Farmers State Bank of Underwood
Also written as FSB of Underwood
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Data as of · sourced from FFIEC call reports. How we update
Farmers State Bank of Underwood is an FDIC-insured commercial bank headquartered in Underwood, MN, supervised by the FDIC, with $113.8M in total assets at Q2 2026, up 4.9% from Q2 2025, the 159th largest of 221 banks headquartered in Minnesota. It was established in 1915 and holds FDIC certificate 10174. Its CET1 capital ratio was 11.53% at Q2 2026, above regulatory requirements.
- Charter
- Commercial bank
- Regulator
- FDIC
- Deposit insurance
- FDIC
- FDIC certificate
- 10174
- Headquarters
- Underwood, MN
- Established
- 1915
- Total assets, Q2 2026
- $113.8M
- Assets vs Q2 2025
- +4.9%
- CET1 ratio, Q2 2026
- 11.53%
- Domestic offices
- 4 · Farmers State Bank of Underwood branches FDIC institution directory, current count
- Routing number
- 091212687
- Safety and soundness
- Is Farmers State Bank of Underwood safe?
- Latest call report
- Q2 2026, FFIEC 051 · Farmers State Bank of Underwood Q3 2026 call report, filed October 23, 2026 (preliminary)
- Holding company
- UNDERWOOD BANCSHARES, INC.
- Asset rank in state
- 159th of 221 in Minnesota
Farmers State Bank of Underwood operates with a thinner capital cushion than most banks of its size. The Underwood, Minnesota bank had $114 million in assets at June 30, 2026, up 4.9% from a year earlier. It funds 8.62% of its assets with Tier 1 capital, lower than about 9 in 10 of the 2,627 banks with $100 million to $1 billion in assets (median 10.99%). On the other hand, it returns 21.2% a year on shareholders' equity, higher than about three-quarters of banks its size (median 12.6%).
Earnings jumped: net income for the quarter was $469,000, 52% above the same quarter a year earlier. Its $12 million commercial and industrial book is now fully current, after 4.62% of it was past due or on nonaccrual a year earlier.
As of June 30, 2026, Farmers State Bank of Underwood reported a CET1 capital ratio of 11.53%, a return on assets of 1.66%, a nonperforming-loan ratio of 0.03% and a Texas ratio of 0.27%. The figures come from its call report filed with the FFIEC.
Of the 221 banks headquartered in Minnesota, Farmers State Bank of Underwood is the 159th largest by total assets at Q2 2026. From Q1 2026 to Q2 2026, its total assets rose 1.6% to $113.8M, loans rose 5.2% and deposits rose 1.3%. The largest part of its loan book on June 30, 2026 was 1-4 family residential loans, at 32.6% of total loans, ahead of non-owner-occupied commercial real estate loans at 19.0%. The FDIC Summary of Deposits lists 4 offices for it, in 4 cities in MN; its Underwood office books 54% of its branch deposits. On its Q2 2026 call report, Farmers State Bank of Underwood meets every capital ratio test for well capitalized.
Headquarters Profile
- Address
- 110 Main St S, Underwood, MN 56586
- County
- Otter Tail
- Metro Area
- Fergus Falls, MN
- Charter
- Commercial bank, state charter, Fed non-member, FDIC-supervised
- Primary Regulator
- FDIC
- FDIC Region
- Kansas City (Region 11)
- Federal Reserve member
- No
- Federal Reserve district
- District 9, Minneapolis
- Fiduciary (trust) powers
- —
- Call Report form
- FFIEC 051
- Established
- December 1, 1915
- Domestic offices
- 4 FDIC institution directory, current count
- Employees (FTE)
- 17
- Domestic deposits
- $103.9M
- Allowance for credit losses
- $1.1M
- Net charge-offs (YTD)
- $7K
- Average total assets
- $112.9M
- Average total loans
- $83.8M
- Average interest-bearing deposits
- $82.0M
- Tax status
- Subchapter S
- Ownership
- Stock
- Community bank
- Yes
- FDIC-insured since
- January 1, 1934
- FDIC Cert
- 10174
- Fed RSSD
- 865852
- Website
- www.farmerstbank.com →
- Parent Holding Company
- UNDERWOOD BANCSHARES, INC. (RSSD 1128385)
Profitability
Q2 annualizedCapital & Liquidity
Balance Sheet
Income Statement
Operating & Funding
Ratios tagged annualized use the Q2 income alone. The UBPR and FDIC annualize the year to date instead. FDIC BankFind divides by the average of quarter-end total assets, the UBPR by RC-K average assets. The YTD margin is the UBPR's tax-equivalent figure over its own average earning assets; FDIC BankFind's margin is not tax-equivalent. How we compute these figures
Quarterly trends
Over the 12 quarters to Q2 2026, Farmers State Bank of Underwood's total assets ran between $102.8M (Q3 2023) and $113.8M (Q2 2026), and it earned a profit in all 12 quarters. The line under each chart compares Q2 2026 with Q2 2025. How these charts are built
$113.8M total assets against $108.4M; $104.8M total liabilities against $100.7M.
$84.6M net loans and leases against $78.6M; $103.9M total deposits against $99.7M.
$13.3M securities against $15.5M; $11.5M cash and balances due against $9.9M.
$1.8M total interest income against $1.7M; $554K total interest expense against $513K.
$1.3M net interest income against $1.2M.
$77K total noninterest income against $89K; $779K total noninterest expense against $916K.
$20K provision for credit losses against $0.
$469K net income against $308K.
1.66% return on assets against 1.18%; 4.67% net interest margin against 4.84%.
11.53% CET1 capital ratio against 11.14%; 8.62% tier 1 leverage ratio against 8.39%.
Inside the full Farmers State Bank of Underwood terminal
21 quarters of trends · 8 tabs · peer percentiles · watchlist alerts
Unlock this bank, freeFarmers State Bank of Underwood rankings
Its closest position to the top of a national ranking is 968 of 3,611, for ROA; its furthest is 1,842 of 2,134, for CET1 ratio.
Quarterly trend: last 8 quarters
From Q3 2024 to Q2 2026, its return on assets ran from 1.18% (Q2 2025) to 1.93% (Q4 2025) and its net interest margin ran from 4.33% (Q3 2024) to 5.04% (Q4 2025).
| Quarter | CET1 | ROA | NPL | Texas | NIM |
|---|---|---|---|---|---|
| Q2 2026 | 11.53% | 1.66% | 0.03% | 0.27% | 4.67% |
| Q1 2026 | 11.65% | 1.75% | 0.24% | 1.99% | 4.81% |
| Q4 2025 | 11.43% | 1.93% | 0.00% | 0.00% | 5.04% |
| Q3 2025 | 11.51% | 1.74% | 0.00% | 0.00% | 4.90% |
| Q2 2025 | 11.14% | 1.18% | 0.00% | 0.00% | 4.84% |
| Q1 2025 | 11.72% | 1.21% | 0.01% | 0.09% | 4.58% |
| Q4 2024 | 11.56% | 1.43% | 0.03% | 0.24% | 4.61% |
| Q3 2024 | 11.32% | 1.27% | 0.11% | 0.99% | 4.33% |
Swipe the table sideways to see every column.
Branch Network
View all 4 branches → Branch count from the FDIC Summary of Deposits, June 30, 2026. The domestic office count above is the FDIC's current figure, so the two can differ.
| Branch | Location | ZIP | Deposits |
|---|---|---|---|
| Farmers State Bank of Underwood (main office) | Underwood , MN | 56586 | $56.1M |
| Fergus Falls Branch | Fergus Falls , MN | 56537 | $26.3M |
| Rothsay Branch | Rothsay , MN | 56579 | $14.3M |
| Dalton Branch | Dalton , MN | 56324 | $7.1M |
Regulatory record
Facts as filed or published, not a rating.
- Deposit market share
- <0.1% of deposits in MN, rank 192 of 277 institutions
- Period: June 30, 2026. Source: FDIC Summary of Deposits.
- SBA 7(a) lending
- 1 loans, $244K approved, $244K average. 0.00% of that year's loans have since been charged off
- Period: Federal fiscal year 2023 (October to September). Source: SBA 7(a) and 504 loan data (FOIA).
- Not on file
- Enforcement actions, Mortgage lending (HMDA), Consumer complaints, CFPB enforcement, CRA examination rating. No record from these sources, which is not the same as a clean record. Sources
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Frequently asked about Farmers State Bank of Underwood
What are Farmers State Bank of Underwood's total assets?
As of the Q2 2026 filing, Farmers State Bank of Underwood reported total assets of $113.8 million in its FFIEC call report.
Where is Farmers State Bank of Underwood headquartered?
It is headquartered in Underwood, MN, United States.
When was Farmers State Bank of Underwood founded?
It was established in 1915, per the FDIC institution directory.
Is Farmers State Bank of Underwood FDIC-insured?
Yes. It is an FDIC-insured commercial bank (FDIC Certificate #10174). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category, per FDIC rules.
Who regulates Farmers State Bank of Underwood?
Farmers State Bank of Underwood's primary federal regulator is the FDIC.
What is Farmers State Bank of Underwood's CET1 capital ratio?
It reported a Common Equity Tier 1 (CET1) capital ratio of 11.53% in its Q2 2026 call report, above regulatory requirements.
How many branches does Farmers State Bank of Underwood operate?
It operates 4 domestic offices, per the FDIC institution directory. That count includes administrative and limited-service offices as well as full-service branches.
What is Farmers State Bank of Underwood's Texas Ratio?
Its Texas Ratio is 0.27% in its Q2 2026 call report, within the healthy range (at or below 50%, the level at which problem assets reach half of the capital cushion). The Texas Ratio measures non-performing assets against the bank's capital and reserves.
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