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Farmers & Merchants State Bank of Springfield

Springfield, MN · Cert 13382 · Piesco Inc.

State charter, non-member · FDIC · 2 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

50

Q2 2024Q2 2026peer median (50)

Asset Quality

53

Q2 2024Q2 2026peer median (50)

Profitability

58

Q2 2024Q2 2026peer median (50)

Liquidity

88

Q2 2024Q2 2026peer median

Efficiency

50

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 & Merchants State Bank of Springfield

Springfield, MN · Cert 13382 · Piesco Inc.

State charter, non-member · FDIC · 1 affiliate bank · 2 branches (3 in holding)

Q2 2026

$139.8MAssets
$88.9MLoans
$120.7MDeposits
$12.0MEquity
Loan mix
87%RE $48.7M10%C&I $5.8M2%Consumer $1.4MQ2 2025Q2 2026
Deposit mix
82%Interest-bearing $99.3M18%Noninterest $21.4MQ2 2025Q2 2026

NIM

4.84%Q2 ’245.43%Q2 ’255.04%Q2 ’26+19%-9%

Non-interest income vs. expense

2.36%Q2 ’242.47%Q2 ’252.47%Q2 ’26+4%-1%

Executive Summary

  • Earnings: ROA of 1.22%, down 21 bps year over year; NIM at 3.84%.
  • Asset quality: problem loans at 4.48% of loans (+448 bps YoY), with net recoveries of 0.01%.
  • Capital: tier 1 leverage ratio of 8.70%, down 19 bps from a year ago.
  • Funding: loans stand at 73.71% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

1.22%-21 bps YoY

Net Interest Margin (YTD, annualized)

3.84%-38 bps YoY

Efficiency Ratio (YTD, annualized)

61.64%+512 bps YoY

Tier 1 Leverage Ratio

8.70%-19 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.43%1.43%1.41%1.13%1.22%-21 bps
Return on Equity16.59%16.42%16.01%13.00%14.08%-251 bps
Net Interest Margin4.22%4.29%4.11%3.74%3.84%-38 bps
Efficiency Ratio56.52%56.03%57.41%60.89%61.64%+512 bps
Non-Interest Burden2.32%2.33%2.28%2.22%2.30%-2 bps
Growth
Asset Growth (YoY)-1.66%-2.24%2.50%4.02%5.21%+687 bps
Loan Growth (YoY)11.63%-1.54%-3.21%-6.79%-5.30%-1,693 bps
Deposit Growth (YoY)-4.79%-5.00%0.27%2.76%6.30%+1,109 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%4.33%4.48%+448 bps
Net Charge-Offs / Loans0.00%0.00%0.00%-0.02%-0.01%-1 bps
Allowance / Loans1.59%1.73%1.67%1.69%1.74%+15 bps
Allowance Coverage of NPLsn/an/an/a0.4x0.4xn/a
Capital
Tier 1 Leverage Ratio8.89%9.30%9.09%8.52%8.70%-19 bps
Total Risk-Based Capital15.31%16.97%16.57%15.82%16.49%+118 bps
Equity / Assets8.97%9.10%9.02%8.36%8.57%-39 bps
Liquidity & Funding
Loans / Deposits82.74%75.91%75.99%74.74%73.71%-903 bps
Liquid Assets / Assets4.95%10.10%8.89%5.42%6.82%+188 bps
CRE / Total Capitaln/a18.81%17.85%22.46%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 & Merchants State Bank of Springfield

Springfield, MN · Cert 13382 · Peer group: banks under $1B in assets in MN (n=111-113) · Piesco Inc.

State charter, non-member · FDIC · 1 affiliate bank · 2 branches (3 in holding)

Q2 2026

$139.8MAssets
$88.9MLoans
$120.7MDeposits
$12.0MEquity

Executive Summary

  • Strongest standing: net charge-offs / loans outperforms 100% of banks under $1B in assets in MN (rank 36 of 111).
  • Widest gap: nonperforming loans / loans trails 95% of banks under $1B in assets in MN (rank 107 of 111).
  • Overall: at or above the peer median on 6 of 9 directional measures.

Return on Assets

1.23%

Rank 55 of 113

Net Interest Margin

3.84%

Rank 60 of 113

Efficiency Ratio

61.64%

Rank 58 of 113

Equity / Assets

8.57%

Rank 83 of 113

Non-interest income vs. expense

$0.2M$3.5MINCOMEEXPENSE
Unfavorable gap of $3.2M · efficiency ratio beats 50% of banks under $1B in assets in MN
Bank 61.64%Peer median 61.5%Q3 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets1.23%0.87%1.20%1.41%Beats 51%55 / 113
Return on Equity14.32%8.92%11.27%13.99%Beats 76%27 / 113
Net Interest Margin3.84%3.42%3.88%4.31%Beats 47%60 / 113
Efficiency Ratio61.64%54.13%61.48%69.86%Beats 50%58 / 113
Asset Quality
Nonperforming Loans / Loans4.48%0.09%0.58%1.82%Beats 5%107 / 111
Net Charge-Offs / Loans0.00%n/a0.00%0.04%Beats 100%36 / 111
Capital
Tier 1 Capital Ratio15.23%11.53%13.31%18.13%Beats 60%45 / 113
Total Risk-Based Capital Ratio16.49%12.12%14.43%19.39%Beats 63%42 / 113
Equity / Assets8.57%8.52%10.10%11.94%Beats 27%83 / 113
Liquidity & Funding
Loans / Deposits73.71%62.08%77.32%88.06%45th pctl61 / 111
Loans / Assets63.63%55.01%66.35%75.50%42nd pctl66 / 113
Brokered Deposits / Depositsn/aNot reported for this institution