Richmond Mutual Bancorp Opts Out of Extended Accounting Transition
Ticker: RMBI · Form: 8-K · Filed: Feb 5, 2024 · CIK: 1767837
| Field | Detail |
|---|---|
| Company | Richmond Mutual Bancorporation, Inc. (RMBI) |
| Form Type | 8-K |
| Filed Date | Feb 5, 2024 |
| Risk Level | low |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: corporate-governance, accounting-standards, emerging-growth-company
TL;DR
**RMBI is an emerging growth company and is adopting new accounting standards quickly.**
AI Summary
Richmond Mutual Bancorporation, Inc. filed an 8-K on February 5, 2024, to report an "Other Event" and "Financial Statements and Exhibits." This filing indicates that the company is an "emerging growth company" and has elected not to use the extended transition period for complying with new accounting standards. This matters to investors because it signals the company's commitment to adopting new accounting standards promptly, which can provide more timely and transparent financial reporting, potentially increasing investor confidence in the accuracy of their financial statements.
Why It Matters
This filing clarifies Richmond Mutual Bancorporation's stance on financial reporting standards, indicating a proactive approach to compliance that could enhance transparency for investors.
Risk Assessment
Risk Level: low — This filing is purely administrative and indicates a proactive approach to accounting standards, posing no immediate financial risk.
Analyst Insight
Investors should note that RMBI's decision to forgo the extended transition period for accounting standards suggests a commitment to more current financial reporting, which could be a positive signal for transparency and investor confidence.
Key Players & Entities
- Richmond Mutual Bancorporation, Inc. (company) — the registrant filing the 8-K
- February 5, 2024 (date) — date of earliest event reported and filing date
- RMBI (company) — trading symbol for Common Stock
- The NASDAQ Stock Market LLC (company) — exchange where Common Stock is registered
- $0.01 (dollar_amount) — par value per share of Common Stock
FAQ
What is the primary purpose of this 8-K filing by Richmond Mutual Bancorporation, Inc.?
The primary purpose of this 8-K filing, dated February 5, 2024, is to report an "Other Event" and "Financial Statements and Exhibits," specifically noting that Richmond Mutual Bancorporation, Inc. is an "emerging growth company" and has elected not to use the extended transition period for complying with new or revised financial accounting standards.
What is Richmond Mutual Bancorporation, Inc.'s trading symbol and where is its common stock registered?
Richmond Mutual Bancorporation, Inc.'s trading symbol is RMBI, and its Common Stock, with a par value of $0.01 per share, is registered on The NASDAQ Stock Market LLC.
What is the significance of Richmond Mutual Bancorporation, Inc. being an 'emerging growth company'?
As an 'emerging growth company,' Richmond Mutual Bancorporation, Inc. has certain exemptions and elections available under the Securities Act of 1933 and the Securities Exchange Act of 1934, including the option to use an extended transition period for complying with new or revised financial accounting standards, which they have elected not to use.
What is the company's decision regarding the extended transition period for new accounting standards?
Richmond Mutual Bancorporation, Inc. has indicated by check mark that it has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
What is the business address and phone number of Richmond Mutual Bancorporation, Inc. as listed in the filing?
The business address of Richmond Mutual Bancorporation, Inc. is 31 North 9th Street, Richmond, Indiana 47374, and its business phone number is (765) 962-2581.
Filing Stats: 449 words · 2 min read · ~1 pages · Grade level 12.2 · Accepted 2024-02-05 12:19:26
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share RMBI The NASDAQ Stock Market
Filing Documents
- rmbi-20240205.htm (8-K) — 25KB
- rmbi-20240205x8kex_991.htm (EX-99.1) — 10KB
- 0001767837-24-000001.txt ( ) — 165KB
- rmbi-20240205.xsd (EX-101.SCH) — 2KB
- rmbi-20240205_lab.xml (EX-101.LAB) — 24KB
- rmbi-20240205_pre.xml (EX-101.PRE) — 13KB
- rmbi-20240205_htm.xml (XML) — 3KB
01 OTHER EVENTS
ITEM 8.01 OTHER EVENTS Richmond Mutual Bancorporation, Inc.'s press release dated February 5, 2024, announcing that its annual meeting of stockholders will be held on Wednesday, May 15, 2024, is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The voting record date for shareholders entitled to vote at the annual meeting is March 28, 2024.
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits 99.1 Press release dated February 5 , 202 4 , announcing the date of the annual meeting of stockholders 104 Cover page interactive data file (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES 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 thereunto duly authorized. RICHMOND MUTUAL BANCORPORATION, INC. Date: February 5, 2024 By: /s/Bradley M. Glover Bradley M. Glover Acting Chief Financial Officer