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First Independent Bank

Russell, MN · Cert 1900 · Finlayson Bancshares Inc.

State charter, non-member · FDIC · 1 affiliate bank · 12 branches (24 in holding)

Q2 2026

$632.3MAssets
$443.4MLoans
$533.0MDeposits
$61.2MEquity
Loan mix
86%RE $251.9M11%C&I $32.6M3%Consumer $8.0MQ2 2025Q2 2026
Deposit mix
74%Interest-bearing $393.9M26%Noninterest $139.2MQ2 2025Q2 2026

NIM

5.02%Q2 ’245.21%Q2 ’255.39%Q2 ’26+9%+10%

Non-interest income vs. expense

1.84%Q2 ’242.00%Q2 ’252.21%Q2 ’26-2%-37%

Executive Summary

  • Earnings: ROA of 1.41%, up 19 bps year over year; NIM at 3.70%.
  • Asset quality: problem loans at 0.14% of loans (-11 bps YoY), with net charge-offs at 0.03%.
  • Capital: tier 1 leverage ratio of 9.87%, up 82 bps from a year ago.
  • Funding: loans stand at 83.19% of deposits as of Q2 2026.

Financial Results

Return on Assets (quarter, annualized)

1.41%+19 bps YoY

Net Interest Margin (quarter, annualized)

3.70%+35 bps YoY

Efficiency Ratio (quarter, annualized)

43.98%-1,104 bps YoY

Tier 1 Leverage Ratio

9.87%+82 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.22%0.82%0.98%1.03%1.41%+19 bps
Return on Equity15.25%10.23%12.33%11.89%14.82%-42 bps
Net Interest Margin3.35%3.35%3.51%3.63%3.70%+35 bps
Efficiency Ratio55.01%61.48%56.86%56.32%43.98%-1,104 bps
Non-Interest Burden1.78%2.09%2.05%2.10%1.12%-66 bps
Growth
Asset Growth (YoY)5.64%12.80%13.73%20.93%15.70%+1,005 bps
Loan Growth (YoY)11.21%19.43%18.27%22.86%22.61%+1,139 bps
Deposit Growth (YoY)8.48%19.62%18.61%24.00%19.07%+1,060 bps
Asset Quality
Nonperforming Loans / Loans0.24%0.24%0.16%0.17%0.14%-11 bps
Net Charge-Offs / Loans-0.33%0.33%0.35%0.00%0.03%+36 bps
Allowance / Loans1.29%1.22%1.14%1.16%1.38%+8 bps
Allowance Coverage of NPLs5.3x5.2x7.1x6.7x9.9x+4.6x
Capital
Tier 1 Leverage Ratio9.05%8.03%8.03%9.89%9.87%+82 bps
Total Risk-Based Capital12.73%11.02%11.34%13.35%13.49%+76 bps
Equity / Assets8.06%7.91%7.93%9.30%9.68%+162 bps
Liquidity & Funding
Loans / Deposits80.79%79.60%80.04%79.37%83.19%+240 bps
Liquid Assets / Assets19.07%17.26%15.50%16.88%12.15%-691 bps
CRE / Total Capitaln/a143.89%146.40%133.29%n/an/a