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Freeland State Bank

Freeland, MI · Cert 14926

FDIC · 1 branch

Q3 2024

Board Package

Performance Trends and Peer Comparison

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

Basis

Quarter: Q3 2024, the quarter ended September 30, 2024, 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 operating in a single state (n=831 to 839). 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

75

Q2 2024Q3 2024peer median (50)

Asset Quality

63

Q2 2024Q3 2024peer median (50)

Profitability

11

Q2 2024Q3 2024peer median (50)

Liquidity

0

Q2 2024Q3 2024peer median

Efficiency

9

Q2 2024Q3 2024peer 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

Freeland State Bank

Freeland, MI · Cert 14926

FDIC · 1 branch

Q3 2024

$51.2MAssets
$1.9MLoans
$42.6MDeposits
$8.5MEquity
Loan mix
96%RE $2.5M0%C&I $0.0M4%Consumer $0.1MQ3 2023Q3 2024
Deposit mix
81%Interest-bearing $34.5M19%Noninterest $8.1MQ3 2023Q3 2024

NIM

1.73%Q3 ’222.28%Q3 ’232.85%Q3 ’24+31%+18%

Non-interest income vs. expense

2.06%Q3 ’222.23%Q3 ’232.40%Q3 ’24+9%+7%

Market Position · Saginaw, MI · 2024 SOD (annual) · 1.6% share · #11 of 11 inst. · $0.0B of $2.7B

Executive Summary

  • Earnings: ROA of 0.10%, up 18 bps year over year; NIM at 2.46%.
  • Asset quality: problem loans at 0.93% of loans (+36 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 16.90%, up 152 bps from a year ago.
  • Funding: loans stand at 4.55% of deposits as of Q3 2024.

Financial Results

Return on Assets (YTD, annualized)

0.10%+18 bps YoY

Net Interest Margin (YTD, annualized)

2.46%+38 bps YoY

Efficiency Ratio (YTD, annualized)

95.67%-927 bps YoY

Tier 1 Leverage Ratio

16.90%+152 bps YoY

Year to date, annualized, through each quarter.

MetricQ3 2023Q4 2023Q1 2024Q2 2024Q3 2024YoY ΔTrend
Earnings
Return on Assets-0.08%-0.02%0.13%0.21%0.10%+18 bps
Return on Equity-0.62%-0.11%0.88%1.37%0.65%+127 bps
Net Interest Margin2.07%2.29%2.25%2.36%2.46%+38 bps
Efficiency Ratio104.94%103.34%92.50%89.98%95.67%-927 bps
Non-Interest Burden2.18%2.37%2.07%2.11%2.34%+16 bps
Growth
Asset Growth (YoY)-4.86%-11.35%-8.29%-6.99%-9.73%-486 bps
Loan Growth (YoY)-22.14%-26.10%-30.30%-28.69%-26.38%-424 bps
Deposit Growth (YoY)-5.69%-13.44%-9.87%-8.98%-12.75%-707 bps
Asset Quality
Nonperforming Loans / Loans0.57%0.59%0.55%1.18%0.93%+36 bps
Net Charge-Offs / Loans-0.76%-0.71%0.00%0.00%0.00%+76 bps
Allowance / Loans2.77%1.68%1.84%1.72%1.65%-112 bps
Allowance Coverage of NPLs4.9x2.9x3.3x1.5x1.8x-3.1x
Capital
Tier 1 Leverage Ratio15.38%16.38%15.97%16.72%16.90%+152 bps
Total Risk-Based Capital15.38%16.38%15.97%16.72%16.90%+152 bps
Equity / Assets13.83%14.75%15.14%15.87%16.62%+280 bps
Liquidity & Funding
Loans / Deposits5.39%5.08%4.75%4.64%4.55%-84 bps
Liquid Assets / Assets57.17%58.05%59.26%57.45%61.28%+411 bps
CRE / Total Capitaln/an/an/an/an/an/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

Freeland State Bank

Freeland, MI · Cert 14926 · Peer group: banks under $1B in assets operating in a single state (n=831-839)

FDIC · 1 branch

Q3 2024

$51.2MAssets
$1.9MLoans
$42.6MDeposits
$8.5MEquity

Executive Summary

  • Strongest standing: net charge-offs / loans outperforms 100% of banks under $1B in assets operating in a single state (rank 185 of 831).
  • Widest gap: efficiency ratio trails 91% of banks under $1B in assets operating in a single state (rank 768 of 839).
  • Overall: at or above the peer median on 4 of 9 directional measures.

Return on Assets

0.10%

Rank 761 of 839

Net Interest Margin

2.46%

Rank 703 of 839

Efficiency Ratio

95.67%

Rank 768 of 839

Equity / Assets

16.62%

Rank 80 of 839

Non-interest income vs. expense

$0.0M$1.2MINCOMEEXPENSE
Unfavorable gap of $1.2M · efficiency ratio beats 9% of banks under $1B in assets operating in a single state
Bank 95.67%Peer median 70.7%Q2 2024Q3 2024Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets0.10%0.43%0.82%1.23%Beats 9%761 / 839
Return on Equity0.63%4.40%8.26%11.89%Beats 9%766 / 838
Net Interest Margin2.46%2.65%3.21%3.75%Beats 16%703 / 839
Efficiency Ratio95.67%59.79%70.74%82.35%Beats 9%768 / 839
Asset Quality
Nonperforming Loans / Loans0.93%0.06%0.34%0.94%Beats 26%620 / 831
Net Charge-Offs / Loans0.00%0.00%0.02%0.07%Beats 100%185 / 831
Capital
Tier 1 Capital Ratio16.90%11.54%13.98%17.81%Beats 70%252 / 839
Total Risk-Based Capital Ratio16.90%11.86%14.62%18.85%Beats 66%288 / 839
Equity / Assets16.62%8.28%9.86%12.27%Beats 90%80 / 839
Liquidity & Funding
Loans / Deposits4.55%60.71%77.12%90.27%1st pctl830 / 839
Loans / Assets3.78%52.08%65.62%75.95%0th pctl829 / 831
Brokered Deposits / Depositsn/aNot reported for this institution