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Western State Bank

Devils Lake, ND · Cert 9123 · Western St Agency Employee STK Ownership PLAN&TR

State charter, non-member · FDIC · 10 branches

Q2 2026

$2.5BAssets
$2.3BLoans
$2.1BDeposits
$332.1MEquity
Loan mix
43%RE $0.9B56%C&I $1.2B0%Consumer $0.0BQ2 2025Q2 2026
Deposit mix
80%Interest-bearing $1.7B20%Noninterest $0.4BQ2 2025Q2 2026

NIM

7.28%Q2 ’247.41%Q2 ’257.45%Q2 ’26+10%+4%

Non-interest income vs. expense

2.55%Q2 ’242.43%Q2 ’252.66%Q2 ’26-3%+7%

Market Position · Phoenix-Mesa-Chandler, AZ · 2026 SOD (annual) · 0.6% share · #14 of 55 inst. · $1.1B of $192.0B

0.5% Maricopa
55.5% Ramsey
4.0% Cass
3.4% Pinal

Executive Summary

  • Earnings: ROA of 2.02%, up 23 bps year over year; NIM at 5.28%.
  • Asset quality: problem loans at 0.90% of loans (-13 bps YoY), with net charge-offs at 0.30%.
  • Capital: tier 1 leverage ratio of 13.19%, up 129 bps from a year ago.
  • Funding: loans stand at 106.75% of deposits as of Q2 2026.

Financial Results

Return on Assets (quarter, annualized)

2.02%+23 bps YoY

Net Interest Margin (quarter, annualized)

5.28%+22 bps YoY

Efficiency Ratio (quarter, annualized)

46.70%+157 bps YoY

Tier 1 Leverage Ratio

13.19%+129 bps YoY

Discrete quarter, annualized.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.79%2.13%1.80%1.98%2.02%+23 bps
Return on Equity15.45%17.57%14.64%16.16%15.64%+19 bps
Net Interest Margin5.06%5.19%4.99%5.06%5.28%+22 bps
Efficiency Ratio45.13%44.12%50.26%47.38%46.70%+157 bps
Non-Interest Burden2.10%2.01%2.31%2.15%2.24%+14 bps
Growth
Asset Growth (YoY)8.22%4.33%9.13%5.86%3.02%-521 bps
Loan Growth (YoY)7.15%6.21%4.96%3.70%2.61%-454 bps
Deposit Growth (YoY)6.81%1.98%7.87%4.05%2.16%-465 bps
Asset Quality
Nonperforming Loans / Loans1.03%1.30%1.50%0.85%0.90%-13 bps
Net Charge-Offs / Loans0.27%0.34%0.39%0.25%0.30%+3 bps
Allowance / Loans1.76%1.77%1.80%1.81%1.80%+4 bps
Allowance Coverage of NPLs1.7x1.4x1.2x2.1x2.0x+0.3x
Capital
Tier 1 Leverage Ratio11.90%12.56%12.44%12.70%13.19%+129 bps
Total Risk-Based Capital14.02%14.53%14.95%15.54%13.19%-84 bps
Equity / Assets11.84%12.45%12.11%12.43%13.36%+152 bps
Liquidity & Funding
Loans / Deposits106.28%108.13%100.65%99.35%106.75%+47 bps
Liquid Assets / Assets4.65%4.16%9.16%10.26%4.90%+25 bps
CRE / Total Capitaln/a241%229%223%n/an/a