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Farmers & Merchants State Bank

Winterset, IA · Cert 15610 · Farmers&Merchants Bcorp

State charter, non-member · FDIC · 5 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

67

Q2 2024Q2 2026peer median (50)

Asset Quality

61

Q2 2024Q2 2026peer median (50)

Profitability

46

Q2 2024Q2 2026peer median (50)

Liquidity

54

Q2 2024Q2 2026peer median

Efficiency

63

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

Farmers & Merchants State Bank

Winterset, IA · Cert 15610 · Farmers&Merchants Bcorp

State charter, non-member · FDIC · 5 branches

Q2 2026

$271.7MAssets
$166.1MLoans
$241.1MDeposits
$26.9MEquity
Loan mix
86%RE $106.5M8%C&I $9.8M6%Consumer $7.5MQ2 2025Q2 2026
Deposit mix
74%Interest-bearing $179.5M26%Noninterest $61.6MQ2 2025Q2 2026

NIM

4.47%Q2 ’244.74%Q2 ’254.84%Q2 ’26+3%+5%

Non-interest income vs. expense

2.08%Q2 ’242.01%Q2 ’252.18%Q2 ’26-2%+10%

Market Position · Des Moines-West Des Moines, IA · 2026 SOD (annual) · 0.6% share · #25 of 57 inst. · $0.2B of $38.0B

45.1% Madison
10.1% Adair

Executive Summary

  • Earnings: ROA of 1.20%, down 5 bps year over year; NIM at 3.49%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.03%.
  • Capital: tier 1 leverage ratio of 10.68%, up 59 bps from a year ago.
  • Funding: loans stand at 68.88% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

1.20%-5 bps YoY

Net Interest Margin (YTD, annualized)

3.49%+17 bps YoY

Efficiency Ratio (YTD, annualized)

57.36%+205 bps YoY

Tier 1 Leverage Ratio

10.68%+59 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.24%1.30%1.24%1.12%1.20%-5 bps
Return on Equity13.57%13.87%13.15%11.47%12.19%-139 bps
Net Interest Margin3.31%3.41%3.39%3.42%3.49%+17 bps
Efficiency Ratio55.31%54.28%54.79%61.02%57.36%+205 bps
Non-Interest Burden1.69%1.71%1.71%1.98%1.86%+18 bps
Growth
Asset Growth (YoY)9.81%7.26%3.03%2.46%5.04%-477 bps
Loan Growth (YoY)6.88%9.09%9.70%5.88%4.82%-206 bps
Deposit Growth (YoY)9.57%7.26%2.30%2.06%5.00%-457 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.03%0.02%0.02%0.05%0.03%-1 bps
Allowance / Loans0.91%0.88%0.98%0.98%0.96%+5 bps
Allowance Coverage of NPLsn/a288.4xn/an/an/an/a
Capital
Tier 1 Leverage Ratio10.09%10.42%10.33%10.43%10.68%+59 bps
Total Risk-Based Capital16.50%16.04%16.42%16.67%17.04%+54 bps
Equity / Assets9.51%9.94%9.72%9.84%9.89%+37 bps
Liquidity & Funding
Loans / Deposits69.00%72.12%69.23%68.98%68.88%-11 bps
Liquid Assets / Assets5.79%4.06%7.29%3.33%7.49%+170 bps
CRE / Total Capitaln/a65.50%67.18%65.25%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

Farmers & Merchants State Bank

Winterset, IA · Cert 15610 · Peer group: banks under $1B in assets in the Des Moines-West Des Moines, IA area (n=18-19) · Farmers&Merchants Bcorp

State charter, non-member · FDIC · 5 branches

Q2 2026

$271.7MAssets
$166.1MLoans
$241.1MDeposits
$26.9MEquity

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: net charge-offs / loans trails 78% of banks under $1B in assets in the Des Moines-West Des Moines, IA area (rank 15 of 18).
  • Overall: at or above the peer median on 6 of 9 directional measures.

Return on Assets

1.18%

Rank 9 of 19

Net Interest Margin

3.49%

Rank 11 of 19

Efficiency Ratio

57.36%

Rank 8 of 19

Equity / Assets

9.89%

Rank 9 of 19

Non-interest income vs. expense

$0.8M$5.8MINCOMEEXPENSE
Unfavorable gap of $4.9M · efficiency ratio beats 63% of banks under $1B in assets in the Des Moines-West Des Moines, IA area
Bank 57.36%Peer median 57.8%Q3 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets1.18%1.05%1.15%1.42%Beats 53%9 / 19
Return on Equity11.94%10.97%12.15%13.79%Beats 42%11 / 19
Net Interest Margin3.49%3.08%3.50%3.67%Beats 42%11 / 19
Efficiency Ratio57.36%52.38%57.82%63.73%Beats 63%8 / 19
Asset Quality
Nonperforming Loans / Loans0.00%n/a0.21%0.91%Beats 100%6 / 18
Net Charge-Offs / Loans0.01%0.00%0.01%0.01%Beats 22%15 / 18
Capital
Tier 1 Capital Ratio16.13%10.79%12.38%16.13%Beats 74%5 / 19
Total Risk-Based Capital Ratio17.04%11.60%13.40%17.04%Beats 74%5 / 19
Equity / Assets9.89%8.64%9.66%11.07%Beats 53%9 / 19
Liquidity & Funding
Loans / Deposits68.88%65.91%76.09%88.00%26th pctl14 / 19
Loans / Assets61.11%57.37%63.36%76.16%42nd pctl11 / 19
Brokered Deposits / Depositsn/aNot reported for this institution