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Northern State Bank of Thief River Falls

Thief River Falls, MN · Cert 15286 · Gato Holdings Inc.

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 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

69

Q2 2024Q2 2026peer median (50)

Asset Quality

76

Q2 2024Q2 2026peer median (50)

Profitability

19

Q2 2024Q2 2026peer median (50)

Liquidity

0

Q2 2024Q2 2026peer median

Efficiency

77

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

Northern State Bank of Thief River Falls

Thief River Falls, MN · Cert 15286 · Gato Holdings Inc.

State charter, non-member · FDIC · 3 branches

Q2 2026

$550.0MAssets
$195.9MLoans
$499.3MDeposits
$49.0MEquity
Loan mix
73%RE $127.6M16%C&I $28.0M11%Consumer $18.4MQ3 2024Q2 2026
Deposit mix
90%Interest-bearing $449.1M10%Noninterest $50.2MQ3 2024Q2 2026

Executive Summary

  • Earnings: ROA of 0.91%, up 7 bps year over year; NIM at 2.56%.
  • Asset quality: problem loans at 0.57% of loans (+30 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 9.92%, down 88 bps from a year ago.
  • Funding: loans stand at 39.24% of deposits as of Q2 2026.

Return on Assets (YTD, annualized)

0.91%+7 bps YoY

Net Interest Margin (YTD, annualized)

2.56%-13 bps YoY

Efficiency Ratio (YTD, annualized)

53.73%-193 bps YoY

Tier 1 Leverage Ratio

9.92%-88 bps YoY

NIM

5.06%Q2 ’245.02%Q2 ’254.59%Q2 ’26-2%-5%

Non-interest income vs. expense

1.47%Q2 ’241.59%Q2 ’251.44%Q2 ’26+15%-8%

Year to date, annualized, through each quarter.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.19%1.18%0.89%0.85%0.90%0.89%0.95%0.91%+7 bps
Return on Equity11.91%11.89%8.73%8.23%8.55%8.63%9.62%9.60%+136 bps
Net Interest Margin2.82%2.79%2.68%2.69%2.68%2.51%2.53%2.56%-13 bps
Efficiency Ratio50.05%50.08%56.68%55.66%55.87%56.16%52.24%53.73%-193 bps
Non-Interest Burden1.29%1.28%1.45%1.42%1.42%1.34%1.26%1.31%-11 bps
Growth
Asset Growth (YoY)-1.91%0.25%-3.79%4.16%1.48%5.02%7.90%19.19%+1,502 bps
Loan Growth (YoY)7.50%1.95%1.47%4.40%0.55%2.07%-1.93%-1.49%-589 bps
Deposit Growth (YoY)-4.11%-0.45%-4.83%4.08%1.31%5.05%8.56%21.38%+1,730 bps
Asset Quality
Nonperforming Loans / Loans1.29%0.56%0.17%0.28%0.60%0.35%0.65%0.57%+30 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.05%0.05%0.00%0.00%0 bps
Allowance / Loans1.30%1.35%1.39%1.40%1.41%1.28%1.37%1.37%-2 bps
Allowance Coverage of NPLs1.0x2.4x8.2x5.0x2.4x3.6x2.1x2.4x-2.6x
Capital
Tier 1 Leverage Ratio10.69%9.98%10.54%10.79%11.11%9.91%9.89%9.92%-88 bps
Total Risk-Based Capital26.69%26.09%26.57%26.43%27.25%24.61%25.90%26.21%-21 bps
Equity / Assets11.00%9.80%10.52%10.50%11.17%9.72%9.97%8.91%-159 bps
Liquidity & Funding
Loans / Deposits50.33%46.02%48.84%48.35%49.95%44.72%44.12%39.24%-911 bps
Liquid Assets / Assets30.67%36.45%19.42%29.81%18.79%26.89%31.00%36.99%+718 bps
CRE / Total Capitaln/an/an/an/a102.11%112.36%104.36%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

Northern State Bank of Thief River Falls

Thief River Falls, MN · Cert 15286 · Peer group: banks under $1B in assets in MN (n=111-113) · Gato Holdings Inc.

State charter, non-member · FDIC · 3 branches

Q2 2026

$550.0MAssets
$195.9MLoans
$499.3MDeposits
$49.0MEquity

Executive Summary

  • Strongest standing: net charge-offs / loans outperforms 100% of banks under $1B in assets in MN (rank 36 of 111).
  • Widest gap: net interest margin trails 96% of banks under $1B in assets in MN (rank 109 of 113).
  • Overall: at or above the peer median on 5 of 9 directional measures.

Return on Assets

0.84%

Rank 89 of 113

Net Interest Margin

2.56%

Rank 109 of 113

Efficiency Ratio

53.73%

Rank 27 of 113

Equity / Assets

8.91%

Rank 81 of 113

Non-interest income vs. expense

$0.7M$7.2MINCOMEEXPENSE
Unfavorable gap of $6.6M · efficiency ratio beats 77% of banks under $1B in assets in MN
Bank 53.73%Peer median 61.5%Q3 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRank8-Qtr TrendPeer Position
Earnings
Return on Assets0.84%0.87%1.20%1.41%Beats 21%89 / 113
Return on Equity9.47%8.92%11.27%13.99%Beats 31%78 / 113
Net Interest Margin2.56%3.42%3.88%4.31%Beats 4%109 / 113
Efficiency Ratio53.73%54.13%61.48%69.86%Beats 77%27 / 113
Asset Quality
Nonperforming Loans / Loans0.57%0.09%0.58%1.82%Beats 52%54 / 111
Net Charge-Offs / Loans0.00%n/a0.00%0.04%Beats 100%36 / 111
Capital
Tier 1 Capital Ratio24.96%11.53%13.31%18.13%Beats 90%11 / 113
Total Risk-Based Capital Ratio26.21%12.12%14.43%19.39%Beats 90%11 / 113
Equity / Assets8.91%8.52%10.10%11.94%Beats 28%81 / 113
Liquidity & Funding
Loans / Deposits39.24%62.08%77.32%88.06%4th pctl107 / 111
Loans / Assets35.62%55.01%66.35%75.50%6th pctl106 / 113
Brokered Deposits / Depositsn/aNot reported for this institution