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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 ’245.60%Q2 ’255.59%Q2 ’26-1%+0%

Non-interest income vs. expense

2.59%Q2 ’242.39%Q2 ’252.55%Q2 ’26-9%+10%

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 1.79%, down 19 bps year over year; NIM at 4.54%.
  • Asset quality: problem loans at 0.37% of loans (-126 bps YoY), with net charge-offs at 0.00%.
  • 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 (quarter, annualized)

1.79%-19 bps YoY

Net Interest Margin (quarter, annualized)

4.54%0 bps YoY

Efficiency Ratio (quarter, annualized)

50.70%+341 bps YoY

Tier 1 Leverage Ratio

21.38%+105 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.98%1.64%1.59%3.53%1.79%-19 bps
Return on Equity10.53%8.53%8.10%17.78%8.81%-171 bps
Net Interest Margin4.53%4.96%4.75%6.27%4.54%0 bps
Efficiency Ratio47.29%62.31%61.33%39.07%50.70%+341 bps
Non-Interest Burden1.87%2.90%2.72%2.20%2.06%+19 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%-0.01%0.00%0.06%0.00%0 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