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Grand Marais State Bank

Grand Marais, MN · Cert 8842 · Central Trust Co.

State charter, Fed member · FED · 5 branches

Q2 2026

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, banks under $1B in assets in MN3

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 in MN (n=111 to 113). 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

39

Q2 2024Q2 2026peer median (50)

Asset Quality

56

Q2 2024Q2 2026peer median (50)

Profitability

72

Q2 2024Q2 2026peer median (50)

Liquidity

72

Q2 2024Q2 2026peer median

Efficiency

52

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

Grand Marais State Bank

Grand Marais, MN · Cert 8842 · Central Trust Co.

State charter, Fed member · FED · 1 affiliate bank · 5 branches (10 in holding)

Q2 2026

$207.2MAssets
$131.0MLoans
$189.6MDeposits
$16.7MEquity
Loan mix
85%RE $105.7M11%C&I $13.5M4%Consumer $5.3MQ2 2025Q2 2026
Deposit mix
62%Interest-bearing $118.5M38%Noninterest $71.1MQ2 2025Q2 2026

NIM

4.25%Q2 ’244.61%Q2 ’255.30%Q2 ’26+14%+27%

Non-interest income vs. expense

2.13%Q2 ’242.10%Q2 ’252.68%Q2 ’26-1%+31%

Executive Summary

  • Earnings: ROA of 1.56%, up 50 bps year over year; NIM at 4.14%.
  • Asset quality: problem loans at 0.10% of loans (+10 bps YoY), with net charge-offs at 0.02%.
  • Capital: tier 1 leverage ratio of 8.40%, up 21 bps from a year ago.
  • Funding: loans stand at 69.12% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

1.56%+50 bps YoY

Net Interest Margin (YTD, annualized)

4.14%+87 bps YoY

Efficiency Ratio (YTD, annualized)

60.70%+135 bps YoY

Tier 1 Leverage Ratio

8.40%+21 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.06%1.15%1.08%1.46%1.56%+50 bps
Return on Equity14.05%15.14%14.04%18.16%19.36%+531 bps
Net Interest Margin3.27%3.37%3.52%4.06%4.14%+87 bps
Efficiency Ratio59.35%57.57%62.58%65.94%60.70%+135 bps
Non-Interest Burden1.83%1.84%2.11%2.58%2.40%+57 bps
Growth
Asset Growth (YoY)0.98%-1.29%2.43%68.70%76.17%+7,519 bps
Loan Growth (YoY)8.50%7.88%13.39%75.06%68.10%+5,960 bps
Deposit Growth (YoY)4.80%-2.24%2.24%76.86%75.68%+7,089 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.01%0.00%0.13%0.10%+10 bps
Net Charge-Offs / Loans0.04%0.04%0.03%0.00%0.02%-1 bps
Allowance / Loans0.99%1.01%0.95%0.99%0.98%-1 bps
Allowance Coverage of NPLs257.0x112.9xn/a7.7x9.9x-247.1x
Capital
Tier 1 Leverage Ratio8.18%8.20%8.09%8.13%8.40%+21 bps
Total Risk-Based Capital15.02%15.67%14.69%13.87%14.43%-59 bps
Equity / Assets7.89%7.73%7.91%8.15%8.08%+19 bps
Liquidity & Funding
Loans / Deposits72.23%68.31%73.55%72.15%69.12%-312 bps
Liquid Assets / Assets12.67%13.41%8.29%10.52%13.48%+81 bps
CRE / Total Capitaln/a343%369%296%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

Grand Marais State Bank

Grand Marais, MN · Cert 8842 · Peer group: banks under $1B in assets in MN (n=111-113) · Central Trust Co.

State charter, Fed member · FED · 1 affiliate bank · 5 branches (10 in holding)

Q2 2026

$207.2MAssets
$131.0MLoans
$189.6MDeposits
$16.7MEquity

Executive Summary

  • Strongest standing: return on equity outperforms 86% of banks under $1B in assets in MN (rank 16 of 113).
  • Widest gap: equity / assets trails 84% of banks under $1B in assets in MN (rank 95 of 113).
  • Overall: at or above the peer median on 7 of 9 directional measures.

Return on Assets

1.34%

Rank 41 of 113

Net Interest Margin

4.14%

Rank 38 of 113

Efficiency Ratio

60.70%

Rank 55 of 113

Equity / Assets

8.08%

Rank 95 of 113

Non-interest income vs. expense

$0.6M$5.4MINCOMEEXPENSE
Unfavorable gap of $4.9M · efficiency ratio beats 52% of banks under $1B in assets in MN
Bank 60.70%Peer median 61.5%Q3 2024Q2 2026Shaded: peer 25th to 75th percentile
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets1.34%0.87%1.20%1.41%Beats 64%41 / 113
Return on Equity16.54%8.92%11.27%13.99%Beats 86%16 / 113
Net Interest Margin4.14%3.42%3.88%4.31%Beats 66%38 / 113
Efficiency Ratio60.70%54.13%61.48%69.86%Beats 52%55 / 113
Asset Quality
Nonperforming Loans / Loans0.10%0.09%0.58%1.82%Beats 74%30 / 111
Net Charge-Offs / Loans0.01%n/a0.00%0.04%Beats 37%71 / 111
Capital
Tier 1 Capital Ratio13.41%11.53%13.31%18.13%Beats 50%56 / 113
Total Risk-Based Capital Ratio14.43%12.12%14.43%19.39%Beats 50%57 / 113
Equity / Assets8.08%8.52%10.10%11.94%Beats 16%95 / 113
Liquidity & Funding
Loans / Deposits69.12%62.08%77.32%88.06%33rd pctl74 / 111
Loans / Assets63.25%55.01%66.35%75.50%41st pctl67 / 113
Brokered Deposits / Depositsn/aNot reported for this institution