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First Farmers & Merchants Bank

Cannon Falls, MN · Cert 10168 · 215 Holding Co.

State charter, non-member · FDIC · 5 affiliate banks · 7 branches (24 in holding)

Q2 2026

$486.4MAssets
$310.0MLoans
$436.8MDeposits
$47.0MEquity
Loan mix
85%RE $218.1M13%C&I $34.0M2%Consumer $4.7MQ2 2025Q2 2026
Deposit mix
82%Interest-bearing $359.1M18%Noninterest $77.7MQ2 2025Q2 2026

NIM

4.36%Q2 ’244.73%Q2 ’255.07%Q2 ’26+28%+11%

Non-interest income vs. expense

2.01%Q2 ’242.07%Q2 ’252.11%Q2 ’26+3%+2%

Market Position · Minneapolis-St. Paul-Bloomington, MN-WI · 2026 SOD (annual) · 0.0% share · #102 of 125 inst. · $0.1B of $253.2B

24.6% Goodhue
9.9% Le Sueur

Executive Summary

  • Earnings: ROA of 1.36%, up 39 bps year over year; NIM at 4.00%.
  • Asset quality: problem loans at 0.01% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 10.09%, up 61 bps from a year ago.
  • Funding: loans stand at 70.96% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

1.36%+39 bps YoY

Net Interest Margin (YTD, annualized)

4.00%+39 bps YoY

Efficiency Ratio (YTD, annualized)

48.87%-382 bps YoY

Tier 1 Leverage Ratio

10.09%+61 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.97%1.01%1.03%1.18%1.36%+39 bps
Return on Equity11.56%12.04%12.21%13.57%15.12%+356 bps
Net Interest Margin3.60%3.63%3.65%3.98%4.00%+39 bps
Efficiency Ratio52.69%51.87%51.27%48.26%48.87%-382 bps
Non-Interest Burden1.72%1.70%1.69%1.73%1.76%+4 bps
Growth
Asset Growth (YoY)-0.16%2.63%7.71%4.88%4.77%+493 bps
Loan Growth (YoY)2.96%4.60%5.34%4.58%5.03%+207 bps
Deposit Growth (YoY)5.77%7.72%6.35%3.94%3.75%-202 bps
Asset Quality
Nonperforming Loans / Loans0.01%0.01%0.01%0.01%0.01%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans0.95%0.96%1.00%1.01%0.98%+3 bps
Allowance Coverage of NPLs116.6x118.6x122.8x125.4x126.0x+9.4x
Capital
Tier 1 Leverage Ratio9.48%9.30%9.44%9.44%10.09%+61 bps
Total Risk-Based Capital13.95%13.98%14.51%14.34%14.93%+98 bps
Equity / Assets8.53%8.61%8.62%8.72%9.66%+113 bps
Liquidity & Funding
Loans / Deposits70.10%69.58%66.51%69.76%70.96%+86 bps
Liquid Assets / Assets4.29%5.85%7.52%4.80%4.95%+66 bps
CRE / Total Capitaln/a209%202%209%n/an/a