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Union State Bank

Winterset, IA · Cert 14982 · Madison Holding Co.

State charter, non-member · FDIC · 3 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 the Des Moines-West Des Moines, IA area3

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 the Des Moines-West Des Moines, IA area (n=18 to 19). 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

37

Q2 2024Q2 2026peer median (50)

Asset Quality

81

Q2 2024Q2 2026peer median (50)

Profitability

41

Q2 2024Q2 2026peer median (50)

Liquidity

55

Q2 2024Q2 2026peer median

Efficiency

5

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

Union State Bank

Winterset, IA · Cert 14982 · Madison Holding Co.

State charter, non-member · FDIC · 3 branches

Q2 2026

$136.5MAssets
$86.5MLoans
$125.3MDeposits
$10.3MEquity
Loan mix
89%RE $71.4M10%C&I $7.8M1%Consumer $1.2MQ2 2025Q2 2026
Deposit mix
76%Interest-bearing $95.6M24%Noninterest $29.7MQ2 2025Q2 2026

NIM

4.26%Q2 ’244.68%Q2 ’254.85%Q2 ’26+26%+11%

Non-interest income vs. expense

2.40%Q2 ’242.88%Q2 ’252.80%Q2 ’26+24%-1%

Market Position · Des Moines-West Des Moines, IA · 2026 SOD (annual) · 0.3% share · #36 of 57 inst. · $0.1B of $38.0B

26.0% Madison
0.2% Dallas

Executive Summary

  • Earnings: ROA of 0.94%, up 30 bps year over year; NIM at 3.55%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.01%.
  • Capital: tier 1 leverage ratio of 8.12%, up 14 bps from a year ago.
  • Funding: loans stand at 69.00% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

0.94%+30 bps YoY

Net Interest Margin (YTD, annualized)

3.55%+35 bps YoY

Efficiency Ratio (YTD, annualized)

70.52%-764 bps YoY

Tier 1 Leverage Ratio

8.12%+14 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.64%0.78%0.76%0.89%0.94%+30 bps
Return on Equity9.62%11.30%10.94%12.50%12.88%+327 bps
Net Interest Margin3.20%3.45%3.23%3.58%3.55%+35 bps
Efficiency Ratio78.16%74.11%75.05%69.89%70.52%-764 bps
Non-Interest Burden2.39%2.42%2.31%2.38%2.38%-1 bps
Growth
Asset Growth (YoY)-2.85%-13.37%3.51%5.65%8.20%+1,105 bps
Loan Growth (YoY)3.56%3.29%0.58%-0.11%0.60%-296 bps
Deposit Growth (YoY)-3.94%-14.80%2.72%5.07%7.88%+1,182 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.01%0 bps
Allowance / Loans0.62%0.61%0.62%0.63%0.61%-1 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ratio7.98%8.53%7.92%8.46%8.12%+14 bps
Total Risk-Based Capital12.54%12.82%12.94%13.26%13.67%+113 bps
Equity / Assets7.19%7.54%7.29%6.99%7.55%+36 bps
Liquidity & Funding
Loans / Deposits73.99%74.58%68.50%62.31%69.00%-499 bps
Liquid Assets / Assets7.12%11.11%17.76%21.77%13.70%+657 bps
CRE / Total Capitaln/a192.86%173.46%167.31%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

Union State Bank

Winterset, IA · Cert 14982 · Peer group: banks under $1B in assets in the Des Moines-West Des Moines, IA area (n=18-19) · Madison Holding Co.

State charter, non-member · FDIC · 3 branches

Q2 2026

$136.5MAssets
$86.5MLoans
$125.3MDeposits
$10.3MEquity

Executive Summary

  • Strongest standing: nonperforming loans / loans outperforms 100% of banks under $1B in assets in the Des Moines-West Des Moines, IA area (rank 6 of 18).
  • Widest gap: equity / assets trails 95% of banks under $1B in assets in the Des Moines-West Des Moines, IA area (rank 18 of 19).
  • Overall: at or above the peer median on 6 of 9 directional measures.

Return on Assets

0.96%

Rank 17 of 19

Net Interest Margin

3.55%

Rank 8 of 19

Efficiency Ratio

70.52%

Rank 19 of 19

Equity / Assets

7.55%

Rank 18 of 19

Non-interest income vs. expense

$0.6M$3.9MINCOMEEXPENSE
Unfavorable gap of $3.3M · efficiency ratio beats 5% of banks under $1B in assets in the Des Moines-West Des Moines, IA area
Bank 70.52%Peer median 57.8%Q3 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets0.96%1.05%1.15%1.42%Beats 11%17 / 19
Return on Equity12.68%10.97%12.15%13.79%Beats 53%9 / 19
Net Interest Margin3.55%3.08%3.50%3.67%Beats 58%8 / 19
Efficiency Ratio70.52%52.38%57.82%63.73%Beats 5%19 / 19
Asset Quality
Nonperforming Loans / Loans0.00%n/a0.21%0.91%Beats 100%6 / 18
Net Charge-Offs / Loans0.00%0.00%0.01%0.01%Beats 61%8 / 18
Capital
Tier 1 Capital Ratio13.06%10.79%12.38%16.13%Beats 53%9 / 19
Total Risk-Based Capital Ratio13.67%11.60%13.40%17.04%Beats 53%9 / 19
Equity / Assets7.55%8.64%9.66%11.07%Beats 5%18 / 19
Liquidity & Funding
Loans / Deposits69.00%65.91%76.09%88.00%32nd pctl13 / 19
Loans / Assets63.36%57.37%63.36%76.16%47th pctl10 / 19
Brokered Deposits / Depositsn/aNot reported for this institution