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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