Farmers and Merchants State Bank
Plankinton, SD FDIC 501 $100M-$500M
Quarter Ended
Q1'26
Data as of March 31, 2026
Quarterly Snapshot
Metric Q1'26 YoY Δ Q1'25
Profitability
Return on Assets (%) 2.60% -0.09 2.69%
Return on Equity (%) 26.07% -1.64 27.71%
Net Interest Margin (%) 4.88% +0.12 4.76%
Efficiency Ratio (%) 40.10% -1.40 41.50%
Pre-Provision Profit ($M) $1 +0.16 $1
Cost of Funds (%) 2.23% +0.16 2.07%
Balance Sheet
Total Assets ($M) $173 +6.02 $167
Gross Loans ($M) $139 +13.74 $125
Loan Growth YoY (%) 97.39% +2.13 95.27%
Total Deposits ($M) $141 +11.20 $130
Shareholders Equity ($M) $18 +1.70 $16
Tang. Book Value ($M) $18 +1.70 $16
TBV excl. AOCI ($M)** $19 +1.59 $17
Loan / Deposit Ratio (%) 97.39% +2.13 95.27%
Credit Quality
NPA / Total Assets (%) 0.90% +0.25 0.65%
Allowance / Loans (%) 1.31% -0.09% 1.40%
Net Charge-Off Ratio (%) 1.13% +0.26 0.87%
Capital
Tier 1 Capital Ratio (%) 12.00% -0.83 12.83%
** TBV excl. AOCI adds back unrealised losses on AFS securities to show capital excluding mark-to-market interest rate impact.
8-Quarter Trend
Metric Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26
▁▂▄▅███▇ Net Interest Margin (%) 4.49% 4.58% 4.72% 4.76% 4.94% 4.99% 4.95% 4.88%
▁▃▅▇██▆▆ Return on Assets (%) 2.11% 2.33% 2.51% 2.69% 2.77% 2.85% 2.66% 2.60%
█▇▃▆▂▁▁▂ Efficiency Ratio (%) 42.8% 42.2% 40.5% 41.5% 39.8% 39.3% 39.6% 40.1%
▅█▁▃▁▄▁▇ Cost of Funds (%) 2.15% 2.27% 1.97% 2.07% 1.97% 2.09% 1.97% 2.23%
▂▁▃▄▄▃▁█ NPA / Assets (%) 0.56% 0.49% 0.58% 0.65% 0.66% 0.58% 0.45% 0.90%
▃▂▃▅▄▃▁█ Net Charge-Off Ratio (%) 0.74% 0.66% 0.76% 0.87% 0.83% 0.75% 0.57% 1.13%
▁▄▃▅▆█▇█ Tang. Book Value ($M) $15 $16 $15 $16 $17 $18 $17 $18
▁▁▃▃▃▄█▇ Gross Loans ($M) $115 $117 $123 $125 $126 $127 $144 $139
▁▃▅▂▁▁█▅ Total Deposits ($M) $122 $130 $139 $130 $125 $124 $153 $141
Portfolio Composition — Q1'26
Loan Mix%
Real Estate23%
C&I / Commercial11%
Agricultural61%
Consumer4%
Deposit Mix%
Nonint.-Bearing Demand23%
Interest-Bearing (core)57%
Brokered / Other20%
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