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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 $2.7MQ3 2024Q2 2026
Deposit mix
89%Interest-bearing $34.3M11%Noninterest $4.1MQ3 2024Q2 2026

Executive Summary

  • Earnings: ROA of 0.17%, up 5 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.

Return on Assets (YTD, annualized)

0.17%+5 bps YoY

Net Interest Margin (YTD, annualized)

1.99%+22 bps YoY

Efficiency Ratio (YTD, annualized)

88.64%-285 bps YoY

Tier 1 Leverage Ratio

14.81%+140 bps YoY

NIM

4.84%Q2 ’244.72%Q2 ’254.58%Q2 ’26-8%+12%

Non-interest income vs. expense

1.66%Q2 ’241.64%Q2 ’251.65%Q2 ’26-12%+10%

Year to date, annualized, through each quarter.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.23%0.46%0.08%0.12%0.15%0.15%0.20%0.17%+5 bps
Return on Equity2.72%5.18%0.92%1.34%1.63%1.61%1.92%1.60%+26 bps
Net Interest Margin1.93%2.24%1.81%1.77%1.97%1.95%1.92%1.99%+22 bps
Efficiency Ratio84.94%74.43%94.24%91.49%89.47%89.70%86.01%88.64%-285 bps
Non-Interest Burden1.62%1.65%1.70%1.62%1.77%1.75%1.65%1.78%+16 bps
Growth
Asset Growth (YoY)-1.11%-6.67%-0.13%-6.53%-7.96%-2.34%-8.66%-5.36%+118 bps
Loan Growth (YoY)-2.77%-5.17%-6.48%-7.40%-11.14%-9.77%-12.37%-13.67%-626 bps
Deposit Growth (YoY)-0.52%-2.11%5.08%-4.11%-5.93%-2.66%-9.49%-5.46%-135 bps
Asset Quality
Nonperforming Loans / Loans1.39%0.08%1.15%1.09%0.05%0.05%2.20%2.50%+141 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans1.03%1.06%1.11%1.12%1.16%1.18%1.27%1.30%+18 bps
Allowance Coverage of NPLs0.7x14.0x1.0x1.0x22.6x24.5x0.6x0.5x-0.5x
Capital
Tier 1 Leverage Ratio13.35%13.94%13.17%13.40%14.48%14.29%14.26%14.81%+140 bps
Total Risk-Based Capital20.82%22.63%20.44%23.22%24.08%22.71%23.85%25.34%+212 bps
Equity / Assets9.14%9.58%8.79%9.25%10.12%10.23%10.39%11.72%+247 bps
Liquidity & Funding
Loans / Deposits67.61%65.96%59.61%64.44%63.87%61.15%57.71%58.84%-559 bps
Liquid Assets / Assets25.85%26.63%25.36%27.58%27.98%26.79%27.30%29.09%+150 bps
CRE / Total Capitaln/an/an/an/a119.29%120.03%119.11%n/an/a