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Letter portraitLegal landscapeQuarterYTD

National Bank of Commerce

Superior, WI · Cert 14266 · Natcom Bancshares, Inc.

National charter · OCC · 21 branches

Q2 2026

$2.2BAssets
$1.7BLoans
$1.9BDeposits
$219.9MEquity
Loan mix
79%RE $1.3B19%C&I $0.3B2%Consumer $0.0BQ3 2024Q2 2026
Deposit mix
82%Interest-bearing $1.5B18%Noninterest $0.3BQ3 2024Q2 2026

Market Position · Duluth, MN-WI · 2026 SOD (annual) · 20.0% share · #1 of 26 inst. · $1.3B of $6.6B

76.7% Douglas
9.4% St. Louis
6.2% Beltrami
5.3% Crow Wing

Executive Summary

  • Earnings: ROA of 1.86%, up 31 bps year over year; NIM at 4.28%.
  • Asset quality: problem loans at 0.64% of loans (+1 bps YoY), with net charge-offs at 0.07%.
  • Capital: tier 1 leverage ratio of 9.33%, up 54 bps from a year ago.
  • Funding: loans stand at 92.87% of deposits as of Q2 2026.

Return on Assets (quarter, annualized)

1.86%+31 bps YoY

Net Interest Margin (quarter, annualized)

4.28%+28 bps YoY

Efficiency Ratio (quarter, annualized)

48.12%-179 bps YoY

Tier 1 Leverage Ratio

9.33%+54 bps YoY

NIM

5.25%Q2 ’245.90%Q2 ’256.13%Q2 ’26+23%+7%

Non-interest income vs. expense

2.01%Q2 ’242.32%Q2 ’252.33%Q2 ’26+5%+5%

Discrete quarter, annualized.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.16%0.31%1.36%1.54%1.61%1.64%1.47%1.86%+31 bps
Return on Equity11.86%3.43%15.23%16.75%17.40%17.35%15.20%19.06%+231 bps
Net Interest Margin3.26%3.43%3.78%4.00%4.05%4.14%4.09%4.28%+28 bps
Efficiency Ratio57.63%61.70%54.55%49.92%50.69%50.89%52.03%48.12%-179 bps
Non-Interest Burden1.73%1.96%1.92%1.78%1.87%1.93%2.00%1.86%+8 bps
Growth
Asset Growth (YoY)10.92%53.39%51.07%52.14%50.60%4.27%4.96%4.02%-4,812 bps
Loan Growth (YoY)4.60%52.62%56.04%57.39%51.85%2.48%2.04%1.45%-5,594 bps
Deposit Growth (YoY)8.92%59.40%55.82%53.51%51.08%0.89%1.98%2.81%-5,070 bps
Asset Quality
Nonperforming Loans / Loans0.63%0.63%0.63%0.63%0.84%0.47%0.58%0.64%+1 bps
Net Charge-Offs / Loans0.43%-0.01%-0.01%0.00%0.13%0.18%0.04%0.07%+6 bps
Allowance / Loans1.03%0.94%0.95%0.97%0.99%0.96%1.00%0.98%+1 bps
Allowance Coverage of NPLs1.6x1.5x1.5x1.5x1.2x2.1x1.7x1.5x0.0x
Capital
Tier 1 Leverage Ratio10.21%10.67%8.59%8.79%8.61%8.83%9.05%9.33%+54 bps
Total Risk-Based Capital13.64%10.94%11.06%11.02%11.49%11.59%11.72%12.03%+101 bps
Equity / Assets9.74%8.67%9.15%9.27%9.28%9.68%9.64%9.85%+57 bps
Liquidity & Funding
Loans / Deposits88.35%88.81%91.52%94.12%88.81%90.22%91.57%92.87%-125 bps
Liquid Assets / Assets9.58%7.24%4.90%2.66%5.98%3.63%2.13%0.93%-172 bps
CRE / Total Capitaln/an/an/an/a443%433%442%n/an/a