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Perennial Bank

Darwin, MN · Cert 1413 · Darwin Bancshares Inc.

State charter, non-member · FDIC · 4 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

61

Q2 2024Q2 2026peer median (50)

Asset Quality

34

Q2 2024Q2 2026peer median (50)

Profitability

24

Q2 2024Q2 2026peer median (50)

Liquidity

0

Q2 2024Q2 2026peer median

Efficiency

57

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

Perennial Bank

Darwin, MN · Cert 1413 · Darwin Bancshares Inc.

State charter, non-member · FDIC · 4 branches

Q2 2026

$158.1MAssets
$65.5MLoans
$144.6MDeposits
$12.7MEquity
Loan mix
74%RE $42.7M15%C&I $8.9M10%Consumer $6.0MQ3 2024Q2 2026
Deposit mix
70%Interest-bearing $101.4M30%Noninterest $43.2MQ3 2024Q2 2026

Market Position · St. Cloud, MN · 2026 SOD (annual) · 0.6% share · #24 of 32 inst. · $0.0B of $7.9B

11.6% Meeker
0.7% Stearns
6.5% Sibley

Executive Summary

  • Earnings: ROA of 0.85%, up 6 bps year over year; NIM at 2.79%.
  • Asset quality: problem loans at 1.36% of loans (+100 bps YoY), with net charge-offs at 0.02%.
  • Capital: tier 1 leverage ratio of 9.48%, down 35 bps from a year ago.
  • Funding: loans stand at 45.28% of deposits as of Q2 2026.

Return on Assets (YTD, annualized)

0.85%+6 bps YoY

Net Interest Margin (YTD, annualized)

2.79%+7 bps YoY

Efficiency Ratio (YTD, annualized)

59.65%-213 bps YoY

Tier 1 Leverage Ratio

9.48%-35 bps YoY

NIM

3.54%Q2 ’243.82%Q2 ’253.90%Q2 ’26+6%+2%

Non-interest income vs. expense

1.80%Q2 ’241.83%Q2 ’251.79%Q2 ’26+2%-1%

Year to date, annualized, through each quarter.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.72%0.74%0.75%0.79%0.83%0.83%0.85%0.85%+6 bps
Return on Equity11.72%11.92%11.09%11.42%11.53%11.34%10.81%10.77%-65 bps
Net Interest Margin2.59%2.58%2.67%2.73%2.70%2.65%2.74%2.79%+7 bps
Efficiency Ratio64.62%64.73%62.63%61.78%61.14%61.30%60.22%59.65%-213 bps
Non-Interest Burden1.58%1.57%1.58%1.59%1.56%1.54%1.57%1.58%-2 bps
Growth
Asset Growth (YoY)-4.94%-0.78%2.95%6.66%8.02%9.81%7.19%6.46%-20 bps
Loan Growth (YoY)7.00%10.51%11.18%11.43%8.86%9.28%4.68%6.86%-457 bps
Deposit Growth (YoY)-8.53%-1.58%1.68%4.91%7.23%8.06%6.17%5.74%+83 bps
Asset Quality
Nonperforming Loans / Loans0.77%0.38%0.57%0.36%0.89%0.66%0.90%1.36%+100 bps
Net Charge-Offs / Loans0.00%0.09%-0.03%0.00%0.00%0.06%0.01%0.02%+2 bps
Allowance / Loans1.32%1.26%1.31%1.23%1.32%1.33%1.41%1.45%+23 bps
Allowance Coverage of NPLs1.7x3.3x2.3x3.4x1.5x2.0x1.6x1.1x-2.3x
Capital
Tier 1 Leverage Ratio9.74%9.72%9.89%9.83%9.58%9.36%9.41%9.48%-35 bps
Total Risk-Based Capital24.35%24.13%24.36%23.67%23.92%24.21%25.43%24.91%+125 bps
Equity / Assets7.28%6.49%6.95%7.35%7.81%7.97%7.81%8.03%+68 bps
Liquidity & Funding
Loans / Deposits44.41%43.12%43.92%44.80%45.08%43.60%43.30%45.28%+47 bps
Liquid Assets / Assets13.20%16.86%16.06%17.45%18.47%19.74%17.59%16.01%-143 bps
CRE / Total Capitaln/an/an/an/a69.94%70.50%67.49%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

Perennial Bank

Darwin, MN · Cert 1413 · Peer group: banks under $1B in assets in MN (n=111-113) · Darwin Bancshares Inc.

State charter, non-member · FDIC · 4 branches

Q2 2026

$158.1MAssets
$65.5MLoans
$144.6MDeposits
$12.7MEquity

Executive Summary

  • Strongest standing: tier 1 capital ratio outperforms 85% of banks under $1B in assets in MN (rank 17 of 113).
  • Widest gap: net interest margin trails 93% of banks under $1B in assets in MN (rank 105 of 113).
  • Overall: at or above the peer median on 3 of 9 directional measures.

Return on Assets

0.85%

Rank 87 of 113

Net Interest Margin

2.79%

Rank 105 of 113

Efficiency Ratio

59.65%

Rank 50 of 113

Equity / Assets

8.03%

Rank 97 of 113

Non-interest income vs. expense

$0.3M$2.9MINCOMEEXPENSE
Unfavorable gap of $2.5M · efficiency ratio beats 57% of banks under $1B in assets in MN
Bank 59.65%Peer median 61.5%Q3 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRank8-Qtr TrendPeer Position
Earnings
Return on Assets0.85%0.87%1.20%1.41%Beats 23%87 / 113
Return on Equity10.56%8.92%11.27%13.99%Beats 42%65 / 113
Net Interest Margin2.79%3.42%3.88%4.31%Beats 7%105 / 113
Efficiency Ratio59.65%54.13%61.48%69.86%Beats 57%50 / 113
Asset Quality
Nonperforming Loans / Loans1.36%0.09%0.58%1.82%Beats 29%80 / 111
Net Charge-Offs / Loans0.01%n/a0.00%0.04%Beats 38%70 / 111
Capital
Tier 1 Capital Ratio23.66%11.53%13.31%18.13%Beats 85%17 / 113
Total Risk-Based Capital Ratio24.91%12.12%14.43%19.39%Beats 85%17 / 113
Equity / Assets8.03%8.52%10.10%11.94%Beats 14%97 / 113
Liquidity & Funding
Loans / Deposits45.28%62.08%77.32%88.06%8th pctl102 / 111
Loans / Assets41.40%55.01%66.35%75.50%11th pctl101 / 113
Brokered Deposits / Depositsn/aNot reported for this institution