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United Bank & Trust Co.

Marshalltown, IA · Cert 57391 · Ames National Corp.

State charter, non-member · FDIC · 5 affiliate banks · 2 branches (19 in holding)

Q2 2026

$120.1MAssets
$68.9MLoans
$106.7MDeposits
$11.9MEquity
Loan mix
92%RE $58.4M7%C&I $4.3M1%Consumer $0.6MQ2 2025Q2 2026
Deposit mix
85%Interest-bearing $90.7M15%Noninterest $16.1MQ2 2025Q2 2026

NIM

3.92%Q2 ’244.34%Q2 ’254.64%Q2 ’26+17%+17%

Non-interest income vs. expense

2.26%Q2 ’242.15%Q2 ’253.12%Q2 ’26-5%+30%

Executive Summary

  • Earnings: ROA of 1.20%, down 2 bps year over year; NIM at 3.60%.
  • Asset quality: problem loans at 1.57% of loans (+9 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 10.46%, up 69 bps from a year ago.
  • Funding: loans stand at 64.56% of deposits as of Q2 2026.

Financial Results

Return on Assets (quarter, annualized)

1.20%-2 bps YoY

Net Interest Margin (quarter, annualized)

3.60%+53 bps YoY

Efficiency Ratio (quarter, annualized)

58.66%-16 bps YoY

Tier 1 Leverage Ratio

10.46%+69 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.23%1.38%1.35%1.29%1.20%-2 bps
Return on Equity13.50%14.50%13.90%13.23%12.14%-137 bps
Net Interest Margin3.07%3.15%3.24%3.32%3.60%+53 bps
Efficiency Ratio58.82%56.02%57.73%59.50%58.66%-16 bps
Non-Interest Burden1.56%1.48%1.56%1.73%2.02%+46 bps
Growth
Asset Growth (YoY)1.16%-2.53%-5.64%-3.76%-0.97%-213 bps
Loan Growth (YoY)-2.14%-4.37%-2.82%-7.62%-5.93%-379 bps
Deposit Growth (YoY)-0.95%-2.82%-8.06%-4.46%-0.55%+40 bps
Asset Quality
Nonperforming Loans / Loans1.48%1.52%1.48%1.75%1.57%+9 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans1.33%1.33%1.32%1.29%1.31%-3 bps
Allowance Coverage of NPLs0.9x0.9x0.9x0.7x0.8x-0.1x
Capital
Tier 1 Leverage Ratio9.77%10.15%10.21%10.52%10.46%+69 bps
Total Risk-Based Capital16.46%17.22%17.30%17.60%17.70%+124 bps
Equity / Assets9.34%9.74%9.70%9.86%9.94%+60 bps
Liquidity & Funding
Loans / Deposits68.26%67.21%63.50%65.23%64.56%-370 bps
Liquid Assets / Assets5.85%6.95%9.13%9.13%7.14%+129 bps
CRE / Total Capitaln/a219%217%226%n/an/a