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Sherburne State Bank

Becker, MN · Cert 10169 · Saint Joseph Bancshares Acquisitions

State charter, non-member · FDIC · 4 branches

Q2 2026

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, banks under $1B in assets in the Minneapolis-St. Paul-Bloomington, MN-WI area3

Basis

Quarter: Q2 2026, the quarter ended June 30, 2026, on both parts.

Income statement: year to date as filed, annualized, on both parts.

Balance sheet: as filed at quarter end.

Peer group

Banks under $1B in assets in the Minneapolis-St. Paul-Bloomington, MN-WI area (n=53). Each measure ranks only the institutions that reported it, so n varies by measure.

Peer groups below the disclosure floor are suppressed.

Peer standing

Capital

27

Q2 2024Q2 2026peer median (50)

Asset Quality

95

Q2 2024Q2 2026peer median (50)

Profitability

92

Q2 2024Q2 2026peer median (50)

Liquidity

28

Q2 2024Q2 2026peer median

Efficiency

94

Q2 2024Q2 2026peer median (50)

Growth

No peer data yet

Capital, Asset Quality, Profitability, Efficiency: higher is always a stronger peer standing (▲ better, ▼ worse). Liquidity, Growth: the score reflects closeness to the peer median -- 100 is sitting exactly at the median, falling the same way whether the bank runs above or below it.

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas.

CallReports · callreports.ai · Board PackageGenerated 2026-10-11

Sherburne State Bank

Becker, MN · Cert 10169 · Saint Joseph Bancshares Acquisitions

State charter, non-member · FDIC · 1 affiliate bank · 4 branches (8 in holding)

Q2 2026

$351.1MAssets
$279.6MLoans
$289.5MDeposits
$30.6MEquity
Loan mix
80%RE $214.2M16%C&I $42.1M4%Consumer $11.8MQ2 2025Q2 2026
Deposit mix
68%Interest-bearing $196.6M32%Noninterest $93.0MQ2 2025Q2 2026

NIM

5.57%Q2 ’245.98%Q2 ’256.16%Q2 ’26+9%+5%

Non-interest income vs. expense

2.31%Q2 ’242.40%Q2 ’252.33%Q2 ’26-3%-3%

Market Position · Minneapolis-St. Paul-Bloomington, MN-WI · 2026 SOD (annual) · 0.1% share · #50 of 125 inst. · $0.3B of $253.2B

11.6% Sherburne
1.8% Wright
6.6% Mille Lacs

Executive Summary

  • Earnings: ROA of 2.01%, up 18 bps year over year; NIM at 4.40%.
  • Asset quality: problem loans at 0.02% of loans (+2 bps YoY), with net recoveries of 0.03%.
  • Capital: tier 1 leverage ratio of 9.46%, up 28 bps from a year ago.
  • Funding: loans stand at 96.58% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

2.01%+18 bps YoY

Net Interest Margin (YTD, annualized)

4.40%+23 bps YoY

Efficiency Ratio (YTD, annualized)

43.95%-304 bps YoY

Tier 1 Leverage Ratio

9.46%+28 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.83%1.87%1.81%1.97%2.01%+18 bps
Return on Equity22.83%22.95%22.00%23.28%23.58%+75 bps
Net Interest Margin4.17%4.12%4.10%4.42%4.40%+23 bps
Efficiency Ratio46.98%46.33%45.85%45.00%43.95%-304 bps
Non-Interest Burden1.46%1.46%1.45%1.51%1.42%-4 bps
Growth
Asset Growth (YoY)10.52%10.11%19.58%13.28%14.07%+355 bps
Loan Growth (YoY)14.85%16.82%21.51%15.73%16.12%+127 bps
Deposit Growth (YoY)12.40%14.36%21.73%13.42%14.68%+228 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.29%0.02%0.02%+2 bps
Net Charge-Offs / Loans0.00%0.00%0.05%-0.02%-0.03%-3 bps
Allowance / Loans1.34%1.31%1.37%1.39%1.44%+10 bps
Allowance Coverage of NPLsn/an/a4.7x65.5x64.7xn/a
Capital
Tier 1 Leverage Ratio9.18%9.24%9.43%9.21%9.46%+28 bps
Total Risk-Based Capital11.30%11.52%11.49%11.32%11.49%+19 bps
Equity / Assets8.25%8.42%8.53%8.36%8.73%+48 bps
Liquidity & Funding
Loans / Deposits95.38%91.75%94.96%94.19%96.58%+120 bps
Liquid Assets / Assets0.38%0.36%0.28%0.24%0.61%+23 bps
CRE / Total Capitaln/a471%487%508%n/an/a

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas. Income-statement figures are year-to-date as filed, annualized (the UBPR convention). Each quarter includes the ones before it.

CallReports · callreports.ai· Performance TrendsGenerated 2026-10-11

Sherburne State Bank

Becker, MN · Cert 10169 · Peer group: banks under $1B in assets in the Minneapolis-St. Paul-Bloomington, MN-WI area (n=53) · Saint Joseph Bancshares Acquisitions

State charter, non-member · FDIC · 1 affiliate bank · 4 branches (8 in holding)

Q2 2026

$351.1MAssets
$279.6MLoans
$289.5MDeposits
$30.6MEquity

Executive Summary

  • Strongest standing: net charge-offs / loans outperforms 100% of banks under $1B in assets in the Minneapolis-St. Paul-Bloomington, MN-WI area (rank 13 of 53).
  • Widest gap: tier 1 capital ratio trails 85% of banks under $1B in assets in the Minneapolis-St. Paul-Bloomington, MN-WI area (rank 45 of 53).
  • Overall: at or above the peer median on 6 of 9 directional measures.

Return on Assets

1.97%

Rank 4 of 53

Net Interest Margin

4.40%

Rank 6 of 53

Efficiency Ratio

43.95%

Rank 4 of 53

Equity / Assets

8.73%

Rank 32 of 53

Non-interest income vs. expense

$3.2M$8.1MINCOMEEXPENSE
Unfavorable gap of $5.0M · efficiency ratio beats 94% of banks under $1B in assets in the Minneapolis-St. Paul-Bloomington, MN-WI area
Bank 43.95%Peer median 65.1%Q3 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets1.97%0.73%1.11%1.30%Beats 92%4 / 53
Return on Equity22.61%7.88%12.20%14.12%Beats 96%2 / 53
Net Interest Margin4.40%3.39%3.77%4.09%Beats 89%6 / 53
Efficiency Ratio43.95%56.05%65.05%71.57%Beats 94%4 / 53
Asset Quality
Nonperforming Loans / Loans0.02%0.14%0.52%1.20%Beats 89%7 / 53
Net Charge-Offs / Loans0.00%0.00%0.01%0.08%Beats 100%13 / 53
Capital
Tier 1 Capital Ratio10.24%10.73%12.98%15.08%Beats 15%45 / 53
Total Risk-Based Capital Ratio11.49%11.49%13.79%16.34%Beats 25%40 / 53
Equity / Assets8.73%8.08%9.25%10.72%Beats 40%32 / 53
Liquidity & Funding
Loans / Deposits96.58%72.13%82.29%93.80%79th pctl11 / 53
Loans / Assets79.65%63.64%71.80%79.37%75th pctl13 / 53
Brokered Deposits / Depositsn/aNot reported for this institution