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Badger Bank

Fort Atkinson, WI · Cert 2469 · Citizens Finl Employee STK Ownership PLAN&TR

State charter, non-member · FDIC · 4 branches

Q2 2026

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, banks under $1B in assets in WI3

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 in WI (n=110 to 113). 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

44

Q2 2024Q2 2026peer median (50)

Asset Quality

82

Q2 2024Q2 2026peer median (50)

Profitability

61

Q2 2024Q2 2026peer median (50)

Liquidity

96

Q2 2024Q2 2026peer median

Efficiency

56

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

Badger Bank

Fort Atkinson, WI · Cert 2469 · Citizens Finl Employee STK Ownership PLAN&TR

State charter, non-member · FDIC · 4 branches

Q2 2026

$206.0MAssets
$140.5MLoans
$164.6MDeposits
$22.9MEquity
Loan mix
95%RE $131.0M4%C&I $5.2M1%Consumer $1.3MQ2 2025Q2 2026
Deposit mix
76%Interest-bearing $125.6M24%Noninterest $39.0MQ2 2025Q2 2026

NIM

4.34%Q2 ’244.63%Q2 ’254.93%Q2 ’26+21%+11%

Non-interest income vs. expense

2.52%Q2 ’242.54%Q2 ’252.67%Q2 ’26-3%+10%

Market Position · Madison, WI · 2026 SOD (annual) · 0.2% share · #37 of 41 inst. · $0.1B of $30.1B

4.8% Jefferson
0.2% Dane

Executive Summary

  • Earnings: ROA of 1.37%, up 16 bps year over year; NIM at 3.61%.
  • Asset quality: problem loans at 0.07% of loans (-4 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 12.40%, up 1 bps from a year ago.
  • Funding: loans stand at 85.33% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

1.37%+16 bps YoY

Net Interest Margin (YTD, annualized)

3.61%+37 bps YoY

Efficiency Ratio (YTD, annualized)

60.70%-173 bps YoY

Tier 1 Leverage Ratio

12.40%+1 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.21%1.26%1.32%1.28%1.37%+16 bps
Return on Equity11.91%12.23%12.76%12.11%12.74%+84 bps
Net Interest Margin3.24%3.29%3.28%3.33%3.61%+37 bps
Efficiency Ratio62.43%61.64%62.67%61.07%60.70%-173 bps
Non-Interest Burden1.71%1.72%1.77%1.73%1.87%+17 bps
Growth
Asset Growth (YoY)0.69%2.60%3.76%5.63%4.47%+378 bps
Loan Growth (YoY)1.22%5.32%5.05%8.63%5.82%+460 bps
Deposit Growth (YoY)4.09%4.18%2.20%3.13%-0.80%-489 bps
Asset Quality
Nonperforming Loans / Loans0.12%0.12%0.11%2.26%0.07%-4 bps
Net Charge-Offs / Loans0.03%0.02%0.02%0.00%0.00%-3 bps
Allowance / Loans1.11%1.09%1.08%1.04%1.07%-4 bps
Allowance Coverage of NPLs9.4x9.2x9.6x0.5x14.5x+5.1x
Capital
Tier 1 Leverage Ratio12.40%12.37%11.76%11.97%12.40%+1 bps
Total Risk-Based Capital12.40%12.37%11.76%11.97%12.40%+1 bps
Equity / Assets10.64%10.80%10.49%10.66%11.12%+48 bps
Liquidity & Funding
Loans / Deposits79.98%80.29%79.26%82.11%85.33%+534 bps
Liquid Assets / Assets2.42%4.35%4.23%3.12%1.75%-67 bps
CRE / Total Capitaln/a226%234%243%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

Badger Bank

Fort Atkinson, WI · Cert 2469 · Peer group: banks under $1B in assets in WI (n=110-113) · Citizens Finl Employee STK Ownership PLAN&TR

State charter, non-member · FDIC · 4 branches

Q2 2026

$206.0MAssets
$140.5MLoans
$164.6MDeposits
$22.9MEquity

Executive Summary

  • Strongest standing: net charge-offs / loans outperforms 100% of banks under $1B in assets in WI (rank 37 of 110).
  • Widest gap: total risk-based capital ratio trails 66% of banks under $1B in assets in WI (rank 75 of 113).
  • Overall: at or above the peer median on 7 of 9 directional measures.

Return on Assets

1.38%

Rank 35 of 113

Net Interest Margin

3.61%

Rank 55 of 113

Efficiency Ratio

60.70%

Rank 51 of 113

Equity / Assets

11.12%

Rank 48 of 113

Non-interest income vs. expense

$1.6M$5.5MINCOMEEXPENSE
Unfavorable gap of $3.9M · efficiency ratio beats 56% of banks under $1B in assets in WI
Bank 60.70%Peer median 62.4%Q3 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets1.38%0.85%1.17%1.51%Beats 69%35 / 113
Return on Equity12.43%7.70%10.77%13.67%Beats 64%41 / 113
Net Interest Margin3.61%3.19%3.59%3.89%Beats 51%55 / 113
Efficiency Ratio60.70%54.61%62.43%71.88%Beats 56%51 / 113
Asset Quality
Nonperforming Loans / Loans0.07%0.03%0.24%0.91%Beats 64%41 / 110
Net Charge-Offs / Loans0.00%n/a0.00%0.01%Beats 100%37 / 110
Capital
Tier 1 Capital Ratio12.40%11.22%12.95%15.76%Beats 41%67 / 113
Total Risk-Based Capital Ratio12.40%11.57%13.59%16.73%Beats 34%75 / 113
Equity / Assets11.12%9.17%10.74%13.13%Beats 58%48 / 113
Liquidity & Funding
Loans / Deposits85.33%76.54%86.37%98.93%46th pctl60 / 112
Loans / Assets68.18%63.07%71.33%78.84%42nd pctl65 / 113
Brokered Deposits / Depositsn/aNot reported for this institution