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Vermillion State Bank

Vermillion, MN · Cert 10214 · Vermillion Bancshares Inc.

State charter, non-member · FDIC · 6 branches

Q2 2026

$931.4MAssets
$423.8MLoans
$806.6MDeposits
$121.5MEquity
Loan mix
80%RE $312.1M18%C&I $69.2M2%Consumer $9.1MQ2 2025Q2 2026
Deposit mix
85%Interest-bearing $684.6M15%Noninterest $122.0MQ2 2025Q2 2026

NIM

4.97%Q2 ’245.30%Q2 ’255.10%Q2 ’26+20%-4%

Non-interest income vs. expense

0.87%Q2 ’241.03%Q2 ’250.76%Q2 ’26+28%-33%

Market Position · Minneapolis-St. Paul-Bloomington, MN-WI · 2026 SOD (annual) · 0.3% share · #19 of 125 inst. · $0.8B of $253.2B

Executive Summary

  • Earnings: ROA of 2.03%, up 10 bps year over year; NIM at 3.20%.
  • Asset quality: problem loans at 0.24% of loans (+16 bps YoY), with net recoveries of 0.06%.
  • Capital: tier 1 leverage ratio of 13.40%, up 62 bps from a year ago.
  • Funding: loans stand at 52.54% of deposits as of Q2 2026.

Financial Results

Return on Assets (quarter, annualized)

2.03%+10 bps YoY

Net Interest Margin (quarter, annualized)

3.20%-15 bps YoY

Efficiency Ratio (quarter, annualized)

22.50%-707 bps YoY

Tier 1 Leverage Ratio

13.40%+62 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.93%2.15%1.22%1.98%2.03%+10 bps
Return on Equity15.15%16.96%9.55%15.43%15.65%+49 bps
Net Interest Margin3.35%3.37%3.39%3.16%3.20%-15 bps
Efficiency Ratio29.57%22.70%56.88%23.95%22.50%-707 bps
Non-Interest Burden0.89%0.64%1.85%0.64%0.60%-29 bps
Growth
Asset Growth (YoY)6.34%5.71%9.93%9.09%5.32%-102 bps
Loan Growth (YoY)7.02%7.39%3.08%2.29%3.61%-342 bps
Deposit Growth (YoY)6.34%6.53%9.26%9.12%4.80%-154 bps
Asset Quality
Nonperforming Loans / Loans0.08%0.29%0.34%0.31%0.24%+16 bps
Net Charge-Offs / Loans-0.30%-0.01%0.60%-0.18%-0.06%+24 bps
Allowance / Loans1.71%1.70%1.54%1.59%1.57%-14 bps
Allowance Coverage of NPLs20.6x5.8x4.5x5.1x6.5x-14.1x
Capital
Tier 1 Leverage Ratio12.78%12.77%12.74%13.11%13.40%+62 bps
Total Risk-Based Capital12.78%12.77%12.74%13.11%13.40%+62 bps
Equity / Assets12.58%12.79%12.80%12.89%13.05%+47 bps
Liquidity & Funding
Loans / Deposits53.15%52.22%51.30%50.79%52.54%-61 bps
Liquid Assets / Assets8.52%7.12%6.78%7.73%6.57%-195 bps
CRE / Total Capitaln/a97.72%99.83%93.35%n/an/a