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Farmers State Bank

Waterloo, IA · Cert 12855 · FSB Financial Services Inc.

State charter, non-member · FDIC · 8 branches

Q2 2026

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, banks $1B-$10B in assets operating in a single state3

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 $1B-$10B in assets operating in a single state (n=257 to 258). 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

58

Q2 2024Q2 2026peer median (50)

Asset Quality

87

Q2 2024Q2 2026peer median (50)

Profitability

34

Q2 2024Q2 2026peer median (50)

Liquidity

0

Q2 2024Q2 2026peer median

Efficiency

77

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

Farmers State Bank

Waterloo, IA · Cert 12855 · FSB Financial Services Inc.

State charter, non-member · FDIC · 1 affiliate bank · 8 branches (10 in holding)

Q2 2026

$1.6BAssets
$1.3BLoans
$1.3BDeposits
$172.6MEquity
Loan mix
81%RE $1.0B16%C&I $0.2B2%Consumer $0.0BQ2 2025Q2 2026
Deposit mix
85%Interest-bearing $1.1B15%Noninterest $0.2BQ2 2025Q2 2026

NIM

4.78%Q2 ’245.03%Q2 ’255.30%Q2 ’26+40%+39%

Non-interest income vs. expense

1.47%Q2 ’241.46%Q2 ’251.63%Q2 ’26-3%+13%

Market Position · Waterloo-Cedar Falls, IA · 2026 SOD (annual) · 21.4% share · #1 of 23 inst. · $1.0B of $4.7B

34.9% Black Hawk
20.2% Buchanan
4.5% Dallas
5.6% Bremer

Executive Summary

  • Earnings: ROA of 1.15%, up 46 bps year over year; NIM at 2.95%.
  • Asset quality: problem loans at 0.01% of loans (+1 bps YoY), with net charge-offs at 0.01%.
  • Capital: tier 1 leverage ratio of 11.20%, up 115 bps from a year ago.
  • Funding: loans stand at 103.89% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

1.15%+46 bps YoY

Net Interest Margin (YTD, annualized)

2.95%+83 bps YoY

Efficiency Ratio (YTD, annualized)

51.21%-1,088 bps YoY

Tier 1 Leverage Ratio

11.20%+115 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.70%0.76%0.86%1.09%1.15%+46 bps
Return on Equity7.80%8.32%9.24%10.71%11.10%+330 bps
Net Interest Margin2.13%2.25%2.38%2.85%2.95%+83 bps
Efficiency Ratio62.09%59.64%56.44%52.41%51.21%-1,088 bps
Non-Interest Burden1.23%1.25%1.24%1.39%1.40%+17 bps
Growth
Asset Growth (YoY)1.57%-2.95%-0.77%-2.73%-1.65%-322 bps
Loan Growth (YoY)-0.06%-1.24%-0.67%-0.99%0.43%+49 bps
Deposit Growth (YoY)7.24%3.95%7.90%0.64%-2.37%-961 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.04%0.05%0.01%0.01%+1 bps
Net Charge-Offs / Loans0.01%0.01%0.01%0.02%0.01%0 bps
Allowance / Loans1.01%1.02%1.02%1.05%1.06%+5 bps
Allowance Coverage of NPLs423.7x25.9x20.7x96.3x79.9x-343.8x
Capital
Tier 1 Leverage Ratio10.05%10.34%10.62%10.77%11.20%+115 bps
Total Risk-Based Capital13.71%13.88%13.91%14.36%14.51%+80 bps
Equity / Assets9.07%9.92%10.01%10.35%10.80%+173 bps
Liquidity & Funding
Loans / Deposits101.00%103.23%105.62%103.10%103.89%+289 bps
Liquid Assets / Assets1.37%0.56%2.00%0.42%1.21%-16 bps
CRE / Total Capitaln/a375%374%354%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

Farmers State Bank

Waterloo, IA · Cert 12855 · Peer group: banks $1B-$10B in assets operating in a single state (n=257-258) · FSB Financial Services Inc.

State charter, non-member · FDIC · 1 affiliate bank · 8 branches (10 in holding)

Q2 2026

$1.6BAssets
$1.3BLoans
$1.3BDeposits
$172.6MEquity

Executive Summary

  • Strongest standing: nonperforming loans / loans outperforms 97% of banks $1B-$10B in assets operating in a single state (rank 10 of 258).
  • Widest gap: net interest margin trails 83% of banks $1B-$10B in assets operating in a single state (rank 214 of 258).
  • Overall: at or above the peer median on 6 of 9 directional measures.

Return on Assets

1.16%

Rank 141 of 258

Net Interest Margin

2.95%

Rank 214 of 258

Efficiency Ratio

51.21%

Rank 61 of 257

Equity / Assets

10.80%

Rank 101 of 258

Non-interest income vs. expense

$3.7M$25.9MINCOMEEXPENSE
Unfavorable gap of $22.2M · efficiency ratio beats 77% of banks $1B-$10B in assets operating in a single state
Bank 51.21%Peer median 60.3%Q3 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets1.16%0.93%1.23%1.54%Beats 45%141 / 258
Return on Equity10.70%9.26%11.84%14.74%Beats 41%151 / 258
Net Interest Margin2.95%3.16%3.49%3.88%Beats 17%214 / 258
Efficiency Ratio51.21%51.71%60.30%69.65%Beats 77%61 / 257
Asset Quality
Nonperforming Loans / Loans0.01%0.19%0.46%0.90%Beats 97%10 / 258
Net Charge-Offs / Loans0.01%0.01%0.02%0.07%Beats 76%63 / 258
Capital
Tier 1 Capital Ratio13.41%11.41%12.98%15.12%Beats 55%117 / 258
Total Risk-Based Capital Ratio14.51%12.10%13.91%16.08%Beats 57%112 / 258
Equity / Assets10.80%9.09%10.24%11.72%Beats 61%101 / 258
Liquidity & Funding
Loans / Deposits103.89%73.24%86.34%95.95%90th pctl27 / 258
Loans / Assets81.59%63.01%72.27%78.40%85th pctl38 / 258
Brokered Deposits / Depositsn/aNot reported for this institution