First Bank (Waverly, IA)
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Data as of · sourced from FFIEC call reports. How we update
First Bank is an FDIC-insured commercial bank headquartered in Waverly, IA, established in 1864 (FDIC certificate 4519), and it is supervised by the Federal Reserve. At Q2 2026 it reported total assets of $739.9M, up 1.8% from Q2 2025, the 38th largest of 225 banks headquartered in Iowa. Its CET1 capital ratio was 17.38% at Q2 2026, comfortably above the 7% level required once the capital conservation buffer is included.
- Charter
- Commercial bank
- Regulator
- Federal Reserve
- Deposit insurance
- FDIC
- FDIC certificate
- 4519
- Headquarters
- Waverly, IA
- Established
- 1864
- Total assets, Q2 2026
- $739.9M
- Assets vs Q2 2025
- +1.8%
- CET1 ratio, Q2 2026
- 17.38%
- Domestic offices
- 8 FDIC institution directory, current count
- Routing number
- 073902766
- Latest call report
- Q2 2026, FFIEC 041 · First Bank call report
- Holding company
- FIRST OF WAVERLY CORPORATION
- Asset rank in state
- 38th of 225 in Iowa
First Bank runs leaner than most banks of its size. The Waverly, Iowa bank had $740 million in assets at June 30, 2026, up 1.8% from a year earlier. It spends about 47 cents to bring in each dollar of revenue, lower than about three-quarters of the 2,660 banks with $100 million to $1 billion in assets (median 61 cents).
Net income for the quarter rose 21% from a year earlier, to $3.0 million. Over the same year, loans grew 7.1% and deposits grew 3.1%.
As of June 30, 2026, First Bank reported a CET1 capital ratio of 17.38%, a return on assets of 1.60%, a nonperforming-loan ratio of 0.54% and a Texas ratio of 3.37%. The figures come from its call report filed with the FFIEC.
By total assets at Q2 2026, First Bank is the 38th largest of the 225 banks headquartered in Iowa. From Q1 2026 to Q2 2026, its total assets fell 1.0% to $739.9M, loans rose 0.8% and deposits fell 0.5%. The largest part of its loan book on June 30, 2026 was 1-4 family residential loans, at 21.9% of total loans, ahead of farmland and other real estate loans at 21.9%. Its 8 offices in the FDIC Summary of Deposits are in 6 cities in IA; its Waverly 3 offices book 55% of its branch deposits. By the capital ratios in its Q2 2026 call report, First Bank meets every capital ratio test for well capitalized.
Headquarters Profile
- Address
- 316 E Bremer Ave, Waverly, IA 50677
- County
- Bremer
- Metro Area
- Waterloo-Cedar Falls, IA
- Charter
- Commercial bank, state charter, Fed member, FRB-supervised
- Primary Regulator
- Federal Reserve
- FDIC Region
- Kansas City (Region 11)
- Federal Reserve member
- Yes
- Federal Reserve district
- District 7, Chicago
- Fiduciary (trust) powers
- Full trust powers granted
- Call Report form
- FFIEC 041
- Established
- January 1, 1864
- Former names
- First National Bank (2005-2020)
- Domestic offices
- 8 FDIC institution directory, current count
- Employees (FTE)
- 81
- Domestic deposits
- $619.8M
- Allowance for credit losses
- $6.9M
- Net charge-offs (YTD)
- $9K
- Average total assets
- $748.8M
- Average total loans
- $562.8M
- Average interest-bearing deposits
- $501.4M
- Tax status
- C corporation
- Ownership
- Stock
- Community bank
- Yes
- FDIC-insured since
- January 1, 1934
- FDIC Cert
- 4519
- Fed RSSD
- 376442
- Website
- http://www.FirstIowa.bank →
- Parent Holding Company
- FIRST OF WAVERLY CORPORATION (RSSD 1206395)
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
From Q3 2023 to Q2 2026, First Bank's total assets ranged from $700.4M (Q3 2023) to $747.7M (Q1 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
$739.9M total assets against $726.8M; $643.3M total liabilities against $640.4M.
$558.0M net loans and leases against $521.6M; $619.8M total deposits against $601.3M.
$134.5M securities against $162.4M; $13.9M cash and balances due against $12.0M.
$9.9M total interest income against $9.3M; $3.2M total interest expense against $3.3M.
$6.8M net interest income against $5.9M.
$812K total noninterest income against $648K; $3.6M total noninterest expense against $3.2M.
$219K provision for credit losses against $153K.
$3.0M net income against $2.5M.
1.60% return on assets against 1.34%; 3.80% net interest margin against 3.35%.
17.38% CET1 capital ratio against 16.88%; 12.72% tier 1 leverage ratio against 11.73%.
Inside the full First Bank terminal
21 quarters of trends · 8 tabs · peer percentiles · watchlist alerts
Unlock this bank, freeFirst Bank rankings
Its closest position to the top of a national ranking is 546 of 3,606, for efficiency ratio; its furthest is 1,753 of 3,640, for Texas Ratio.
Quarterly trend: last 8 quarters
Across the 8 quarters to Q2 2026, its return on assets ran from 0.98% (Q3 2024) to 1.60% (Q2 2026) and its net interest margin ran from 2.90% (Q3 2024) to 3.80% (Q2 2026).
| Quarter | CET1 | ROA | NPL | Texas | NIM |
|---|---|---|---|---|---|
| Q2 2026 | 17.38% | 1.60% | 0.54% | 3.37% | 3.80% |
| Q1 2026 | 16.95% | 1.46% | 0.54% | 3.51% | 3.72% |
| Q4 2025 | 17.04% | 1.28% | 0.59% | 3.81% | 3.66% |
| Q3 2025 | 16.73% | 1.31% | 0.73% | 4.73% | 3.57% |
| Q2 2025 | 16.88% | 1.34% | 0.59% | 3.32% | 3.35% |
| Q1 2025 | 16.41% | 1.01% | 0.14% | 0.57% | 3.24% |
| Q4 2024 | 16.48% | 1.08% | 0.11% | 0.33% | 3.08% |
| Q3 2024 | 16.53% | 0.98% | 0.08% | 0.13% | 2.90% |
Swipe the table sideways to see every column.
Branch Network
View all 8 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 |
|---|---|---|---|
| First Bank (main office) | Waverly , IA | 50677 | $247.3M |
| Cedar Falls Branch | Cedar Falls , IA | 50613 | $118.5M |
| Waverly Branch | Waverly , IA | 50677 | $89.7M |
| Eagle Grove Branch | Eagle Grove , IA | 50533 | $78.0M |
| Plainfield Branch | Plainfield , IA | 50666 | $47.7M |
| Goldfield Branch | Goldfield , IA | 50542 | $22.0M |
| Clarion Branch | Clarion , IA | 50525 | $15.8M |
| Bartels Branch | Waverly , IA | 50677 | $850K |
Events & Regulatory History
Mergers, charter changes, enforcement actions, FDIC assistance, and (if applicable) failure events recorded against this institution. Click a year to see what else was happening across US banking that year.
| Date | Category | Event | Source |
|---|---|---|---|
| August 20, 2005 | Structure Change | Acquired The First National Bank of Cedar Falls Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| August 19, 2005 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| August 7, 1998 | Structure Change | Acquired another institution Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
Sourced from the bank event history (FDIC, Federal Reserve NIC, OCC, and OTS). Showing the most recent 3 events.
Regulatory record
Facts as filed or published, not a rating.
- Deposit market share
- 0.5% of deposits in IA, rank 43 of 261 institutions
- Period: June 30, 2026. Source: FDIC Summary of Deposits.
- Mortgage lending (HMDA)
- 181 applications, 162 loans originated, $32.4M originated, across 5 states
- Period: Calendar year 2025. Source: FFIEC HMDA loan application register.
- SBA 7(a) lending
- 2 loans, $180K approved, $90K average. 0.00% of that year's loans have since been charged off
- Period: Federal fiscal year 2024 (October to September). Source: SBA 7(a) and 504 loan data (FOIA).
- Not on file
- Enforcement actions, 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 First Bank
What are First Bank's total assets?
As of the Q2 2026 filing, First Bank reported total assets of $739.9 million in its FFIEC call report.
Where is First Bank headquartered?
It is headquartered in Waverly, IA, United States.
When was First Bank founded?
It was established in 1864, per the FDIC institution directory.
Is First Bank FDIC-insured?
Yes. It is an FDIC-insured commercial bank (FDIC Certificate #4519). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category, per FDIC rules.
Who regulates First Bank?
First Bank's primary federal regulator is the Federal Reserve.
What is First Bank's CET1 capital ratio?
It reported a Common Equity Tier 1 (CET1) capital ratio of 17.38% in its Q2 2026 call report, comfortably above the 7% level required once the capital conservation buffer is included.
How many branches does First Bank operate?
It operates 8 domestic offices, per the FDIC institution directory. That count includes administrative and limited-service offices as well as full-service branches.
What is First Bank's Texas Ratio?
Its Texas Ratio is 3.37% 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.
What was First Bank previously called?
The charter now named First Bank has also operated as First National Bank (2005-2020), per FDIC structure-change records.
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