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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

4.26%Q2 ’244.84%Q2 ’255.34%Q2 ’26+19%+22%

Non-interest income vs. expense

2.15%Q2 ’242.10%Q2 ’252.47%Q2 ’26-4%+20%

Executive Summary

  • Earnings: ROA of 1.55%, up 39 bps year over year; NIM at 4.17%.
  • Asset quality: problem loans at 0.10% of loans (+10 bps YoY), with net charge-offs at 0.05%.
  • 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 (quarter, annualized)

1.55%+39 bps YoY

Net Interest Margin (quarter, annualized)

4.17%+76 bps YoY

Efficiency Ratio (quarter, annualized)

55.55%-152 bps YoY

Tier 1 Leverage Ratio

8.40%+21 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.16%1.35%0.83%1.46%1.55%+39 bps
Return on Equity15.02%17.28%10.63%18.16%19.09%+407 bps
Net Interest Margin3.41%3.69%4.03%4.06%4.17%+76 bps
Efficiency Ratio57.07%54.43%75.27%65.94%55.55%-152 bps
Non-Interest Burden1.83%1.90%2.97%2.58%2.19%+36 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 / Loans0.00%0.05%0.00%0.00%0.05%+5 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