Richmond Mutual Bancorporation Inc Dossier
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SectorFinancials IndustryRegional Banks Beta (adjusted)0.54 Intrinsic Value $13.23median of 2 methodsbased on filings through 30 Jun 2026 Market Price $14.96Price as of 1 Oct 2026 Near fair valueIntrinsic value is 12% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $239.8M Enterprise Value $461.1M Shares Outstanding 16M diluted Next Earnings Date22 Oct 2026 Last ex-dividend3 Jun 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Richmond Mutual Bancorporation, Inc. (RMBI) is poised for a transformative phase as it finalizes its stock-for-stock merger with The Farmers Bancorp. This transaction, expected to close around the end of Q2 2026, will expand the bank's footprint across Indiana and Ohio under the new combined bank name 'First Bank Midwest'. RMBI has demonstrated resilient financial performance, with Q1 2026 net income rising to $2.8 million ($0.28 diluted EPS) from $2.0 million ($0.20 diluted EPS) in Q1 2025, driven by an expanded net interest margin of 3.10%. Trading at a modest price-to-book ratio of approximately 0.96x and offering a robust dividend yield of over 4.0%, RMBI presents an attractive value proposition with significant upside potential from post-merger scale and cost synergies. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 19 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $12.0015% Merger integration challenges lead to higher-than-expected noninterest expenses and deposit attrition. A competitive deposit environment compresses the net interest margin, while deteriorating macroeconomic conditions in the Midwest cause a spike in nonperforming commercial real estate loans, dragging down EPS and compressing the price-to-book multiple. Base CaseCentral scenario $16.0055% The merger closes smoothly, and the combined entity successfully transitions to the 'First Bank Midwest' brand. Asset quality remains stable with manageable credit losses, and the bank maintains its steady profitability with an annualized EPS of $1.20 to $1.30. The stock trades at a fair price-to-book multiple of 1.10x. Bull CaseUpside scenario $18.0030% The integration of The Farmers Bancorp is highly accretive, yielding rapid cost synergies and expanding the loan portfolio in high-growth Midwestern markets. Net interest margin continues to expand due to disciplined deposit pricing and firm loan yields, driving annualized EPS above $1.50 and pushing the stock price toward historical highs. Scenarios reflect our research view at the research date. Key Investment Merits
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All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |