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Citizens State Bank of Waverly (Incorporated)

Waverly, MN · Cert 9337

FDIC · 2 branches

Q4 2025

$117.6MAssets
$60.1MLoans
$106.9MDeposits
$10.3MEquity
Loan mix
91%RE $48.5M6%C&I $3.4M3%Consumer $1.5MQ4 2024Q4 2025
Deposit mix
76%Interest-bearing $81.0M24%Noninterest $25.8MQ4 2024Q4 2025

NIM

3.90%Q4 ’234.22%Q4 ’244.20%Q4 ’25+15%+3%

Non-interest income vs. expense

2.15%Q4 ’232.17%Q4 ’242.24%Q4 ’25+2%+2%

Market Position · Minneapolis-St. Paul-Bloomington, MN-WI · 2025 SOD (annual) · 0.0% share · #94 of 127 inst. · $0.1B of $232.6B

Executive Summary

  • Earnings: ROA of 0.76%, down 1 bps year over year; NIM at 3.04%.
  • Asset quality: problem loans at 2.93% of loans (+293 bps YoY), with net charge-offs at 1.02%.
  • Capital: tier 1 leverage ratio of 9.49%, down 63 bps from a year ago.
  • Funding: loans stand at 56.24% of deposits as of Q4 2025.

Financial Results

Return on Assets (quarter, annualized)

0.76%-1 bps YoY

Net Interest Margin (quarter, annualized)

3.04%+10 bps YoY

Efficiency Ratio (quarter, annualized)

68.20%-44 bps YoY

Tier 1 Leverage Ratio

9.49%-63 bps YoY

Discrete quarter, annualized.

MetricQ4 2024Q1 2025Q2 2025Q3 2025Q4 2025YoY ΔTrend
Earnings
Return on Assets0.77%0.49%0.59%0.51%0.76%-1 bps
Return on Equity10.18%6.61%7.65%6.24%8.97%-122 bps
Net Interest Margin2.95%2.46%2.82%2.74%3.04%+10 bps
Efficiency Ratio68.64%70.60%74.06%73.20%68.20%-44 bps
Non-Interest Burden1.89%1.62%1.96%1.88%1.93%+4 bps
Growth
Asset Growth (YoY)-2.69%-1.09%0.03%3.45%4.15%+684 bps
Loan Growth (YoY)-1.97%-5.02%-5.23%1.41%7.25%+923 bps
Deposit Growth (YoY)-3.83%-1.97%-1.35%3.05%2.66%+649 bps
Asset Quality
Nonperforming Loans / Loans0.00%3.56%3.46%3.31%2.93%+293 bps
Net Charge-Offs / Loans0.00%0.11%0.00%0.00%1.02%+102 bps
Allowance / Loans1.46%1.47%1.47%1.45%1.17%-30 bps
Allowance Coverage of NPLsn/a0.4x0.4x0.4x0.4xn/a
Capital
Tier 1 Leverage Ratio10.12%9.59%9.85%9.69%9.49%-63 bps
Total Risk-Based Capital19.02%18.79%18.81%18.28%18.29%-73 bps
Equity / Assets7.44%7.31%8.02%8.23%8.75%+131 bps
Liquidity & Funding
Loans / Deposits53.83%52.10%53.77%53.76%56.24%+241 bps
Liquid Assets / Assets12.55%14.62%14.19%13.95%12.34%-21 bps
CRE / Total Capitaln/an/an/a117.11%115.53%n/a