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First State Bank Southwest

Pipestone, MN · Cert 9770 · First STB SW Ksop PLAN&TR

State charter, Fed member · FED · 6 branches

Q2 2026

$409.9MAssets
$224.2MLoans
$350.8MDeposits
$27.3MEquity
Loan mix
83%RE $139.2M12%C&I $19.2M5%Consumer $8.4MQ3 2024Q2 2026
Deposit mix
83%Interest-bearing $289.7M17%Noninterest $61.1MQ3 2024Q2 2026

Market Position · Sioux Falls, SD-MN · 2026 SOD (annual) · 0.0% share · #41 of 42 inst. · $0.0B of $1127.8B

28.9% Nobles
19.1% Pipestone
0.0% Minnehaha

Executive Summary

  • Earnings: ROA of 1.17%, up 41 bps year over year; NIM at 2.98%.
  • Asset quality: problem loans at 0.71% of loans (+21 bps YoY), with net charge-offs at 0.01%.
  • Capital: tier 1 leverage ratio of 9.69%, up 20 bps from a year ago.
  • Funding: loans stand at 63.90% of deposits as of Q2 2026.

Return on Assets (quarter, annualized)

1.17%+41 bps YoY

Net Interest Margin (quarter, annualized)

2.98%+38 bps YoY

Efficiency Ratio (quarter, annualized)

59.69%-926 bps YoY

Tier 1 Leverage Ratio

9.69%+20 bps YoY

NIM

3.96%Q2 ’244.26%Q2 ’254.36%Q2 ’26+19%+15%

Non-interest income vs. expense

2.10%Q2 ’242.34%Q2 ’252.29%Q2 ’26+12%-7%

Discrete quarter, annualized.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.46%0.51%0.59%0.76%0.74%1.12%0.80%1.17%+41 bps
Return on Equity9.26%10.10%12.49%14.21%12.08%16.47%12.02%17.98%+376 bps
Net Interest Margin2.17%2.39%2.55%2.60%2.71%2.85%2.87%2.98%+38 bps
Efficiency Ratio75.39%73.18%72.44%68.95%65.36%59.07%68.27%59.69%-926 bps
Non-Interest Burden1.44%1.54%1.66%1.54%1.49%1.38%1.74%1.43%-11 bps
Growth
Asset Growth (YoY)3.95%-2.41%1.76%-0.76%-1.56%-1.05%0.47%4.79%+555 bps
Loan Growth (YoY)10.33%8.27%10.01%5.38%3.01%3.94%0.29%2.95%-243 bps
Deposit Growth (YoY)3.38%1.38%3.93%1.68%-3.76%-5.50%-1.44%5.01%+333 bps
Asset Quality
Nonperforming Loans / Loans0.48%0.50%0.78%0.50%0.53%0.45%0.73%0.71%+21 bps
Net Charge-Offs / Loans0.00%1.12%-0.04%0.00%0.00%0.01%0.00%0.01%+1 bps
Allowance / Loans1.26%1.04%1.12%1.19%1.36%1.35%1.43%1.45%+26 bps
Allowance Coverage of NPLs2.6x2.1x1.4x2.4x2.6x3.0x2.0x2.0x-0.3x
Capital
Tier 1 Leverage Ratio9.26%9.26%9.32%9.49%9.87%9.95%9.78%9.69%+20 bps
Total Risk-Based Capital17.63%17.10%17.07%17.45%18.13%17.62%17.66%17.53%+8 bps
Equity / Assets5.70%4.46%5.04%5.66%6.65%6.98%6.40%6.65%+99 bps
Liquidity & Funding
Loans / Deposits60.77%60.20%63.85%65.18%65.05%66.22%64.97%63.90%-128 bps
Liquid Assets / Assets0.69%0.74%0.70%0.56%0.59%0.61%0.60%0.49%-7 bps
CRE / Total Capitaln/an/an/an/a126.99%126.94%129.01%n/an/a