Short answer
Richmond Mutual Bancorporation, Inc. (RMBI) filed its fiscal 2024 10-K annual report with the SEC on Mar 27, 2025. It reported revenue of $81M (+19.5% year over year) and net income of $9M.
- Top risk flagged: Regulatory risk: Maintaining risk-based capital ratio 14.2% above 10.0% well-capitalized threshold per federal banking regulations
FY2024 key financial metrics · XBRL
- Revenue
- $81M
- +19.5% YoY
- Net income
- $9M
- −1.2% YoY
- EPS (diluted)
- $0.92
- +1.1% YoY
- ROE
- 7.1%
- +0.0 pp YoY
- Operating cash flow
- $15M
- +21.8% YoY
Source: XBRL data from the Richmond Mutual Bancorporation, Inc. (RMBI) FY2024 10-K on SEC EDGAR. USD.
Richmond Mutual Bancorporation, Inc. FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Regional banking and financial services through Richmond Mutual Bancorporation, Inc.
- No new products, services, or segments introduced or emphasized in this year’s filing
- Continued emphasis on corporate governance with unchanged nominating procedures and active Audit Committee oversight
- Equity Incentive Plan: 1,050,961 options outstanding with $10.56 weighted average exercise price, 336,984 shares available for future issuance
- Most notable fact: Reliance on incorporation by reference for substantial information, including insider trading policy, executive compensation, and security ownership in proxy statement to be filed within 120 days
Management Discussion & Analysis
- Forward-looking risks: economic conditions, interest rates, inflation, credit losses, deposit outflows, competition, regulatory changes, cyber risks
- Management cautions on uncertainties, no quantitative guidance or outlook provided
Risk Factors
- Regulatory risk: Maintaining risk-based capital ratio 14.2% above 10.0% well-capitalized threshold per federal banking regulations
- Macroeconomic risk: $1.2 billion loan portfolio concentrated in owner-occupied residential real estate mortgages exposed to housing market downturns
- Operational risk: Dependence on brokered deposits and FHLB advances for funding increases vulnerability to liquidity tightening or interest rate fluctuations
- Competitive risk: Community banking model challenged by fintech firms offering low-cost digital financial services appealing to same customer base
- Financial risk: Modest net income decline $9.4M in 2024 from $9.5M in 2023 amid flat asset growth signaling pressure on profitability
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