Richmond Mutual Bancorporation reported October 30 that third-quarter net income fell to $1.7 million, or 11 cents per diluted share, from $3.6 million, or 36 cents a share, a year earlier.
The parent of First Bank Midwest attributed the decline primarily to a larger provision for credit losses and higher noninterest expenses.
Its credit-loss provision reached $6.1 million, compared with $269,000 in the same quarter of 2025. The company recorded $6.1 million in net charge-offs during the quarter, including a partial charge-off on a nonaccruing commercial real-estate loan.
Expenses included $3 million in nonrecurring costs connected with the Farmers Bancorp acquisition. A preliminary $1.6 million bargain-purchase gain partly offset those costs.
The merger closed July 1. Consequently, this quarter includes the combined businesses, while earlier comparison periods reflect Richmond Mutual alone.
Net interest income rose to $22.8 million from $11.3 million a year earlier. Assets totaled $2.60 billion at September 30, compared with $1.55 billion at June 30; deposits increased to $2.09 billion from $1.15 billion over that interval.
Sources Richmond Mutual Bancorporation — October 30 quarterly results: https://www.prnewswire.com/news-releases/richmond-mutual-bancorporation-inc-announces-2026-third-quarter-financial-results-302925492.html