Richmond Mutual Bancorporation, Inc.

Richmond Mutual Bancorporation — Indiana thrift with low ROE.

Strengths

• Diversified leasing/lending mix

Risks

• ROE 7.9% (30th), ROA (23rd) weak; very low cash (6th)
• Rate sensitivity

Notable findings

• Insider buyingInsider buying — 4 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, last 6mo) Form 4 ↗
• Buying back stockNet buyback — share count -4%/yr over 4y
• Pending mergerRisks Related to the Proposed Merger with The Farmers Bancorp, Frankfort, Indiana The completion of the merger with The Farmers Bancorp, Frankfort Indiana (“Farmers Bancorp”) is subject to numerous