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Dogwood State Bank

Raleigh, NC · Cert 57095

FDIC · 17 branches

Q4 2025

$2.4BAssets
$2.0BLoans
$2.0BDeposits
$255.5MEquity
Loan mix
78%RE $1.5B17%C&I $0.3B5%Consumer $0.1BQ4 2024Q4 2025
Deposit mix
74%Interest-bearing $1.4B26%Noninterest $0.5BQ4 2024Q4 2025

NIM

5.61%Q4 ’236.12%Q4 ’246.03%Q4 ’25+20%+3%

Non-interest income vs. expense

2.79%Q4 ’232.91%Q4 ’243.89%Q4 ’25+25%+56%

Market Position · Raleigh-Cary, NC · 2025 SOD (annual) · 0.8% share · #15 of 38 inst. · $0.8B of $101.6B

0.8% Wake
14.8% Oconee
0.0% Mecklenburg
4.0% Anderson

Executive Summary

  • Earnings: ROA of 0.00%, down 111 bps year over year; NIM at 4.07%.
  • Asset quality: problem loans at 1.00% of loans (+68 bps YoY), with net charge-offs at 0.74%.
  • Capital: tier 1 leverage ratio of 10.07%, up 23 bps from a year ago.
  • Funding: loans stand at 101.80% of deposits as of Q4 2025.

Financial Results

Return on Assets (quarter, annualized)

0.00%-111 bps YoY

Net Interest Margin (quarter, annualized)

4.07%+13 bps YoY

Efficiency Ratio (quarter, annualized)

85.73%+2,456 bps YoY

Tier 1 Leverage Ratio

10.07%+23 bps YoY

Discrete quarter, annualized.

MetricQ4 2024Q1 2025Q2 2025Q3 2025Q4 2025YoY ΔTrend
Earnings
Return on Assets1.11%1.31%1.31%1.13%0.00%-111 bps
Return on Equity10.83%12.56%12.56%10.65%0.03%-1,080 bps
Net Interest Margin3.94%3.93%3.96%3.90%4.07%+13 bps
Efficiency Ratio61.17%57.53%56.09%60.79%85.73%+2,456 bps
Non-Interest Burden2.23%1.98%1.97%2.18%3.49%+125 bps
Growth
Asset Growth (YoY)54.44%58.36%56.40%6.52%7.13%-4,732 bps
Loan Growth (YoY)64.46%60.59%51.18%9.83%9.28%-5,518 bps
Deposit Growth (YoY)51.51%54.84%57.33%6.52%8.37%-4,314 bps
Asset Quality
Nonperforming Loans / Loans0.32%0.41%0.81%0.78%1.00%+68 bps
Net Charge-Offs / Loans0.13%0.10%0.27%0.19%0.74%+61 bps
Allowance / Loans1.08%1.10%1.09%1.08%1.07%-1 bps
Allowance Coverage of NPLs3.3x2.7x1.4x1.4x1.1x-2.3x
Capital
Tier 1 Leverage Ratio9.84%9.95%9.94%9.97%10.07%+23 bps
Total Risk-Based Capital12.63%12.69%13.03%12.93%12.24%-38 bps
Equity / Assets10.41%10.40%10.43%10.79%10.79%+38 bps
Liquidity & Funding
Loans / Deposits100.95%98.63%95.77%98.88%101.80%+85 bps
Liquid Assets / Assets6.67%8.01%9.25%6.83%4.85%-183 bps
CRE / Total Capitaln/an/an/a522%532%n/a