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Farmers and Merchants State Bank of Appleton

Appleton, MN · Cert 8845 · MPS Investment Co.

State charter, non-member · FDIC · 1 branch

Q2 2026

$62.0MAssets
$51.2MLoans
$53.8MDeposits
$8.0MEquity
Loan mix
82%RE $27.0M13%C&I $4.4M4%Consumer $1.4MQ3 2024Q2 2026
Deposit mix
64%Interest-bearing $34.7M36%Noninterest $19.1MQ3 2024Q2 2026

Executive Summary

  • Earnings: ROA of 2.59%, up 46 bps year over year; NIM at 4.65%.
  • Asset quality: problem loans at 1.89% of loans (+32 bps YoY), with net recoveries of 0.04%.
  • Capital: tier 1 leverage ratio of 12.99%, up 26 bps from a year ago.
  • Funding: loans stand at 95.07% of deposits as of Q2 2026.

Return on Assets (quarter, annualized)

2.59%+46 bps YoY

Net Interest Margin (quarter, annualized)

4.65%-13 bps YoY

Efficiency Ratio (quarter, annualized)

32.72%-893 bps YoY

Tier 1 Leverage Ratio

12.99%+26 bps YoY

NIM

5.67%Q2 ’246.10%Q2 ’255.82%Q2 ’26+19%-3%

Non-interest income vs. expense

1.64%Q2 ’242.09%Q2 ’251.60%Q2 ’26+24%-26%

Discrete quarter, annualized.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets2.00%1.73%2.22%2.14%2.29%3.15%2.54%2.59%+46 bps
Return on Equity17.31%14.11%18.42%17.55%17.87%23.61%19.45%20.28%+273 bps
Net Interest Margin4.03%4.42%4.62%4.78%4.77%4.75%4.68%4.65%-13 bps
Efficiency Ratio36.99%49.43%38.73%41.64%37.94%37.20%34.14%32.72%-893 bps
Non-Interest Burden1.36%2.09%1.67%1.85%1.68%0.62%1.46%1.37%-48 bps
Growth
Asset Growth (YoY)-2.48%-7.05%-5.87%-7.71%-0.98%-1.04%0.60%4.36%+1,207 bps
Loan Growth (YoY)7.20%3.67%4.02%6.38%6.18%2.77%-0.38%-0.94%-732 bps
Deposit Growth (YoY)-3.58%3.22%3.59%0.55%1.03%-4.36%-0.30%4.72%+417 bps
Asset Quality
Nonperforming Loans / Loans1.80%1.67%1.69%1.57%1.54%1.90%1.83%1.89%+32 bps
Net Charge-Offs / Loans0.00%-0.02%0.00%-0.06%0.12%-0.02%0.11%-0.04%+2 bps
Allowance / Loans2.21%2.19%2.27%2.25%2.26%2.31%2.40%2.32%+8 bps
Allowance Coverage of NPLs1.2x1.3x1.3x1.4x1.5x1.2x1.3x1.2x-0.2x
Capital
Tier 1 Leverage Ratio11.82%12.46%11.86%12.73%13.15%13.60%12.66%12.99%+26 bps
Total Risk-Based Capital11.82%12.46%11.86%12.73%13.15%13.60%12.66%12.99%+26 bps
Equity / Assets12.28%12.29%11.79%12.56%13.09%13.58%12.58%12.96%+40 bps
Liquidity & Funding
Loans / Deposits98.51%94.39%92.71%100.50%103.54%101.43%92.64%95.07%-543 bps
Liquid Assets / Assets0.83%4.26%5.92%0.00%0.00%0.00%8.67%6.62%+662 bps
CRE / Total Capitaln/an/an/an/a43.93%47.28%51.12%n/an/a