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State Bank of Kerkhoven

Kerkhoven, MN · Cert 10176

FDIC · 2 branches

Q4 2023

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, not published for this institution and quartern/a

Basis

Quarter: Q4 2023, the quarter ended December 31, 2023, on both parts.

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

Balance sheet: as filed at quarter end.

Peer group

No peer standings are published for this institution and quarter.

Peer groups below the disclosure floor are suppressed.

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

State Bank of Kerkhoven

Kerkhoven, MN · Cert 10176

FDIC · 2 branches

Q4 2023

$149.7MAssets
$121.9MLoans
$106.5MDeposits
$24.7MEquity
Loan mix
84%RE $92.2M16%C&I $17.4M1%Consumer $0.7MQ4 2022Q4 2023
Deposit mix
67%Interest-bearing $71.9M33%Noninterest $34.6MQ4 2022Q4 2023

NIM

0.02%Q4 ’214.07%Q4 ’224.92%Q4 ’23+17094%0%

Non-interest income vs. expense

0.03%Q4 ’212.83%Q4 ’222.63%Q4 ’23+9631%-7%

Market Position · Minneapolis-St. Paul-Bloomington, MN-WI · 2023 SOD (annual) · 0.0% share · #117 of 137 inst. · $0.1B of $237.6B

1.9% Wright
14.1% Swift

Executive Summary

  • Earnings: ROA of 0.91%, up 46 bps year over year; NIM at 4.01%.
  • Asset quality: problem loans at 0.00% of loans (-5 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 9.40%, up 25 bps from a year ago.
  • Funding: loans stand at 114.43% of deposits as of Q4 2023.

Financial Results

Return on Assets (YTD, annualized)

0.91%+46 bps YoY

Net Interest Margin (YTD, annualized)

4.01%-1 bps YoY

Efficiency Ratio (YTD, annualized)

65.05%-507 bps YoY

Tier 1 Leverage Ratio

9.40%+25 bps YoY

Year to date, annualized, through each quarter.

MetricQ4 2022Q1 2023Q2 2023Q3 2023Q4 2023YoY ΔTrend
Earnings
Return on Assets0.45%0.53%0.63%0.83%0.91%+46 bps
Return on Equity2.90%3.18%3.81%5.06%5.55%+264 bps
Net Interest Margin4.01%4.05%3.99%3.93%4.01%-1 bps
Efficiency Ratio70.11%78.77%72.96%67.69%65.05%-507 bps
Non-Interest Burden2.55%2.96%2.65%2.43%2.38%-17 bps
Growth
Asset Growth (YoY)-11.63%-6.65%11.86%14.02%11.08%+2,271 bps
Loan Growth (YoY)22.69%26.29%28.23%25.15%18.50%-418 bps
Deposit Growth (YoY)-24.46%-22.77%-10.91%4.02%12.62%+3,708 bps
Asset Quality
Nonperforming Loans / Loans0.05%0.03%0.03%0.00%0.00%-5 bps
Net Charge-Offs / Loans0.00%-0.01%0.00%0.00%0.00%0 bps
Allowance / Loans0.37%0.41%0.47%0.47%0.48%+10 bps
Allowance Coverage of NPLs7.5x14.1x17.6xn/an/an/a
Capital
Tier 1 Leverage Ratio9.15%9.42%9.25%9.21%9.40%+25 bps
Total Risk-Based Capital10.22%11.41%11.08%10.95%11.49%+126 bps
Equity / Assets16.54%16.84%16.17%16.37%16.48%-6 bps
Liquidity & Funding
Loans / Deposits108.75%113.89%119.03%112.96%114.43%+568 bps
Liquid Assets / Assets0.45%0.45%0.43%0.50%0.18%-28 bps
CRE / Total Capitaln/an/an/an/an/an/an/a