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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 $3.3MQ3 2024Q2 2026
Deposit mix
85%Interest-bearing $541.4M15%Noninterest $94.7MQ3 2024Q2 2026

Executive Summary

  • Earnings: ROA of 1.14%, up 19 bps year over year; NIM at 3.12%.
  • 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.

Return on Assets (quarter, annualized)

1.14%+19 bps YoY

Net Interest Margin (quarter, annualized)

3.12%+22 bps YoY

Efficiency Ratio (quarter, annualized)

55.87%-447 bps YoY

Tier 1 Leverage Ratio

7.66%+2 bps YoY

NIM

4.77%Q2 ’244.86%Q2 ’254.83%Q2 ’26+13%+8%

Non-interest income vs. expense

1.76%Q2 ’241.82%Q2 ’251.80%Q2 ’26+2%-1%

Discrete quarter, annualized.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.69%0.83%0.91%0.95%1.02%0.79%1.16%1.14%+19 bps
Return on Equity10.62%12.54%14.34%14.42%14.50%10.51%14.80%14.36%-6 bps
Net Interest Margin2.55%2.78%2.79%2.90%3.01%3.17%3.22%3.12%+22 bps
Efficiency Ratio66.95%63.92%57.48%60.34%54.83%64.89%48.75%55.87%-447 bps
Non-Interest Burden1.65%1.72%1.54%1.69%1.58%2.01%1.47%1.68%-1 bps
Growth
Asset Growth (YoY)6.83%9.53%6.55%7.59%12.42%6.87%7.25%9.70%+211 bps
Loan Growth (YoY)19.98%20.92%20.41%16.87%20.86%16.36%18.27%16.28%-59 bps
Deposit Growth (YoY)4.83%8.09%3.85%4.84%1.69%3.75%6.61%5.59%+76 bps
Asset Quality
Nonperforming Loans / Loans0.04%0.03%0.00%0.00%0.01%0.02%0.02%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0.01%0.00%0.00%0 bps
Allowance / Loans0.57%0.52%0.54%0.53%0.55%0.53%0.58%0.59%+6 bps
Allowance Coverage of NPLs14.7x15.0x157.9x225.3x49.2x27.9x32.2xn/an/a
Capital
Tier 1 Leverage Ratio7.43%7.45%7.65%7.64%7.88%7.87%8.27%7.66%+2 bps
Total Risk-Based Capital11.28%10.78%11.06%11.18%11.25%11.32%11.84%11.75%+57 bps
Equity / Assets6.99%6.32%6.42%6.76%7.34%7.78%7.96%7.93%+117 bps
Liquidity & Funding
Loans / Deposits64.89%67.23%69.64%70.61%77.12%75.40%77.25%77.75%+715 bps
Liquid Assets / Assets18.84%16.85%16.37%15.41%14.95%15.45%14.90%12.63%-277 bps
CRE / Total Capitaln/an/an/an/a150.44%155.18%157.15%n/an/a