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Varo Bank, National Association

Draper, UT · Cert 59190 · Varo Money Inc.

National charter · OCC · 1 branch

Q2 2026

$337.8MAssets
$97.1MLoans
$209.8MDeposits
$68.9MEquity
Loan mix
0%RE $0.0M0%C&I $0.0M100%Consumer $100.0MQ3 2024Q2 2026
Deposit mix
44%Interest-bearing $92.6M56%Noninterest $117.2MQ3 2024Q2 2026

Market Position · Salt Lake City-Murray, UT · 2026 SOD (annual) · 0.0% share · #37 of 57 inst. · $0.2B of $1175.7B

Executive Summary

  • Earnings: ROA of -26.32%, down 83 bps year over year; NIM at 5.14%.
  • Asset quality: problem loans at 0.42% of loans (-9 bps YoY), with net charge-offs at 30.23%.
  • Capital: tier 1 leverage ratio of 18.46%, down 215 bps from a year ago.
  • Funding: loans stand at 46.27% of deposits as of Q2 2026.

Return on Assets (quarter, annualized)

-26.32%-83 bps YoY

Net Interest Margin (quarter, annualized)

5.14%-15 bps YoY

Efficiency Ratio (quarter, annualized)

131.84%-381 bps YoY

Tier 1 Leverage Ratio

18.46%-215 bps YoY

NIM

3.19%Q2 ’245.80%Q2 ’255.86%Q2 ’26+172%-3%

Non-interest income vs. expense

44.55%Q2 ’2469.71%Q2 ’2566.48%Q2 ’26+120%-6%

Discrete quarter, annualized.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets-15.19%-16.35%-24.96%-25.49%-36.79%-25.50%-24.68%-26.32%-83 bps
Return on Equity-82.88%-104.46%-135.77%-103.41%-166.35%-111.96%-99.49%-116.89%-1,348 bps
Net Interest Margin2.55%3.54%3.98%5.29%6.21%6.31%4.95%5.14%-15 bps
Efficiency Ratio129.53%136.66%153.60%135.65%144.86%123.51%130.26%131.84%-381 bps
Non-Interest Burden15.21%18.30%28.05%24.95%32.66%23.21%21.51%23.51%-144 bps
Growth
Asset Growth (YoY)-17.97%-7.96%-33.33%-41.32%-35.50%-15.96%5.34%19.85%+6,117 bps
Loan Growth (YoY)57.01%45.58%34.35%25.83%21.65%24.14%18.25%15.64%-1,019 bps
Deposit Growth (YoY)-12.64%3.85%-43.38%-52.48%-47.19%-37.22%2.52%30.17%+8,265 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.31%0.58%0.50%0.80%0.76%0.53%0.42%-9 bps
Net Charge-Offs / Loans21.73%18.33%16.95%19.03%27.85%29.95%28.37%30.23%+1,120 bps
Allowance / Loans6.62%6.44%5.74%7.14%8.15%9.18%9.50%9.98%+284 bps
Allowance Coverage of NPLsn/a21.0x9.9x14.2x10.1x12.0x17.9x23.9x+9.7x
Capital
Tier 1 Leverage Ratio18.66%14.50%23.08%20.60%16.67%32.32%23.62%18.46%-215 bps
Total Risk-Based Capital18.66%14.50%23.08%20.60%16.67%32.32%23.62%18.46%-215 bps
Equity / Assets17.98%13.42%24.64%24.65%19.52%25.16%24.43%20.39%-426 bps
Liquidity & Funding
Loans / Deposits23.79%22.90%39.66%52.08%54.80%45.27%45.75%46.27%-582 bps
Liquid Assets / Assets52.14%47.00%36.59%20.14%16.40%33.88%38.11%23.94%+380 bps
CRE / Total Capitaln/an/an/an/a0.00%0.00%0.00%n/an/a