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Q2 2026 · read from the 30 June 2026 Call Report · United States · Plains · Minnesota, the state note

Vermillion State Bank

Vermillion, Minnesota · $931M in assets · beside the 11 other Minnesota banks between $300M and $1B

The filing

52.5%
Loans / deposits
1st of 12
2.57%
ROA
1st of 12
23.2%
Efficiency
1st of 12

Vermillion State Bank is the third largest of the 12 Minnesota banks nearest its size between $300M and $1B, with $931M in assets at 30 June 2026. Loans are 52.5% of deposits, the lowest in the cohort against a median of 89.5%, and equity is 13.1% of assets, 2nd of 12. Loans grew +3.6% in the year, 8th of 12, and deposits grew 4.8%; the cohort's median loan growth is +4.9%.

Noncurrent loans are 0.24% of the book, 7th of 12 against a median of 0.24%; 0.75% is 30 to 89 days past due, and the allowance covers them 6.5 times. Commercial real estate is 5.6% of loans, 2nd of 12 against a median of 28.7%, and 19% of capital, below the 300% screen, with construction at 3% against the 100% screen.

Return on assets is 2.57%, the highest in the cohort against a median of 1.47%, on an efficiency ratio of 23.2%, the lowest in the cohort. Five years ago it was 1.82%. The question this shape raises is what the liquidity earns, and what a rate path does to the securities book and the deposit base.

Loans as a share of depositsMN banks $300M to $1B · 30 June 2026 · lower is stronger, listed first
median 89.5% VS Vermillion State Bank 52.5% NB Northeast Bank 78.4% HB Highland Bank 82.3% PB Pioneer Bank 85.1% FN First National Bank North 85.4% VU Versabank USA National Association 85.4% AB Alliance Bank 93.6% FN Falcon National Bank 97.0% UP United Prairie Bank 100.7% sC 21st Century Bank 102.1% PB Platinum Bank 108.5% MB Midwest Bank 112.9%
Loans, year over yearMN banks $300M to $1B · 30 June 2026 · no better direction, largest first
median +4.9% VU Versabank USA National Association +387.3% MB Midwest Bank +19.7% FN First National Bank North +10.4% sC 21st Century Bank +9.5% PB Platinum Bank +6.5% AB Alliance Bank +6.1% PB Pioneer Bank +3.7% VS Vermillion State Bank +3.6% UP United Prairie Bank +2.3% HB Highland Bank +0.8% NB Northeast Bank +0.4% FN Falcon National Bank -2.9%

SBA 7(a), FY2008 to FY2026

Vermillion State Bank is the 177th largest 7(a) lender into Minnesota of 444, with $5M across 10 loans, 0.1% of everything approved in the state (Old National Bank leads with $1.05B). 2 of its 2 markets have had no approvals since before FY2023: an absence in the record, not a stated withdrawal.

Where it lends in Minnesota, 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
Dakota, MN$4M42nd of 1600.4%quiet FY2016
Hennepin, MN$2M121st of 2280.1%quiet FY2014
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
Health care & social assistance2$2M32.6%0.00%940th of 2,172
Accommodation & food services3$1M26.0%0.00%1455th of 2,596
Manufacturing1$1M23.4%0.00%1308th of 2,246
Construction1$265K5.2%0.00%1690th of 2,063
Retail trade1$240K4.7%0.00%2207th of 2,589
7(a) lenders into Minnesota, share of approvals since FY2008444 lenders on record; the ten largest and Vermillion State Bank
ON Old National Bank 10.7% $1.05B · 2,156 loans WF Wells Fargo Bank National Associa… 6.7% $663M · 2,451 loans UB U.S. Bank, National Association 5.7% $556M · 3,508 loans B Bankvista 4.5% $438M · 1,010 loans CF Choice Financial Group 3.6% $349M · 744 loans PB Platinum Bank 3.2% $318M · 420 loans LO Live Oak Banking Company 2.5% $247M · 190 loans sC 21st Century Bank 2.4% $238M · 699 loans FN Falcon National Bank 2.1% $211M · 546 loans SB Sunrise Banks National Association 2.1% $204M · 726 loans VS Vermillion State Bank 0.1% $5M · 10 loans

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, Vermillion State Bank among them; owner-occupied excluded; bold marks a screen met
Vermillion State BankRankCohort median
Total CRE against capital, the 300% screen19%2nd of 12235%
Construction against capital, the 100% screen3%2nd of 1239%
Construction and land development, share of loans0.7%2nd of 124.4%
Non-owner-occupied nonfarm nonresidential, share of loans4.8%3rd of 1211.2%
Total CRE, the guidance definition, share of loans5.6%2nd of 1228.7%
CRE growth over 36 months, the third prong+22.2%6th of 12+22.5%

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
Midwest Bank$985M2.5%40.1%0.05%0.00%0.9%112.9%9.5%
United Prairie Bank$939M1.4%58.2%0.66%0.09%0.9%100.7%10.2%
Vermillion State Bank$931M2.6%23.2%0.24%-0.12%1.6%52.5%13.1%
Versabank USA National Association$912M1.2%42.0%0.10%0.00%0.0%85.4%20.6%
21st Century Bank$895M1.3%49.8%0.19%0.10%0.9%102.1%9.2%
Pioneer Bank$884M1.6%57.0%0.58%0.03%1.0%85.1%10.2%
Falcon National Bank$872M1.2%61.6%1.04%0.61%1.8%97.0%10.6%
First National Bank North$864M2.6%48.7%0.23%0.02%1.5%85.4%11.9%
Northeast Bank$837M1.5%64.3%0.20%-0.09%0.9%78.4%8.4%
Highland Bank$776M0.0%75.2%2.51%0.79%2.5%82.3%7.4%
Alliance Bank$756M1.0%64.4%0.01%-0.01%1.7%93.6%10.2%
Platinum Bank$739M1.5%58.1%0.81%0.00%1.3%108.5%8.2%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
Vermillion State BankCohort median
20212026Change20212026Change
Loans$327M$424M+30%$458M$647M+41%
Deposits$670M$807M+20%$638M$759M+19%
NPA / loans0.63%0.24%-0.39 pts0.37%0.24%-0.13 pts
Efficiency29.4%23.2%-6.2 pts53.9%57.5%+3.6 pts
ROA1.82%2.57%+0.75 pts1.66%1.47%-0.19 pts

This read was prepared for Vermillion 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 Vermillion 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 MN banks $300M to $1B
Institution WWW.VERMILLIONBANK.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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