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Nelnet Bank

Draper, UT · Cert 59205

State charter, non-member · FDIC · 1 branch

Q2 2026

$3.0BAssets
$1.6BLoans
$2.5BDeposits
$463.5MEquity
Loan mix
3%RE $0.0B1%C&I $0.0B97%Consumer $1.2BQ2 2025Q2 2026
Deposit mix
100%Interest-bearing $2.5B0%Noninterest $0.0BQ2 2025Q2 2026

NIM

7.00%Q2 ’246.60%Q2 ’255.95%Q2 ’26-2%-18%

Non-interest income vs. expense

2.06%Q2 ’241.51%Q2 ’251.11%Q2 ’26-29%-24%

Market Position · Salt Lake City-Murray, UT · 2026 SOD (annual) · 0.2% share · #20 of 57 inst. · $2.5B of $1175.7B

Executive Summary

  • Earnings: ROA of 1.34%, up 112 bps year over year; NIM at 2.69%.
  • Asset quality: problem loans at 2.17% of loans (+111 bps YoY), with net charge-offs at 0.49%.
  • Capital: tier 1 leverage ratio of 15.94%, up 310 bps from a year ago.
  • Funding: loans stand at 65.66% of deposits as of Q2 2026.

Financial Results

Return on Assets (quarter, annualized)

1.34%+112 bps YoY

Net Interest Margin (quarter, annualized)

2.69%-58 bps YoY

Efficiency Ratio (quarter, annualized)

40.04%-331 bps YoY

Tier 1 Leverage Ratio

15.94%+310 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.21%1.03%0.93%1.11%1.34%+112 bps
Return on Equity1.79%8.41%7.10%7.97%9.14%+735 bps
Net Interest Margin3.27%3.33%3.48%3.15%2.69%-58 bps
Efficiency Ratio43.35%39.26%37.38%32.03%40.04%-331 bps
Non-Interest Burden1.46%1.31%1.28%0.93%1.12%-34 bps
Growth
Asset Growth (YoY)49.09%50.76%42.83%48.88%69.61%+2,052 bps
Loan Growth (YoY)50.46%72.00%49.18%66.50%99.91%+4,946 bps
Deposit Growth (YoY)48.23%50.90%40.52%41.59%63.52%+1,529 bps
Asset Quality
Nonperforming Loans / Loans1.06%1.36%1.12%1.95%2.17%+111 bps
Net Charge-Offs / Loans1.08%0.94%1.53%0.89%0.49%-60 bps
Allowance / Loans2.71%2.44%2.69%2.30%1.72%-99 bps
Allowance Coverage of NPLs2.6x1.8x2.4x1.2x0.8x-1.8x
Capital
Tier 1 Leverage Ratio12.83%12.71%14.45%15.02%15.94%+310 bps
Total Risk-Based Capital12.83%12.71%14.45%15.02%15.94%+310 bps
Equity / Assets12.68%11.88%14.23%13.63%15.46%+278 bps
Liquidity & Funding
Loans / Deposits53.71%56.14%54.25%64.66%65.66%+1,195 bps
Liquid Assets / Assets12.40%10.70%11.09%10.16%7.47%-493 bps
CRE / Total Capitaln/a9.02%9.48%9.28%n/an/a