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Farmers and Merchants State Bank

Plankinton, SD · Cert 501 · Page Holding Co.

State charter, non-member · FDIC · 2 branches

Q2 2026

$180.4MAssets
$148.1MLoans
$137.3MDeposits
$18.6MEquity
Loan mix
59%RE $31.6M30%C&I $15.8M11%Consumer $5.9MQ3 2024Q2 2026
Deposit mix
81%Interest-bearing $110.6M19%Noninterest $26.6MQ3 2024Q2 2026

Executive Summary

  • Earnings: ROA of 1.94%, down 38 bps year over year; NIM at 4.88%.
  • Asset quality: problem loans at 0.76% of loans (-6 bps YoY), with net charge-offs at 0.03%.
  • Capital: tier 1 leverage ratio of 11.02%, down 53 bps from a year ago.
  • Funding: loans stand at 107.89% of deposits as of Q2 2026.

Return on Assets (quarter, annualized)

1.94%-38 bps YoY

Net Interest Margin (quarter, annualized)

4.88%0 bps YoY

Efficiency Ratio (quarter, annualized)

37.51%-78 bps YoY

Tier 1 Leverage Ratio

11.02%-53 bps YoY

NIM

6.61%Q2 ’246.85%Q2 ’256.97%Q2 ’26+11%+0%

Non-interest income vs. expense

2.00%Q2 ’242.02%Q2 ’251.97%Q2 ’26+6%-2%

Discrete quarter, annualized.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets2.29%2.48%2.22%2.31%2.53%1.81%2.15%1.94%-38 bps
Return on Equity23.31%25.10%22.91%22.69%23.35%17.62%21.51%18.69%-400 bps
Net Interest Margin4.51%4.79%4.57%4.88%4.78%4.69%4.56%4.88%0 bps
Efficiency Ratio41.14%36.28%41.50%38.29%38.15%40.68%40.10%37.51%-78 bps
Non-Interest Burden1.60%1.45%1.70%1.62%1.61%1.66%1.64%1.59%-3 bps
Growth
Asset Growth (YoY)13.53%5.83%14.96%4.43%3.12%13.35%3.60%13.50%+907 bps
Loan Growth (YoY)12.97%8.04%14.15%9.32%8.83%16.78%10.97%17.55%+823 bps
Deposit Growth (YoY)10.42%9.50%9.61%2.96%-5.13%10.36%8.65%9.40%+644 bps
Asset Quality
Nonperforming Loans / Loans0.66%0.76%0.87%0.83%0.75%0.57%1.13%0.76%-6 bps
Net Charge-Offs / Loans-0.07%-0.13%0.01%0.10%-0.01%0.02%0.13%0.03%-7 bps
Allowance / Loans1.48%1.42%1.40%1.37%1.36%1.19%1.31%1.33%-4 bps
Allowance Coverage of NPLs2.2x1.9x1.6x1.7x1.8x2.1x1.2x1.7x+0.1x
Capital
Tier 1 Leverage Ratio11.02%10.76%11.07%11.55%11.69%10.48%10.45%11.02%-53 bps
Total Risk-Based Capital14.32%13.73%14.08%14.49%14.26%12.44%13.20%12.96%-153 bps
Equity / Assets10.11%9.65%9.77%10.66%11.03%9.60%10.41%10.31%-35 bps
Liquidity & Funding
Loans / Deposits89.49%89.02%96.62%100.41%102.66%94.19%98.69%107.89%+748 bps
Liquid Assets / Assets4.76%3.83%6.46%1.73%1.67%2.92%3.11%1.39%-34 bps
CRE / Total Capitaln/an/an/an/a20.83%21.25%22.50%n/an/a