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Farmers and Merchants State Bank

Langdon, ND · Cert 21728 · F&M Bancshares Inc.

State charter, non-member · FDIC · 1 branch

Q2 2026

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, banks under $1B in assets operating in a single state3

Basis

Quarter: Q2 2026, the quarter ended June 30, 2026, on both parts.

Income statement: year to date as filed, annualized, on both parts.

Balance sheet: as filed at quarter end.

Peer group

Banks under $1B in assets operating in a single state (n=743 to 746). Each measure ranks only the institutions that reported it, so n varies by measure.

Peer groups below the disclosure floor are suppressed.

Peer standing

Capital

71

Q2 2024Q2 2026peer median (50)

Asset Quality

10

Q2 2024Q2 2026peer median (50)

Profitability

44

Q2 2024Q2 2026peer median (50)

Liquidity

95

Q2 2024Q2 2026peer median

Efficiency

84

Q2 2024Q2 2026peer median (50)

Growth

No peer data yet

Capital, Asset Quality, Profitability, Efficiency: higher is always a stronger peer standing (▲ better, ▼ worse). Liquidity, Growth: the score reflects closeness to the peer median -- 100 is sitting exactly at the median, falling the same way whether the bank runs above or below it.

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas.

CallReports · callreports.ai · Board PackageGenerated 2026-10-11

Farmers and Merchants State Bank

Langdon, ND · Cert 21728 · F&M Bancshares Inc.

State charter, non-member · FDIC · 1 branch

Q2 2026

$143.1MAssets
$80.9MLoans
$105.6MDeposits
$20.8MEquity
Loan mix
77%RE $39.7M17%C&I $9.1M6%Consumer $3.1MQ2 2025Q2 2026
Deposit mix
83%Interest-bearing $87.9M17%Noninterest $17.7MQ2 2025Q2 2026

NIM

4.53%Q2 ’244.82%Q2 ’255.26%Q2 ’26+17%+23%

Non-interest income vs. expense

1.63%Q2 ’241.82%Q2 ’251.79%Q2 ’26+13%-4%

Executive Summary

  • Earnings: ROA of 1.21%, up 42 bps year over year; NIM at 3.38%.
  • Asset quality: problem loans at 1.86% of loans (+126 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 15.70%, up 147 bps from a year ago.
  • Funding: loans stand at 76.62% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

1.21%+42 bps YoY

Net Interest Margin (YTD, annualized)

3.38%+64 bps YoY

Efficiency Ratio (YTD, annualized)

51.14%-1,325 bps YoY

Tier 1 Leverage Ratio

15.70%+147 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.79%0.90%0.96%1.11%1.21%+42 bps
Return on Equity6.34%7.09%7.39%7.93%8.51%+217 bps
Net Interest Margin2.74%2.77%2.86%3.19%3.38%+64 bps
Efficiency Ratio64.39%60.18%57.18%52.33%51.14%-1,325 bps
Non-Interest Burden1.73%1.63%1.59%1.61%1.67%-6 bps
Growth
Asset Growth (YoY)2.35%-1.77%2.20%-1.15%-1.84%-418 bps
Loan Growth (YoY)8.93%6.11%7.23%7.32%2.63%-631 bps
Deposit Growth (YoY)-6.26%-1.27%2.92%0.48%3.92%+1,018 bps
Asset Quality
Nonperforming Loans / Loans0.60%1.17%1.34%4.67%1.86%+126 bps
Net Charge-Offs / Loans0.30%0.20%0.15%1.04%0.00%-30 bps
Allowance / Loans0.80%0.78%0.88%0.73%1.00%+21 bps
Allowance Coverage of NPLs1.3x0.7x0.7x0.2x0.5x-0.8x
Capital
Tier 1 Leverage Ratio14.23%14.38%14.72%14.79%15.70%+147 bps
Total Risk-Based Capital14.23%14.38%14.72%14.79%15.70%+147 bps
Equity / Assets12.77%13.63%13.79%14.24%14.53%+177 bps
Liquidity & Funding
Loans / Deposits77.58%77.64%76.12%71.42%76.62%-97 bps
Liquid Assets / Assets1.18%0.50%0.57%1.47%0.69%-49 bps
CRE / Total Capitaln/a27.98%30.55%25.86%n/an/a

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas. Income-statement figures are year-to-date as filed, annualized (the UBPR convention). Each quarter includes the ones before it.

CallReports · callreports.ai· Performance TrendsGenerated 2026-10-11

Farmers and Merchants State Bank

Langdon, ND · Cert 21728 · Peer group: banks under $1B in assets operating in a single state (n=743-746) · F&M Bancshares Inc.

State charter, non-member · FDIC · 1 branch

Q2 2026

$143.1MAssets
$80.9MLoans
$105.6MDeposits
$20.8MEquity

Executive Summary

  • Strongest standing: equity / assets outperforms 85% of banks under $1B in assets operating in a single state (rank 115 of 746).
  • Widest gap: net charge-offs / loans trails 94% of banks under $1B in assets operating in a single state (rank 698 of 743).
  • Overall: at or above the peer median on 5 of 9 directional measures.

Return on Assets

1.22%

Rank 287 of 746

Net Interest Margin

3.38%

Rank 496 of 746

Efficiency Ratio

51.14%

Rank 123 of 746

Equity / Assets

14.53%

Rank 115 of 746

Non-interest income vs. expense

$0.2M$2.5MINCOMEEXPENSE
Unfavorable gap of $2.3M · efficiency ratio beats 84% of banks under $1B in assets operating in a single state
Bank 51.14%Peer median 64.6%Q3 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets1.22%0.72%1.06%1.45%Beats 62%287 / 746
Return on Equity8.39%6.74%10.51%13.63%Beats 36%475 / 746
Net Interest Margin3.38%3.17%3.68%4.16%Beats 34%496 / 746
Efficiency Ratio51.14%55.74%64.58%75.47%Beats 84%123 / 746
Asset Quality
Nonperforming Loans / Loans1.86%0.09%0.42%1.07%Beats 13%648 / 743
Net Charge-Offs / Loans0.25%0.00%0.01%0.05%Beats 6%698 / 743
Capital
Tier 1 Capital Ratio15.70%11.55%13.75%17.60%Beats 67%249 / 746
Total Risk-Based Capital Ratio15.70%11.71%14.33%18.43%Beats 61%292 / 746
Equity / Assets14.53%8.90%10.51%13.06%Beats 85%115 / 746
Liquidity & Funding
Loans / Deposits76.62%61.31%78.27%90.78%47th pctl393 / 746
Loans / Assets56.54%53.60%66.97%76.08%30th pctl520 / 746
Brokered Deposits / Depositsn/aNot reported for this institution