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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

$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