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Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
401(k)
The Company has a retirement savings 401(k) plan, in which substantially all employees may participate. The Company matches employees' contributions at the rate of 50 percent for the first 6 percent of base salary contributed by participants. The Company’s expense for the plan was $239,000 and $276,000 for the years ended December 31, 2025 and 2024, respectively.
Employee Stock Ownership Plan
As part of the reorganization and related stock offering, the Company established an Employee Stock Ownership Plan ("ESOP") covering substantially all employees. The ESOP acquired 1,082,130 shares of Company common stock at an average price of $13.59 per share in the open market with funds provided by a loan from the Company. The Company is obligated at the option of each beneficiary to repurchase shares of
the ESOP upon the beneficiary’s termination or after retirement. Dividends on unallocated shares used to repay the loan for the Company are recorded as a reduction of the loan or accrued interest, as applicable. Dividends on allocated shares paid to participants are reported as compensation expense. Unearned ESOP shares, which are not vested, are excluded from the computation of average shares outstanding for earnings per share calculation. Accordingly, $9,987,000 and $10,722,000 of common stock acquired by the ESOP was shown as a reduction of stockholders’ equity at December 31, 2025 and 2024, respectively. Shares are released to participants proportionately as the loan is repaid.
ESOP expense for the years ended December 31, 2025 and 2024 was $738,000 and $661,000, respectively.

December 31, 2025December 31, 2024
Earned ESOP shares347,201 293,095 
Unearned ESOP shares734,929 789,035 
Total ESOP shares1,082,130 1,082,130 
Quoted per share price$14.04 $14.15 
Fair value of earned shares (in thousands)$4,875 $4,147 
Fair value of unearned shares (in thousands)$10,318 $11,165 

Richmond Mutual Bancorporation, Inc. 2020 Equity Incentive Plan
On September 15, 2020, the Company's stockholders approved the Richmond Mutual Bancorporation, Inc. 2020 Equity Incentive Plan ("2020 EIP") which provides for the grant to eligible participants of up to (i) 1,352,662 shares of Company common stock to be issued upon the exercise of stock options and stock appreciation rights and (ii) 541,065 shares of Company common stock to participants as restricted stock awards (which may be in the form of shares of common stock or share units giving the participant the right to receive shares of common stock at a specified future date).
Restricted Stock Awards. On October 1, 2020, the Company awarded 449,086 shares of common stock under the 2020 EIP with a grant date fair value of $10.53 per share (total fair value of $4.7 million at issuance) to eligible participants. On April 1, 2021, the Company awarded an additional 4,000 shares of common stock under the 2020 EIP with a grant date fair value of $13.86 (total fair value of $55,000 at issuance) to eligible participants. These awards vested in five equal annual installments with the first vesting occurring on June 30, 2021. As of December 31, 2025, these awards were fully vested.
On July 15, 2025, the Company awarded 37,126 shares of common stock under the 2020 EIP to eligible participants. The grant date fair value was $13.37 per share, for a total fair value of $496,000 at issuance. On November 20, 2025, the Company awarded an additional 51,253 shares of common stock under the 2020 EIP with a grant date fair value of $12.92 (total fair value of $662,000 at issuance) to eligible participants. These awards vest in five equal annual installments, with the first installment vesting on June 30, 2026, subject to the participant's continued service. Any shares forfeited prior to vesting may be reissued to other eligible participants in future grants until the 2020 EIP expires in September 2030.
The following table summarizes the restricted stock awards activity in the 2020 EIP for the year ended December 31, 2025.
Year Ended December 31, 2025
Number of Restricted SharesWeighted Average Grant Date Fair Value
Non-vested, beginning of year83,379$10.55 
Granted88,37913.11 
Vested(83,379)10.55 
Forfeited—— 
Non-vested, end of year88,379$13.11 
Total compensation cost recognized in the income statement for restricted stock awards during 2025 and 2024 was $507,000 and $880,000, respectively, and the related tax benefit recognized was $107,000 and $185,000, respectively. As of December 31, 2025, unrecognized compensation expense related to restricted stock awards was $1.1 million.
Stock Option Plan. On October 1, 2020, the Company awarded options to purchase 1,095,657 shares of common stock under the 2020 EIP with an exercise price $10.53 per share, the fair value of a share of the Company's common stock on the date of the grant, to eligible participants. On April 1, 2021, the Company awarded options to purchase 8,000 shares of common stock under the 2020 EIP with an exercise price of $13.86 per share, the fair value of the Company's common stock on the date of the grant, to eligible participants. The options awarded vested in five equal annual installments with the first vesting occurring on June 30, 2021. As of December 31, 2025, these awards were fully vested.
On July 15, 2025, the Company awarded options to purchase 55,467 shares of common stock under the 2020 EIP at an exercise price of $13.37 per share, equal to the fair market value of the Company's common stock on the grant date, to eligible participants. The options vest in five equal annual installments, with the first installment vesting on June 30, 2026, subject to the participant's continued service. Options forfeited prior to vesting may be reissued to other eligible participants in future grants until the 2020 EIP expires in September 2030. The 2020 EIP permits net-settle option exercises. Under a net-settle exercise, a participant may satisfy the exercise price by withholding a portion of the shares that would otherwise be issued. Withheld shares are canceled and are no longer available for future grants.
The following table summarizes the stock option activity in the 2020 EIP during the year ended December 31, 2025.
2025
Number of SharesWeighted-Average Exercise Price
Balance at beginning of year1,016,497$10.55 
Granted55,46713.37 
Exercised(108,213)10.53 
Forfeited/expired(202,899)10.53 
Balance at end of year760,85210.76 
Exercisable at end of year705,385$10.56 
The fair value of options granted is estimated on the date of grant using a Black Scholes model with the following assumptions:
July 15, 2025
Dividend yields4.49 %
Volatility factors of expected market price of common stock30.00 %
Risk-free interest rates4.16 %
Expected life of options6.5 years
A summary of the status of the Company stock option shares as of December 31, 2025 is presented below.
SharesWeighted Average Grant Date Fair Value
Non-vested, beginning of year204,096$2.91 
Vested(204,096)2.91 
Granted55,4673.00 
Forfeited—— 
Non-vested, end of year55,467$3.00 
Total compensation cost recognized in the income statement for option-based payment arrangements during 2025 and 2024 was $309,000 and $594,000, and the related tax benefit recognized was $31,000 and $64,000, respectively. As of December 31, 2025, unrecognized compensation expense related to the stock option awards was $145,000.