917
To reflect projected cash used for merger costs. See Note 5 – Merger Costs.		9,931
Total cash and cash equivalents	$	10,848

B. Adjustments to Loan and lease receivables, excluding allowance for credit losses and fees on loans and leases not yet recognized
To reflect the estimated fair value adjustment on loans and leases at merger date. The estimated fair value was determined using portfolio performance and yields compared to market.	$	(15,899	)

C. Adjustments to Deferred loan fees and costs
To eliminate Farmers Bancorp’s historical net deferred loan fees and costs.	$	1,587

D. Adjustments to Allowance for credit losses on loans and leases
To eliminate Farmers Bancorp’s historical allowance for credit losses of $10.9 million and record the estimated allowance for credit losses on acquired loans of $13.5 million in accordance with ASC 326.	$	(2,608	)

E. Adjustments to Premises and equipment, net
The fair value of premises and equipment acquired has not yet been determined. Accordingly, the historical carrying value is used for purposes of this pro forma presentation.	$	-

F. Adjustments to Goodwill
To record the estimated goodwill resulting from the merger.	$	8,190

G. Adjustments to Intangible asset, net
To record the estimated fair value of the CDI asset identified in the merger based on currently available information.	$	22,400

H. Adjustments to Other assets
To reflect the estimated tax effects of the purchase accounting adjustments and merger-related expenses, as follows:
Estimated tax effect of market value adjustments.	$	(861	)
Total tax effect at 20.7% of merger-related expenses adjusted for non-deductible expenses.		2,585
Total other assets	$	1,724

I. Adjustment to Deposits
To reflect the estimated fair market value adjustment to deposits based on current interest rates	$	(447	)

J. Adjustments to Common Stock
To record the issuance of Richmond Mutual common stock as purchase price consideration and to eliminate the common stock of Farmers Bancorp.	$	96,701

Issuance of Richmond Mutual common stock to Farmers Bancorp shareholders (6,254,286 shares, par value $0.01 per share).		63
Total common stock	$	96,764

K. Elimination of the historical Farmers Bancorp additional paid-in capital.	$	(1	)

L. Adjustment to Retained Earnings
To eliminate the historical Farmers Bancorp retained earnings.	$	(99,246	)

To record adjustment to retained earnings for Richmond Mutual’s estimated merger costs, net of tax. Estimated merger expenses are $9.9 million, net of the tax (assuming an effective tax rate of 20.7% after adjustment for estimated non-deductible expenses of $2.2 million).		(9,931	)

Total retained earnings	$	(109,177	)

M. Adjustment to Accumulated Other Comprehensive Income
To eliminate the historical Farmers Bancorp accumulated other comprehensive loss.	$	17,405

For purposes of determining the pro forma effect of the merger on the Income Statement, the following pro forma adjustments have been made as if the acquisition occurred as of the beginning of the period presented:

Income Statements (In Thousands)
	For the Three Months Ended March 31, 2026			For the Year Ended December 31, 2025
N.  Adjustments to Interest Income: Loans and leases
To recognize the estimated accretion of fair value adjustments for the acquired loan portfolio.	$	795			3,180

O. Adjustments to Interest income: Other
To recognize the reduction in other cash reflected for the merger at an estimated yield of 3.75% annualized.	$	(407	)		(407	)

P. Adjustments to Interest expense: Deposit
To recognize the reduction in interest expense for the time deposit premium amortization.	$	447			135

Q. Adjustments to Noninterest expense: Salaries and employee benefit
To eliminate equity-based compensation expense.	$	(119	)		(477	)

R. Adjustments to Noninterest expense: Other expense
To reflect estimated CDI asset amortization over ten years.	$	560			2,080

S. Adjustments to provision for income taxes
To adjust the provision for income taxes to reflect an estimated effective tax rate of 25% on the pro forma income before income taxes.	$	(744	)		(536	)

T. Earnings per common share:
Earnings per common share, basic and diluted were calculated using pro forma net income less dividends and undistributed earnings allocated to participating securities divided by the calculated pro forma basic and diluted weighted-average shares outstanding.

U. Basic and diluted average common shares outstanding
Basic and diluted weighted-average common shares outstanding were calculated by adding the shares issued by Richmond Mutual in the merger (Farmers Bancorp’s historical weighted-average common shares outstanding multiplied by the exchange ratio) to the historical average Richmond Mutual shares outstanding for the three months ended March 31, 2026 and the year ended December 31, 2025.

Note 5 – Merger Costs

Richmond Mutual anticipates completing the integration of Farmers Bancorp’s operations effective November 2026. Richmond Mutual expects to incur additional merger-related and integration costs in connection with the merger. The timing of recognition of these costs will depend on the nature of the costs and when the related services are received or obligations are incurred. Richmond Mutual has recorded merger-related and integration expenses totaling $2.1 million as of July 1, 2026. Farmers Bancorp recorded acquisition-related expenses totaling $4.5 million prior to the closing of the merger.

The table below reflects Richmond Mutual’s current estimate of the aggregate merger costs of $12.5 million, or $9.9 million net of $2.6 million of income tax benefit, computed using an estimated effective tax rate of 20.7%, after consideration of estimated nondeductible expenses of $2.2 million, expected to be incurred in connection with the merger, which are included in the pro forma financial information. While a portion of these costs may be required to be recognized over time, the current estimate of these costs, primarily comprised of anticipated cash charges, include the following:

	At March 31, 2026
	(In thousands)
Professional fees	$	3,850
Change of control payments		1,831
Vesting of restricted stock grants		-
Severance and retention plan		800
Data processing, termination and conversion		4,725
Other expenses		1,310
Pre-tax merger costs		12,516
Income tax benefit ((assuming an effective tax rate of 20.7% after adjustment for estimated non-deductible expenses of $2.2 million)		2,585
Net merger costs	$	9,931

Richmond Mutual’s current estimate of aggregate merger-related costs is subject to significant uncertainty. While this estimate reflects management’s current expectations regarding the nature and amount of costs expected to be incurred in connection with the merger, the ultimate amount and timing of recognition of such costs will depend on the nature of the costs incurred and the timing of the related activities. The actual costs incurred could differ materially from the current estimate based on the timing and scope of integration activities and other developments following the merger.

Source: View Original Filing on SEC EDGAR

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EX-23.1 EXHIBIT 23.1 1.8 KB

Richmond Mutual Bancorporation (RMBI) files pro forma data on $100M Farmers Bancorp deal

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FAQ

What does Richmond Mutual Bancorporation (RMBI) disclose in this 8-K/A about the Farmers Bancorp merger?

How large is The Farmers Bancorp that Richmond Mutual Bancorporation (RMBI) acquired?

What were The Farmers Bancorp’s recent earnings before joining Richmond Mutual Bancorporation (RMBI)?

What are the key terms of Richmond Mutual Bancorporation’s (RMBI) stock merger with The Farmers Bancorp?

What does the pro forma financial information show for the combined Richmond Mutual Bancorporation (RMBI) and Farmers Bancorp?

How strong was The Farmers Bancorp’s capital position before merging with Richmond Mutual Bancorporation (RMBI)?

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