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

Nelnet Bank

Draper, Utah · $3.00B in assets · beside the 10 other Utah banks between $1B and $3B

The filing

0.8x
Coverage of noncurrent
10th of 10
1.08%
ROA
10th of 11
65.7%
Loans / deposits
2nd of 10

Nelnet Bank is the largest of the 11 Utah banks between $1B and $3B, with $3.00B in assets at 30 June 2026. Loans are 65.7% of deposits, 2nd of 10 against a median of 91.2%, and equity is 15.5% of assets, 5th of 11. Loans grew +99.9% in the year, 2nd of 10, and deposits grew 63.5%; the cohort's median loan growth is +22.1%.

Noncurrent loans are 2.17% of the book, 9th of 10 against a median of 0.59%; 2.46% is 30 to 89 days past due, and the allowance covers them 0.8 times. Net charge-offs are 0.59% of loans, 5th of 10. Commercial real estate is 2.3% of loans, 4th of 10 against a median of 13.0%, and 8% of capital, below the 300% screen, with construction at 8% against the 100% screen. CRE has grown +6555.4% over 36 months, past the guidance's 50% prong.

Return on assets is 1.08%, 10th of 11 against a median of 2.16%, on an efficiency ratio of 37.6%, 6th of 11. Five years ago it was -0.61%. The question this shape raises is what the liquidity earns, and what a rate path does to the securities book and the deposit base.

Return on assetsUT banks $1B to $3B · 30 June 2026 · higher is stronger, listed first
median 2.16% SF Square Finl Services Inc 33.75% QB Quill Bank 5.20% CN Column National Association 4.99% W Webbank 4.80% PA Prime Alliance Bank 3.41% MB Medallion Bank 2.16% CB Central Bank 2.03% WF Wells Fargo Trust Co. N.A. 2.02% SB State Bank of Southern Utah 1.73% NB Nelnet Bank 1.08% TA Transportation Alliance Bank D 1.05%
Loans, year over yearUT banks $1B to $3B · 30 June 2026 · no better direction, largest first
median +22.1% SF Square Finl Services Inc +124.1% NB Nelnet Bank +99.9% CN Column National Association +70.4% W Webbank +34.6% QB Quill Bank +31.3% MB Medallion Bank +12.9% PA Prime Alliance Bank +10.8% SB State Bank of Southern Utah +4.6% CB Central Bank +0.7% TA Transportation Alliance Bank D -4.4%

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; Tier 1 stands in for the 4 CBLR filers, Nelnet Bank among them; owner-occupied excluded; bold marks a screen met
Nelnet BankRankCohort median
Total CRE against capital, the 300% screen8%5th of 1124%
Construction against capital, the 100% screen8%7th of 110%
Construction and land development, share of loans2.2%6th of 101.1%
Non-owner-occupied nonfarm nonresidential, share of loans0.0%1st of 105.1%
Total CRE, the guidance definition, share of loans2.3%4th of 1013.0%
CRE growth over 36 months, the third prong+6555.4%9th of 9+36.5%
Commercial real estate against capital, the 300% screenUT banks $1B to $3B · 30 June 2026 · lower is stronger, listed first
median 24% MB Medallion Bank 0% SF Square Finl Services Inc 0% WF Wells Fargo Trust Co. N.A. 0% W Webbank 1% NB Nelnet Bank 8% PA Prime Alliance Bank 24% CN Column National Association 43% QB Quill Bank 136% TA Transportation Alliance Bank D 161% CB Central Bank 185% SB State Bank of Southern Utah 306%
CRE growth over 36 months, the guidance's third prongUT banks $1B to $3B · 30 June 2026 · lower is stronger, listed first
median +36.5% MB Medallion Bank -100.0% PA Prime Alliance Bank -27.9% CN Column National Association -18.0% CB Central Bank +16.7% QB Quill Bank +36.5% SB State Bank of Southern Utah +55.8% TA Transportation Alliance Bank D +74.5% W Webbank +288.3% NB Nelnet Bank +6555.4%

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
Nelnet Bank$3.00B1.1%37.6%2.17%0.59%1.7%65.7%15.5%
Webbank$2.86B4.8%63.3%0.51%0.40%1.0%107.5%16.7%
Medallion Bank$2.83B2.2%27.7%0.45%2.76%4.2%116.0%15.9%
State Bank of Southern Utah$2.74B1.7%46.1%0.47%0.26%1.2%80.3%11.4%
Central Bank$2.16B2.0%49.1%0.47%0.14%3.2%76.8%14.8%
Square Finl Services Inc$2.06B33.7%15.4%0.67%12.31%7.6%249.0%65.8%
Column National Association$1.77B5.0%38.9%0.06%-0.24%0.6%23.4%9.9%
Transportation Alliance Bank D$1.59B1.1%61.1%1.79%2.23%1.5%90.9%11.3%
Quill Bank$1.56B5.2%32.4%2.54%5.93%3.9%96.7%14.1%
Wells Fargo Trust Co. N.A.$1.33B2.0%3.9%no recordno recordno recordno record95.6%
Prime Alliance Bank$1.09B3.4%20.6%1.60%1.33%2.9%91.5%10.7%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
Nelnet BankCohort median
20212026Change20212026Change
Loans$192M$1.64B+757%$432M$1.36B+216%
Deposits$299M$2.51B+737%$411M$1.53B+272%
NPA / loans0.00%2.17%+2.17 pts0.33%0.59%+0.26 pts
Efficiency137.0%37.6%-99.4 pts51.9%37.6%-14.3 pts
ROA-0.61%1.08%+1.68 pts1.89%2.16%+0.27 pts

This read was prepared for Nelnet 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 Nelnet 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 UT banks $1B to $3B
Institution www.nelnetbank.com

Public record only: FFIEC Call Report, 30 June 2026; FDIC data; cohort by state and asset band. 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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