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Q2 2026 · read from the 30 June 2026 Call Report · United States · Mountain West · Montana, the state note

Farmers State Bank

Victor, Montana · $790M in assets · beside the 5 other Montana banks between $300M and $1B

The filing

6.8%
Equity / assets
6th of 6
72.9%
Efficiency
6th of 6
79.1%
Loans / deposits
5th of 6

Farmers State Bank is the second largest of the 6 Montana banks between $300M and $1B, with $790M in assets at 30 June 2026. Loans are 79.1% of deposits, 5th of 6 against a median of 71.9%, and equity is 6.8% of assets, the lowest in the cohort. Loans grew +10.9% in the year, 2nd of 6, and deposits grew 4.8%; the cohort's median loan growth is +0.9%.

Noncurrent loans are 0.68% of the book, 5th of 6 against a median of 0.30%; 0.69% is 30 to 89 days past due, and the allowance covers them 1.9 times. Commercial real estate is 32.7% of loans, 3rd of 6 against a median of 32.9%, and 218% of capital, below the 300% screen, with construction at 83% against the 100% screen.

Return on assets is 0.95%, 5th of 6 against a median of 1.19%, on an efficiency ratio of 72.9%, the highest in the cohort. Five years ago it was 1.74%. The question is which of these lines moves first over the next four quarters, and against which peer.

The efficiency ratioMT banks $300M to $1B · 30 June 2026 · lower is stronger, listed first
median 64.1% Bo Bank of Montana 26.3% LH Little Horn State Bank 44.0% Bo Bank of Bridger N.A. 62.2% AB American Bank 66.1% FM First Montana Bank Inc 66.3% FS Farmers State Bank 72.9%
Loans, year over yearMT banks $300M to $1B · 30 June 2026 · no better direction, largest first
median +0.9% LH Little Horn State Bank +15.9% FS Farmers State Bank +10.9% Bo Bank of Bridger N.A. +5.0% FM First Montana Bank Inc -3.1% AB American Bank -3.4% Bo Bank of Montana -4.4%

SBA 7(a), FY2008 to FY2026

Farmers State Bank is the 14th largest 7(a) lender into Montana of 172, with $21M across 91 loans, 1.3% of everything approved in the state (Glacier Bank leads with $190M). 9 of its 12 markets have had no approvals since before FY2023: an absence in the record, not a stated withdrawal.

Where it lends in Montana, 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
Ravalli, MT$10M1st of 3417.2%quiet FY2021
Missoula, MT$8M5th of 555.3%+1.9 pts
Fergus, MT$770K3rd of 116.9%quiet FY2009
Spokane, WA$747K78th of 1050.1%quiet FY2016
Lewis And Clark, MT$744K22nd of 330.6%thin
Snohomish, WA$596K98th of 1270.0%quiet FY2013
Lake, MT$520K12th of 191.4%quiet FY2013
Mineral, MT$486K2nd of 821.9%quiet FY2008
Silver Bow, MT$192K15th of 220.5%thin
Beaverhead, MT$153K11th of 161.2%quiet FY2010
Flathead, MT$50K51st of 520.0%quiet FY2008
Cascade, MT$50K26th of 270.1%quiet FY2009
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
Accommodation & food services10$5M22.8%0.01%809th of 2,596
Retail trade14$4M17.1%0.01%839th of 2,589
Other services11$3M14.7%0.01%697th of 2,248
Wholesale trade8$2M8.9%0.01%698th of 1,651
Manufacturing12$2M6.9%0.00%1224th of 2,246
7(a) lenders into Montana, share of approvals since FY2008172 lenders on record; the ten largest and Farmers State Bank
GB Glacier Bank 11.4% $190M · 1,055 loans TY The Yellowstone Bank 8.3% $138M · 434 loans FI First Interstate Bank 8.2% $136M · 514 loans LO Live Oak Banking Company 6.4% $106M · 82 loans WF Wells Fargo Bank National Associa… 6.1% $101M · 426 loans SB Stockman Bank of Montana 3.9% $64M · 336 loans TR Three Rivers Bank of Montana 3.5% $58M · 162 loans Bo Bank of Bridger National Associat… 2.6% $43M · 215 loans OB Opportunity Bank of Montana 2.3% $38M · 101 loans AG Alaska Growth Capital Bidco, Inc. 2.3% $38M · 18 loans FS Farmers State Bank 1.2% $21M · 91 loans

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; owner-occupied excluded; bold marks a screen met
Farmers State BankRankCohort median
Total CRE against capital, the 300% screen218%5th of 6189%
Construction against capital, the 100% screen83%5th of 655%
Construction and land development, share of loans12.4%5th of 69.3%
Non-owner-occupied nonfarm nonresidential, share of loans16.0%4th of 615.5%
Total CRE, the guidance definition, share of loans32.7%3rd of 632.9%
CRE growth over 36 months, the third prong+8.7%5th of 6-6.9%

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
Bank of Bridger N.A.$803M0.9%62.2%0.47%0.00%1.5%53.3%8.5%
Farmers State Bank$790M0.9%72.9%0.68%0.04%1.3%79.1%6.8%
American Bank$630M1.4%66.1%0.00%0.00%1.7%70.3%9.4%
First Montana Bank Inc$530M1.1%66.3%0.13%0.07%1.0%73.5%9.9%
Little Horn State Bank$413M1.3%44.0%1.15%0.51%1.4%102.2%10.2%
Bank of Montana$309M3.1%26.3%0.00%0.00%0.5%27.4%9.6%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
Farmers State BankCohort median
20212026Change20212026Change
Loans$348M$526M+51%$300M$372M+24%
Deposits$548M$664M+21%$477M$501M+5%
NPA / loans0.37%0.68%+0.31 pts0.49%0.30%-0.19 pts
Efficiency64.5%72.9%+8.5 pts61.2%64.1%+2.9 pts
ROA1.74%0.95%-0.79 pts1.51%1.19%-0.32 pts

This read was prepared for Farmers State 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 State 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 MT banks $300M to $1B
Institution www.farmersebank.com

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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