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Charlevoix State Bank

Charlevoix, MI · Cert 33926 · Charlevoix First Corp.

State charter, non-member · FDIC · 7 branches

Q2 2026

$248.3MAssets
$131.9MLoans
$221.0MDeposits
$24.1MEquity
Loan mix
86%RE $107.7M10%C&I $12.4M4%Consumer $5.5MQ2 2025Q2 2026
Deposit mix
59%Interest-bearing $129.5M41%Noninterest $91.5MQ2 2025Q2 2026

NIM

4.01%Q2 ’244.47%Q2 ’255.01%Q2 ’26+23%+18%

Non-interest income vs. expense

2.57%Q2 ’242.85%Q2 ’253.18%Q2 ’26+15%+0%

Executive Summary

  • Earnings: ROA of 1.99%, up 50 bps year over year; NIM at 4.49%.
  • Asset quality: problem loans at 0.22% of loans (-40 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 10.41%, down 22 bps from a year ago.
  • Funding: loans stand at 59.71% of deposits as of Q2 2026.

Financial Results

Return on Assets (quarter, annualized)

1.99%+50 bps YoY

Net Interest Margin (quarter, annualized)

4.49%+67 bps YoY

Efficiency Ratio (quarter, annualized)

55.19%-462 bps YoY

Tier 1 Leverage Ratio

10.41%-22 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.49%1.84%1.74%1.63%1.99%+50 bps
Return on Equity15.84%19.53%17.90%16.50%20.45%+461 bps
Net Interest Margin3.82%3.98%4.29%4.24%4.49%+67 bps
Efficiency Ratio59.82%58.69%59.35%58.89%55.19%-462 bps
Non-Interest Burden1.90%1.69%2.09%2.15%1.90%0 bps
Growth
Asset Growth (YoY)-4.89%2.70%0.41%3.56%2.31%+719 bps
Loan Growth (YoY)3.75%3.16%5.21%5.70%7.74%+398 bps
Deposit Growth (YoY)-0.91%1.34%-1.29%3.11%1.84%+275 bps
Asset Quality
Nonperforming Loans / Loans0.62%0.60%0.63%0.31%0.22%-40 bps
Net Charge-Offs / Loans0.02%0.01%0.04%0.00%0.00%-3 bps
Allowance / Loans1.23%1.23%1.15%1.15%1.13%-10 bps
Allowance Coverage of NPLs2.0x2.0x1.8x3.7x5.1x+3.1x
Capital
Tier 1 Leverage Ratio10.63%10.02%10.31%10.43%10.41%-22 bps
Total Risk-Based Capital20.61%20.33%19.54%19.62%19.51%-110 bps
Equity / Assets9.40%9.41%10.01%9.79%9.69%+29 bps
Liquidity & Funding
Loans / Deposits56.44%54.95%60.88%59.60%59.71%+327 bps
Liquid Assets / Assets15.00%13.38%8.17%11.72%14.38%-62 bps
CRE / Total Capitaln/a187.30%199.49%208%n/an/a