Form 8-K/A

8-K/A — Richmond Mutual Bancorporation, Inc.

Accession: 0001104659-26-094994

Filed: 2026-08-12

Period: 2026-07-01

CIK: 0001767837

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Financial Statements and Exhibits

Documents

8-K/A — tm2622849d1_8ka.htm (Primary)

EX-23.1 — EXHIBIT 23.1 (tm2622849d1_ex23-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2622849d1_ex99-2.htm)

EX-99.3 — EXHIBIT 99.3 (tm2622849d1_ex99-3.htm)

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8-K/A — FORM 8-K/A

8-K/A (Primary)

Filename: tm2622849d1_8ka.htm · Sequence: 1

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0001767837

2026-07-01

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

(Amendment No. 2)

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of

earliest event reported): July 1, 2026

Richmond Mutual Bancorporation, Inc.

(Exact name of registrant as specified in its

charter)

Maryland

001-38956

36-4926041

(State or other jurisdiction

incorporation)

(Commission File No.)

(IRS Employer Identification

No.)

31 North

9th Street, Richmond, Indiana

47374

(Address of principal executive

offices)

(Zip Code)

Registrant's telephone number, including area

code: (765) 962-2581

(Former name or former address, if changed since

last report)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities

Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange

Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under

the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under

the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which

registered

Common Stock, par value $0.01 per share

RMBI

The NASDAQ Stock Market LLC

Indicated by

check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2

of the Securities Exchange Act of 1934.

Emerging growth company ¨

If an emerging

growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any

new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨

Explanatory Note

This Amendment No. 2 to Current Report

on Form 8-K/A is being filed with the Securities and Exchange Commission (the “SEC”) solely to amend and supplement Item 9.01

of the Current Report on Form 8-K (the “Original Form 8-K”) filed by Richmond Mutual Bancorporation, Inc. (“Richmond

Mutual”) on July 1, 2026, reporting under Item 2.01 the completion of its previously announced merger (the “Merger”)

with The Farmers Bancorp, Frankfort, Indiana (“Farmers Bancorp”). Amendment No. 1 to the Original Form 8-K (“Amendment

No. 1”) was filed on July 17, 2026 solely to report committee assignments. Under Item 9.01 of the Original Form 8-K, Richmond Mutual

stated that (a) the historical financial statements required by Item 9.01 of Form 8-K would be filed as an amendment to the Original Form

8-K not later than 71 days after the date the Original Form 8-K was required to be filed. No modifications have been made to information

contained in the Original Form 8-K or Amendment No. 1, and Richmond Mutual has not updated any information contained therein to reflect

events that have occurred since the date of the Original Form 8-K.

ITEM 9.01 FINANCIAL STATEMENTS AND

EXHIBITS.

(a) Financial

statements of businesses acquired

The audited consolidated balance sheets

of Farmers Bancorp as of June 30, 2025 and 2024, the related audited consolidated statements of income, comprehensive income, changes

in shareholder’s equity, and cash flows of Farmers Bancorp for the years ended June 30, 2025 and 2024, the notes related thereto

and the independent Auditor’s Report, are filed as Exhibit 99.1 and incorporated herein by reference.

The unaudited consolidated balance sheets

of Farmers Bancorp as of March 31, 2026, the related unaudited consolidated statements of income, comprehensive income, changes in shareholder’s

equity, and cash flows of Farmers Bancorp for the nine months ended March 31, 2026 and 2025, and the notes related thereto and for the

nine months ended March 31, 2026 and 2025 are attached as Exhibit 99.2 and incorporated herein by reference.

(b) Pro

forma financial information

The unaudited pro forma condensed combined

financial information of Richmond Mutual and Farmers Bancorp as of March 31, 2026 and for the three months ended March 31, 2026 and the

year ended December 31, 2025 are attached as Exhibit 99.3 and incorporated herein by reference.

(d) Exhibits

Exhibit

No.

Description

23.1

Consent of Forvis Mazars, LLP

99.1

Audited consolidated financial statements of The Farmers Bancorp, Frankfort, Indiana as of and for the years ended June 30, 2025 and 2024 (incorporated by reference from Richmond Mutual Bancorporation, Inc.’s Registration Statement on Form S-4, as amended (SEC File No. 333- 294527))

99.2

Unaudited

consolidated financial statements of The Farmers Bancorp, Frankfort, Indiana as of March 31, 2026 and for the nine months ended

March 31, 2026 and 2025.

99.3

Unaudited proforma combined financial information as of March 31, 2026 and for the three months ended March 31, 2026 and the year ended December 31, 2025.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act

of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RICHMOND MUTUAL BANCORPORATION

Date: August 12, 2026

By:

/s/Christopher D. Cook

Christopher D. Cook, President

EX-23.1 — EXHIBIT 23.1

EX-23.1

Filename: tm2622849d1_ex23-1.htm · Sequence: 2

Exhibit 23.1

Consent of Independent Auditor

We consent to the incorporation by reference in

Richmond Mutual Bancorporation, Inc.’s (the “Company”) Registration Statement on Form S-8 (No. 333-248862)

of our report dated September 15, 2025, with respect to the consolidated financial statements of The Farmers Bancorp, included in

the Company’s Registration Statement on Form S-4 (No. 333-294527).

/s/ Forvis Mazars, LLP

Indianapolis, Indiana

August 12, 2026

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2622849d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

The

Farmers Bancorp

Contents

Consolidated Financial Statements

Balance Sheets

as of March 31, 2026 (unaudited) and June 30, 2025 (audited)

Unaudited Statements of

Income for the nine months ended March 31, 2026 and 2025

Unaudited Statements of

Comprehensive Income for the nine months ended March 31, 2026 and 2025

Unaudited

Statements of Changes in Shareholders' Equity for the nine months ended March 31, 2026 and 2025

Unaudited Statements of

Cash Flows for the nine months ended March 31, 2026 and 2025

Notes

to Financial Statements

The Farmers Bancorp

Consolidated Balance Sheet

Periods ended March 31, 2026 and June 30,

2025

(Dollar Amounts in Thousands)

(Unaudited)

3/31/2026

06/30/2025

Assets

Cash and cash equivalents

$ 71,399

$ 66,242

Securities available for sale

203,457

190,132

Loans, net of allowance for credit losses of $10,907 and $10,306

782,739

780,048

Premises and equipment, net

18,946

16,852

Restricted stock, at cost

7,143

Cash value of life insurance

19,872

19,569

Accrued income and other assets

21,940

22,506

$ 1,125,496

$ 1,102,492

Liabilities and Shareholders' Equity

Liabilities

Demand deposits

$ 248,939

$ 228,352

Savings, NOW and money market deposits

498,571

439,966

Time deposits

172,089

182,998

Total deposits

919,599

851,316

Short-term borrowings

283

39,320

Federal Home Loan Bank advances

95,000

110,000

Subordinated Debentures, net of issuance costs

14,790

14,764

Accrued expenses and other liabilities

11,428

11,293

1,041,100

1,026,693

Shareholders' Equity

Common stock, no par value - 4,800,000 shares authorized, 1,844,075 and

1,844,075 shares issued and outstanding at March 31, 2026 and June 30, 2025, respectively

2,554

2,419

Additional paid-in capital

Retained earnings

99,246

93,694

Accumulated other comprehensive loss

(17,405 )

(20,315 )

84,396

75,799

$ 1,125,496

$ 1,102,492

See Notes to Consolidated Financial Statements 1

The

Farmers Bancorp

Consolidated Statements of Income

Nine Months ended March 31, 2026 and 2025

(Dollar Amounts in Thousands)

(unaudited)

Nine Months ended March 31

2026

2025

Interest Income

Loans

$ 38,955

$ 36,234

Securities

Taxable

3,985

3,626

Tax-exempt

1,252

1,078

Other

1,857

405

46,049

41,344

Interest Expense

Deposits

15,076

12,727

Subordinated Debentures

450

Other borrowings

3,669

4,406

19,195

17,583

Net Interest Income

26,854

23,761

Provision for credit losses

1,050

556

Net Interest Income After Provision for Credit Losses

25,804

23,205

Other Operating Income

Trust fees

1,662

1,462

Service charges and fees on deposit accounts

900

856

Gain on sale of loans

525

421

Increase in cash value of life insurance

322

297

Interchange income

1,321

1,293

Other

889

837

5,619

5,164

Other Operating Expenses

Salaries and employee benefits

12,940

11,506

Occupancy

1,468

1,204

Equipment

1,002

701

Data processing

2,085

2,235

Federal deposit insurance corporation premiums

412

351

Professional expense

1,068

1,919

Marketing

682

650

Other

2,557

1,766

22,214

20,332

Income Before Income Taxes

9,208

8,038

Income Tax Expense

1,443

1,154

Net Income

$ 7,765

$ 6,884

Basic and Diluted Earnings Per Share

$ 4.24

$ 3.76

See Notes to Consolidated Financial Statements 2

The Farmers Bancorp

Consolidated

Statements of Comprehensive Income

Nine Months Ended March 31, 2026 and 2025

(Dollar Amounts

in Thousands)

(unaudited)

Nine Months ended March 31

2026

2025

Net Income

$ 7,765

$ 6,884

Other Comprehensive Income

Unrealized gain (loss) on securities available for sale, net of

tax expense of $773 and $318, respectively

2,910

1,199

Total other comprehensive income (loss)

2,910

1,199

Comprehensive Income

$ 10,675

$ 8,083

See Notes to Consolidated Financial Statements 3

The Farmers Bancorp

Consolidated

Statements of Changes in Shareholders’ Equity

Nine Months Ended March 31, 2026 and 2025

(Dollar Amounts in Thousands)

(unaudited)

Nine months ended March 31, 2025

Common

Stock

Additional

Paid-in

Capital

Retained

Earnings

Accumulated

Other

Comprehensive

Income (Loss)

Total

Balance June 30, 2024

$ 2,203

$ 1

$ 87,212

$ (21,595 )

67,821

Net income

6,884

Other comprehensive

1,199

Stock issued (8,299 shares)

133

Cash dividends ($1.14 per share)

(2,085 )

Balance, March 31, 2025

$ 2,336

$ 1

$ 92,011

$ (20,396 )

$ 73,952

Nine months ended March 31, 2026

Common

Stock

Additional

Paid-in

Capital

Retained

Earnings

Accumulated

Other

Comprehensive

Income (Loss)

Total

Balance June 30, 2025

$ 2,419

$ 1

$ 93,694

$ (20,315 )

75,799

Net income

7,765

Other comprehensive income

2,910

RSU Grants

135

Cash dividends ($1.20 per share)

(2,213 )

Balance, March 31, 2026

$ 2,554

$ 1

$ 99,247

$ (17,405 )

$ 84,396

See Notes to Consolidated Financial Statements 4

The Farmers Bancorp

Consolidated

Statements of Cash Flows

Nine Months Ended March 31, 2026 and 2025

(Dollar Amounts in Thousands)

(unaudited)

Nine Months ended March 31

2026

2025

Operating Activities

Net income

$ 7,765

$ 6,884

Items not requiring (providing) cash

Depreciation

939

684

Provision (credit) for credit losses

1,050

685

Deferred income taxes

189

Net amortization on securities

120

(Gain) on premise and equipment

(1 )

Increase in cash value of life insurance

(322 )

(281 )

Change in assets and liabilities

Loans held for sale

772

Interest receivable and other assets

(407 )

(294 )

Interest payable and other liabilities

147

(1,022 )

Net cash provided by operating activities

9,186

7,737

Investing Activities

Proceeds from maturities and principal repayments on securities available for

sale

14,932

11,055

Purchase of securities available for sale

(24,592 )

(22,712 )

Purchase of restricted stock

(2,612 )

Net change in loans

(3,505 )

(59,597 )

Property and equipment expenditures

(2,959 )

(3,864 )

Net cash used in investing activities

(16,197 )

(77,730 )

Financing Activities

Net change in deposits

68,283

50,998

Net change in short-term borrowings

(39,037 )

(2,033 )

Proceeds from FHLB advances

222,000

Repayment of FHLB advances

(15,000 )

(215,450 )

Stock issued

135

196

Dividends paid

(2,213 )

(2,088 )

Net cash provided by financing activities

12,168

53,623

Net Change in Cash and Cash Equivalents

5,157

(16,370 )

Cash and Cash Equivalents, Beginning of Year

66,242

46,611

Cash and Cash Equivalents, End of Year

$ 71,399

$ 30,241

Supplemental Disclosures of Cash Flows Information

Cash paid during the year for

Interest

$ 18,233

$ 16,338

Income taxes

1,635

710

See Notes to Consolidated Financial Statements 5

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

Note 1:   Summary of Significant

Accounting Policies

Basis of reporting - The consolidated financial statements

include the accounts of The Farmers Bancorp (Company) and its wholly owned subsidiaries, The Farmers Bank (Bank), and the bank’s

wholly owned subsidiaries, FBF Securities and TFB Properties. Significant intercompany accounts and transactions have been eliminated.

Description of business - The Company generates commercial,

installment, and mortgage loans and receives deposits from customers located primarily in north central Indiana. Although the overall

loan portfolio is diversified, a substantial portion of its debtors' ability to honor their contracts is dependent upon the agricultural

industry. The majority of the Company's loans are secured by specific items of collateral including business assets, consumer assets and

real property.

Principles of consolidation - The consolidated financial

statements include the accounts of the Bancorp and its subsidiaries. All significant intercompany accounts and transactions have been

eliminated in consolidation.

Use of estimates - To prepare financial statements

in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions

based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures

provided, and future results could differ. The allowance for credit losses and the fair values of financial instruments are particularly

subject to change.

Material estimates that are particularly susceptible to significant

change relate to the determination of the allowance for credit losses, valuation of deferred tax assets, credit loss on available-for-sale

securities, and fair values of financial instruments.

Management Opinion – The accompanying unaudited

consolidated interim financial statement have been prepared in accordance with generally accepted accounting principals (“GAAP”)

and are unaudited. They do not contain all the disclosures required for annual audited financial statements. In the opinion of management,

all adjustments are necessary to present a fair statement of the results for the interim periods have been made. Such adjustments are

of a normal and recurring nature. The results of operations for any interim period are not necessarily indicative of the results to be

expected for an entire year. These interim consolidated financial statements should be read in conjunction with the annual consolidated

financials statements and notes thereto contained in the Company’s consolidated financial statements.

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

Note 2:   Securities

The fair value of securities available for sale and the related

gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:

3/31/2026

Gross

Amortized

Unrealized

Fair

Cost

Gains

Losses

Value

U.S. Government and federal agency

$ 7,499

$ 68

$ (183 )

$ 7,385

Mortgage-backed securities - government-sponsored enterprises (GSE) residential

142,213

371

(13,976 )

128,608

State and municipal

74,777

239

(8,501 )

66,516

Corporate

1,000

(151 )

849

Total

$ 225,489

$ 678

$ (22,810 )

$ 203,357

6/30/2025

Gross

Amortized

Unrealized

Fair

Cost

Gains

Losses

Value

U.S. Government and federal agency

$ 8,095

$ 126

$ (205 )

$ 8,016

Mortgage-backed securities - government-sponsored enterprises (GSE) residential

137,043

330

(15,654 )

121,719

State and municipal

68,212

171

(10,295 )

58,088

Corporate

2,498

(189 )

2,309

Total

$ 215,848

$ 627

$ (26,343 )

$ 190,132

Certain investments in debt securities are reported in the

consolidated financial statements at an amount less than their historical cost. Total fair value of these investments at March 31,

2026 and June 30, 2025 was $155,402 and $147,611, which is approximately 76.4% and 77.6% of the Company’s investment portfolio.

These changes primarily resulted from recent changes in market interest rates.

At March 31, 2026, management believes the declines

in fair value for these securities are temporary. The Company evaluated credit impairment for individual AFS securities that are in an

unrealized loss position and determined that the unrealized losses are unrelated to credit quality and are primarily attributable to changes

in interest rates and volatility in the financial markets. It is unlikely that the Company will be required to sell these securities before

recovery of their amortized cost basis, so the Company did not record an ACL on these securities.

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

The following tables show our investments’ gross unrealized

losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized

loss position at March 31, 2026 and June 30, 2025:

3/31/2026

Less Than 12 Months

12 Months or More

Total

Description of

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

Securities

Value

Losses

Value

Losses

Value

Losses

U.S. Government and federal agency

$ 1,581

$ (4 )

$ 1,321

$ (179 )

$ 2,902

$ (183 )

Mortage-backed securities-GSE residential

20,314

(205 )

77,859

(13,770 )

98,173

(13,975 )

State and municipals

5,857

(140 )

47,622

(8,362 )

53,478

(8,501 )

Corporate

849

(151 )

849

(151 )

Total temporarily impaired securities

$ 27,752

$ (348 )

$ 127,651

$ (22,461 )

$ 155,402

$ (22,810 )

6/30/2025

Less Than 12 Months

12 Months or More

Total

Description of

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

Securities

Value

Losses

Value

Losses

Value

Losses

U.S. Government and federal agency

$ -

$ 1,295

$ (205 )

$ 1,295

$ (205 )

Mortage-backed securities-GSE residential

10,955

(95 )

81,599

(15,559 )

92,554

(15,654 )

State and municipals

3,499

(45 )

47,954

(10,250 )

51,453

(10,295 )

Corporate

2,309

(189 )

2,309

(189 )

Total temporarily impaired securities

$ 14,454

$ (140 )

$ 133,157

$ (26,203 )

$ 147,611

$ (26,343 )

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

The fair value of debt securities and carrying amount, if

different, at March 31, 2026, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily mortgage-backed

securities, are shown separately.

Available-for-Sale

Amortized

Fair

Cost

Value

Due in one year

$ 500

$ 497

Due after one year through five years

4,058

3,975

Due after five years through ten years

19,799

18,191

Due after ten years

52,921

46,122

Mortgage-backed securities

148,212

134,672

Total

$ 225,489

$ 203,457

There were no sales of securities resulting in a gain or

loss within the available for sale securities for nine months ended March 31, 2026 and 2025.

Securities with a carrying value of $60,318 and $87,006 at

March 31, 2026 and June 30, 2025 were pledged to secure public deposits and repurchase agreements and for other purposes required

or permitted by law.

Note 3:   Loans

Loans at period end are comprised of the following:

3/31/2026

6/30/2025

Agricultural

$ 64,325

$ 68,138

Commercial

118,965

118,821

Commercial real estate

447,594

439,600

Construction

45,969

46,085

Residential

103,952

102,292

Consumer

12,841

15,418

Subtotal

793,646

790,354

Less: allowance for credit losses

(10,907 )

(10,306 )

Loans, net

$ 782,739

$ 780,048

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

The risk characteristics of

each loan portfolio segment are as follows:

Commercial and agricultural

loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower.

The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial

loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and may include a

personal guarantee. Short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability

of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its

customers.

Commercial real estate loans

are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves

higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing

the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by

conditions in the real estate markets or in the general economy. The characteristics of properties securing the Company’s commercial

real estate portfolio are diverse, but with geographic location almost entirely in the Company’s market area. Management monitors

and evaluates commercial real estate loans based on collateral, geography, and risk grade criteria. In general, the Company avoids financing

single purpose projects unless other underwriting factors are present to help mitigate risk. In addition, management tracks the level

of owner-occupied commercial real estate versus non-owner-occupied loans.

Construction loans are underwritten

utilizing feasibility studies, independent appraisal reviews, sensitivity analysis of absorption and lease rates and financial analysis

of the developers and property owners. Construction loans are generally based on estimates of costs and value associated with the complete

project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially

dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans

from approved long-term lenders, sales of developed property or an interim loan commitment from the Company until permanent financing

is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate

loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic

conditions, and the availability of long-term financing.

Residential and consumer loans

consist of two segments - residential mortgage loans and personal loans. For residential mortgage loans that are secured by 1-4 family

residences and are generally owner-occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage

insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1-4 family residences, and

consumer personal loans are secured by consumer personal assets, such as automobiles or recreational vehicles. Some consumer personal

loans are unsecured, such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on

the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as unemployment levels.

Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans

are of smaller individual amounts and spread over a large number of borrowers.

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

The following tables present, by portfolio

segment, the activity in the allowance for credit losses for the nine months ended March 31, 2026 and 2025:

Nine months ended March 31, 2026

Commercial

Agricultural

Commercial

Real Estate

Construction

Residential

Consumer

Total

Beginning balance

$ 743

$ 2,129

$ 5,943

$ 511

$ 891

$ 88

$ 10,306

Provision (credit)

122

459

107

$ 814

Loans charged off

(34 )

(329 )

(363 )

Recoveries

150

Ending balance

$ 809

$ 2,289

$ 6,449

$ 558

$ 999

$ (198 )

$ 10,907

Nine months ended March 31, 2025

Commercial

Agricultural

Commercial

Real Estate

Construction

Residential

Consumer

Total

Beginning balance

$ 655

$ 1,826

$ 5,428

$ 460

$ 769

$ 230

$ 9,368

Provision (credit)

352

627

Loans charged off

(291 )

(161 )

(452 )

Recoveries

462

543

Ending balance

$ 721

$ 2,088

$ 5,797

$ 498

$ 857

$ 125

$ 10,086

Consistent with regulatory

guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s

policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined.

For all loan portfolio segments

except 1-4 family residential properties and consumer, the Company promptly charges off loans, or portions thereof, when available information

confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating

financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs

the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent,

a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral.

The Company charges off 1-4

family residential and consumer loans, or portions thereof, when the Company reasonably determines the amount of the loss. The Company

adheres to timeframes established by applicable regulatory guidance, which provides for the charge-down of 1-4 family first and junior

lien mortgages to the net realizable value, less costs to sell when the loan is 180 days past due, charge-off of unsecured open-end loans

when the loan is 180 days past due, and charge-down to the net realizable value when other secured loans are 120 days past due. Loans

at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process

of collection, such that collection will occur regardless of delinquency status, need not be charged off.

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

Provision for credit losses

related to unfunded commitments was $186 and $96 during the years ended March 31, 2026 and March 31, 2025, respectively, which

is included in provision for credit losses on the consolidated income statement.

The historical loss experience

is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior two years. Management

believes the historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates that

are comparable to the current period being analyzed.

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

The following table presents

the credit risk profile of the Company’s loan portfolio by loan class and by year of origination for the years indicated based

on rating category and payment activity as of March 31, 2026 and June 30, 2025:

As of

March 31, 2026

Term Loans Amortized Cost Basis by Origination Year

2026

2025

2024

2023

2022

Prior

Revolving

Loans

Revolving

Loans

converted to

term

Total

Agricultural:

Pass (1-4)

$ 3,015

$ 8,930

$ 4,696

$ 3,253

$ 4,828

$ 11,999

$ 16,599

$ -

$ 53,320

Special

mention (5)

704

846

1,064

5,820

8,508

Substandard (6)

1,693

554

250

2,497

Doubtful (7)

Loss

(8)

Total

agricultural loans

$ 3,015

$ 9,004

$ 5,400

$ 4,946

$ 5,674

$ 13,617

$ 22,669

$ -

$ 64,325

Current

period gross write offs

$ -

Commercial:

Pass (1-4)

$ 12,903

$ 14,626

$ 24,920

$ 6,444

$ 7,771

$ 4,565

$ 41,084

$ 839

$ 113,152

Special

mention (5)

159

2,758

712

3,686

Substandard (6)

896

595

179

457

2,127

Doubtful (7)

Loss

(8)

Total

commercial loans

$ 12,903

$ 15,681

$ 25,560

$ 6,635

$ 8,228

$ 7,323

$ 41,796

$ 839

$ 118,965

Current

period gross write offs

$ -

$ 4

$ 12

$ 18

$ -

$ 34

Commercial

real estate:

Pass (1-4)

$ 53,157

$ 70,747

$ 40,633

$ 61,846

$ 80,821

$ 125,643

$ 105

$ -

$ 432,952

Special

mention (5)

131

188

5,033

1,532

1,964

8,848

Substandard (6)

1,983

1,071

2,740

5,794

Doubtful (7)

Loss

(8)

Total

commercial real estate loans

$ 53,288

$ 72,730

$ 40,821

$ 66,879

$ 83,424

$ 130,347

$ 105

$ -

$ 447,594

Current

period gross write offs

$ -

Construction:

Pass (1-4)

$ -

$ 38,821

$ 7,148

$ 45,969

Special

mention (5)

Substandard (6)

Doubtful (7)

Loss

(8)

Total

construction loans

$ -

$ 38,821

$ 7,148

$ 45,969

Current

period gross write offs

$ -

Residential

real estate:

Pass (1-4)

$ 9,913

$ 13,702

$ 15,691

$ 8,268

$ 5,923

$ 16,418

$ 33,891

$ -

$ 103,806

Special

mention (5)

Substandard (6)

146

Doubtful (7)

Loss

(8)

Total

residential real estate loans

$ 9,913

$ 13,787

$ 15,691

$ 8,268

$ 5,984

$ 16,418

$ 33,891

$ -

$ 103,952

Current

period gross write offs

$ -

Consumer:

Pass (1-4)

$ 3,345

$ 3,806

$ 2,231

$ 2,038

$ 697

$ 567

$ 157

$ -

$ 12,841

Special

mention (5)

Substandard (6)

Doubtful (7)

Loss

(8)

Total

consumer loans

$ 3,345

$ 3,806

$ 2,231

$ 2,038

$ 697

$ 567

$ 157

$ -

$ 12,841

Current

period gross write offs

$ -

$ 6

$ 194

$ 16

$ -

$ 16

$ -

$ 232

Total

loans

$ 82,464

$ 115,008

$ 89,703

$ 88,766

$ 104,007

$ 168,272

$ 137,439

$ 7,987

$ 793,646

Total

current period gross write offs

$ -

$ 6

$ 198

$ 28

$ 18

$ 16

$ -

$ 266

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

As of

June 30, 2025

Term Loans Amortized Cost Basis by Origination Year

2025

2024

2023

2022

Prior

Revolving

Loans

Revolving

Loans

converted to

term

Total

Agricultural:

Pass (1-4)

$ 9,388

$ 5,800

$ 4,849

$ 5,966

$ 14,481

$ 26,094

$ -

$ 81,059

Special mention (5)

212

174

313

1,027

Substandard (6)

705

1,412

Doubtful (7)

Loss (8)

Total agricultural

loans

$ 9,468

$ 5,874

$ 5,063

$ 5,966

$ 15,360

$ 26,407

$ -

$ 83,498

Current period

gross write offs

$ -

Commercial:

Pass (1-4)

$ 13,080

$ 22,840

$ 7,236

$ 8,252

$ 9,360

$ 53,827

$ -

$ 123,955

Special mention (5)

406

100

2,497

3,003

Substandard (6)

433

214

512

1,223

Doubtful (7)

Loss (8)

Total commercial

loans

$ 13,513

$ 22,840

$ 7,856

$ 8,764

$ 9,360

$ 53,927

$ 2,561

$ 128,181

Current period

gross write offs

$ 250

$ -

$ 41

$ -

$ 291

Commercial real estate:

Pass (1-4)

$ 41,996

$ 29,667

$ 55,697

$ 72,495

$ 145,511

$ 72,462

$ 4,974

$ 568,313

Special mention (5)

190

6,990

1,589

3,750

16,269

Substandard (6)

1,097

3,088

7,367

Doubtful (7)

Loss (8)

Total commercial

real estate loans

$ 41,996

$ 29,857

$ 62,781

$ 75,181

$ 152,349

$ 72,462

$ 4,974

$ 591,949

Current period

gross write offs

$ -

Construction:

Pass (1-4)

$ -

$ 42,618

$ 3,467

$ 46,085

Special mention (5)

Substandard (6)

Doubtful (7)

Loss (8)

Total construction

loans

$ -

$ 42,618

$ 3,467

$ 46,085

Current period

gross write offs

$ -

Residential real estate:

Pass (1-4)

$ 18,854

$ 16,681

$ 11,079

$ 6,511

$ 18,266

$ 30,901

$ -

$ 120,558

Special mention (5)

Substandard (6)

Doubtful (7)

Loss (8)

Total residential

real estate loans

$ 18,854

$ 16,681

$ 11,079

$ 6,511

$ 18,266

$ 30,901

$ -

$ 120,558

Current period

gross write offs

$ -

Consumer:

Pass (1-4)

$ 6,139

$ 3,549

$ 3,235

$ 1,151

$ 987

$ 357

$ -

$ 16,405

Special mention (5)

Substandard (6)

Doubtful (7)

Loss (8)

Total consumer

loans

$ 6,139

$ 3,549

$ 3,235

$ 1,151

$ 987

$ 357

$ -

$ 16,405

Current period

gross write offs

$ 124

$ 31

$ 29

$ 15

$ 13

$ -

$ 225

Total loans

$ 89,970

$ 78,801

$ 90,014

$ 97,573

$ 196,322

$ 226,672

$ 11,002

$ 986,676

Total current

period gross write offs

$ 374

$ 31

$ 70

$ 15

$ 13

$ -

$ 516

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

Internal Risk Categories

Loan grades are numbered 1

through 8. Grades 1 through 4 are considered satisfactory grades. The grade of 5, or Watch or Special Mention, represents loans of lower

quality and is considered criticized. The grades of 6, or Substandard, 7 or Doubtful and 8 or Loss, refer to assets that are classified.

The use and application of these grades by the Company will be uniform and shall conform to the Company’s policy.

Prime (1) Loans

are of superior quality with excellent credit strength and repayment ability providing a nominal credit risk.

Good (2) Loans

are of above average credit strength and repayment ability providing only a minimal credit risk.

Satisfactory (3) Loans

of reasonable credit strength and repayment ability providing an average credit risk due to one or more underlying weaknesses.

Acceptable (4) Loans

of the lowest acceptable credit strength and weakened repayment ability providing a cautionary credit risk due to one or more underlying

weaknesses. New borrowers are typically not underwritten within this classification.

Special Mention (5) A

special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential

weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some

future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse

classification. Ordinarily, special mention credits have characteristics which corrective management action would remedy.

Substandard (6) loans

are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans

so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by

the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful (7) Loans

classified as doubtful have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses

make collection or liquidation in full, on the basis of current known facts, conditions and values, highly questionable and improbable.

Loss (8) Loans

classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted.

This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable

to defer writing off even though partial recovery may be affected in the future.

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

The following tables present

the Company’s loan portfolio aging analysis as of March 31, 2026 and June 30, 2025:

3/31/2026

Greater

30-59 Days

60-89 Days

Than

Total

Past Due

90 Days

Past Due

Current

Loans

Agricultural

$ -

$ 789

$ 63,536

$ 64,325

Commercial

300

1,011

1,311

117,654

118,965

Commercial real estate

1,206

446,388

447,594

Construction

45,969

Residential

405

226

722

103,230

103,952

Consumer

12,809

12,841

Total loans

$ 721

$ 107

$ 3,232

$ 4,060

$ 789,586

$ 793,646

6/30/2025

Greater

30-59 Days

60-89 Days

Than

Total

Past Due

90 Days

Past Due

Current

Loans

Agricultural

$ 910

$ 293

$ 639

$ 1,842

$ 66,296

$ 68,138

Commercial

501

517

118,304

118,821

Commercial real estate

1,238

1,332

438,268

439,600

Construction

2,404

43,681

46,085

Residential

1,144

296

114

1,554

100,738

102,292

Consumer

15,339

15,418

Total loans

$ 5,756

$ 718

$ 1,254

$ 7,728

$ 782,626

$ 790,354

The entire balance of a loan

is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date.

Loans are reclassified to

non-accruing status when, in management’s judgment, the collateral value and financial condition of the borrower do not justify

accruing interest. At the time the accrual is discontinued, all unpaid accrued interest is reversed against earnings. Interest income

accrued in prior years, if any, is charged to the allowance for credit losses. Payments subsequently received on nonaccrual loans are

applied to principal. A loan is returned to accrual status when principal and interest are no longer past due and collectability is probable,

typically after a minimum of six months of performance.

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

The following table presents

the Company’s nonaccrual loans at March 31, 2026 and June 30, 2025:

3/31/2026

Nonaccrual

loans with

allowance

Nonaccrual

loans with

allowance

Loans

> 90 days

and

accruing

Agricultural

$ 539

$ -

$ 250

Commercial

416

895

Commercial real estate

2,188

Construction

Residential

146

229

Consumer

Total nonaccrual loans

$ 3,289

$ -

$ 1,374

6/30/2025

Nonaccrual

loans with

allowance

Nonaccrual

loans with

allowance

Loans

> 90 days

and

accruing

Agricultural

$ 639

$ -

Commercial

497

Commercial real estate

1,364

Construction

Residential

240

Consumer

Total nonaccrual loans

$ 2,763

$ -

$ 5

Determining fair value for

collateral dependent loans requires obtaining a current independent appraisal of the collateral and applying a discount factor, which

includes selling costs if applicable, to the value. The fair value of real estate is generally based on appraisals by qualified licensed

appraisers. The appraisers typically determine the value of the real estate by utilizing an income or market valuation approach. If an

appraisal is not available, the fair value may be determined using a cash flow analysis. Fair value on other collateral such as business

assets is typically ascertained by assessing, either singularly or some combination of, asset appraisals, accounts receivable aging reports,

inventory listings and/or customer financial statements. Both appraisal values and values based on borrower’s financial information

are discounted as considered appropriate based on age and quality of the information and current market conditions.

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

The

following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected

credit losses at March 31, 2026 and June 30, 2025:

3/31/2026

Commercial

Real Estate

Residential

Real Estate

Other

Total

Agricultural

$ -

$ 984

Commercial

466

Commercial real estate

2,310

Construction

Residential

477

Consumer

Total collateral dependent loans

$ 2,310

$ 477

$ 1,454

$ 4,241

6/30/2025

Commercial

Real Estate

Residential

Real Estate

Other

Total

Agricultural

$ -

$ 1,026

Commercial

530

Commercial real estate

1,445

Construction

Residential

253

Consumer

Total collateral dependent loans

$ 1,445

$ 253

$ 1,580

$ 3,278

Subsequent payments on nonaccrual

loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured.

Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates

there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory

performance of not less than six months before returning a nonaccrual loan to accrual status.

Loans serviced for others

are not included in the accompanying consolidated balance sheets. The risks inherent in mortgage-servicing assets relate primarily to

changes in prepayments that result from shifts in mortgage interest rates. The unpaid principal balances of mortgage and other loans

serviced for others were $153,736 and $153,680 at March 31, 2026 and June 30, 2025, respectively.

The Farmers Bancorp

Notes to Consolidated

Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

There was minimal change in

the balance of servicing assets for nine months ended March 31, 2026 and 2025.

Comparable market values and

a valuation model that calculates the present value of future cash flows were used to estimate fair value. For purposes of measuring

impairment, risk characteristics including product type, investor type and interest rates, were used to stratify the originated mortgage-servicing

rights.

Note 4:

Premises and Equipment

Period-end premises and equipment

were as follows:

3/31/2026

6/30/2025

Land

$ 3,224

$ 3,585

Buildings and improvements

20,667

20,135

Furniture and equipment

6,638

7,107

Construction in process

1,338

215

31,866

31,041

Accumulated depreciation

(12,920 )

(14,189 )

$ 18,946

$ 16,852

Note 5:

Deposits

Certificates of deposits and

other time deposits of more than $250 totaled approximately $99,353 and $60,936 at March 31, 2026 and June 30, 2025. Additionally,

included within time deposits are brokered deposits of $31,760 and $60,624 at March 31, 2026 and June 30, 2025. At March 31,

2026, the scheduled maturities of time deposits are as follows:

2026

$ 118,774

2027

32,085

2028

3,820

2029

2,691

2030

14,287

Thereafter

432

$ 172,089

The Farmers Bancorp

Notes to Consolidated Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

Note 6:   Short-Term

Borrowings

Short-term borrowings included the following at March 31,

2026 and June 30, 2025:

3/31/2026

6/30/2025

Repurchase agreements

283

39,320

Total short-term borrowings

$ 283

$ 39,320

Repurchase agreements are borrowings from customers that

are collateralized by a pledge of Mortgage-backed securities. The repurchase agreements mature daily.

The Company retains possession of and control over such

securities pledged as collateral.

Information regarding repurchase agreements for the nine

months ended March 31, 2026, and year ended June 30, 2025 is presented below:

Nine months ending

Year

ending

3/31/2026

6/30/2025

Average balance during the period

$ 13,990

$ 42,052

Average rate paid during the period

3.90 %

3.51 %

Maximum month end balance during the period

$ 32,703

$ 46,127

The following table represents the remaining contractual

maturity of repurchase agreements disaggregated by the class of securities pledged as of March 31, 2026, and June 30, 2025:

3/31/2026

Overnight &

Continuous

< 30

Days

30-90 Days

> 90

Days

Total

Mortgage-backed securities

government-sponsored enterprises

(GSE) residential

$ 283

$ -

$ 283

6/30/2025

Overnight &

Continuous

< 30

Days

30-90 Days

> 90

Days

Total

Mortgage-backed securities

government-sponsored enterprises

(GSE) residential

$ 39,320

$ -

$ 39,320

$ -

$ 39,320

The Farmers Bancorp

Notes to Consolidated Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

Note 7:   Commitments

and Off-Balance-Sheet Items

The Company, in the ordinary course of business, has commitments

and contingent liabilities, such as guarantees and commitments to extend credit which are not reflected in the accompanying consolidated

balance sheets. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments

to make loans, standby letters of credit and financial guarantees is represented by the contractual amount of those instruments. The

same credit policy is used to make such commitments as is used for on-balance-sheet items.

At March 31, 2026 and June 30, 2025, these financial

instruments are summarized as follows:

3/31/2026

6/30/2025

Financial instruments which contract amount represents

credit risk:

Unused commercial lines of credit

$ 101,416

$ 104,011

Unused revolving lines of credit

48,472

41,489

Commitments to make loans

43,118

17,572

Standby letters of credit

4,106

3,564

The unused revolving and commercial lines of credit are

predominantly variable rate agreements. The commitments are agreements to lend to a customer, provided they accept the terms and conditions

offered. These commitments are generally extended for terms of up to 60 days and, in many cases, allow the customer to select from one

of several financing options offered. Since many commitments to make loans expire without being used, the amount does not necessarily

represent future cash commitments. Collateral obtained upon exercise of the commitment is determined using management’s credit

evaluation of the borrower, and may include accounts receivable, inventory, property, land and other items.

At March 31, 2026 and June 30, 2025, the Company

was not required to have deposits with the Federal Reserve or as cash on hand.

Note 8:   Capital

Requirements

Banks and holding companies are subject to regulatory capital

requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action

regulations, involved quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting

practices. Capital amounts and classifications are also subject to qualitative judgements by regulators. Failure to meet capital requirements

can initiate regulatory action. The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory

capital. Management believes as of March 31, 2026 and June 30, 2025 the Bank meets all capital adequacy requirements to which

It is subject.

Prompt corrective action regulations provide five classifications:

well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although

these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept

brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration

plans are required. At March 31, 2026 and June 30, 2025, the most recent regulatory notifications categorized the Bank as well

capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that

management believes have changed the Bank’s category.

The Farmers Bancorp

Notes to Consolidated Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

In 2019, the federal banking agencies jointly issued a final

rule that provides for an optional, simplified measure of capital adequacy, the community bank leverage ratio framework (CBLR framework),

for qualifying community bank organizations, consistent with Section 201 of the Economic Growth, Regulatory Relief, and Consumer

Protection Act.

The community bank leverage ratio removes the requirement

for qualifying organizations to calculate and report risk-based capital but rather only requires a Tier 1 to average assets (leverage)

ratio. Qualifying banking organizations that elect to use the community bank leverage ratio framework and maintain a leverage ratio greater

than the required minimum will be considered to have satisfied the generally applicable risk based and leverage capital requirements

in the agencies’ capital rules (generally applicable rule) and, if applicable, will be considered to have met the well capitalized

ratio requirements for the purposes of section 38 of the Federal Deposit Insurance Act. The community bank leverage ratio minimum requirement

is 9%. An eligible banking organization is provided a two-quarter grace period to correct a ratio that falls below this requirement amount,

provided that the bank maintains a leverage ratio greater than 8%.

An eligible banking organization can opt out of the CBLR

framework and revert to the risk-weighting framework without restriction. As of March 31, 2026 the Bank was a qualifying community

bank organization as defined by the federal banking agencies and elected to measure capital adequacy under the CBLR framework.

Period-end actual and required capital amounts and ratios

are presented below:

Minimum Required

To Be Well

Capitalized Under

Prompt Corrective

Actual

Action

Provisions

Amount

Ratio

Amount

Ratio

As of March 31, 2026

Tier 1 Capital to average assets

Bank

113,021

10.0 %

101,368

9.0 %

As of June 30, 2025

Tier 1 Capital to average assets

Bank

107,666

10.1 %

95,913

9.0 %

The Farmers Bancorp

Notes to Consolidated Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

Note 9:   Related

Party Transactions

At March 31, 2026 and June 30, 2025, the Company

had loans outstanding to executive officers, directors, significant shareholders and their affiliates (related parties), in the amount

of $11,271 and $14,652, respectively.

3/31/2026

3/31/2025

Balance, beginning of year

14,652

10,989

New loans and advances

12,815

1,047

Repayments

(7,647 )

(1,024 )

Balance, end of period

19,820

11,012

Unused lines of credit

3,125

460

In management’s opinion, such loans and other extensions

of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest

rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s

opinion, these loans did not involve more than normal risk of collectability or present other unfavorable features.

Note 10:  Disclosure

About Fair Value of Financial Instruments

Fair value is the price that would be received to sell an

asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements

must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs

that may be used to measure fair value:

Level 1 Quoted

prices in active markets for identical assets or liabilities

Level 2 Observable

inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities;

quoted prices in markets that are not active; or other inputs that are observable or can

be corroborated by observable market data for substantially the full term of the assets or

liabilities.

Level 3 Unobservable

inputs supported by little or no market activity and are significant to the fair value of

the assets or liabilities.

Following is a description of the valuation methodologies

and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets,

as well as the general classification of such assets pursuant to the valuation hierarchy.

Available-for-Sale Securities

Where quoted market prices are available in an active market,

securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values

are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Level 2

securities include agency securities, mortgage-backed government-sponsored securities and corporate securities. Third-party vendors compile

prices from various sources and may apply such techniques as matrix pricing to determine the value of identical or similar investment

securities (Level 2). Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without

relying exclusively on quoted prices for specific investment securities but rather relying on the investment securities’ relationship

to other benchmark quoted investment securities. In certain cases where Level 1 or Level 2 inputs are not available, securities

are classified within Level 3 of the hierarchy.

The Farmers Bancorp

Notes to Consolidated Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

The following tables present the fair value measurements

of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within

the fair value hierarchy in which the fair value measurements fall at March 31, 2026 and June 30, 2025:

3/31/2026

Fair Value

Measurements Using

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Fair

Identical Assets

Inputs

Value

(Level

(Level 2)

(Level 3)

U.S. Government and federal agency

$ 7,385

$ -

$ 7,385

$ -

Mortgage-backed securities - GSE residential

128,608

State and municipal

66,516

Corporate

849

Interest Rate Swaps

463

$ 203,820

$ -

$ 203,820

$ -

6/30/2025

Fair Value

Measurements Using

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Fair

Identical Assets

Inputs

Value

(Level

(Level 2)

(Level 3)

U.S. Government and federal agency

$ 8,016

$ -

$ 8,016

$ -

Mortgage-backed securities - GSE residential

121,719

State and municipal

58,088

Corporate

2,309

Interest Rate Swaps

527

$ 190,659

$ -

$ 190,659

$ -

The Farmers Bancorp

Notes to Consolidated Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

The following tables show the estimated fair value of financial instruments

and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2026 and June 30, 2025:

3/31/2026

Fair Value

Measurements Using

Quoted Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Carrying

Fair

Assets

Inputs

Amount

Value

(Level

Financial assets

Cash and cash equivalents

$ 71,399

$ -

Net loans

782,739

805,238

Accrued interest receivable

4,951

5,062

Restricted stock

7,143

7,135

Financial liabilities

Deposits

(919,599 )

(919,598 )

(747,509 )

(172,089 )

Short-term borrowings

(283 )

FHLB advances

(95,000 )

(95,185 )

Subordinated debt

(14,790 )

(11,675 )

Accrued interest payable

(1,980 )

6/30/2025

Fair Value

Measurements Using

Quoted Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Carrying

Fair

Assets

Inputs

Amount

Value

(Level

Financial assets

Cash and cash equivalents

$ 66,242

$ -

Net loans

780,048

802,360

Accrued interest receivable

5,134

Restricted stock

7,143

Financial liabilities

Deposits

(851,316 )

(853,282 )

(671,669 )

(181,613 )

Short-term borrowings

(39,320 )

FHLB advances

(110,000 )

(110,201 )

Subordinated debt

(14,764 )

(11,675 )

Accrued interest payable

(1,019 )

The Farmers Bancorp

Notes to Consolidated Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

Note 11:  Stock-Based Compensation

On July 1, 2024 the Board of Directors authorized the

2024 Equity Incentive Plan (Plan) that enables the issuance of incentive stock options, non-qualified stock options, restricted stock,

restricted stock units (RSUs) and performance share awards. The purpose of the Plan is to foster and promote the long-term financial

success of the Company and materially increase shareholder value. The Company believes that such awards better align the interest of

its employees with those of its shareholders.

Restricted Stock Units - On November 19, 2024 and June 17,

2025, the Company awarded 6,410 and 7,353 RSUs, respectively, to selected officers. These RSUs are subject to a three-year cliff vesting

period, contingent upon continued service. Vesting may be accelerated in circumstances involving death, disability, or a change in control.

Holders of RSUs do not possess shareholder rights prior

to settlement. Dividend equivalents accumulate throughout the vesting period and are disbursed upon settlement. RSUs are not recognized

as participating securities for purposes of calculating earnings per share.

Compensation expense is recognized over the vesting period

and is based on the fair value determined at the grant date using the previous quarter’s average share price.

There were 13,763 total RSUs issued under the plan as of

December 31, 2025. There was no activity from July 1, 2025 to March 31, 2026.

As of December 31, 2025 there was $368 of total unrecognized

compensation cost related to nonvested shares granted under the plan. The cost is expected to be recognized over a weighted average period

of 2.84 years. The total fair value of shares vested during the years ended June 30, 2025 was $0.

Performance Share Units — On November 19, 2024,

and June 17, 2025, the Company issued 11,743 and 7,353 Performance Share Units (PSUs), respectively, to certain officers. These

PSUs include a three-year performance period ending June 30, 2027, with possible payouts ranging from 0% to 150% of the granted

awards depending on the achievement of certain performance metrics.

The performance metrics considered are:

· 3-Year

Average Return on Average Assets (ROAA)

· 3-Year

Average Asset Growth Rate

PSUs may be settled in cash or stock at the discretion of

the Compensation Committee and are classified as liability awards under ASC 718. The units are remeasured at fair value each reporting

period until settlement, with fair value determined using the current share price. Recipients do not possess shareholder rights or dividend

entitlements before settlement, and therefore, the PSUs are not considered as participating securities for purposes of calculating earnings

per share. Total compensation cost recognized during the year ended March 31, 2026 was $259.

The Farmers Bancorp

Notes to Consolidated Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

Note 12: Earnings Per Share

Basic earnings per share (“EPS”) is computed

by dividing net income allocated to common stock by the weighted average number of common shares outstanding during the period which

excludes the participating securities. Diluted EPS includes the dilutive effect of additional potential common shares from stock compensation

awards, but excludes awards considered participating securities. The following table presents the computation of basic and diluted EPS

for the periods indicated (in thousands, except for share and per share data):

Nine months ended

March 31

2026

2025

Net income

$ 7,765

$ 6,884

Shares outstanding for Basic EPS

1,830,312

1,823,902

Additional Dilutive Shares

2,333

417

Shares outstanding for Diluted EPS

1,832,645

1,824,319

Basic EPS

$ 4.24

$ 3.77

Diluted EPS

$ 4.24

$ 3.77

Note 13: Segment Information

The Company’s reportable segment is determined by

the Chief Financial Officer, who is designated the chief operating decision maker, based upon information provided about the Company’s

products and services offered, primarily banking operations. The segment is also distinguished by the level of information provided to

the chief operating decision maker, who uses such information to review performance of various components of the business such as branches,

which are then aggregated if operating performance, products/services, and customers are similar. The chief operating decision maker

will evaluate the financial performance of the Company’s business components such as by evaluating revenue streams, significant

expenses, and budget to actual results in assessing the Company’s segment and in the determination of allocating resources. The

chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate

return on assets. The chief operating decision maker uses consolidated net income to benchmark the Company against competitors. The bench

marking analysis coupled with monitoring of budget to actual results are used in the assessment of performance and in establishing compensation.

Loans, investments, and deposits provide the revenues in the banking operations. Interest expense, provisions for credit losses, and

payroll provide the significant expenses in the banking operation. All operations are domestic.

The Farmers Bancorp

Notes to Consolidated Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

Accounting policies for segments are the same as those described

in Note 1 of the June 30, 2025 and 2024 consolidated financial statements. Segment performance is evaluated using consolidated net

income. Information reported internally for performance assessment by the chief operating decision maker follows, inclusive of reconciliations

of significant segment totals to the financial statements:

Banking

Segment

Nine months ended

March 31

2026

2025

Interest Income

$ 46,049

$ 41,344

Reconciliation of revenue

Other revenues

5,619

5,164

Total consolidated revenues

$ 51,668

$ 46,508

Less:

Interest expense

19,195

17,583

Segment net interest income and noninterest income

$ 32,473

$ 28,925

Less:

Provision for credit losses

1,050

556

Payroll expense

12,940

11,506

Other segment items

9,274

8,826

Income tax expense

1,443

1,154

Consolidated net income

$ 7,765

$ 6,884

Other segment disclosures

Interest income

$ 46,049

$ 41,344

Interest expense

19,195

17,583

Depreciation

939

685

Other significant noncash items:

Provision for credit loss

1,050

556

Reconciliation of assets

Total consolidated assets

$ 1,125,496

$ 1,102,492

The Farmers Bancorp

Notes to Consolidated Financial Statements

(Dollar Amounts in Thousands)

(unaudited)

Note 14: Merger Agreement

On November 11, 2025, the Company and Richmond

Mutual Bancorporation, Inc. (“Richmond Mutual”) jointly announced the signing of an agreement and plan of merger

(the “Merger Agreement”) under which Richmond Mutual will acquire the Company in a stock transaction. Under the terms of

the Merger Agreement, which was unanimously approved by the boards of directors of both companies, the Company will merge into

Richmond Mutual. Subject to the terms and conditions of the Merger Agreement, at the effective time of the merger, each share

of the Company’s common stock issued and outstanding will be converted into 3.40 shares of Richmond Mutual’s common

stock.

The transaction closed July 1, 2026.

Note 15: Subsequent Events

Subsequent events have been evaluated through the date of August 12,

2026, which is the date the consolidated financial statements were available to be issued.

EX-99.3 — EXHIBIT 99.3

EX-99.3

Filename: tm2622849d1_ex99-3.htm · Sequence: 4

Exhibit 99.3

UNAUDITED

PRO FORMA CONDENSED COMBINED

FINANCIAL INFORMATION

The following is the unaudited

pro forma condensed combined financial information for Richmond Mutual Bancorporation, Inc. (“Richmond Mutual”) and The

Farmers Bancorp, Frankfort, Indiana (“Farmers Bancorp”), giving effect to the merger of Farmers Bancorp with and into

Richmond Mutual. The unaudited pro forma condensed combined consolidated balance sheet as of March 31, 2026 gives effect to the merger

as if it occurred on that date. The unaudited pro forma condensed combined consolidated statements of income for the three months ended

March 31, 2026 and the year ended December 31, 2025 give effect to the merger as if it occurred on January 1, 2025. The

actual completion date of the merger was July 1, 2026.

The unaudited pro forma condensed

combined financial statements have been prepared using the acquisition method of accounting for business combinations under accounting

principles generally accepted in the United States of America (“GAAP”). Richmond Mutual is the acquirer for accounting purposes.

Certain immaterial reclassifications have been made to the historical financial statements of Farmers Bancorp to conform to the presentation

in Richmond Mutual’s financial statements. The historical financial information has been adjusted to reflect factually supportable

items that are directly attributable to the merger.

The unaudited pro forma condensed

information is based on assumptions and adjustments that are described in the accompanying combined financial notes. The unaudited pro

forma condensed combined financial information is presented for illustrative purposes only. The adjustments included in these unaudited

pro forma condensed combined financial statements are preliminary and may be revised. The unaudited pro forma condensed combined financial

information also does not consider any potential impacts of current market conditions on revenues, potential revenue enhancements, anticipated

cost savings and expense efficiencies, or asset dispositions, among other factors. In addition, the purchase price reflected in the unaudited

pro forma condensed combined financial information is subject to adjustment. The unaudited pro forma condensed combined balance sheet

has also been adjusted to reflect the preliminary allocation of the estimated purchase price to net assets acquired. The unaudited pro

forma condensed combined financial information should not be relied upon as being indicative of the historical results that would have

been achieved had the companies always been combined or the future results that the combined company will experience.

The final allocation of the

purchase price will be determined after completion of thorough analyses to determine the fair value of Farmers Bancorp’s tangible

and identifiable intangible assets and liabilities as of the July 1, 2026 acquisition date. Increases or decreases in the estimated

fair values of the net assets of Farmers Bancorp as compared with the information shown in the unaudited pro forma condensed combined

financial information may change the amount of the purchase price allocated to goodwill and may impact the statements of income due to

adjustments in yield and/or amortization of the adjusted assets or liabilities. Any changes to Farmers Bancorp’s shareholders’

equity, including results of operations through the date the merger was completed, may also change the purchase price allocation, which

may include the recording of goodwill. The final adjustments may be materially different from the unaudited pro forma adjustments presented

herein.

The unaudited pro forma condensed

combined financial statements should be read together with:

· The accompanying notes to the unaudited pro forma condensed combined financial statements;

· Richmond Mutual’s unaudited historical consolidated financial statements and accompanying notes

as of and for the three months ended March 31, 2026 and 2025, included in Richmond Mutual’s Quarterly Report on Form 10-Q

for the quarter ended March 31, 2026;

· Richmond Mutual’s audited historical consolidated financial statements and accompanying notes as

of and for the years ended December 31, 2025 and 2024, included in the Company’s Annual Report on Form 10-K for the year

ended December 31, 2025;

· Farmers Bancorp’s unaudited historical consolidated financial statements and accompanying notes

as of and for the nine months ended March 31, 2026, included in this Current Report on Form 8-K/A;

· Farmers Bancorp’s audited historical consolidated financial statements and accompanying notes as

of and for the years ended June 30, 2025 and 2024, included in the Form 424(b)(3) prospectus filed with the Securities

and Exchange Commission (“SEC”) by Richmond Mutual on April 15, 2026;

· Other information pertaining to Richmond Mutual and Farmers Bancorp contained in or incorporated by reference

into the Form 424(b)(3) prospectus filed with the SEC by Richmond Mutual on April 15, 2026.

RICHMOND MUTUAL AND FARMERS BANCORP

UNAUDITED

PRO FORMA CONDENSED COMBINED

BALANCE SHEET

As of March 31, 2026

(In thousands)

Richmond

Mutual

Farmers

Bancorp

Transaction

Accounting

Adjustments

Notes

Pro

Forma

ASSETS

Cash and cash equivalents

$ 34,798

$ 71,399

$ (10,848 )

$ 95,349

Interest-earning time deposits

2,820

Investment securities – available for sale

245,519

203,457

448,976

Investment securities – held to maturity

2,353

Loans held for sale

835

260

1,095

Loans and leases

1,191,254

794,973

(15,899 )

1,970,328

Less: Deferred fees, net

(392 )

(1,587 )

1,587

(392 )

Less: Allowance for credit losses

(16,740 )

(10,907 )

(2,608 )

(30,255 )

Total loans receivable, net

1,174,122

782,479

(16,920 )

1,939,681

Premises and equipment, net

13,497

18,946

32,443

Goodwill

8,189

8,190

Federal Home Loan Bank stock

13,907

7,143

21,050

Core deposit intangible (“CDI”), net

22,400

Other assets

31,365

41,812

1,724

74,901

TOTAL ASSETS

$ 1,519,216

$ 1,125,496

$ 4,544

$ 2,649,256

LIABILITIES AND STOCKHOLDERS’ EQUITY

LIABILITIES

Deposits

1,106,365

919,598

(447 )

2,025,516

Borrowings

256,000

95,283

351,283

Subordinated debentures, net of issuance costs

14,790

Accrued expenses and other liabilities

11,940

11,429

23,369

Total liabilities

1,374,305

1,041,100

(447 )

2,414,958

STOCKHOLDERS’ EQUITY

Common stock

105

2,554

(2,491 )

168

Additional paid-in capital

92,989

99,254

192,244

Retained earnings

98,644

99,246

(109,177 )

88,713

Accumulated other comprehensive loss, net

(37,024 )

(17,405 )

17,405

(37,024 )

Unearned ESOP shares

(9,803 )

Total stockholders’ equity

144,911

84,396

4,991

234,298

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$ 1,519,216

$ 1,125,496

$ 4,544

$ 2,649,256

See accompanying Notes to Unaudited Pro Forma

Condensed Combined Financial Information

RICHMOND MUTUAL AND FARMERS BANCORP

UNAUDITED PRO FORMA CONDENSED COMBINED

STATEMENTS OF INCOME

For the Three Months Ended March 31, 2026

(In thousands, except per share data)

Richmond

Mutual

Farmers

Bancorp

Transaction

Accounting

Adjustments

Notes

Pro

Forma

Interest income:

Loans and leases

19,111

12,860

795

32,766

Investment securities

1,873

1,792

3,665

Other

178

603

(407

)

374

Total interest income

21,162

15,255

388

36,805

Interest expense:

Deposits

7,298

5,018

447

12,763

Borrowings

2,418

1,090

3,508

Subordinated debt

150

Total interest expense

9,716

6,258

447

16,421

Net interest income

11,446

8,997

(59

)

20,384

Provision for credit loan losses

693

350

1,043

Net interest income after provision for credit losses

10,753

8,647

(59

)

19,341

Noninterest income:

Service charges on deposit accounts

322

303

625

Card fee income

317

396

Loan and lease servicing fees

109

Net loss on securities

Net gain on loan and leases sales

173

144

317

Trust fees

360

532

892

Other income

1,010

1,042

Total noninterest income

1,298

2,083

3,381

Noninterest expense:

Salaries and employee benefits

4,564

4,515

(119

)

8,960

Net occupancy expense

438

561

999

Equipment expense

253

385

638

Data processing

1,192

727

1,919

Deposit insurance expense

285

143

428

Legal and professional fees

458

425

883

Other expense

1,513

1,023

560

3,096

Total noninterest expense

8,703

7,779

441

16,923

Income before income taxes

3,348

2,951

(500

)

5,799

Income tax expense

562

443

(125

)

880

Net income

2,786

2,508

(375

)

4,919

Earnings per common share:

Basic

0.29

1.37

0.31

Diluted

0.28

1.37

0.31

Average common shares outstanding:

Basic

9,678,102

1,830,312

15,901,163

Diluted

9,860,105

1,830,312

16,083,166

RICHMOND MUTUAL AND FARMERS BANCORP

UNAUDITED PRO FORMA CONDENSED COMBINED

STATEMENTS OF INCOME

For the Year Ended December 31, 2025

(In thousands, except per share data)

Richmond

Mutual

Farmers

Bancorp

Transaction

Accounting

Adjustments

Notes

Pro

Forma

Interest income:

Loans and leases

77,383

51,013

3,180

131,576

Investment securities

7,706

6,744

14,450

Other

818

1,624

(407

)

2,035

Total interest income

85,907

59,381

(407

)

148,061

Interest expense:

Deposits

31,248

18,291

135

49,674

Borrowings

10,813

6,284

17,097

Total interest expense

42,061

24,575

135

66,771

Net interest income

43,846

34,806

2,638

81,290

Provision for credit loan losses

2,153

1,320

3,473

Net interest income after provision for credit losses

41,693

33,486

2,638

77,817

Noninterest income:

Service charges on deposit accounts

1,266

1,169

2,435

Card fee income

1,317

1,763

3,080

Loan and lease servicing fees

681

744

Net loss on securities

(156

)

(156

)

Net gain on loan and leases sales

409

615

1,024

Trust fees

1,382

2,106

3,488

Other income

164

1,075

1,239

Total noninterest income

5,063

6,791

11,854

Noninterest expense:

Salaries and employee benefits

18,544

16,581

(477

)

34,648

Net occupancy expense

1,456

1,735

3,191

Equipment expense

1,001

1,166

2,167

Data processing

3,789

2,868

6,657

Deposit insurance expense

1,194

517

1,711

Legal and professional fees

1,840

2,068

3,908

Other expense

5,279

3,903

2,080

11,262

Total noninterest expense

33,103

28,838

1,603

63,544

Income before income taxes

13,653

11,439

1,035

26,127

Income tax expense

2,076

1,772

259

4,107

Net income

11,577

9,667

777

22,021

Earnings per common share:

Basic

1.20

5.27

1.38

Diluted

1.17

5.27

1.38

Average common shares outstanding:

Basic

9,669,682

1,842,531

15,934,287

Diluted

9,901,266

1,842,531

16,165,871

Notes to Unaudited Pro Forma Condensed Combined Financial Information

Note 1 – Basis of Presentation

The unaudited pro forma condensed combined financial

information has been prepared using the acquisition method of accounting for business combinations in accordance with GAAP. The unaudited

pro forma condensed combined balance sheet as of March 31, 2026, is presented as if the merger had occurred on that date, and the

unaudited pro forma condensed combined statements of income for the three months ended March 31, 2026 and for the year ended December 31,

2025, are presented as if the merger had occurred as of January 1, 2025. The merger was completed on July 1, 2026

The unaudited pro forma condensed combined financial

information is presented for illustrative purposes only and is not necessarily indicative of the results of operations or financial position

that would have been achieved had the merger occurred on the dates assumed, nor is it necessarily indicative of the future results of

operations or financial position of the combined company.

The pro forma adjustments are preliminary and

based on management’s estimates of the fair values of the assets acquired and liabilities assumed as of the acquisition date. These

estimates are subject to change as additional information becomes available and as final valuation analyses of tangible and identifiable

intangible assets and assumed liabilities are completed. Accordingly, the final fair value adjustments may differ materially from those

presented herein.

Under the acquisition method of accounting, Farmers

Bancorp’s identifiable assets and liabilities, including any identifiable intangible assets, will be recorded by Richmond Mutual

at their respective estimated fair values as of the merger closing date. Because the merger was completed on July 1, 2026, the preliminary

purchase price allocation reflected in this unaudited pro forma condensed combined financial information is based on information available

as of the date of this filing and has been applied to Farmers Bancorp’s March 31, 2026 historical balance sheet for pro forma

presentation purposes. These estimates are subject to adjustment and may vary from the amounts ultimately recorded upon completion of

the merger. Potential adjustments may include, but are not limited to, changes in: (i) Farmers Bancorp’s balance sheet through

the effective time of the merger; (ii) total merger-related expenses, if consummation and/or implementation costs differ from current

estimates; (iii) the fair values of acquired assets and assumed liabilities due to changes in market conditions or additional information;

and (iv) the fair value of Richmond Mutual common stock issued as merger consideration.

Certain historical amounts of Farmers Bancorp

have been reclassified on a pro forma basis to conform to the presentation and accounting classifications used by Richmond Mutual. The

accounting policies of Richmond Mutual and Farmers Bancorp are currently being reviewed. Upon completion of this review, additional conforming

adjustments or financial statement reclassifications may be required. The pro forma information does not reflect any potential cost savings,

operating synergies, or revenue enhancements that may result from the merger, nor does it reflect the costs that may be incurred to achieve

such synergies.

Note 2 – Purchase Price

Each share of Farmers Bancorp common stock has

been converted into the right to receive 3.40 shares of Richmond Mutual common stock. Richmond Mutual did not issue any fractional shares

of stock in the merger as the value of calculated fractional shares has been paid in cash.

In total, Richmond Mutual issued approximately

6,254,286 shares of Richmond Mutual common stock in the merger, resulting in approximately 16,759,046 shares of Richmond Mutual common

stock outstanding after the merger. Richmond Mutual’s June 30, 2026 stock price of $15.88 was used for this presentation to

determine the fair value of the stock consideration. The total consideration transferred approximates $100.2 million.

The table below presents a preliminary calculation

of estimated merger consideration:

Share consideration:

Amount

($ in thousands)

Shares of Farmers Bancorp common stock, including unvested Farmers Bancorp RSU Awards

1,839,517

Exchange ratio

3.40

Richmond Mutual common stock issuable based on exchange ratio

6,254,358

Less: Adjustment for fractional shares settled in cash

(72 )

Richmond Mutual common stock issued

6,254,286

Richmond Mutual’s closing share price on June 30, 2026

$ 15.88

Preliminary fair value of consideration for outstanding common stock

$ 99,318

Cash consideration for fractional shares

$ 1

Cash consideration for unvested Farmers Bancorp performance share awards

$ 917

Preliminary fair value of estimated total consideration

$ 100,236

Note 3 –Purchase Price Allocation of Farmers Bancorp

At the merger effective time, Farmers Bancorp’s

assets and liabilities are required to be recorded at their estimated fair values. The assumptions used to determine the relevant estimated

fair value adjustments below are discussed in detail in Note 4 – Pro Forma Condensed Combined Financial Information Adjustments.

For purposes of the unaudited pro forma condensed combined financial information, the preliminary purchase price allocation has been applied

to Farmers Bancorp’s March 31, 2026 historical balance sheet. The fair value of the consideration transferred is based on Richmond

Mutual’s closing stock price on June 30, 2026, the day immediately preceding the merger effective date. The excess of the purchase

price over the fair value of the net assets acquired is goodwill.

The preliminary estimates of the consideration

transferred and the assets acquired and liabilities assumed are summarized in the following table:

March 31, 2026

(In thousands)

Pro forma purchase price of Farmers Bancorp

Fair value of Richmond Mutual common stock at $15.88(1) per

share for 6,254,286 shares

$ 99,318

Cash payment for fractional shares and unvested Farmers Bancorp performance share awards

918

Total pro forma purchase price

$ 100,236

Fair value of assets acquired:

Cash

$ 71,399

Investment securities available for sale

203,457

Loans receivable

765,819

CDI assets

22,400

Other assets

69,625

Total assets and identifiable intangible assets acquired

$ 1,132,699

Fair value of liabilities assumed:

Deposits

$ 919,151

Borrowings

95,283

Accrued expenses and other liabilities

26,219

Total liabilities assumed

$ 1,040,653

Fair value of net assets and identifiable intangible assets acquired

$ 92,046

The

excess of the purchase price over the fair value of the net assets acquired - goodwill(2)

$ 8,190

__________________________

(1) Stock price is as of close of business June 30, 2026.

(2) Goodwill is reflected as a transaction accounting adjustment int the pro forma condensed combined balance sheet.

Note 4 – Pro Forma Condensed Combined Financial Information

Adjustments.

The following pro forma adjustments have been

included in the unaudited pro forma condensed combined financial information. Estimated fair value adjustments are based upon available

information, and certain assumptions considered reasonable, and may be revised as additional information becomes available. The following

are the pro forma adjustments made to record the transaction and to adjust Farmers Bancorp’s assets and liabilities to their estimated

fair values at March 31, 2026.

A. Adjustments to Cash and cash equivalents

To reflect cash payment for all unvested Farmers Bancorp performance share awards.

$ 917

To reflect projected cash used for merger costs. See Note 5 – Merger Costs.

9,931

Total cash and cash equivalents

$ 10,848

B. Adjustments to Loan and lease receivables, excluding allowance for credit losses and fees on loans and leases not yet recognized

To reflect the estimated fair value adjustment on loans and leases at merger date. The estimated fair value was determined using portfolio performance and yields compared to market.

$ (15,899 )

C. Adjustments to Deferred loan fees and costs

To eliminate Farmers Bancorp’s historical net deferred loan fees and costs.

$ 1,587

D. Adjustments to Allowance for credit losses on loans and leases

To eliminate Farmers Bancorp’s historical allowance for credit losses of $10.9 million and record the estimated allowance for credit losses on acquired loans of $13.5 million in accordance with ASC 326.

$ (2,608 )

E. Adjustments to Premises and equipment, net

The fair value of premises and equipment acquired has not yet been determined. Accordingly, the historical carrying value is used for purposes of this pro forma presentation.

$ -

F. Adjustments to Goodwill

To record the estimated goodwill resulting from the merger.

$ 8,190

G. Adjustments to Intangible asset, net

To record the estimated fair value of the CDI asset identified in the merger based on currently available information.

$ 22,400

H. Adjustments to Other assets

To reflect the estimated tax effects of the purchase accounting adjustments and merger-related expenses, as follows:

Estimated tax effect of market value adjustments.

$ (861 )

Total tax effect at 20.7% of merger-related expenses adjusted for non-deductible expenses.

2,585

Total other assets

$ 1,724

I. Adjustment to Deposits

To reflect the estimated fair market value adjustment to deposits based on current interest rates

$ (447 )

J. Adjustments to Common Stock

To record the issuance of Richmond Mutual common stock as purchase price consideration and to eliminate the common stock of Farmers Bancorp.

$ 96,701

Issuance of Richmond Mutual common stock to Farmers Bancorp shareholders (6,254,286 shares, par value $0.01 per share).

Total common stock

$ 96,764

K. Elimination of the historical Farmers Bancorp additional paid-in capital.

$ (1 )

L. Adjustment to Retained Earnings

To eliminate the historical Farmers Bancorp retained earnings.

$ (99,246 )

To record adjustment to retained earnings for Richmond Mutual’s estimated merger costs, net of tax. Estimated merger expenses are $9.9 million, net of the tax (assuming an effective tax rate of 20.7% after adjustment for estimated non-deductible expenses of $2.2 million).

(9,931 )

Total retained earnings

$ (109,177 )

M. Adjustment to Accumulated Other Comprehensive Income

To eliminate the historical Farmers Bancorp accumulated other comprehensive loss.

$ 17,405

For purposes of determining the pro forma effect

of the merger on the Income Statement, the following pro forma adjustments have been made as if the acquisition occurred as of the beginning

of the period presented:

Income Statements

(In Thousands)

For the Three

Months Ended

March 31, 2026

For the Year

Ended

December 31,

2025

N.  Adjustments to Interest Income: Loans and

leases

To recognize the estimated accretion of fair value adjustments for the acquired loan portfolio.

$ 795

3,180

O. Adjustments to Interest income: Other

To recognize the reduction in other cash reflected for the merger at an estimated yield of 3.75% annualized.

$ (407 )

(407 )

P. Adjustments to Interest expense: Deposit

To recognize the reduction in interest expense for the time deposit premium amortization.

$ 447

135

Q. Adjustments to Noninterest expense: Salaries and employee benefit

To eliminate equity-based compensation expense.

$ (119 )

(477 )

R. Adjustments to Noninterest expense: Other

expense

To reflect estimated CDI asset amortization over ten years.

$ 560

2,080

S. Adjustments to provision for income taxes

To adjust the provision for income taxes to reflect an estimated effective tax rate of 25% on the pro forma income before income taxes.

$ (744 )

(536 )

T. Earnings per common

Earnings per common share, basic and diluted were calculated using pro forma net income less dividends and undistributed earnings allocated to participating securities divided by the calculated pro forma basic and diluted weighted-average shares outstanding.

U. Basic and diluted average common shares outstanding

Basic and diluted weighted-average common shares outstanding were calculated by adding the shares issued by Richmond Mutual in the merger (Farmers Bancorp’s historical weighted-average common shares outstanding multiplied by the exchange ratio) to the historical average Richmond Mutual shares outstanding for the three months ended March 31, 2026 and the year ended December 31, 2025.

Note 5 – Merger Costs

Richmond Mutual anticipates completing the integration

of Farmers Bancorp’s operations effective November 2026. Richmond Mutual expects to incur additional merger-related and integration

costs in connection with the merger. The timing of recognition of these costs will depend on the nature of the costs and when the related

services are received or obligations are incurred. Richmond Mutual has recorded merger-related and integration expenses totaling $2.1

million as of July 1, 2026. Farmers Bancorp recorded acquisition-related expenses totaling $4.5 million prior to the closing of the

merger.

The table below reflects Richmond Mutual’s

current estimate of the aggregate merger costs of $12.5 million, or $9.9 million net of $2.6 million of income tax benefit, computed using

an estimated effective tax rate of 20.7%, after consideration of estimated nondeductible expenses of $2.2 million, expected to be incurred

in connection with the merger, which are included in the pro forma financial information. While a portion of these costs may be required

to be recognized over time, the current estimate of these costs, primarily comprised of anticipated cash charges, include the following:

March 31,

2026

(In thousands)

Professional fees

3,850

Change of control payments

1,831

Vesting of restricted stock grants

Severance and retention plan

800

Data processing, termination and conversion

4,725

Other expenses

1,310

Pre-tax merger costs

12,516

Income tax benefit ((assuming an effective tax rate of 20.7% after adjustment for estimated non-deductible expenses of $2.2 million)

2,585

Net merger costs

9,931

Richmond Mutual’s current estimate of aggregate

merger-related costs is subject to significant uncertainty. While this estimate reflects management’s current expectations regarding

the nature and amount of costs expected to be incurred in connection with the merger, the ultimate amount and timing of recognition of

such costs will depend on the nature of the costs incurred and the timing of the related activities. The actual costs incurred could differ

materially from the current estimate based on the timing and scope of integration activities and other developments following the merger.

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