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Farmers & Merchants Savings Bank

Iowa City, IA · Cert 10492 · Country Bcorp

State charter, non-member · FDIC · 3 affiliate banks · 4 branches (12 in holding)

Q2 2026

$122.5MAssets
$79.5MLoans
$102.7MDeposits
$17.1MEquity
Loan mix
84%RE $61.3M14%C&I $10.5M1%Consumer $0.8MQ2 2025Q2 2026
Deposit mix
76%Interest-bearing $78.4M24%Noninterest $24.3MQ2 2025Q2 2026

NIM

4.21%Q2 ’244.56%Q2 ’254.78%Q2 ’26+11%+5%

Non-interest income vs. expense

1.95%Q2 ’242.04%Q2 ’252.11%Q2 ’26+6%+3%

Market Position · Iowa City, IA · 2026 SOD (annual) · 1.6% share · #10 of 20 inst. · $0.1B of $5.9B

1.4% Johnson
2.9% Washington
0.6% Muscatine

Executive Summary

  • Earnings: ROA of 1.00%, up 10 bps year over year; NIM at 3.26%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 13.62%, up 18 bps from a year ago.
  • Funding: loans stand at 77.36% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

1.00%+10 bps YoY

Net Interest Margin (YTD, annualized)

3.26%+14 bps YoY

Efficiency Ratio (YTD, annualized)

62.45%-90 bps YoY

Tier 1 Leverage Ratio

13.62%+18 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.90%0.91%0.93%0.93%1.00%+10 bps
Return on Equity6.80%6.83%6.88%6.73%7.24%+44 bps
Net Interest Margin3.12%3.15%3.14%3.19%3.26%+14 bps
Efficiency Ratio63.35%63.29%63.56%64.13%62.45%-90 bps
Non-Interest Burden1.90%1.91%1.91%1.97%1.95%+5 bps
Growth
Asset Growth (YoY)-1.97%0.90%-0.44%0.27%1.05%+302 bps
Loan Growth (YoY)-3.00%-5.53%-3.45%0.65%0.79%+379 bps
Deposit Growth (YoY)-2.70%-0.26%-3.07%1.08%2.06%+476 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.02%-0.01%-0.01%0.00%0.00%+2 bps
Allowance / Loans1.30%1.34%1.30%1.28%1.29%-1 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ratio13.44%13.41%13.61%13.38%13.62%+18 bps
Total Risk-Based Capital18.23%18.78%13.61%13.38%13.62%-461 bps
Equity / Assets13.58%13.87%13.90%13.63%13.99%+41 bps
Liquidity & Funding
Loans / Deposits78.34%76.48%77.85%77.04%77.36%-98 bps
Liquid Assets / Assets0.46%0.21%0.22%0.92%0.37%-9 bps
CRE / Total Capitaln/a130.83%135.83%143.23%n/an/a