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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 $3.0MQ3 2024Q2 2026
Deposit mix
76%Interest-bearing $81.1M24%Noninterest $25.9MQ3 2024Q2 2026

Executive Summary

  • Earnings: ROA of 0.70%, up 1 bps year over year; NIM at 2.87%.
  • Asset quality: problem loans at 0.73% of loans (+18 bps YoY), with net charge-offs at 0.00%.
  • 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.

Return on Assets (YTD, annualized)

0.70%+1 bps YoY

Net Interest Margin (YTD, annualized)

2.87%-13 bps YoY

Efficiency Ratio (YTD, annualized)

71.97%-188 bps YoY

Tier 1 Leverage Ratio

10.99%-9 bps YoY

NIM

4.41%Q2 ’244.32%Q2 ’254.14%Q2 ’26-3%-4%

Non-interest income vs. expense

2.40%Q2 ’242.42%Q2 ’252.18%Q2 ’26-3%-5%

Year to date, annualized, through each quarter.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.59%0.58%0.51%0.69%0.70%0.70%0.49%0.70%+1 bps
Return on Equity6.63%6.47%5.61%7.33%7.23%7.15%4.82%6.80%-54 bps
Net Interest Margin3.06%2.97%2.82%3.00%3.10%3.07%2.82%2.87%-13 bps
Efficiency Ratio73.77%74.98%79.54%73.85%72.15%72.13%77.84%71.97%-188 bps
Non-Interest Burden2.17%2.14%2.12%2.11%2.15%2.13%2.13%1.99%-11 bps
Growth
Asset Growth (YoY)-9.93%-7.10%5.17%5.11%4.50%6.90%4.69%2.36%-274 bps
Loan Growth (YoY)-10.37%-8.71%-4.49%-9.69%-2.15%-1.52%-12.81%-9.78%-9 bps
Deposit Growth (YoY)-12.73%-6.90%4.40%3.72%4.01%5.14%3.76%1.77%-195 bps
Asset Quality
Nonperforming Loans / Loans2.86%2.23%1.97%0.54%0.47%0.50%0.60%0.73%+18 bps
Net Charge-Offs / Loans-0.29%-0.20%-0.02%-0.03%-0.03%-0.03%-0.04%0.00%+2 bps
Allowance / Loans0.82%0.83%0.90%0.89%0.83%0.88%1.06%1.01%+12 bps
Allowance Coverage of NPLs0.3x0.4x0.5x1.6x1.8x1.8x1.8x1.4x-0.2x
Capital
Tier 1 Leverage Ratio12.06%11.82%11.01%11.07%11.66%11.68%10.95%10.99%-9 bps
Total Risk-Based Capital17.91%17.91%18.21%18.90%19.79%19.48%19.85%10.99%-791 bps
Equity / Assets10.11%9.15%9.03%9.88%10.56%10.68%9.76%10.48%+61 bps
Liquidity & Funding
Loans / Deposits58.88%54.54%47.85%49.71%55.39%51.08%40.21%44.07%-564 bps
Liquid Assets / Assets9.10%8.49%7.97%7.50%7.45%6.94%6.65%6.37%-113 bps
CRE / Total Capitaln/an/an/an/a34.19%31.68%31.85%n/an/a