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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 $8.0MQ3 2024Q2 2026
Deposit mix
74%Interest-bearing $393.9M26%Noninterest $139.2MQ3 2024Q2 2026

Executive Summary

  • Earnings: ROA of 1.22%, up 26 bps year over year; NIM at 3.61%.
  • Asset quality: problem loans at 0.14% of loans (-11 bps YoY), with net charge-offs at 0.02%.
  • 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.

Return on Assets (YTD, annualized)

1.22%+26 bps YoY

Net Interest Margin (YTD, annualized)

3.61%+37 bps YoY

Efficiency Ratio (YTD, annualized)

49.30%-1,123 bps YoY

Tier 1 Leverage Ratio

9.87%+82 bps YoY

NIM

4.74%Q2 ’245.10%Q2 ’255.29%Q2 ’26+13%+11%

Non-interest income vs. expense

1.93%Q2 ’242.10%Q2 ’252.18%Q2 ’26+5%-18%

Year to date, annualized, through each quarter.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.68%0.65%0.72%0.96%0.91%0.95%1.03%1.22%+26 bps
Return on Equity8.78%8.36%9.24%12.28%11.58%12.04%11.89%13.62%+134 bps
Net Interest Margin2.85%3.00%3.13%3.24%3.08%3.12%3.63%3.61%+37 bps
Efficiency Ratio63.16%64.46%66.59%60.54%60.88%59.76%56.32%49.30%-1,123 bps
Non-Interest Burden1.78%1.91%2.07%1.92%1.86%1.87%2.10%1.57%-35 bps
Growth
Asset Growth (YoY)5.05%4.30%0.95%5.64%12.80%13.73%20.93%15.70%+1,005 bps
Loan Growth (YoY)6.46%9.91%11.47%11.21%19.43%18.27%22.86%22.61%+1,139 bps
Deposit Growth (YoY)0.61%1.54%1.79%8.48%19.62%18.61%24.00%19.07%+1,060 bps
Asset Quality
Nonperforming Loans / Loans0.67%0.12%0.23%0.24%0.24%0.16%0.17%0.14%-11 bps
Net Charge-Offs / Loans0.33%0.44%0.04%-0.15%0.02%0.10%0.00%0.02%+16 bps
Allowance / Loans1.29%1.21%1.23%1.29%1.22%1.14%1.16%1.38%+8 bps
Allowance Coverage of NPLs1.9x10.5x5.4x5.3x5.2x7.1x6.7x9.9x+4.6x
Capital
Tier 1 Leverage Ratio8.37%8.41%8.59%9.05%8.03%8.03%9.89%9.87%+82 bps
Total Risk-Based Capital11.59%11.35%11.65%12.73%11.02%11.34%13.35%13.49%+76 bps
Equity / Assets7.90%7.60%7.89%8.06%7.91%7.93%9.30%9.68%+162 bps
Liquidity & Funding
Loans / Deposits79.72%80.27%80.11%80.79%79.60%80.04%79.37%83.19%+240 bps
Liquid Assets / Assets19.58%18.74%17.98%19.07%17.26%15.50%16.88%12.15%-691 bps
CRE / Total Capitaln/an/an/an/a143.89%146.40%133.29%n/an/a