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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 1.26%, up 14 bps year over year; NIM at 3.65%.
  • Asset quality: problem loans at 0.91% of loans (+77 bps YoY), with net recoveries of 0.03%.
  • 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 (YTD, annualized)

1.26%+14 bps YoY

Net Interest Margin (YTD, annualized)

3.65%+11 bps YoY

Efficiency Ratio (YTD, annualized)

59.25%-52 bps YoY

Tier 1 Leverage Ratio

12.70%-8 bps YoY

NIM

4.58%Q2 ’245.15%Q2 ’255.05%Q2 ’26+16%+3%

Non-interest income vs. expense

2.18%Q2 ’242.36%Q2 ’252.36%Q2 ’26+10%+3%

Year to date, annualized, through each quarter.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.94%0.95%1.03%1.12%1.14%1.12%1.08%1.26%+14 bps
Return on Equity8.66%8.69%8.89%9.33%9.32%9.18%8.91%10.19%+86 bps
Net Interest Margin3.08%3.09%3.42%3.54%3.72%3.59%3.40%3.65%+11 bps
Efficiency Ratio64.59%65.35%60.47%59.77%59.85%60.74%62.61%59.25%-52 bps
Non-Interest Burden1.84%1.88%1.92%1.96%2.05%2.02%2.00%2.02%+7 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 / Loans0.03%0.02%0.00%0.01%0.03%0.07%-0.02%-0.03%-4 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