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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