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Letter portraitLegal landscapeQuarterYTD

Gogebic Range Bank

Ironwood, MI · Cert 57192

FDIC · 4 branches

Q4 2025

$142.5MAssets
$59.3MLoans
$130.8MDeposits
$8.9MEquity
Loan mix
54%RE $32.3M37%C&I $21.8M9%Consumer $5.1MQ1 2024Q4 2025
Deposit mix
71%Interest-bearing $93.2M29%Noninterest $37.6MQ1 2024Q4 2025

Executive Summary

  • Earnings: ROA of -2.09%, down 276 bps year over year; NIM at 3.25%.
  • Asset quality: problem loans at 2.35% of loans (+68 bps YoY), with net charge-offs at 0.15%.
  • Capital: tier 1 leverage ratio of 8.15%, down 216 bps from a year ago.
  • Funding: loans stand at 45.35% of deposits as of Q4 2025.

Return on Assets (YTD, annualized)

-2.09%-276 bps YoY

Net Interest Margin (YTD, annualized)

3.25%+9 bps YoY

Efficiency Ratio (YTD, annualized)

152.71%+7,710 bps YoY

Tier 1 Leverage Ratio

8.15%-216 bps YoY

NIM

3.68%Q4 ’234.10%Q4 ’243.99%Q4 ’25-2%+3%

Non-interest income vs. expense

2.58%Q4 ’232.68%Q4 ’245.47%Q4 ’25+4%+118%

Year to date, annualized, through each quarter.

MetricQ1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025YoY ΔTrend
Earnings
Return on Assets0.60%0.54%0.60%0.67%0.58%0.64%0.74%-2.09%-276 bps
Return on Equity9.44%8.32%8.86%9.62%7.35%8.06%9.23%-27.30%-3,693 bps
Net Interest Margin2.92%3.00%2.99%3.16%3.20%3.30%3.25%3.25%+9 bps
Efficiency Ratio75.99%78.64%77.07%75.61%81.65%80.85%76.01%152.71%+7,710 bps
Non-Interest Burden2.29%2.39%2.30%2.36%2.57%2.62%2.41%5.16%+279 bps
Growth
Asset Growth (YoY)1.43%-3.25%-1.45%-3.69%-7.10%-3.36%1.56%0.04%+372 bps
Loan Growth (YoY)4.57%1.17%-0.86%5.15%-1.84%-5.76%-0.14%-0.64%-578 bps
Deposit Growth (YoY)1.04%-5.58%-5.84%-3.48%-8.59%-2.07%2.91%2.44%+592 bps
Asset Quality
Nonperforming Loans / Loans1.68%1.66%1.82%1.68%1.79%1.78%1.67%2.35%+68 bps
Net Charge-Offs / Loans0.05%0.05%0.04%0.03%-0.01%0.07%0.17%0.15%+12 bps
Allowance / Loans2.58%2.50%2.58%2.49%2.61%2.56%2.45%2.36%-13 bps
Allowance Coverage of NPLs1.5x1.5x1.4x1.5x1.5x1.4x1.5x1.0x-0.5x
Capital
Tier 1 Leverage Ratio9.84%10.15%10.34%10.31%10.56%10.85%10.73%8.15%-216 bps
Total Risk-Based Capital9.84%10.15%10.34%10.31%10.56%10.85%10.73%8.15%-216 bps
Equity / Assets6.28%6.68%7.87%7.92%7.76%8.02%8.24%6.24%-168 bps
Liquidity & Funding
Loans / Deposits41.45%45.23%43.56%46.76%44.51%43.53%42.27%45.35%-140 bps
Liquid Assets / Assets14.57%13.03%13.52%12.82%12.70%16.42%15.28%13.49%+67 bps
CRE / Total Capitaln/an/an/an/an/an/a127.84%174.98%n/a