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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

$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