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Benefit Plans | 3 Months Ended
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Mar. 31, 2026
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 six percent of base salary contributed by participants. The Company’s expense for the plan was $36,000 for the three months ended March 31, 2026 and $65,000 for the three months ended March 31, 2025. Employee Stock Ownership Plan As part of the reorganization and related stock offering, the Company established an Employee Stock Ownership Plan, or 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 on the open market with funds provided by a loan from the Company. 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 have not yet been allocated to ESOP participants are excluded from the computation of average shares outstanding for earnings per share calculation. Accordingly, $9,803,000 and $9,987,000 of common stock acquired by the ESOP was shown as a reduction of stockholders’ equity at March 31, 2026 and December 31, 2025, respectively. Shares are released to participants proportionately as the loan is repaid. ESOP expense for the three months ended March 31, 2026 and 2025 was $188,000 and $178,000, respectively.
| March 31, 2026 |  | December 31, 2025
Earned ESOP shares | 360,727 |  |  | 347,201 |
Unearned ESOP shares | 721,403 |  |  | 734,929 |
Total ESOP shares | 1,082,130 |  |  | 1,082,130 |
Quoted per share price | $ | 13.57 |  |  | $ | 14.04 |
Fair value of earned shares (in thousands) | $ | 4,895 |  |  | $ | 4,875 |
Fair value of unearned shares (in thousands) | $ | 9,789 |  |  | $ | 10,318 |
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. Under the Company's 2020 Equity Incentive Plan (the "2020 EIP"), 453,086 shares of common stock were granted in fiscal years 2020 and 2021 with grant date fair values ranging from $10.53 to $13.86 per share. As of March 31, 2026, 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 per share (total fair value of $662,000 at issuance) to eligible participants. These awards vest in five equal 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 eligible recipients in future grants until the 2020 EIP expires in September 2030. The following table summarizes the restricted stock award activity in the 2020 EIP during the three months ended March 31, 2026.
| Three Months Ended March 31, 2026
| Number of Restricted Shares |  | Weighted Average Grant Date Fair Value
Non-vested, beginning of period | 88,379 |  | $ | 13.11 |
Granted | — |  | — |
Vested | — |  | — |
Forfeited | — |  | — |
Non-vested, March 31, 2026 | 88,379 |  | 13.11 |
Total compensation cost recognized in the Condensed Consolidated Statements of Income for restricted stock awards during the three months ended March 31, 2026 and 2025 was $79,000 and $217,000, and the related tax benefit recognized was $17,000 and $46,000, respectively. As of March 31, 2026, there was $1.0 million of unrecognized compensation expense related to restricted stock awards. Stock Option Plan. Under the Company's 2020 EIP, options to purchase an aggregate of 1,103,657 shares of common stock were granted in fiscal years 2021 and 2022 at exercise prices ranging from $10.53 to $13.86 per share. As of March 31, 2026, 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 with an exercise price of $13.37 per share, the fair value of a share of the Company's common stock on the date of grant, to eligible participants. These awards vest in five equal annual installments with the first vesting occurring on June 30, 2026. Forfeited options are available to be awarded in future grants until the 2020 EIP terminates in September 2030. The following table summarizes the stock option activity in the 2020 EIP during the three months ended March 31, 2026.
| Three Months Ended March 31, 2026
| Number of Shares |  | Weighted-Average Exercise Price
Balance at beginning of period | 760,852 |  | $ | 10.76 |
Granted | — |  | — |
Exercised | — |  | — |
Forfeited/expired | — |  | — |
Balance, March 31, 2026 | 760,852 |  | 10.76 |
Exercisable at end of period | 705,385 |  | $ | 10.56 |
The fair value of options granted is estimated on the date of the grant using a Black Scholes model with the following assumptions:
| July 15, 2025
Dividend yields | 4.49 | %
Volatility factors of expected market price of common stock | 30.00 | %
Risk-free interest rates | 4.16 | %
Expected life of options | 6.5 years
A summary of the status of the Company stock option shares as of March 31, 2026 is presented below.
| Shares |  | Weighted Average Grant Date Fair Value
Non-vested, beginning of year | 55,467 |  | $ | 3.00 |
Vested | — |  | — |
Granted | — |  | — |
Forfeited | — |  | — |
Non-vested, March 31, 2026 | 55,467 |  | $ | 3.00 |
Total compensation cost recognized in the Condensed Consolidated Statements of Income for option-based payment arrangements for the three months ended March 31, 2026 and 2025 was $8,000 and $146,000, and the related tax benefit recognized was $0 and $16,000, respectively. As of March 31, 2026, there was $137,000 in unrecognized compensation expense related to the stock option awards.

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