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Letter portraitLegal landscapeQuarterYTD

American Federal Bank

Fargo, ND · Cert 29140 · American Federal Corp.

State savings bank · OCC · 13 branches

Q2 2026

$795.8MAssets
$685.2MLoans
$615.6MDeposits
$71.3MEquity
Loan mix
95%RE $516.5M4%C&I $19.5M1%Consumer $5.8MQ3 2024Q2 2026
Deposit mix
83%Interest-bearing $512.9M17%Noninterest $102.7MQ3 2024Q2 2026

Market Position · Grand Forks, ND-MN · 2026 SOD (annual) · 6.0% share · #8 of 21 inst. · $0.2B of $3.9B

19.1% Polk
1.2% Cass
28.2% Kittson
2.8% Otter Tail

Executive Summary

  • Earnings: ROA of 0.83%, up 2 bps year over year; NIM at 3.83%.
  • Asset quality: problem loans at 0.00% of loans (-2 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 9.32%, down 46 bps from a year ago.
  • Funding: loans stand at 111.32% of deposits as of Q2 2026.

Return on Assets (YTD, annualized)

0.83%+2 bps YoY

Net Interest Margin (YTD, annualized)

3.83%+11 bps YoY

Efficiency Ratio (YTD, annualized)

74.11%-43 bps YoY

Tier 1 Leverage Ratio

9.32%-46 bps YoY

NIM

5.28%Q2 ’245.61%Q2 ’255.50%Q2 ’26+12%+3%

Non-interest income vs. expense

3.13%Q2 ’243.13%Q2 ’253.22%Q2 ’26-2%+2%

Year to date, annualized, through each quarter.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.47%0.52%0.75%0.81%0.89%0.88%0.71%0.83%+2 bps
Return on Equity5.82%6.26%8.45%9.03%9.70%9.74%8.02%9.39%+36 bps
Net Interest Margin3.21%3.14%3.53%3.73%3.71%3.58%3.71%3.83%+11 bps
Efficiency Ratio81.40%79.62%75.90%74.54%72.68%72.26%78.13%74.11%-43 bps
Non-Interest Burden2.53%2.41%2.58%2.66%2.56%2.45%2.81%2.71%+5 bps
Growth
Asset Growth (YoY)10.11%6.32%3.74%-3.55%-5.33%-1.51%-0.81%3.67%+722 bps
Loan Growth (YoY)12.19%8.06%3.62%-3.72%-5.35%-3.12%-1.94%3.88%+759 bps
Deposit Growth (YoY)0.40%0.78%5.72%5.75%3.34%3.26%-0.14%-0.36%-611 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.14%0.02%0.02%0.01%0.07%0.00%-2 bps
Net Charge-Offs / Loans0.00%0.00%-0.01%0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans0.98%1.01%1.04%1.06%1.06%1.04%1.06%1.04%-2 bps
Allowance Coverage of NPLs457.9x410.9x7.3x56.1x64.5x74.3x15.3xn/an/a
Capital
Tier 1 Leverage Ratio8.48%8.74%9.15%9.77%9.95%8.87%9.06%9.32%-46 bps
Total Risk-Based Capital12.78%13.21%14.02%14.74%14.98%13.46%14.18%14.17%-57 bps
Equity / Assets8.24%8.57%9.09%9.42%9.71%8.58%9.04%8.96%-46 bps
Liquidity & Funding
Loans / Deposits121.58%113.13%107.58%106.77%111.35%106.14%105.64%111.32%+454 bps
Liquid Assets / Assets0.05%0.03%0.10%0.03%0.03%0.05%0.08%0.03%0 bps
CRE / Total Capitaln/an/an/an/a269%291%288%n/an/a