What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2021-03-31 compared with 2020-03-30 · 45 added, 13 removed, 72 unchanged (45% of the section changed)

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

The common stock of Richmond Mutual Bancorporation is listed on The NASDAQ Capital Market under the symbol "RMBI."

There were approximately 507 shareholders of record of our common stock as of March 26, 2020.

We do not currently pay any cash dividends.

The common stock of Richmond Mutual Bancorporation is listed on The NASDAQ Capital Market under the symbol "RMBI." There were approximately 481 shareholders of record of our common stock as of March 26, 2021.

Our cash dividend payout policy is reviewed regularly by management and the Board of Directors.

During the year ended December 31, 2020, the Company paid cash dividends equal to $0.15 per common share.

Any dividends declared and paid in the future would depend upon a number of factors, including capital requirements, our financial condition and results of operations, tax considerations, statutory and regulatory limitations, and general economic conditions.

No assurances can be given that any dividends will be paid or that, if paid, will not be reduced or eliminated in future periods.

Our future payment of dividends may depend, in part, upon receipt of dividends from our wholly owned subsidiary, First Bank Richmond, which are restricted by federal regulations.

Our future payment of dividends may depend, in part, upon receipt of dividends from First Bank Richmond, which are restricted by federal regulations.

Equity Compensation Plan Information.

1 unchanged sentence

Issuer Purchases of Equity Securities.

The Company may repurchase shares of its common stock from time-to-time in open market transactions in the future, although we are generally not permitted to do so during the first year following the completion of our reorganization to the stock holding company form of organization, which was completed on July 1, 2019.

The timing, volume and price of purchases are made at our discretion, and are contingent upon our overall financial condition, as well as general market conditions.

The Company did not make any stock repurchases during the fourth quarter of 2019 and as of December 31, 2019, the Company did not have any authorized stock repurchase programs.

On July 8, 2020, the Company announced that the Board of Directors authorized the repurchase of up to 676,311 shares, or approximately 5% of the Company’s then outstanding common shares, which was completed during November 2020.

On October 21, 2020, the Board of Directors of the Company authorized a second stock repurchase program for up to 664,969 shares, or approximately 5% of its outstanding shares.

The repurchase program commenced on November 16, 2020 and expires on November 16, 2021, unless completed sooner.

The following table sets forth information with respect to our repurchases of our outstanding common shares during the three months ended December 31, 2020:

Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Maximum number of shares that may yet be purchased under the plans or programs

October 1, 2020 - October 31, 2020 84,239 $ 11.05 84,239 10,013

November 1, 2020 - November 30, 2020 32,855 12.60 32,855 642,127

December 1, 2020 - December 31, 2020 82,778 13.53 82,778 559,349

199,872 $ 12.33 199,872 559,349

Selected Financial Data

4 unchanged sentences

At December 31,

2020 2019 2018 2017 2016

(In thousands)

Selected Financial Condition Data:

Total assets $ 1,084,193 $ 986,042 $ 849,618 $ 753,621 $ 693,956

Loans and leases, net (1)

736,400 687,258 654,755 557,929 461,990

Securities available for sale, at fair value 244,505 201,784 122,482 118,357 144,214

1 unchanged sentence

Federal Reserve Bank and FHLB stock 9,050 7,600 6,561 6,717 6,224

Deposits 693,045 617,219 620,637 560,395 516,302

FHLB advances 170,000 154,000 136,100 104,000 92,300

1 unchanged sentence

Years Ended December 31,

2020 2019 2018 2017 2016

(In thousands)

7 unchanged sentences

Card fee income 843 749 698 644 673

Loan and lease servicing fees (losses)

Loan and lease servicing fees 382 144 335 208 84

Gain on loan and lease sales 3,633 647 459 794 712

Gain on sales of securities 196 98 15 96 473

Other income 1,540 1,144 1,671 1,662 1,491

Total non-interest income 7,325 3,860 4,294 4,515 4,590

Total non-interest expenses 24,009 51,038 23,105 21,312 21,574

(Loss) Income before (benefit) provision for income taxes

(Benefit) Provision for income taxes (2)

Net (loss) income (2)

Income (loss) before provision (benefit) for income taxes 12,495 (19,377) 6,956 5,687 4,479

Provision (benefit) for income taxes (2)

2,477 (5,293) 1,278 2,972 1,075

Net income (loss) (2)

$ 10,018 $ (14,084) $ 5,678 $ 2,715 $ 3,404

(1) Net of allowances for loan and lease losses, loans in process and deferred loan fees.

3 unchanged sentences

Years Ended December 31,

2020 2019 2018 2017 2016

Selected Financial Ratios and Other Data:

8 unchanged sentences

Net interest margin (1)

3.22 % 3.34 % 3.57 % 3.48 % 3.51 %

Operating expense to average total assets 2.28 % 5.36 % 2.89 % 2.96 % 3.18 %

1 unchanged sentence

Efficiency ratio (2)

59.91 % 147.36 % 71.84 % 73.22 % 78.20 %

Asset quality ratios:

Non-performing assets to total assets (3)

0.45 % 0.39 % 0.56 % 0.60 % 1.63 %

Non-performing loans and leases to total gross loans and leases (4)

0.64 % 0.55 % 0.69 % 0.80 % 1.62 %

Allowance for loan and lease losses to non-performing loans and leases (4)

220.57 % 185.97 % 122.40 % 106.36 % 71.31 %

Allowance for loan and lease losses to loans and leases receivable 1.42 % 1.02 % 0.85 % 0.85 % 1.15 %

1 unchanged sentence

Capital ratios:

Common equity tier 1 capital (to risk weighted

Tier 1 leverage (core) capital (to adjusted tangible

Common equity tier 1 capital (to risk weighted assets) (5)

20.64 % 18.54 % 11.49 % 11.80 % 13.10 %

Tier 1 leverage (core) capital (to adjusted tangible assets) (5)

14.28 % 14.56 % 10.06 % 10.30 % 9.80 %

Tier 1 risk-based capital (to risk weighted assets) (5)

20.64 % 18.54 % 11.49 % 11.80 % 13.10 %

Total risk-based capital (to risk weighted assets) (5)

21.90 % 19.46 % 12.26 % 12.60 % 14.10 %

Equity to total assets at end of period 17.85 % 19.04 % 10.11 % 10.85 % 11.26 %

Average equity to average assets 18.25 % 13.75 % 10.30 % 11.22 % 11.71 %

Per share data:

Basic earnings per share 0.82 (1.27) — — —

Diluted earnings per share 0.82 (1.27) — — —

Cash dividends paid 0.15 — — — —

Book value at year end 14.61 13.88 — — —

Tangible book value (6)

14.61 13.88 — — —

Number of full-service offices 12 12 12 12 11

6 unchanged sentences

(5) Capital ratios are for First Bank Richmond.

(6) Tangible book value per share is a non-GAAP measure used by management and others within the financial services industry.

Tangible book value per share is calculated by dividing tangible common equity by the number of shares outstanding.

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.

What changed 10-K

Item 5. Market for Registrant’s Common Equity