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Farmers State Bank

Algona, IA · Cert 8760 · Whittemore Bancshares Inc.

State charter, non-member · FDIC · 3 branches

Q2 2026

$150.5MAssets
$110.5MLoans
$130.7MDeposits
$19.1MEquity
Loan mix
76%RE $65.0M20%C&I $16.8M4%Consumer $3.7MQ3 2024Q2 2026
Deposit mix
90%Interest-bearing $117.9M10%Noninterest $12.8MQ3 2024Q2 2026

Executive Summary

  • Earnings: ROA of 1.41%, up 22 bps year over year; NIM at 3.83%.
  • Asset quality: problem loans at 0.91% of loans (+77 bps YoY), with net recoveries of 0.05%.
  • Capital: tier 1 leverage ratio of 12.70%, down 8 bps from a year ago.
  • Funding: loans stand at 84.54% of deposits as of Q2 2026.

Return on Assets (quarter, annualized)

1.41%+22 bps YoY

Net Interest Margin (quarter, annualized)

3.83%+29 bps YoY

Efficiency Ratio (quarter, annualized)

56.17%-291 bps YoY

Tier 1 Leverage Ratio

12.70%-8 bps YoY

NIM

4.67%Q2 ’245.11%Q2 ’255.19%Q2 ’26+18%+8%

Non-interest income vs. expense

2.11%Q2 ’242.33%Q2 ’252.34%Q2 ’26+13%+4%

Discrete quarter, annualized.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.86%0.99%1.03%1.19%1.20%1.10%1.08%1.41%+22 bps
Return on Equity7.69%8.64%8.89%9.73%9.34%8.69%8.91%11.48%+175 bps
Net Interest Margin3.15%3.40%3.42%3.54%3.83%3.73%3.40%3.83%+29 bps
Efficiency Ratio67.23%67.41%60.47%59.08%59.99%63.35%62.61%56.17%-291 bps
Non-Interest Burden1.96%2.17%1.92%1.92%2.09%2.24%2.00%2.01%+8 bps
Growth
Asset Growth (YoY)3.46%-1.81%1.25%-4.26%-4.23%4.49%6.20%9.89%+1,415 bps
Loan Growth (YoY)9.80%3.71%5.03%0.89%0.92%6.64%2.21%9.03%+813 bps
Deposit Growth (YoY)-4.50%-1.75%1.61%0.22%1.19%8.19%10.43%11.24%+1,102 bps
Asset Quality
Nonperforming Loans / Loans0.10%0.09%0.27%0.14%0.57%0.70%0.69%0.91%+77 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.02%0.08%0.21%-0.02%-0.05%-6 bps
Allowance / Loans1.30%1.27%1.32%1.39%1.39%1.28%1.36%1.34%-5 bps
Allowance Coverage of NPLs12.9x14.2x4.9x9.7x2.4x1.8x2.0x1.5x-8.2x
Capital
Tier 1 Leverage Ratio12.17%12.11%12.23%12.78%13.45%13.13%12.33%12.70%-8 bps
Total Risk-Based Capital12.17%12.11%12.23%12.78%13.45%13.13%12.33%12.70%-8 bps
Equity / Assets11.39%11.48%11.64%12.84%12.95%12.39%11.98%12.66%-18 bps
Liquidity & Funding
Loans / Deposits88.01%86.48%83.56%86.26%87.78%85.24%77.34%84.54%-172 bps
Liquid Assets / Assets3.26%2.78%6.46%1.83%0.44%3.87%9.95%3.18%+135 bps
CRE / Total Capitaln/an/an/an/a65.35%74.97%73.51%n/an/a