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Farmers & Merchants Bank of North Dakota

Tolna, ND · Cert 8640 · Tolna Bcorp Inc.

State charter, non-member · FDIC · 3 branches

Q2 2026

$119.8MAssets
$47.1MLoans
$106.9MDeposits
$12.6MEquity
Loan mix
72%RE $22.6M18%C&I $5.6M10%Consumer $3.0MQ2 2025Q2 2026
Deposit mix
76%Interest-bearing $81.1M24%Noninterest $25.9MQ2 2025Q2 2026

NIM

4.66%Q2 ’244.58%Q2 ’254.26%Q2 ’26-2%-8%

Non-interest income vs. expense

2.35%Q2 ’242.33%Q2 ’252.10%Q2 ’26+0%-10%

Executive Summary

  • Earnings: ROA of 0.90%, up 5 bps year over year; NIM at 2.99%.
  • Asset quality: problem loans at 0.73% of loans (+18 bps YoY), with net charge-offs at 0.03%.
  • Capital: tier 1 leverage ratio of 10.99%, down 9 bps from a year ago.
  • Funding: loans stand at 44.07% of deposits as of Q2 2026.

Financial Results

Return on Assets (quarter, annualized)

0.90%+5 bps YoY

Net Interest Margin (quarter, annualized)

2.99%-24 bps YoY

Efficiency Ratio (quarter, annualized)

66.57%-197 bps YoY

Tier 1 Leverage Ratio

10.99%-9 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.85%0.72%0.73%0.49%0.90%+5 bps
Return on Equity8.99%7.03%6.83%4.82%8.89%-10 bps
Net Interest Margin3.23%3.10%3.13%2.82%2.99%-24 bps
Efficiency Ratio68.54%68.34%72.10%77.84%66.57%-197 bps
Non-Interest Burden2.13%2.10%2.18%2.13%1.90%-22 bps
Growth
Asset Growth (YoY)5.11%4.50%6.90%4.69%2.36%-274 bps
Loan Growth (YoY)-9.69%-2.15%-1.52%-12.81%-9.78%-9 bps
Deposit Growth (YoY)3.72%4.01%5.14%3.76%1.77%-195 bps
Asset Quality
Nonperforming Loans / Loans0.54%0.47%0.50%0.60%0.73%+18 bps
Net Charge-Offs / Loans-0.03%-0.03%-0.04%-0.04%0.03%+6 bps
Allowance / Loans0.89%0.83%0.88%1.06%1.01%+12 bps
Allowance Coverage of NPLs1.6x1.8x1.8x1.8x1.4x-0.2x
Capital
Tier 1 Leverage Ratio11.07%11.66%11.68%10.95%10.99%-9 bps
Total Risk-Based Capital18.90%19.79%19.48%19.85%10.99%-791 bps
Equity / Assets9.88%10.56%10.68%9.76%10.48%+61 bps
Liquidity & Funding
Loans / Deposits49.71%55.39%51.08%40.21%44.07%-564 bps
Liquid Assets / Assets7.50%7.45%6.94%6.65%6.37%-113 bps
CRE / Total Capitaln/a34.19%31.68%31.85%n/an/a