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Security State Bank

Iron River, WI · Cert 9036 · Security Bank Shares Inc.

State charter, non-member · FDIC · 1 affiliate bank · 3 branches (7 in holding)

Q2 2026

$136.2MAssets
$91.7MLoans
$105.2MDeposits
$28.4MEquity
Loan mix
74%RE $56.7M22%C&I $17.1M3%Consumer $2.4MQ2 2025Q2 2026
Deposit mix
78%Interest-bearing $82.5M22%Noninterest $22.6MQ2 2025Q2 2026

NIM

5.69%Q2 ’245.57%Q2 ’256.64%Q2 ’26-3%+26%

Non-interest income vs. expense

2.66%Q2 ’242.47%Q2 ’252.66%Q2 ’26-8%+13%

Market Position · Duluth, MN-WI · 2026 SOD (annual) · 0.2% share · #26 of 26 inst. · $0.0B of $6.6B

24.9% Bayfield
1.0% Douglas

Executive Summary

  • Earnings: ROA of 2.67%, up 59 bps year over year; NIM at 5.60%.
  • Asset quality: problem loans at 0.37% of loans (-126 bps YoY), with net charge-offs at 0.02%.
  • Capital: tier 1 leverage ratio of 21.38%, up 105 bps from a year ago.
  • Funding: loans stand at 87.14% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

2.67%+59 bps YoY

Net Interest Margin (YTD, annualized)

5.60%+114 bps YoY

Efficiency Ratio (YTD, annualized)

43.89%-554 bps YoY

Tier 1 Leverage Ratio

21.38%+105 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets2.08%1.93%1.85%3.53%2.67%+59 bps
Return on Equity10.78%10.01%9.51%17.78%13.24%+246 bps
Net Interest Margin4.46%4.53%4.52%6.27%5.60%+114 bps
Efficiency Ratio49.43%54.08%55.97%39.07%43.89%-554 bps
Non-Interest Burden1.94%2.22%2.31%2.20%2.19%+26 bps
Growth
Asset Growth (YoY)12.97%11.15%10.55%1.23%-0.44%-1,341 bps
Loan Growth (YoY)18.57%13.78%13.91%4.59%8.79%-977 bps
Deposit Growth (YoY)14.70%13.00%11.38%-0.61%-2.77%-1,747 bps
Asset Quality
Nonperforming Loans / Loans1.62%0.53%0.57%0.41%0.37%-126 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.06%0.02%+2 bps
Allowance / Loans1.78%1.86%1.83%1.99%1.76%-2 bps
Allowance Coverage of NPLs1.1x3.5x3.2x4.8x4.8x+3.7x
Capital
Tier 1 Leverage Ratio20.33%20.08%20.06%19.69%21.38%+105 bps
Total Risk-Based Capital29.96%31.79%31.32%33.13%30.41%+45 bps
Equity / Assets19.21%19.33%19.96%19.73%20.89%+168 bps
Liquidity & Funding
Loans / Deposits77.88%74.47%78.16%72.06%87.14%+926 bps
Liquid Assets / Assets12.33%14.67%10.23%16.14%3.38%-896 bps
CRE / Total Capitaln/a79.16%80.14%66.44%n/an/a