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First State Bank of Middlebury

Middlebury, IN · Cert 8745 · Crystal Valley Financial Corp.

State charter, non-member · FDIC · 6 branches

Q2 2026

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, banks under $1B in assets3

Basis

Quarter: Q2 2026, the quarter ended June 30, 2026, on both parts.

Income statement: year to date as filed, annualized, on both parts.

Balance sheet: as filed at quarter end.

Peer group

Banks under $1B in assets (n=581 to 629). Each measure ranks only the institutions that reported it, so n varies by measure.

Peer groups below the disclosure floor are suppressed.

Peer standing

Capital

66

Q2 2024Q2 2026peer median (50)

Asset Quality

33

Q2 2024Q2 2026peer median (50)

Profitability

74

Q2 2024Q2 2026peer median (50)

Liquidity

9

Q2 2024Q2 2026peer median

Efficiency

77

Q2 2024Q2 2026peer median (50)

Growth

No peer data yet

Capital, Asset Quality, Profitability, Efficiency: higher is always a stronger peer standing (▲ better, ▼ worse). Liquidity, Growth: the score reflects closeness to the peer median -- 100 is sitting exactly at the median, falling the same way whether the bank runs above or below it.

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas.

CallReports · callreports.ai · Board PackageGenerated 2026-10-11

First State Bank of Middlebury

Middlebury, IN · Cert 8745 · Crystal Valley Financial Corp.

State charter, non-member · FDIC · 6 branches

Q2 2026

$836.2MAssets
$658.9MLoans
$651.3MDeposits
$97.1MEquity
Loan mix
85%RE $534.0M15%C&I $92.1M1%Consumer $4.8MQ2 2025Q2 2026
Deposit mix
81%Interest-bearing $526.2M19%Noninterest $125.1MQ2 2025Q2 2026

NIM

5.13%Q2 ’245.38%Q2 ’255.41%Q2 ’26+9%+4%

Non-interest income vs. expense

2.43%Q2 ’242.48%Q2 ’252.59%Q2 ’26+54%+2%

Market Position · Elkhart-Goshen, IN · 2026 SOD (annual) · 12.8% share · #4 of 16 inst. · $0.6B of $4.8B

12.8% Elkhart
0.5% St. Joseph

Executive Summary

  • Earnings: ROA of 1.59%, up 17 bps year over year; NIM at 3.88%.
  • Asset quality: problem loans at 1.55% of loans (+126 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 13.37%, up 59 bps from a year ago.
  • Funding: loans stand at 101.16% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

1.59%+17 bps YoY

Net Interest Margin (YTD, annualized)

3.88%+16 bps YoY

Efficiency Ratio (YTD, annualized)

57.32%-38 bps YoY

Tier 1 Leverage Ratio

13.37%+59 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.42%1.49%1.30%1.56%1.59%+17 bps
Return on Equity13.61%14.05%12.02%13.56%13.78%+17 bps
Net Interest Margin3.72%3.72%3.82%3.84%3.88%+16 bps
Efficiency Ratio57.70%57.49%57.01%57.14%57.32%-38 bps
Non-Interest Burden1.90%1.89%1.92%1.94%1.95%+4 bps
Growth
Asset Growth (YoY)3.66%2.39%3.24%1.41%3.08%-59 bps
Loan Growth (YoY)5.92%5.18%4.96%3.16%3.59%-234 bps
Deposit Growth (YoY)9.65%4.32%4.91%-0.66%-3.08%-1,272 bps
Asset Quality
Nonperforming Loans / Loans0.29%0.38%1.70%1.62%1.55%+126 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%-1 bps
Allowance / Loans1.25%1.25%1.66%1.68%1.65%+40 bps
Allowance Coverage of NPLs4.2x3.3x1.0x1.0x1.1x-3.2x
Capital
Tier 1 Leverage Ratio12.78%12.89%13.03%13.18%13.37%+59 bps
Total Risk-Based Capital17.27%17.63%17.59%17.79%17.70%+43 bps
Equity / Assets10.56%11.23%11.53%11.48%11.62%+106 bps
Liquidity & Funding
Loans / Deposits94.65%96.79%98.32%98.66%101.16%+650 bps
Liquid Assets / Assets0.38%0.65%0.06%0.15%0.38%0 bps
CRE / Total Capitaln/a275%276%274%n/an/a

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas. Income-statement figures are year-to-date as filed, annualized (the UBPR convention). Each quarter includes the ones before it.

CallReports · callreports.ai· Performance TrendsGenerated 2026-10-11

First State Bank of Middlebury

Middlebury, IN · Cert 8745 · Peer group: banks under $1B in assets (n=581-629) · Crystal Valley Financial Corp.

State charter, non-member · FDIC · 6 branches

Q2 2026

$836.2MAssets
$658.9MLoans
$651.3MDeposits
$97.1MEquity

Executive Summary

  • Strongest standing: return on assets outperforms 79% of banks under $1B in assets (rank 134 of 629).
  • Widest gap: nonperforming loans / loans trails 82% of banks under $1B in assets (rank 477 of 581).
  • Overall: at or above the peer median on 7 of 9 directional measures.

Return on Assets

1.56%

Rank 134 of 629

Net Interest Margin

3.88%

Rank 203 of 629

Efficiency Ratio

57.32%

Rank 147 of 629

Equity / Assets

11.62%

Rank 252 of 629

Non-interest income vs. expense

$5.4M$21.8MINCOMEEXPENSE
Unfavorable gap of $16.4M · efficiency ratio beats 77% of banks under $1B in assets
Bank 57.32%Peer median 67.8%Q3 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets1.56%0.60%1.01%1.45%Beats 79%134 / 629
Return on Equity13.43%5.38%9.30%13.28%Beats 76%152 / 629
Net Interest Margin3.88%3.03%3.54%4.05%Beats 68%203 / 629
Efficiency Ratio57.32%58.35%67.79%79.08%Beats 77%147 / 629
Asset Quality
Nonperforming Loans / Loans1.55%0.09%0.46%1.20%Beats 18%477 / 581
Net Charge-Offs / Loans0.01%n/a0.01%0.06%Beats 47%309 / 581
Capital
Tier 1 Capital Ratio16.45%11.24%13.84%18.77%Beats 67%207 / 629
Total Risk-Based Capital Ratio17.70%11.58%14.43%19.66%Beats 70%191 / 629
Equity / Assets11.62%9.09%10.65%13.80%Beats 60%252 / 629
Liquidity & Funding
Loans / Deposits101.16%67.24%80.90%93.48%87th pctl75 / 594
Loans / Assets78.79%53.31%67.71%78.15%77th pctl144 / 629
Brokered Deposits / Depositsn/aNot reported for this institution