RICHMOND, Ind., May 16, 2024 /PRNewswire/ -- Richmond Mutual
Bancorporation, Inc. (NASDAQ: RMBI) (the "Company"), the parent
company of First Bank Richmond, today announced that its Board of
Directors (the "Board") extended the Company's current stock
repurchase program, scheduled to expire on June 6, 2024, for an additional year, now set to
expire on June 6, 2025. As of
May 15, 2024, 723,195 shares remained
available for future purchase under the existing stock repurchase
program. Since the stock repurchase program's inception through
May 15, 2024, the Company has
repurchased 782,840 shares at an aggregate cost of $8.8 million.
Garry Kleer, the Company's
Chairman, President and Chief Executive Officer, commented, "The
Board's decision to extend our existing stock repurchase program
underscores our collective confidence in the future of the Company,
particularly considering what we perceive to be an undervaluation
of our common stock. Despite the continued turbulence and
uncertainty in the banking sector, the Company's financial
condition and operations remain solid given our strong liquidity
and capital position, our community-based deposit franchise and our
high-quality loan and lease portfolio."
The Board also authorized management to enter into a trading
plan with Keefe, Bruyette & Woods, Inc. in accordance with Rule
10b5-1 of the Exchange Act, to facilitate repurchases of its common
stock pursuant to the above-mentioned stock repurchase program (the
"Rule 10b5-1 plan"). The Rule 10b5-1 plan allows the Company to
repurchase shares at times when they might otherwise be prevented
from doing so by securities laws or because of self-imposed trading
blackout periods. Under the Rule 10b5-1 plan, Keefe, Bruyette &
Woods, Inc. will have the authority, subject to the prices, terms
and limitations set forth in the Rule 10b5-1 plan, including
compliance with Rule 10b-18 of the
Exchange Act, to repurchase shares on the Company's behalf.
The actual timing, number and value of shares repurchased under
the stock repurchase program will depend on a number of factors,
including constraints specified in any Rule 10b5-1 plan, price,
general business and market conditions, and alternative investment
opportunities. The share repurchase program does not obligate the
Company to acquire any specific number of shares in any period, and
may be expanded, extended, modified or discontinued at any
time.
About Richmond Mutual Bancorporation, Inc.
Richmond Mutual Bancorporation, Inc., headquartered in
Richmond, Indiana, is the holding
company for First Bank Richmond, a community-oriented financial
institution offering traditional financial and trust services
within its local communities through its eight locations in
Richmond, Centerville, Cambridge City and Shelbyville, Indiana, its five locations in
Sidney, Piqua and Troy,
Ohio and its loan production office in Columbus, Ohio.
Forward-Looking Statements
Statements in this press release that are not historical
facts may constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements relate to Richmond Mutual Bancorporation, Inc.'s
(the "Company") financial condition, results of operations, plans,
objectives, future performance or business and ability to continue
paying dividends. Forward-looking statements include, but are not
limited to, statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions. The words or phrases "may,"
"believe," "will," "will likely result," "are expected to," "will
continue," "is anticipated," "estimate," "project," "plans,"
"potential," or similar expressions are intended to identify
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, but the absence of these
words does not mean that a statement is not forward-looking. By
their nature, forward-looking statements involve certain risks and
uncertainties that may cause actual results to differ materially
from expectations as of the date of this release. These risks
include the future earnings and capital levels of First Bank
Richmond, which could affect the ability of the Company to pay
dividends in accordance with its dividend policies, general
economic conditions as well as those within our industry, and
numerous other factors identified in the Company's Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q and other reports
filed with or furnished to the Securities and Exchange Commission –
which are available at www.firstbankrichmond.com in the "Investor
Relations" section and on the SEC's website at www.sec.gov.
The Company does not undertake - and specifically declines
any obligation - to publicly release the result of any revisions
which may be made to any forward-looking statements to reflect
events or circumstances after the date of such statements or to
reflect the occurrence of anticipated or unanticipated
events.
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SOURCE Richmond Mutual Bancorporation, Inc.