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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 $7.5MQ3 2024Q2 2026
Deposit mix
74%Interest-bearing $179.5M26%Noninterest $61.6MQ3 2024Q2 2026

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.

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

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%

Year to date, annualized, through each quarter.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.17%1.19%1.21%1.24%1.30%1.24%1.12%1.20%-5 bps
Return on Equity12.74%13.03%13.55%13.57%13.87%13.15%11.47%12.19%-139 bps
Net Interest Margin3.15%3.07%3.28%3.31%3.41%3.39%3.42%3.49%+17 bps
Efficiency Ratio57.97%57.58%56.47%55.31%54.28%54.79%61.02%57.36%+205 bps
Non-Interest Burden1.68%1.62%1.73%1.69%1.71%1.71%1.98%1.86%+18 bps
Growth
Asset Growth (YoY)6.79%9.03%12.43%9.81%7.26%3.03%2.46%5.04%-477 bps
Loan Growth (YoY)10.04%3.87%6.48%6.88%9.09%9.70%5.88%4.82%-206 bps
Deposit Growth (YoY)9.19%9.86%13.20%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%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.03%0.02%0.02%0.05%0.03%-1 bps
Allowance / Loans0.94%0.94%0.92%0.91%0.88%0.98%0.98%0.96%+5 bps
Allowance Coverage of NPLs1416.0xn/an/an/a288.4xn/an/an/an/a
Capital
Tier 1 Leverage Ratio10.41%10.01%9.93%10.09%10.42%10.33%10.43%10.68%+59 bps
Total Risk-Based Capital16.49%16.40%16.60%16.50%16.04%16.42%16.67%17.04%+54 bps
Equity / Assets9.68%8.74%9.18%9.51%9.94%9.72%9.84%9.89%+37 bps
Liquidity & Funding
Loans / Deposits70.91%64.56%66.50%69.00%72.12%69.23%68.98%68.88%-11 bps
Liquid Assets / Assets4.85%10.91%5.99%5.79%4.06%7.29%3.33%7.49%+170 bps
CRE / Total Capitaln/an/an/an/a65.50%67.18%65.25%n/an/a