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Farmers & Merchants Bank & Trust

Marinette, WI · Cert 10382 · F&M Bankshares Inc.

State charter, non-member · FDIC · 3 branches

Q2 2026

$175.1MAssets
$124.9MLoans
$149.4MDeposits
$16.5MEquity
Loan mix
84%RE $100.6M16%C&I $18.7M1%Consumer $0.8MQ2 2025Q2 2026
Deposit mix
82%Interest-bearing $123.3M18%Noninterest $26.1MQ2 2025Q2 2026

NIM

4.51%Q2 ’245.00%Q2 ’255.40%Q2 ’26+15%+15%

Non-interest income vs. expense

2.84%Q2 ’242.90%Q2 ’252.99%Q2 ’26+2%+4%

Executive Summary

  • Earnings: ROA of 1.06%, up 48 bps year over year; NIM at 4.09%.
  • Asset quality: problem loans at 0.91% of loans (-55 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 11.36%, up 37 bps from a year ago.
  • Funding: loans stand at 83.58% of deposits as of Q2 2026.

Financial Results

Return on Assets (quarter, annualized)

1.06%+48 bps YoY

Net Interest Margin (quarter, annualized)

4.09%+54 bps YoY

Efficiency Ratio (quarter, annualized)

69.50%-695 bps YoY

Tier 1 Leverage Ratio

11.36%+37 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.58%0.78%0.44%1.15%1.06%+48 bps
Return on Equity6.53%8.52%4.78%12.27%11.25%+472 bps
Net Interest Margin3.55%3.67%3.86%4.04%4.09%+54 bps
Efficiency Ratio76.45%69.17%79.27%66.75%69.50%-695 bps
Non-Interest Burden2.66%2.43%3.02%2.55%2.78%+12 bps
Growth
Asset Growth (YoY)2.65%1.40%0.60%3.06%3.69%+103 bps
Loan Growth (YoY)0.95%-1.29%4.35%5.59%6.78%+583 bps
Deposit Growth (YoY)3.37%2.45%0.41%3.35%5.34%+197 bps
Asset Quality
Nonperforming Loans / Loans1.46%1.12%1.07%1.21%0.91%-55 bps
Net Charge-Offs / Loans0.00%0.02%-0.02%0.00%0.00%0 bps
Allowance / Loans0.81%0.96%1.02%1.04%1.02%+21 bps
Allowance Coverage of NPLs0.5x0.9x1.0x0.9x1.1x+0.6x
Capital
Tier 1 Leverage Ratio10.99%11.23%11.11%11.37%11.36%+37 bps
Total Risk-Based Capital17.29%18.42%17.48%17.83%17.35%+6 bps
Equity / Assets9.00%9.33%9.24%9.44%9.40%+40 bps
Liquidity & Funding
Loans / Deposits82.46%78.45%81.35%82.24%83.58%+113 bps
Liquid Assets / Assets0.38%0.46%0.40%0.34%0.35%-2 bps
CRE / Total Capitaln/a254%268%262%n/an/a