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Farmers and Merchants State Bank of Pierz

Pierz, MN · Cert 10165 · Farmers&Merchants Agency Inc.

State charter, non-member · FDIC · 3 branches

Q2 2026

$336.2MAssets
$221.1MLoans
$308.5MDeposits
$23.5MEquity
Loan mix
82%RE $146.7M14%C&I $24.5M4%Consumer $6.8MQ2 2025Q2 2026
Deposit mix
70%Interest-bearing $215.8M30%Noninterest $92.7MQ2 2025Q2 2026

NIM

5.45%Q2 ’245.75%Q2 ’255.91%Q2 ’26+8%+11%

Non-interest income vs. expense

2.62%Q2 ’242.91%Q2 ’252.86%Q2 ’26+13%-2%

Market Position · St. Cloud, MN · 2026 SOD (annual) · 0.8% share · #22 of 32 inst. · $0.1B of $7.9B

25.8% Morrison
8.4% Benton
7.6% Meeker

Executive Summary

  • Earnings: ROA of 1.65%, up 5 bps year over year; NIM at 4.71%.
  • Asset quality: problem loans at 1.03% of loans (-15 bps YoY), with net charge-offs at 0.36%.
  • Capital: tier 1 leverage ratio of 9.28%, down 87 bps from a year ago.
  • Funding: loans stand at 71.69% of deposits as of Q2 2026.

Financial Results

Return on Assets (quarter, annualized)

1.65%+5 bps YoY

Net Interest Margin (quarter, annualized)

4.71%+47 bps YoY

Efficiency Ratio (quarter, annualized)

56.40%-697 bps YoY

Tier 1 Leverage Ratio

9.28%-87 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.60%0.81%1.53%1.09%1.65%+5 bps
Return on Equity25.16%11.61%20.38%15.07%24.35%-81 bps
Net Interest Margin4.24%4.44%4.54%4.49%4.71%+47 bps
Efficiency Ratio63.37%53.10%53.02%60.15%56.40%-697 bps
Non-Interest Burden2.55%2.18%2.25%2.57%2.49%-6 bps
Growth
Asset Growth (YoY)2.49%-0.67%3.78%3.25%4.61%+212 bps
Loan Growth (YoY)-6.86%-3.25%-2.69%-2.66%10.39%+1,725 bps
Deposit Growth (YoY)2.48%-1.24%2.55%3.26%3.35%+87 bps
Asset Quality
Nonperforming Loans / Loans1.18%1.30%1.39%1.23%1.03%-15 bps
Net Charge-Offs / Loans0.00%-0.01%0.00%0.99%0.36%+36 bps
Allowance / Loans1.34%1.34%1.45%1.40%1.32%-3 bps
Allowance Coverage of NPLs1.1x1.0x1.0x1.1x1.3x+0.1x
Capital
Tier 1 Leverage Ratio10.15%9.75%9.93%8.97%9.28%-87 bps
Total Risk-Based Capital10.15%9.75%9.93%8.97%9.28%-87 bps
Equity / Assets6.69%7.25%7.80%6.59%6.99%+29 bps
Liquidity & Funding
Loans / Deposits67.12%67.45%68.07%69.92%71.69%+457 bps
Liquid Assets / Assets8.67%5.59%2.54%1.85%1.38%-729 bps
CRE / Total Capitaln/a108.27%103.60%108.48%n/an/a