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State Bank of Bellingham

Bellingham, MN · Cert 17062 · Bellingham Corp. the

State charter, non-member · FDIC · 1 branch

Q2 2026

$46.4MAssets
$22.6MLoans
$38.4MDeposits
$5.4MEquity
Loan mix
81%RE $16.2M5%C&I $1.0M14%Consumer $2.7MQ2 2025Q2 2026
Deposit mix
89%Interest-bearing $34.3M11%Noninterest $4.1MQ2 2025Q2 2026

NIM

4.98%Q2 ’244.74%Q2 ’254.53%Q2 ’26-13%+16%

Non-interest income vs. expense

1.74%Q2 ’241.53%Q2 ’251.56%Q2 ’26-30%+22%

Executive Summary

  • Earnings: ROA of 0.15%, down 1 bps year over year; NIM at 1.99%.
  • Asset quality: problem loans at 2.50% of loans (+141 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 14.81%, up 140 bps from a year ago.
  • Funding: loans stand at 58.84% of deposits as of Q2 2026.

Financial Results

Return on Assets (quarter, annualized)

0.15%-1 bps YoY

Net Interest Margin (quarter, annualized)

1.99%+28 bps YoY

Efficiency Ratio (quarter, annualized)

91.75%+320 bps YoY

Tier 1 Leverage Ratio

14.81%+140 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.16%0.22%0.15%0.20%0.15%-1 bps
Return on Equity1.77%2.27%1.52%1.92%1.31%-46 bps
Net Interest Margin1.71%2.12%1.99%1.92%1.99%+28 bps
Efficiency Ratio88.55%85.71%90.36%86.01%91.75%+320 bps
Non-Interest Burden1.51%1.82%1.79%1.65%1.85%+34 bps
Growth
Asset Growth (YoY)-6.53%-7.96%-2.34%-8.66%-5.36%+118 bps
Loan Growth (YoY)-7.40%-11.14%-9.77%-12.37%-13.67%-626 bps
Deposit Growth (YoY)-4.11%-5.93%-2.66%-9.49%-5.46%-135 bps
Asset Quality
Nonperforming Loans / Loans1.09%0.05%0.05%2.20%2.50%+141 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans1.12%1.16%1.18%1.27%1.30%+18 bps
Allowance Coverage of NPLs1.0x22.6x24.5x0.6x0.5x-0.5x
Capital
Tier 1 Leverage Ratio13.40%14.48%14.29%14.26%14.81%+140 bps
Total Risk-Based Capital23.22%24.08%22.71%23.85%25.34%+212 bps
Equity / Assets9.25%10.12%10.23%10.39%11.72%+247 bps
Liquidity & Funding
Loans / Deposits64.44%63.87%61.15%57.71%58.84%-559 bps
Liquid Assets / Assets27.58%27.98%26.79%27.30%29.09%+150 bps
CRE / Total Capitaln/a119.29%120.03%119.11%n/an/a