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Heritage Bank Minnesota

West Concord, MN · Cert 8865 · West Concord Bancshares Inc.

State charter, non-member · FDIC · 3 branches

Q2 2026

$120.9MAssets
$98.8MLoans
$109.8MDeposits
$7.8MEquity
Loan mix
82%RE $75.3M11%C&I $9.7M8%Consumer $7.1MQ2 2025Q2 2026
Deposit mix
80%Interest-bearing $88.1M20%Noninterest $21.6MQ2 2025Q2 2026

NIM

5.04%Q2 ’245.27%Q2 ’255.40%Q2 ’26+8%+4%

Non-interest income vs. expense

2.50%Q2 ’242.69%Q2 ’252.71%Q2 ’26+11%+3%

Market Position · Rochester, MN · 2026 SOD (annual) · 0.6% share · #24 of 34 inst. · $0.0B of $7.6B

13.5% Dodge
1.8% Rice
2.2% Goodhue

Executive Summary

  • Earnings: ROA of 0.67%, up 8 bps year over year; NIM at 3.43%.
  • Asset quality: problem loans at 0.64% of loans (-11 bps YoY), with net charge-offs at 0.01%.
  • Capital: tier 1 leverage ratio of 7.27%, down 53 bps from a year ago.
  • Funding: loans stand at 89.98% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

0.67%+8 bps YoY

Net Interest Margin (YTD, annualized)

3.43%+13 bps YoY

Efficiency Ratio (YTD, annualized)

74.43%-116 bps YoY

Tier 1 Leverage Ratio

7.27%-53 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.58%0.65%0.53%0.60%0.67%+8 bps
Return on Equity9.55%10.54%8.53%9.78%10.73%+118 bps
Net Interest Margin3.30%3.30%3.26%3.37%3.43%+13 bps
Efficiency Ratio75.59%74.23%78.57%75.62%74.43%-116 bps
Non-Interest Burden2.43%2.38%2.51%2.50%2.50%+7 bps
Growth
Asset Growth (YoY)10.32%10.35%14.53%17.43%7.82%-250 bps
Loan Growth (YoY)9.55%15.25%19.38%15.29%12.50%+294 bps
Deposit Growth (YoY)20.84%11.51%20.66%13.46%7.64%-1,320 bps
Asset Quality
Nonperforming Loans / Loans0.74%1.17%0.39%0.42%0.64%-11 bps
Net Charge-Offs / Loans-0.08%-0.03%-0.03%-0.01%0.01%+9 bps
Allowance / Loans0.96%0.93%0.94%0.99%0.99%+3 bps
Allowance Coverage of NPLs1.3x0.8x2.4x2.4x1.6x+0.3x
Capital
Tier 1 Leverage Ratio7.80%7.61%7.32%7.27%7.27%-53 bps
Total Risk-Based Capital11.14%10.97%10.82%11.41%11.04%-10 bps
Equity / Assets5.88%6.25%6.19%6.00%6.44%+56 bps
Liquidity & Funding
Loans / Deposits86.10%92.71%92.40%89.01%89.98%+388 bps
Liquid Assets / Assets4.32%0.93%0.64%7.06%3.33%-99 bps
CRE / Total Capitaln/a79.05%91.49%104.59%n/an/a