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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