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Q2 2026 · read from the 30 June 2026 Call Report · United States · Great Lakes · Wisconsin, the state note

Farmers & Merchants Union Bank

Columbus, Wisconsin · $872M in assets · beside the 11 other Wisconsin banks between $300M and $1B

The filing

+23.8%
Loans, year over year
1st of 12, largest first
1.62%
ROA
2nd of 12
46.5%
Efficiency
2nd of 12

Farmers & Merchants Union Bank is the third largest of the 12 Wisconsin banks nearest its size between $300M and $1B, with $872M in assets at 30 June 2026. Loans are 86.2% of deposits, 6th of 12 against a median of 89.0%, and equity is 11.7% of assets, 3rd of 12. Loans grew +23.8% in the year, the fastest in the cohort, and deposits grew 33.1%; the cohort's median loan growth is +5.6%.

Noncurrent loans are 0.15% of the book, 6th of 12 against a median of 0.18%; 0.24% is 30 to 89 days past due, and the allowance covers them 13.0 times. Commercial real estate is 49.0% of loans, 10th of 12 against a median of 37.8%, and 366% of capital, above the 300% screen, with construction at 82% against the 100% screen. CRE has grown +132.3% over 36 months, past the guidance's 50% prong.

Return on assets is 1.62%, 2nd of 12 against a median of 1.41%, on an efficiency ratio of 46.5%, 2nd of 12. Five years ago it was 1.81%. The question is what the concentration does under a commercial real estate stress, and how much of it is owner-occupied (owner-occupied nonresidential is 9.4% of loans).

Return on assetsWI banks $300M to $1B · 30 June 2026 · higher is stronger, listed first
median 1.41% CV Chippewa Valley Bank 2.03% FM Farmers & Merchants Union Bank 1.62% Bo Bank of New Glarus 1.61% Bo Bank of Prairie Du Sac 1.53% RB Royal Bank 1.49% PS Peoples State Bank 1.43% FB Fortifi Bank 1.39% FM Farmers & Merchants Bank 1.21% HN Hiawatha National Bank 0.88% WB Westbury Bank 0.80% Bo Bank of Sun Prairie 0.63% DC DMB Community Bank 0.56%
Loans, year over yearWI banks $300M to $1B · 30 June 2026 · no better direction, largest first
median +5.6% FM Farmers & Merchants Union Bank +23.8% PS Peoples State Bank +13.1% RB Royal Bank +7.5% Bo Bank of New Glarus +6.3% CV Chippewa Valley Bank +6.2% Bo Bank of Prairie Du Sac +6.0% DC DMB Community Bank +5.1% FB Fortifi Bank +5.0% HN Hiawatha National Bank +2.5% FM Farmers & Merchants Bank +0.1% Bo Bank of Sun Prairie -1.2% WB Westbury Bank -5.5%

SBA 7(a), FY2008 to FY2026

Farmers & Merchants Union Bank is the 149th largest 7(a) lender into Wisconsin of 426, with $6M across 42 loans, 0.1% of everything approved in the state (Byline Bank leads with $864M). 7 of its 7 markets have had no approvals since before FY2023: an absence in the record, not a stated withdrawal.

Where it lends in Wisconsin, and where it has gone quietshare movement, FY2023 to FY2025 against FY2020 to FY2022; outlined counties are on the book
Gaining shareLosing shareFlatGone quiet: nothing since FY2023Too thin to read a directionNo record
Every market on the book, largest firstrank and share among every lender in the county, FY2008 to FY2026
CountyApprovedRankShareTrend
Sauk, WI$2M11th of 314.3%quiet FY2016
Dane, WI$1M70th of 1410.1%quiet FY2017
Dodge, WI$959K17th of 390.9%quiet FY2017
Jefferson, WI$556K30th of 490.5%quiet FY2019
Columbia, WI$508K34th of 540.5%quiet FY2017
Rock, WI$392K50th of 640.3%quiet FY2017
Walworth, WI$354K52nd of 690.2%quiet FY2020
What it lends to: the five largest industries on the bookshare of book is concentration; share of sector and rank are position, among every 7(a) lender nationally
IndustryLoansApprovedShare of bookShare of sectorRank
Construction5$1M16.4%0.00%1186th of 2,063
Other services6$981K15.6%0.00%1179th of 2,248
Accommodation & food services10$913K14.5%0.00%1639th of 2,596
Manufacturing5$815K13.0%0.00%1473rd of 2,246
Administrative & waste services3$650K10.3%0.00%957th of 1,763
7(a) lenders into Wisconsin, share of approvals since FY2008426 lenders on record; the ten largest and Farmers &
BB Byline Bank 9.3% $864M · 860 loans BF Bank Five Nine 7.9% $733M · 1,782 loans BF Bank First, N.A. 4.7% $437M · 963 loans UB UMB Bank, National Association 3.8% $355M · 672 loans UB U.S. Bank, National Association 3.5% $324M · 1,831 loans NN Nicolet National Bank 3.2% $296M · 741 loans ON Old National Bank 3.0% $279M · 390 loans AB Associated Bank National Associat… 3.0% $278M · 2,089 loans LO Live Oak Banking Company 2.6% $246M · 206 loans SC Summit CU 2.6% $244M · 1,034 loans Fa Farmers and Merchants Union Bank 0.1% $6M · 42 loans

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; Tier 1 stands in for the 1 CBLR filer, Farmers & among them; owner-occupied excluded; bold marks a screen met
Farmers &RankCohort median
Total CRE against capital, the 300% screen366%11th of 12199%
Construction against capital, the 100% screen82%12th of 1236%
Construction and land development, share of loans11.0%9th of 126.9%
Non-owner-occupied nonfarm nonresidential, share of loans28.1%12th of 1215.5%
Total CRE, the guidance definition, share of loans49.0%10th of 1237.8%
CRE growth over 36 months, the third prong+132.3%12th of 12+16.0%

Among its peers

Where it sits among its peersnavy: the stronger half of each column; amber: the weaker; darker at the ends
InstitutionAssetsROAEfficiencyNPA / loansNet charge-offsAllowance / loansLoans / depositsEquity / assets
Peoples State Bank$993M1.4%59.2%0.21%-0.04%1.5%79.7%10.2%
Farmers & Merchants Bank$949M1.2%50.7%1.96%0.29%1.4%94.4%9.2%
Farmers & Merchants Union Bank$872M1.6%46.5%0.15%-0.05%2.0%86.2%11.7%
Bank of Sun Prairie$841M0.6%78.9%0.07%0.00%1.3%83.6%10.0%
DMB Community Bank$835M0.6%67.7%0.00%0.00%1.2%113.8%10.6%
Bank of New Glarus$823M1.6%58.2%1.99%0.01%1.3%96.7%10.1%
Royal Bank$816M1.5%59.1%0.06%0.01%1.5%78.0%10.6%
Hiawatha National Bank$781M0.9%60.8%5.32%0.02%1.1%95.2%11.1%
Westbury Bank$772M0.8%78.6%0.00%0.03%1.1%78.7%8.4%
Fortifi Bank$750M1.4%55.4%2.40%0.04%1.5%91.8%12.0%
Bank of Prairie Du Sac$745M1.5%40.6%0.00%0.00%1.4%61.1%13.0%
Chippewa Valley Bank$736M2.0%48.6%0.22%0.00%0.8%95.5%8.8%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
Farmers &Cohort median
20212026Change20212026Change
Loans$305M$648M+112%$398M$588M+47%
Deposits$366M$752M+105%$496M$673M+36%
NPA / loans0.00%0.15%+0.15 pts0.87%0.18%-0.69 pts
Efficiency39.1%46.5%+7.4 pts55.9%58.7%+2.7 pts
ROA1.81%1.62%-0.19 pts1.32%1.41%+0.09 pts

This read was prepared for Farmers & Merchants Union Bank's board and management from the public record, and is one slice of what Lynx builds for any bank from its own filing: the peer cohort, the capital, liquidity and rate models with the assumptions the institution sets, and a summary report of twenty sections for the board.

The full pack on Farmers & Merchants Union Bank is prepared on request, and thirty days on the institution's own numbers are open to anyone at the bank.

Ask for the pack

Prepared 7 September 2026
Filing 30 June 2026
Cohort WI banks $300M to $1B
Institution WWW.FMUB.BANK

Public record only: FFIEC Call Report, 30 June 2026; FDIC data; cohort by state and asset band; SBA 7(a) FOIA release as of the 2026 file, loans credited to the institution holding them today. Computed from the institution's own Call Report and its peers' as published; no estimate, no adjustment; not a rating, not an audited statement and not a supervisory judgement.
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