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FM Bank

Waseca, MN · Cert 10998 · Independent Bancshares Inc.

State charter, non-member · FDIC · 6 branches

Q2 2026

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, banks under $1B in assets in MN3

Basis

Quarter: Q2 2026, the quarter ended June 30, 2026, on both parts.

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

Balance sheet: as filed at quarter end.

Peer group

Banks under $1B in assets in MN (n=111 to 113). Each measure ranks only the institutions that reported it, so n varies by measure.

Peer groups below the disclosure floor are suppressed.

Peer standing

Capital

18

Q2 2024Q2 2026peer median (50)

Asset Quality

100

Q2 2024Q2 2026peer median (50)

Profitability

45

Q2 2024Q2 2026peer median (50)

Liquidity

98

Q2 2024Q2 2026peer median

Efficiency

83

Q2 2024Q2 2026peer median (50)

Growth

No peer data yet

Capital, Asset Quality, Profitability, Efficiency: higher is always a stronger peer standing (▲ better, ▼ worse). Liquidity, Growth: the score reflects closeness to the peer median -- 100 is sitting exactly at the median, falling the same way whether the bank runs above or below it.

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

FM Bank

Waseca, MN · Cert 10998 · Independent Bancshares Inc.

State charter, non-member · FDIC · 1 affiliate bank · 6 branches (9 in holding)

Q2 2026

$738.4MAssets
$494.6MLoans
$636.1MDeposits
$58.5MEquity
Loan mix
87%RE $275.3M12%C&I $36.9M1%Consumer $3.3MQ2 2025Q2 2026
Deposit mix
85%Interest-bearing $541.4M15%Noninterest $94.7MQ2 2025Q2 2026

NIM

4.59%Q2 ’244.74%Q2 ’254.71%Q2 ’26+8%+8%

Non-interest income vs. expense

1.84%Q2 ’241.73%Q2 ’251.65%Q2 ’26-6%-5%

Executive Summary

  • Earnings: ROA of 1.15%, up 22 bps year over year; NIM at 3.03%.
  • 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 7.66%, up 2 bps from a year ago.
  • Funding: loans stand at 77.75% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

1.15%+22 bps YoY

Net Interest Margin (YTD, annualized)

3.03%+23 bps YoY

Efficiency Ratio (YTD, annualized)

52.39%-656 bps YoY

Tier 1 Leverage Ratio

7.66%+2 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.93%0.96%0.92%1.16%1.15%+22 bps
Return on Equity14.29%14.27%13.26%14.80%14.53%+24 bps
Net Interest Margin2.79%2.85%2.88%3.22%3.03%+23 bps
Efficiency Ratio58.96%57.51%59.52%48.75%52.39%-656 bps
Non-Interest Burden1.59%1.58%1.65%1.47%1.51%-7 bps
Growth
Asset Growth (YoY)7.59%12.42%6.87%7.25%9.70%+211 bps
Loan Growth (YoY)16.87%20.86%16.36%18.27%16.28%-59 bps
Deposit Growth (YoY)4.84%1.69%3.75%6.61%5.59%+76 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.01%0.02%0.02%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans0.53%0.55%0.53%0.58%0.59%+6 bps
Allowance Coverage of NPLs225.3x49.2x27.9x32.2xn/an/a
Capital
Tier 1 Leverage Ratio7.64%7.88%7.87%8.27%7.66%+2 bps
Total Risk-Based Capital11.18%11.25%11.32%11.84%11.75%+57 bps
Equity / Assets6.76%7.34%7.78%7.96%7.93%+117 bps
Liquidity & Funding
Loans / Deposits70.61%77.12%75.40%77.25%77.75%+715 bps
Liquid Assets / Assets15.41%14.95%15.45%14.90%12.63%-277 bps
CRE / Total Capitaln/a150.44%155.18%157.15%n/an/a

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. Income-statement figures are year-to-date as filed, annualized (the UBPR convention). Each quarter includes the ones before it.

CallReports · callreports.ai· Performance TrendsGenerated 2026-10-11

FM Bank

Waseca, MN · Cert 10998 · Peer group: banks under $1B in assets in MN (n=111-113) · Independent Bancshares Inc.

State charter, non-member · FDIC · 1 affiliate bank · 6 branches (9 in holding)

Q2 2026

$738.4MAssets
$494.6MLoans
$636.1MDeposits
$58.5MEquity

Executive Summary

  • Strongest standing: nonperforming loans / loans outperforms 100% of banks under $1B in assets in MN (rank 12 of 111).
  • Widest gap: equity / assets trails 87% of banks under $1B in assets in MN (rank 98 of 113).
  • Overall: at or above the peer median on 4 of 9 directional measures.

Return on Assets

1.11%

Rank 63 of 113

Net Interest Margin

3.03%

Rank 96 of 113

Efficiency Ratio

52.58%

Rank 20 of 113

Equity / Assets

7.93%

Rank 98 of 113

Non-interest income vs. expense

$1.1M$12.7MINCOMEEXPENSE
Unfavorable gap of $11.6M · efficiency ratio beats 83% of banks under $1B in assets in MN
Bank 52.58%Peer median 61.5%Q3 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets1.11%0.87%1.20%1.41%Beats 44%63 / 113
Return on Equity14.01%8.92%11.27%13.99%Beats 75%28 / 113
Net Interest Margin3.03%3.42%3.88%4.31%Beats 15%96 / 113
Efficiency Ratio52.58%54.13%61.48%69.86%Beats 83%20 / 113
Asset Quality
Nonperforming Loans / Loans0.00%0.09%0.58%1.82%Beats 100%12 / 111
Net Charge-Offs / Loans0.00%n/a0.00%0.04%Beats 100%36 / 111
Capital
Tier 1 Capital Ratio11.18%11.53%13.31%18.13%Beats 19%92 / 113
Total Risk-Based Capital Ratio11.75%12.12%14.43%19.39%Beats 23%87 / 113
Equity / Assets7.93%8.52%10.10%11.94%Beats 13%98 / 113
Liquidity & Funding
Loans / Deposits77.75%62.08%77.32%88.06%50th pctl55 / 111
Loans / Assets66.98%55.01%66.35%75.50%50th pctl56 / 113
Brokered Deposits / Depositsn/aNot reported for this institution