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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 $1.2MQ3 2024Q2 2026
Deposit mix
76%Interest-bearing $95.6M24%Noninterest $29.7MQ3 2024Q2 2026

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.

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

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%

Year to date, annualized, through each quarter.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.44%0.43%0.57%0.64%0.78%0.76%0.89%0.94%+30 bps
Return on Equity7.62%7.26%8.94%9.62%11.30%10.94%12.50%12.88%+327 bps
Net Interest Margin2.68%2.63%3.07%3.20%3.45%3.23%3.58%3.55%+35 bps
Efficiency Ratio79.84%81.54%79.53%78.16%74.11%75.05%69.89%70.52%-764 bps
Non-Interest Burden2.04%2.06%2.34%2.39%2.42%2.31%2.38%2.38%-1 bps
Growth
Asset Growth (YoY)8.54%-0.87%-3.12%-2.85%-13.37%3.51%5.65%8.20%+1,105 bps
Loan Growth (YoY)3.54%2.72%2.16%3.56%3.29%0.58%-0.11%0.60%-296 bps
Deposit Growth (YoY)11.20%2.87%-4.28%-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%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.02%0.02%0.00%0.00%0.00%0.00%0.00%0.01%0 bps
Allowance / Loans0.64%0.63%0.63%0.62%0.61%0.62%0.63%0.61%-1 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ratio7.90%7.45%8.19%7.98%8.53%7.92%8.46%8.12%+14 bps
Total Risk-Based Capital12.20%12.44%12.45%12.54%12.82%12.94%13.26%13.67%+113 bps
Equity / Assets5.96%6.40%6.45%7.19%7.54%7.29%6.99%7.55%+36 bps
Liquidity & Funding
Loans / Deposits61.51%69.95%65.54%73.99%74.58%68.50%62.31%69.00%-499 bps
Liquid Assets / Assets17.57%10.27%14.56%7.12%11.11%17.76%21.77%13.70%+657 bps
CRE / Total Capitaln/an/an/an/a192.86%173.46%167.31%n/an/a