24 unchanged sentences
In 2017, the Bank converted to an Indiana state-chartered commercial bank and adopted the name First Bank Richmond, while continuing to operate in Ohio under the name Mutual Federal, a division of First Bank Richmond.
−Removed: First Bank Richmond provides full banking services through its seven full- and one limited-service offices located in Cambridge City (1), Centerville (1), Richmond (5) and Shelbyville (1), Indiana, its five full-service offices located in Piqua (2), Sidney (2) and Troy (1), Ohio, and its loan production office in Columbus, Ohio.
+Added: First Bank Richmond provides full banking services through its seven full- and one limited-service offices located in Cambridge City (1), Centerville (1), Richmond (5) and Shelbyville (1), Indiana, and its six full-service offices located in Piqua (2), Sidney (2), Troy (1), and Columbus (1), Ohio.
Administrative, trust and wealth management services are conducted through First Bank Richmond’s Corporate Office/Financial Center located in Richmond, Indiana.
4 unchanged sentences
Funds not invested in loans generally are invested in investment securities, including mortgage-backed and mortgage-related securities and agency and municipal bonds.
−Removed: First Bank Richmond generates commercial, mortgage and consumer loans and leases and receives deposits from customers located primarily in Wayne and Shelby Counties, in Indiana and Shelby, Miami and Franklin (no deposits) Counties, in Ohio.
+Added: First Bank Richmond generates commercial, mortgage and consumer loans and leases and receives deposits from customers located primarily in Wayne and Shelby Counties, in Indiana and Shelby, Miami and Franklin Counties, in Ohio.
We sometimes refer to these counties as our primary market area.
20 unchanged sentences
For the year ended December 31, 2025, we reported net income of $11.6 million, compared to net income of $9.4 million for the year ended December 31, 2024.
+Added: On November 11, 2025, the Company entered into a definitive agreement with The Farmers Bancorp, Frankfort, Indiana (“Farmers Bancorp”), which is headquartered in Frankfort, Indiana.
+Added: Pursuant to the merger agreement Farmers Bancorp will merge with and into the Company, with the Company as the surviving corporation in the merger.
+Added: The transaction is expected to be completed in the second calendar quarter of 2026, subject to customary closing conditions, regulatory approval, and approval of the Company’s and Farmers Bancorp’s shareholders.
+Added: For a more detailed description of the proposed merger, see "Note 3 – Acquisition of The Farmers Bancorp, Frankfort, Indiana".
Our primary market area includes Wayne and Shelby counties in Indiana and Shelby, Miami, and Franklin counties in Ohio.
−Removed: We conduct our business through 12 full service and one limited-service banking offices, with seven full-service and one limited-service offices located in Indiana and five offices situated in Ohio.
+Added: We conduct our business through 13 full service and one limited-service banking offices, with seven full-service and one limited-service offices located in Indiana and six offices situated in Ohio.
Our main full-service banking office and four other branch offices are located in Richmond (Wayne County), Indiana.
We operate two other offices in Wayne County in the towns of Cambridge City and Centerville, and one office in Shelbyville (Shelby County), Indiana, which is situated approximately 25 miles southeast of Indianapolis.
−Removed: Through Mutual Federal, a division of First Bank Richmond, we operate two offices in Sidney (Shelby County), Ohio, and two offices in Piqua and one office in Troy, Ohio (Miami County).
−Removed: We also operate a loan production office in Columbus (Franklin County), Ohio that focuses on commercial and multi-family real estate lending.
+Added: Through Mutual Federal, a division of First Bank Richmond, we operate two offices in Sidney (Shelby County), Ohio, two offices in Piqua and one office in Troy, Ohio (Miami County), and one office in Columbus, Ohio
+Added: (Franklin County).
Administrative, trust and wealth management services are provided at our Corporate Office/Financial Center located in Richmond, Indiana.
1 unchanged sentence
The unemployment rate in December 2025 was 2.7% in Wayne County, as compared to the national and state unemployment rates of 4.1% and 2.7%, respectively.
−Removed: The top employers in Wayne County include Reid Health, Richmond Community Schools, Belden Wire & Cable, Sugar Creek Brandworthy Food Solutions, Richmond State Hospital,
−Removed: and Primex Plastics Corporation.
+Added: The top employers in Wayne County include Reid Health, Richmond Community Schools, Sugar Creek Brandworthy Food Solutions, and Richmond State Hospital.
First Bank Richmond operates seven banking offices in Wayne County, including five in Richmond, which is the largest city in Wayne County.
18 unchanged sentences
The unemployment rate in Shelby County was 2.5% in December 2025 compared to 3.4% in December 2024.
−Removed: We operate two offices in Sidney (Shelby County), Ohio, and two offices in Piqua and one office in Troy (Miami County), Ohio.
−Removed: We also operate a loan production office in Columbus, Ohio (Franklin County) that focuses on commercial and multi-family real estate lending.
+Added: We operate two offices in Sidney (Shelby County), Ohio, two offices in Piqua and one office in Troy (Miami County), Ohio, and one office in Columbus, Ohio (Franklin County).
Sidney is the largest city and the county seat of Shelby County, Ohio.
9 unchanged sentences
Troy had an estimated population in 2025 of 26,800 with a median household income of approximately $68,800, while Piqua had a population of 20,600 with a median household income of approximately $67,800.
−Removed: Manufacturing is the leading industry employment sector in Miami County, followed by health care and social services as well as retail trade.
+Added: The health care and social services industry is the leading industry employment sector in Miami County, followed by manufacturing as well as retail trade.
The largest employers in Miami County include Upper Valley Medical Center, Clopay Building Products, F&P America, UTC Aerospace Systems, Meijer Distribution Center, ConAgra Foods, American Honda, and Hobart Brothers.
The unemployment rate in Miami County was 3.7% in December 2025 compared to 4.0% in December 2024.
−Removed: Columbus, Ohio, where we operate our loan production office, is the state capital of and most populous city in Ohio.
+Added: Columbus, Ohio, where we operate one office, is the state capital of and most populous city in Ohio.
Columbus ranked as the 15 th most populous city in the United States with an estimated population in 2025 of 931,600 and a median household income of approximately $67,100.
3 unchanged sentences
The Columbus metropolitan area had an estimated population of 2.2 million and ranked as the 32 nd most populous metropolitan area in the United States and the second most populous metropolitan area in Ohio, just behind the Cincinnati metropolitan area and slightly ahead of the Cleveland metropolitan area.
−Removed: The unemployment rate in December 2024 was 3.9% for the entire Columbus metropolitan area and 4.0% for Franklin County, compared to 2.7% for the entire Columbus metropolitan area and 2.7% for Franklin County in December 2023.
+Added: The unemployment rate in December 2025 was 3.6% for both the entire Columbus metropolitan area and Franklin County, compared to 3.9% for the entire Columbus metropolitan area and 4.0% for Franklin County in December 2024.
Lending Activities
10 unchanged sentences
At December 31, 2025, our largest lending relationship with one borrower was for $23.5 million consisting of four commercial real estate loans secured by properties in the Dayton, Ohio area.
−Removed: All of these loans were performing in accordance with their repayment terms at December 31, 2024.
+Added: This loan relationship was performing in accordance with its repayment terms at December 31, 2025.
Our lending is subject to written underwriting standards and origination procedures set forth in First Bank Richmond’s loan policy.
43 unchanged sentences
Loans that are sold into the secondary market to Fannie Mae or the FHLB of Indianapolis are sold with the servicing retained to maintain the client relationship and to generate non-interest income.
−Removed: The sale of mortgage loans provides a source of non-interest income through the gain on sale, reduces our interest rate risk, provides a stream of servicing income, enhances liquidity and enables us to originate more loans at our current capital level than if we held the loans in our loan portfolio.
+Added: The sale of mortgage loans provides a source of non-interest income through the gain on sale, reduces our interest rate
+Added: risk, provides a stream of servicing income, enhances liquidity and enables us to originate more loans at our current capital level than if we held the loans in our loan portfolio.
During the year ended December 31, 2025, we originated $35.1 million one- to four-family fixed-rate mortgage loans and $10.7 million one- to four-family adjustable-rate mortgage (“ARM”) loans, and sold $17.8 million of these loans without recourse to Fannie Mae and the FHLB of Indianapolis.
29 unchanged sentences
Home equity loans originated with a loan to value ratio in excess of 80% are subject to a higher origination fee and higher interest rate than home equity loans with loan to value ratios of 80% or less.
−Removed: If the home equity loan is for home improvements, the improvements to be made to the property may be considered when calculating the
−Removed: loan to value ratio.
+Added: If the home equity loan is for home improvements, the improvements to be made to the property may be considered when calculating the loan to value ratio.
If the loan to value ratio on the property is sufficient, regardless of the improvements to be made, the proceeds may be disbursed directly to the borrower.
35 unchanged sentences
We evaluate the qualifications and financial condition of the borrower, including project-level and global cash flows, credit history and management expertise, as well as the value and condition of the property securing the loan.
−Removed: When evaluating the qualifications of the borrower, we consider the financial resources of the borrower, the borrower’s experience in owning or managing similar
−Removed: property and the borrower’s payment history with us and other financial institutions.
+Added: When evaluating the qualifications of the borrower, we consider the financial resources of the borrower, the borrower’s experience in owning or managing similar property and the borrower’s payment history with us and other financial institutions.
In evaluating the property securing the loan, the factors we consider include the net operating income of the mortgaged property before debt service and depreciation, the ratio of the loan amount to the appraised value of the mortgaged property and the debt service coverage ratio (the ratio of net operating income to debt service).
9 unchanged sentences
We had 60 other commercial and multi-family real estate loans each with an outstanding balance in excess of $3.0 million at December 31, 2025, all of which were performing in accordance with their repayment terms at December 31, 2025.
−Removed: Our largest lending relationship with one borrower at December 31, 2024 was for $22.8 million consisting of four commercial real estate loans secured by properties in the Dayton, Ohio area.
+Added: Our largest lending relationship at December 31, 2025 was with one borrower for $23.5 million consisting of four commercial real estate loans secured by properties in the Dayton, Ohio area.
All of these loans were performing in accordance with their repayment terms at December 31, 2025.
41 unchanged sentences
At December 31, 2025, the average loan size of our outstanding commercial and industrial loans was $270,000.
−Removed: Our largest outstanding commercial and industrial loan at that date was a working capital line of credit totaling $6.4 million, which
−Removed: was secured by all of the assets of the business and performing in accordance with its repayment terms at December 31, 2024.
+Added: Our largest outstanding commercial and industrial loan at that date was a working capital line of credit totaling $8.0 million, which was secured by all of the assets of the business and performing in accordance with its repayment terms at December 31, 2025.
We had 27 other commercial and industrial loans with an outstanding balance in excess of $1.0 million at December 31, 2025, all of which were performing in accordance with their repayment terms at that date.
7 unchanged sentences
Such loans are independently underwritten according to our policies.
−Removed: At December 31, 2024, our purchased construction and development loan participations totaled $28.7 million, or 21.6% of our total construction and development loan portfolio, of which $5.5 million involved loans secured by collateral outside of our primary market area.
+Added: At December 31, 2025, we did not have any purchased construction and development loan participations.
Our commercial construction loans are typically made to builders/developers that have an established record of successful project completion and loan repayment.
5 unchanged sentences
Commercial construction loans are underwritten to either mature, or transition to a traditional amortizing loan, at the completion of the construction phase.
−Removed: The loan-to-value ratio on our commercial construction loans, as established by independent appraisal, typically will not exceed 80% of the appraised value on a completed basis or the cost of completion, whichever is less.
+Added: The loan-to-value ratio on our commercial construction loans, as established by independent appraisal, typically will not
+Added: exceed 80% of the appraised value on a completed basis or the cost of completion, whichever is less.
These loans generally include an interest reserve of 1% to 5% of the loan commitment amount.
14 unchanged sentences
Construction loans generally involve greater credit risk than long-term financing on improved, owner occupied real estate.
−Removed: In the event a loan is made on property that is not yet approved for the planned development or improvements, there is a
−Removed: risk that necessary approvals will not be granted or will be delayed.
+Added: In the event a loan is made on property that is not yet approved for the planned development or improvements, there is a risk that necessary approvals will not be granted or will be delayed.
Risk of loss on a construction loan also depends upon the accuracy of the initial estimate of the value of the property at completion of construction compared to the estimated cost (including interest) of construction and other assumptions.
7 unchanged sentences
No assurances, however, can be given that these practices will be successful in mitigating the risks of construction and development lending.
−Removed: At December 31, 2024, our largest construction and land development loan had an outstanding balance of $12.1 million and was secured by all business assets, as well as a first mortgage and assignment of rents and leases on a proposed hotel in the Columbus, Ohio area.
+Added: At December 31, 2025, our largest construction and land development loan had an outstanding balance of $9.3 million and was secured by a first mortgage and assignment of rents and leases on an urban development site in Indianapolis, Indiana.
At December 31, 2025, this loan was performing according to its repayment terms.
2 unchanged sentences
We conduct our leasing operations through First Federal Leasing, a division of First Bank Richmond.
−Removed: Our lease financing operation consists of direct financing leases which are used by commercial customers to finance purchases such as medical, computer and manufacturing equipment, audio/visual equipment, industrial assets, construction and transportation equipment, and a wide variety of other commercial equipment.
+Added: Our lease financing operation consists of direct financing leases which are used by commercial customers to finance purchases such as medical, computer and manufacturing equipment, audio/visual equipment, industrial assets, construction and
+Added: transportation equipment, and a wide variety of other commercial equipment.
We rely solely on brokers and other third-party originators to generate our lease transactions.
−Removed: The nature of our business requires the use of brokers and third-party originators as it focuses on transactions generally ranging between $2,500 and $250,000 (with an average size of $49,000) with terms of 24 to 72 months, with a weighted average term of 39.0 months as of December 31, 2024.
+Added: The nature of our business requires the use of brokers and third-party originators as it focuses on transactions generally ranging between $2,500 and $250,000 (with an average size of $51,000) with terms of 24 to 72 months, and a weighted average term of 38.8 months as of December 31, 2025.
Our risk management profile centers on internally rated “A” quality credits.
12 unchanged sentences
Credit agency reports of the applicant’s credit history supplement the analysis of the applicant’s creditworthiness.
−Removed: We generally file a UCC-1 financing statement on all of our lease transactions to perfect our interest in the equipment, except in the case of (i) titled equipment, where we would require the title in lieu of the UCC financing statement, (ii)
−Removed: transactions under $5,000 or (iii) for equipment with very little value, such as computer software.
+Added: We generally file a UCC-1 financing statement on all of our lease transactions to perfect our interest in the equipment, except in the case of (i) titled equipment, where we would require the title in lieu of the UCC financing statement, (ii) transactions under $5,000 or (iii) for equipment with very little value, such as computer software.
Perfection gives us a claim to the collateral that is superior to someone that obtains a lien through the judicial process subsequent to the perfection of a security interest.
5 unchanged sentences
Florida at 6.7%;
−Removed: and Arkansas at 6.1%.
+Added: and Texas at 5.9%.
Our largest leasing relationship at that date was with the State of Arkansas which consisted of more than 3,200 leases totaling approximately $7.0 million in lease receivables, all of which were performing in accordance with the lease terms.
9 unchanged sentences
While we originate both fixed-rate and adjustable-rate loans, our ability to generate each type of loan depends upon relative borrower demand and the pricing levels as set in the local marketplace by competing banks, thrifts, credit unions, and mortgage banking companies.
−Removed: Our volume of real estate loan originations is influenced significantly by market interest rates, and, accordingly, the volume of our real estate loan originations can vary from period to period.
+Added: Our volume of real estate loan originations is influenced significantly by market interest rates, and, accordingly, the volume of our
+Added: real estate loan originations can vary from period to period.
During the year ended December 31, 2025, we originated $144.4 million of fixed rate loans and leases and $163.7 million of adjustable-rate loans, compared to $133.7 million of fixed rate loans and leases and $103.4 million of adjustable-rate loans during the year ended December 31, 2024.
The following tables provide information regarding our originations for the periods indicated:
+Added: Year Ended December 31, 2025
Fixed Rate Floating or
12 unchanged sentences
(1) Includes $1.8 million of fixed-rate and $359,000 of adjustable-rate loans secured by second mortgages on residential properties.
+Added: Year Ended December 31, 2024
Fixed Rate Floating or
12 unchanged sentences
(1) Includes $2.4 million of fixed-rate and $470,000 of adjustable-rate loans secured by second mortgages on residential properties.
−Removed: As reflected in the tables above, loan and lease originations decreased $135.8 million, or 36.4%, to $237.1 million during 2024 compared to $372.9 million during 2023, primarily due to higher market interest rates.
+Added: Total loan and lease originations increased $71.0 million, or 29.9%, to $308.1 million in 2025 from $237.1 million in 2024, driven by higher originations in multi-family and commercial real estate, construction and development loans, and lease activity, partially offset by lower residential mortgage, home equity line of credit, and commercial and industrial loan originations.
We consider our balance sheet as well as market conditions on an ongoing basis in making decisions as to whether to hold residential loans we originate for investment or to sell these loans to investors, choosing the strategy that is most advantageous to us from a profitability and risk management standpoint.
2 unchanged sentences
For the years ended December 31, 2025 and 2024, we sold $17.8 million and $25.2 million of one- to four-family residential real estate loans, respectively.
−Removed: During the year ended December 31, 2024, we did not originate or sell any FHA, VA, or USDA loans, compared to $65,000 of FHA, VA or USDA loans originated or sold during the year ended December 31, 2023.
+Added: During the year ended December 31, 2025, we did not originate or sell any FHA, VA, or USDA loans, compared to no FHA, VA or USDA loans originated or sold during the year ended December 31, 2024.
We recognize, at the time of sale, the cash gain or loss on the sale of the loans based on the difference between the net cash proceeds received and the carrying value of the loans sold.
2 unchanged sentences
In these circumstances, we follow our customary loan underwriting and approval policies.
−Removed: At December 31, 2024, we had 43 loans totaling $104.4 million, consisting of $64.6 million of multifamily and commercial real estate loans, $28.7 million of construction and development loans, and $11.1 million of other loans in which we were not the lead lender (of which $26.4 million are for loans secured by collateral located outside of our primary market area).
−Removed: All but one of these participation loans were performing in accordance with their original repayment terms at December 31, 2024.
+Added: At December 31, 2025, we had 40 loans totaling $83.4 million, consisting of $74.3 million of multifamily and commercial real estate loans, and $9.1 million of other loans in which we were not the lead lender (of which $32.9 million are for loans secured by collateral located outside of our primary market area).
+Added: All of these participation loans were performing in accordance with their original repayment terms at December 31, 2025.
We also have sold portions of loans we originate that exceeded our loans-to-one borrower legal lending limit or for risk diversification.
9 unchanged sentences
A loan or lease may remain on accrual status if it is in the process of collection and is either guaranteed or well secured.
−Removed: When a loan or lease is placed on nonaccrual status, unpaid interest credited to income is
+Added: When a loan or lease is placed on nonaccrual status, unpaid interest credited to income is reversed.
Interest received on nonaccrual loans and leases generally is applied against principal or interest and is recognized on a cash basis.
1 unchanged sentence
Nonperforming loans and leases totaled $17.4 million, or 1.46% of total loans and leases at December 31, 2025 and $6.8 million, or 0.58% of total loans and leases at December 31, 2024.
−Removed: The decrease in nonperforming loans was primarily attributable to a $1.2 million decrease in commercial and industrial loans, primarily due to one loan of $1.2 million secured by business assets, previously nonaccruing, that was paid off in 2024.
−Removed: At December 31, 2024, our largest nonperforming loan was a $4.9 million nonaccrual commercial construction and development loan that is subject to litigation between the developer and other parties.
+Added: Nonaccrual loans and leases totaled $13.2 million at December 31, 2025, compared to $5.1 million at December 31, 2024.
+Added: The increase was primarily attributable to one commercial real estate loan of $6.7 million, which had a loan-to-value ratio of approximately 32.2% and was in the process of foreclosure proceedings.
+Added: Accruing loans and leases past due 90 days or more totaled $4.2 million at December 31, 2025, up from $1.7 million at December 31, 2024.
+Added: The increase was largely due to one multi-family loan of $2.4 million that became 90 days past due during 2025 but remained accruing at December 31, 2025 due to an anticipated payoff.
+Added: The loan was placed on nonaccrual status in early 2026 as a result of no payment being received by the bank.
When we acquire real estate as a result of foreclosure, the real estate is classified as foreclosed assets or Other Real Estate Owned.
12 unchanged sentences
Residential mortgage (1)
+Added: Commercial mortgage 7,436 —
Construction and development 4,900 4,900
Commercial and industrial 30 35
+Added: Leases 715 34
Total non-accruing loans and leases
2 unchanged sentences
Home equity lines of credit 88 14
+Added: Multi-family 2,362 —
Consumer 46 99
19 unchanged sentences
In accordance with our loan policy, we regularly review the problem loans in our portfolio to determine whether any loans require classification in accordance with applicable regulations.
−Removed: Loans are listed on the “watch list” initially because of emerging financial weaknesses even though the loan is currently performing as agreed, or if the loan possesses weaknesses although currently performing.
+Added: Loans are listed on the “watch list” initially because of emerging financial weaknesses even though the loan is currently performing as agreed, or if the loan possesses weaknesses
+Added: although currently performing.
If a loan deteriorates in asset quality, the classification is changed to “special mention,” “substandard,” “doubtful” or “loss” depending on the circumstances and the evaluation.
9 unchanged sentences
The allowance for credit losses is maintained at a level which, in management’s judgment, is adequate to absorb probable credit losses inherent in the loan and lease portfolio.
−Removed: This requires significant judgement to estimate credit losses on a collective pool basis where similar risk characteristics exist, as well as for loans evaluated individually.
+Added: This determination requires significant judgment to estimate credit losses on a collective pool basis where similar risk characteristics exist, as well as for loans evaluated individually.
The amount of the allowance is based on management’s evaluation of the collectability of the loan and lease portfolio, including the nature of the portfolio, credit concentrations, historical loss experience, and current conditions and reasonable supportable forecasts for the Company's outstanding loan and lease balances.
4 unchanged sentences
As an integral part of their examination process, the IDFI and the FDIC will periodically review our allowance for credit losses, and as a result of such reviews, we may have to adjust our allowance for credit losses.
−Removed: However, regulatory
−Removed: agencies are not directly involved in the process for establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management.
+Added: However, regulatory agencies are not directly involved in the process for establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management.
Allowance for Credit Losses .
37 unchanged sentences
Home equity — % — %
−Removed: Net recoveries during the period $ — $ —
+Added: Net charge-offs/(recoveries) during the period $ — $ —
Average amount outstanding $ 18,846 $ 13,869
7 unchanged sentences
0.14 % 0.13 %
−Removed: Net charge-offs/(recoveries) during the period $ 1,506 $ 678
+Added: Net charge-offs during the period $ 1,708 $ 1,506
Average amount outstanding $ 1,183,896 $ 1,145,973
2 unchanged sentences
This adjustment increased the allowance from $12.4 million at December 31, 2022 to $15.1 million at January 1, 2023.
−Removed: At December 31, 2024, the allowance for credit losses on loans and leases totaled $15.8 million, or 1.34% of total loans and leases outstanding, compared to $15.7 million, or 1.42% of total loans and leases outstanding at December 31, 2023.
+Added: At December 31, 2025, the allowance for credit losses on loans and leases totaled $16.5 million, or 1.38% of total loans and leases
+Added: outstanding, compared to $15.8 million, or 1.34% of total loans and leases outstanding at December 31, 2024.
This increase was driven by a $17.9 million increase in our loan and lease portfolio.
29 unchanged sentences
Investment Activities
−Removed: First Bank Richmond has the legal authority to invest in various types of liquid assets, including U.S.
−Removed: Treasury obligations, securities of various government-sponsored enterprises and municipal governments, deposits at the Federal Home Loan Bank of Indianapolis, certificates of deposit of federally insured institutions, investment grade corporate bonds and investment grade marketable equity securities.
+Added: First Bank Richmond has the legal authority to invest in a variety of liquid assets, including U.S.
+Added: Treasury obligations, securities of government-sponsored enterprises, municipal securities, deposits at the Federal Home Loan Bank of
+Added: Indianapolis, certificates of deposit of federally insured institutions, investment-grade corporate bonds, and investment-grade marketable equity securities.
We also are required to maintain an investment in Federal Home Loan Bank of Indianapolis stock.
−Removed: The objectives of our investment policy are to provide and maintain liquidity to meet deposit withdrawal and loan funding needs, to help mitigate interest rate and market risk, to diversify our assets, and to maximize the rate of return on invested funds within the context of our interest rate and credit risk objectives.
+Added: The objectives of our investment policy are to provide and maintain liquidity to meet deposit withdrawal and loan funding needs, mitigate interest rate and market risk, diversify assets, and maximize the rate of return on invested funds within the context of our interest rate and credit risk objectives.
Various factors are considered when making decisions regarding our investment portfolio, including the marketability, maturity and tax consequences of the proposed investment.
2 unchanged sentences
however, the purchasing officer has the option, at the time of purchase, to designate individual securities as held-to-maturity, available-for-sale, or trading.
−Removed: In April 2020, First Bank Richmond created a wholly-owned subsidiary, FB Richmond Holdings, Inc.
−Removed: (“FB Richmond Holdings”) to hold a majority of its investment portfolio and take advantage of certain tax benefits.
−Removed: FB Richmond Holdings, a Nevada corporation, holds, services, manages and invests that portion of First Bank Richmond’s investment portfolio as may be transferred from time to time by First Bank Richmond to FB Richmond Holdings.
−Removed: FB Richmond Holdings’ investment policy, for the most part, mirrors that of First Bank Richmond’s investment policy.
−Removed: FB Richmond Holdings has hired a third-party investment advisor to manage its securities portfolio, subject to the oversight of its Board of Directors.
−Removed: The President and Chief Executive Officer and the Chief Financial Officer of the Company serve on the board of directors of FB Richmond Holdings.
−Removed: At December 31, 2024, we had, on a consolidated basis, $258.2 million of securities, at fair value, classified as available-for-sale, $3.5 million of securities, at cost, classified as held-to-maturity, and no securities classified as trading.
−Removed: At that date, FB Richmond Holding managed $258.5 million of our total investment portfolio.
+Added: In April 2020, First Bank Richmond established a wholly-owned subsidiary, FB Richmond Holdings, Inc.
+Added: (“FB Richmond Holdings”), a Nevada corporation, to hold a majority of the investment portfolio and to optimize certain tax benefits.
+Added: FB Richmond Holdings manages the portion of the investment portfolio transferred to it by the Bank, in accordance with an investment policy that substantially mirrors the Bank's policy.
+Added: FB Richmond Holdings employs a third-party investment advisor, subject to oversight by its Board of Directors, which includes the President and Chief Executive Officer and the Chief Financial Officer of the Company.
+Added: As of December 31, 2025, on a consolidated basis, we held $251.9 million of available-for-sale securities at fair value, $2.8 million of held-to-maturity securities at cost, and no trading securities.
+Added: FB Richmond Holdings managed $254.7 million of the total investment portfolio at that date.
We may from time to time invest in “special situation” investments in order to earn profits or to hedge against interest rate risk.
22 unchanged sentences
Corporate obligations — — 3.97 4.21
+Added: Other — — — —
Total securities available for sale 2.50 2.03 3.32 2.56
1 unchanged sentence
State and municipal obligations 3.13 3.32 3.73 4.13
+Added: Other — — — —
Total securities held to maturity 3.13 3.32 3.73 4.13
13 unchanged sentences
We also accept brokered deposits from deposit brokers.
−Removed: At December 31, 2024, our brokered deposits totaled $257.6 million, or 23.5% of total deposits, with an average interest rate of 4.25% and a 11-month weighted-average maturity, compared to $268.8 million, or 25.8% of total deposits, with an average interest rate of 3.73% and a 10-month weighted-average maturity at December 31, 2023.
+Added: At December 31, 2025, our brokered deposits totaled $235.9 million, or 21.1% of total deposits, with an average interest rate of 4.02% and a 10-month weighted-average maturity, compared to $257.6 million, or 23.5% of total deposits, with an average interest rate of 4.25% and an 11-month weighted-average maturity at December 31, 2024.
Our reliance on brokered deposits may increase our overall cost of funds.
1 unchanged sentence
Our largest banking office based on deposits is our main office in Richmond, Indiana, which had total deposits of $545.2 million or 48.9% of our total deposits at December 31, 2025.
−Removed: Approximately 72.4% ($791.6 million) of our total deposits were held in our Wayne County, Indiana offices as of December 31, 2024, with 88.2% ($698.6 million) of those
−Removed: deposits held in our five Richmond, Indiana offices.
+Added: Approximately 70.8% ($789.8 million) of our total deposits were held in our Wayne County, Indiana offices as of December 31, 2025, with 88.2% ($697.0 million) of those deposits held in our five Richmond, Indiana offices.
Overall, $838.3 million or 75.2% of our total deposits were held in Indiana branches and $276.7 million or 24.8% were held in Ohio branches as of December 31, 2025.
−Removed: The Federal Reserve Board generally requires all depository institutions to maintain noninterest-bearing reserves at specified levels against their transaction accounts, primarily checking, NOW and Super NOW checking accounts.
+Added: The Federal Reserve has historically required all depository institutions to maintain noninterest-bearing reserves at specified levels against their transaction accounts, primarily checking, NOW and Super NOW checking accounts.
In March 2020, the Federal Reserve reduced requirements to zero percent to support lending to households and businesses.
10 unchanged sentences
Percent increase 1.9 % 5.1 %
−Removed: The following table sets forth the distribution of total deposit accounts, by account type, for the periods indicated.
+Added: The following table sets forth the distribution of total deposits by account type at the dates indicated.
At December 31,
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Total deposits $ 1,114,893 100.0 % $ 1,093,940 100.0 %
−Removed: The following table sets forth, for the periods indicated, the average amount of and the average rate paid on deposit categories that are in excess of 10 percent of average total deposits.
+Added: The following table sets forth, at the dates indicated, the average amount of and the average rate paid on deposit categories that are in excess of 10 percent of average total deposits.
At December 31,
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We also have an available line of credit with the FHLB of Indianapolis totaling $10.0 million.
−Removed: The following table presents the maturity of term borrowings, which consist entirely of FHLB advances, along with associated weighted average rates as of December 31, 2024.
+Added: The following table presents the maturity and weighted average rates of our FHLB advances as of December 31, 2025.
Maturity by Fiscal Year FHLB Advances Weighted Average Rate
6 unchanged sentences
$ 240,000 3.96 %
+Added: At December 31, 2025, other borrowings totaled $12.0 million and consisted entirely of federal funds purchased.
+Added: The weighted average interest rate on these borrowings was 3.75% at December 31, 2025.
Trust and Financial Services
8 unchanged sentences
First Insurance Management, Inc.
−Removed: was formed in 2022 as a pooled captive insurance company subsidiary of the Company, incorporated in the State of Nevada, for
−Removed: the purpose of providing additional insurance coverage for the Company and its subsidiaries related to the operations of the Company for which insurance may not be economically feasible.
+Added: was formed in 2022 as a pooled captive insurance company subsidiary of the Company, incorporated in the State of Nevada, for the purpose of providing additional insurance coverage for the Company and its subsidiaries related to the operations of the Company for which insurance may not be economically feasible.
As of December 31, 2025, First Insurance Management provided us with various liability and property damage policies for the Company and its related subsidiaries.
7 unchanged sentences
We face additional competition for deposits from short-term money market funds, brokerage firms, mutual funds and insurance companies.
−Removed: We also compete with financial technology, or fintech companies.
+Added: We also compete with financial technology (FinTech) companies.
Recent technological advances and other changes have allowed parties to affect financial transactions that previously required the involvement of banks.
1 unchanged sentence
Consumers can also complete transactions such as paying bills and transferring funds directly without the assistance of banks.
+Added: We expect competition from these institutions to remain strong, including from online banks and FinTech companies that leverage technology to deliver financial services.
Based on the most recent data provided by the FDIC, there are approximately 10 and 36 other commercial banks and savings banks operating in our Indiana and Ohio market areas, respectively.
−Removed: Additionally, there are approximately 10 and seven credit unions operating in these same respective market areas.
+Added: Additionally, there are approximately 10 and 18 credit unions operating in these same respective market areas.
As of June 30, 2025 (the most recent branch deposit data provided by the FDIC), First Bank Richmond’s share of bank deposits in Wayne and Shelby Counties, in Indiana, was approximately 25.9% and 2.0%, respectively, and in Shelby and Miami Counties, in Ohio, was approximately 12.3% and 4.2%, respectively.
−Removed: We do not accept deposits at our loan production office located in Columbus, Ohio.
How We Are Regulated
48 unchanged sentences
Regulatory Capital” in the Notes to Consolidated Financial Statements contained in Part II, Item 8 of this Form 10-K.
−Removed: The Financial Accounting Standards Board has adopted a new accounting standard for US GAAP that was effective for us beginning in 2023.
−Removed: This standard, referred to as Current Expected Credit Loss, or CECL, requires FDIC-insured
−Removed: institutions and their holding companies (banking organizations) to recognize credit losses expected over the life of certain financial assets.
+Added: The Financial Accounting Standards Board adopted a new accounting standard for US GAAP that was effective for us beginning in 2023.
+Added: This standard, referred to as Current Expected Credit Loss, or CECL, requires FDIC-insured institutions and their holding companies (banking organizations) to recognize credit losses expected over the life of certain financial assets.
CECL covers a broader range of assets than the former method of recognizing credit losses and generally results in earlier recognition of credit losses.
39 unchanged sentences
Generally, Section 23A of the Federal Reserve Act and the Federal Reserve Board’s Regulation W limit the extent to which the bank or its subsidiaries may engage in “covered transactions” with any one affiliate to an amount equal to 10.0% of such institution’s capital stock and surplus, and with all such transactions with all affiliates to an amount equal to 20.0% of such institution’s capital stock and surplus.
−Removed: Section 23B applies to “covered transactions” as well as to certain other transactions and requires that all such transactions be on terms substantially the same, or at least as favorable, to the institution or subsidiary as those provided to a non-affiliate.
+Added: Section 23B applies to “covered transactions” as well as to certain other transactions and requires that all such transactions be on terms
+Added: substantially the same, or at least as favorable, to the institution or subsidiary as those provided to a non-affiliate.
The term “covered transaction” includes the making of loans to, purchase of assets from, and issuance of a guarantee to an affiliate, and other similar transactions.
30 unchanged sentences
First Bank Richmond’s latest Federal Deposit Insurance Corporation CRA rating was “Satisfactory.”
−Removed: On October 24, 2023, the federal banking agencies, including the FDIC, issued a final rule designed to strengthen and modernize regulations implementing the CRA.
−Removed: The changes are designed to encourage banks to expand access to credit, investment and banking services in low- and moderate-income communities, adapt to changes in the banking industry including mobile and internet banking, provide greater clarity and consistency in the application of the CRA regulations and tailor CRA evaluations and data collection to bank size and type.
−Removed: The applicability date for the majority of the provisions in the CRA regulations is January 1, 2026, and additional requirements will be applicable on January 1, 2027.
+Added: On October 24, 2023, the federal banking agencies, including the FDIC, issued a final rule intended to strengthen and modernize regulations implementing the CRA.
+Added: The rule was designed to encourage banks to expand access to credit, investments, and banking services in low- and moderate-income communities, accommodate changes in the banking
+Added: industry including mobile and internet banking, provide greater clarity and consistency in the application of CRA regulations, and tailor CRA evaluations and data collection based on bank size and type.
+Added: The final rule was published with an effective date of April 1, 2024, and included staggered compliance deadlines;
+Added: however, implementation was stayed by a preliminary injunction.
+Added: In 2025, the federal banking agencies issued a Joint Notice of Proposed Rulemaking to rescind the 2023 final rule and reinstate the prior CRA regulations.
+Added: As a result, the Bank continues to be evaluated under the pre-2023 CRA regulatory framework.
Consumer Protection and Fair Lending Regulations.
3 unchanged sentences
The Dodd-Frank Act prohibits unfair, deceptive or abusive acts or practices against consumers, which can be enforced by the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation and state Attorneys General.
+Added: However, in early 2025, CFPB leadership significantly scaled back the agency's rulemaking, enforcement and supervisory activities, including pausing major enforcement actions, rescinding guidance, and narrowing priorities which has significantly reduced active oversight of financial institutions.
+Added: Although statutory consumer protection requirements remain in force, the agency's diminished operations have created regulatory uncertainty with respect to the supervision and enforcement of the existing consumer financial protection laws.
Bank Secrecy Act/Anti Money Laundering Law.
35 unchanged sentences
Federal Reserve System.
−Removed: The Federal Reserve requires all depository institutions to maintain reserves at specified levels against their transaction accounts, primarily checking accounts.
−Removed: In response to the COVID-19 pandemic, the Federal Reserve reduced the reserve requirement ratio to zero percent effective on March 26, 2020, to support lending to households and businesses.
−Removed: At December 31, 2024, the Bank was in compliance with the reserve requirements.
+Added: The Federal Reserve requires depository institutions to maintain reserves at specified levels against their transaction accounts, primarily checking accounts.
+Added: As of December 31, 2025, the reserve requirement ratio was zero percent.
The Bank is authorized to borrow from the Federal Reserve Bank "discount window." An eligible institution need not exhaust other sources of funds before going to the discount window, nor are there restrictions on the purposes for which the institution can use primary credit.
6 unchanged sentences
Richmond Mutual Bancorporation is a bank holding company within the meaning of the Bank Holding Company Act of 1956, as amended.
−Removed: As such, Richmond Mutual Bancorporation is registered with the Federal Reserve Board and is subject to regulations, examinations, supervision and reporting requirements applicable to bank holding companies.
+Added: As such, Richmond Mutual Bancorporation is registered with the Federal Reserve Board and is subject to regulations, examinations, supervision and reporting requirements applicable to bank holding
In addition, the Federal Reserve Board has enforcement authority over Richmond Mutual Bancorporation and its non-bank subsidiaries.
25 unchanged sentences
Capital Loss Carryovers.
−Removed: A corporation cannot recognize capital losses in excess of capital gains generated.
+Added: A corporation may not recognize capital losses in excess of capital gains.
Generally, a financial institution may carry back capital losses to the preceding three taxable years and forward to the succeeding five taxable years.
−Removed: Any capital loss carryback or carryover is treated as a short-term capital loss for the year to which it is carried.
−Removed: As such, it is grouped with any other capital losses for the year to which it is carried and is used to offset any capital gains.
−Removed: Any loss remaining after the five-year carryover period is not deductible.
−Removed: At December 31, 2024, we had no capital loss carryovers.
+Added: Any capital loss carryback or carryforward is treated as a short-term capital loss for the year to which it is carried.
+Added: Accordingly, it is combined with other capital losses in that year and used to offset any capital gains.
+Added: capital loss remaining after the five-year carryforward period is not deductible.
+Added: At December 31, 2025, we had total capital loss carryforwards of $203,000, of which the earliest amount ($47,000) will expire on December 31, 2029.
Corporate Dividends.
18 unchanged sentences
As part of our compensation philosophy, we believe that we must offer and maintain market competitive total rewards programs for our employees in order to attract and retain superior talent.
−Removed: In addition to healthy base wages, additional programs include annual bonus opportunities, a Company augmented Employee Stock
−Removed: Ownership Plan, Company matched 401(k) Plan, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family leave, family care resources, flexible work schedules, and employee assistance programs.
−Removed: The success of our business is fundamentally connected to the well-being of our people.
−Removed: Accordingly, we are committed to the health, safety and wellness of our employees.
−Removed: We provide our employees and their families with access to a variety of flexible and convenient health and welfare programs, including benefits that support their physical and mental health by providing tools and resources to help them improve or maintain their health status.
−Removed: In response to the COVID-19 pandemic, we implemented significant operating environment changes that we determined were in the best interest of our employees, as well as the communities in which we operate, and which comply with government regulations.
−Removed: This includes giving some employees the ability to work from home, while implementing additional safety measures for employees continuing critical on-site work.
+Added: In addition to healthy base wages, additional programs include annual bonus opportunities, a Company augmented Employee Stock Ownership Plan, Company matched 401(k) Plan, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family leave, family care resources, flexible work schedules, and employee assistance programs.
+Added: The success of our business is fundamentally connected to the well-being of our employees.
+Added: We are committed to the health, safety, and wellness of our workforce and their families, providing access to a variety of flexible and convenient programs that support physical and mental health, including tools and resources to help employees maintain or improve their well-being.
+Added: We have also implemented flexible work arrangements for eligible employees while continuing additional safety measures for employees performing critical on-site work.
A core tenet of our talent system is to both develop talent from within and supplement with external hires.
8 unchanged sentences
He also serves as Chairman of the Mutual Federal advisory board of directors.
−Removed: Kleer is a member of the Large Community Bank Council of the Independent Community Bankers of America and the American Bankers Association's Membership Council.
+Added: Kleer is a member of the American Bankers Association's Membership Council.
During 2022, Mr.
17 unchanged sentences
Glover also serves as a board member of Centerville-Abington Community Dollars for Scholars and a finance committee member of the Richmond Family YMCA.
−Removed: Weinert (age 72).
−Removed: Weinert served as the President and Chief Executive Officer of Mutual Federal Savings Bank, which operated independently from First Bank Richmond as a wholly owned bank subsidiary of Richmond Mutual Bancorporation, from 2010 through 2016, and as Division President since 2016 when Mutual Federal Savings Bank was combined with First Bank Richmond through an internal merger transaction.
−Removed: Weinert also serves as a member of the Mutual Federal advisory board of directors.
−Removed: Prior to joining Mutual Federal and First Bank Richmond, Mr.
−Removed: Weinert served as a senior officer in the large corporate special assets division of PNC National Bank in Indianapolis (2008-2010), a senior commercial lending officer at Park National Bank in Columbus, Ohio (2006-2008), and as President of Eaton National Bank, Eaton, Ohio (2002-2006).
−Removed: In addition, over his 45+ year career in banking, Mr.
−Removed: Weinert has held numerous commercial banking
−Removed: positions, including serving as a senior credit analyst, corporate lending officer, commercial lending division manager, special assets group manager, corporate banking manager and chief commercial credit officer, predominately with the Indiana National Bank in Indiana and its several successor entities through subsequent mergers.
−Removed: Weinert holds a BA in Economics from Wabash College and an MBA from Butler University.
Witte (age 54).
6 unchanged sentences
Witte has been extensively involved in our community, having served on the board of numerous organizations during his tenure.
+Added: William "Bill" A.
+Added: Daily has over 36 years of experience in community banking.
+Added: He currently serves as the Ohio Market President at Mutual Federal, a position he has held since April 2025, where he is responsible for driving market growth, strengthening client relationships, and ensuring operational excellence across all banking functions.
+Added: Previously, Mr.
+Added: Daily served as Chief Executive Officer, Director, and Founder of Riverside Bank of Dublin, where he successfully launched and grew the bank earning a Bauer 5-Star rating and was named Ohio Bankers League Bank of the Year.
+Added: Throughout his career, Mr.
+Added: Daily has held senior leadership roles including Chief Lending Officer, Chief Credit Officer, Regional President, and Director of Commercial Banking.
+Added: Daily holds a Bachelor of Arts in Economics from Indiana University, an MBA from Webster University, and is a graduate of the University of Wisconsin Graduate School of Banking.
Our website addresses are www.firstbankrichmond.com and www.mutualfederal.com .
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.