FM Bank
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Data as of · sourced from FFIEC call reports. How we update
FM Bank is an FDIC-insured commercial bank headquartered in Waseca, MN, established in 1878 (FDIC certificate 10998), and it is supervised by the FDIC. At Q2 2026 it reported total assets of $738.4M, up 9.7% from Q2 2025, the 31st largest of 221 banks headquartered in Minnesota. Its CET1 capital ratio was 11.18% at Q2 2026, above regulatory requirements.
- Charter
- Commercial bank
- Regulator
- FDIC
- Deposit insurance
- FDIC
- FDIC certificate
- 10998
- Headquarters
- Waseca, MN
- Established
- 1878
- Total assets, Q2 2026
- $738.4M
- Assets vs Q2 2025
- +9.7%
- CET1 ratio, Q2 2026
- 11.18%
- Domestic offices
- 6 FDIC institution directory, current count
- Routing number
- 091902793
- Latest call report
- Q2 2026, FFIEC 051 · FM Bank call report
- Holding company
- INDEPENDENT BANCSHARES, INC.
- Asset rank in state
- 31st of 221 in Minnesota
FM Bank operates with a thinner capital cushion than most banks of its size. The Waseca, Minnesota bank had $738 million in assets at June 30, 2026, up 9.7% from a year earlier. It holds common equity equal to 11.18% of its risk-weighted assets, lower than about 9 in 10 of the 2,660 banks with $100 million to $1 billion in assets (median 15.12%). It also grew its loan book 16.3% over the year, about triple the median of 5.5% for banks its size.
Earnings jumped: net income for the quarter was $2.6 million, 30% above the same quarter a year earlier. Over the same year, loans grew 16.3% and deposits grew 5.6%.
As of June 30, 2026, FM Bank reported a CET1 capital ratio of 11.18%, a return on assets of 1.34%, a nonperforming-loan ratio of 0.00% and a Texas ratio of 1.60%. The figures come from its call report filed with the FFIEC.
Of the 221 banks headquartered in Minnesota, FM Bank is the 31st largest by total assets at Q2 2026. Quarter on quarter (Q1 2026 to Q2 2026), its total assets rose 5.1% to $738.4M, loans rose 2.2% and deposits rose 1.5%. Its loan book on June 30, 2026 was led by agricultural production loans, at 31.8% of total loans, followed by farmland and other real estate loans at 26.0%. Its 6 offices in the FDIC Summary of Deposits are in 6 cities in MN; its Fergus Falls office books 33% of its branch deposits. Judged on its Q2 2026 call report, FM Bank meets every capital ratio test for well capitalized.
Headquarters Profile
- Address
- 220 Elm Ave E, Waseca, MN 56093
- County
- Waseca
- 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
- January 1, 1878
- Domestic offices
- 6 FDIC institution directory, current count
- Employees (FTE)
- 68
- Domestic deposits
- $636.1M
- Allowance for credit losses
- $2.9M
- Net charge-offs (YTD)
- -$1K
- Average total assets
- $767.2M
- Average total loans
- $488.0M
- Average interest-bearing deposits
- $494.1M
- Tax status
- Subchapter S
- Ownership
- Stock
- Community bank
- Yes
- FDIC-insured since
- January 1, 1934
- FDIC Cert
- 10998
- Fed RSSD
- 20857
- Website
- mybankfm.com →
- Parent Holding Company
- INDEPENDENT BANCSHARES, INC. (RSSD 2466235)
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
FM Bank's total assets moved between a low of $582.3M (Q3 2023) and a high of $738.4M (Q2 2026) from Q3 2023 to 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
$738.4M total assets against $673.1M; $679.9M total liabilities against $627.7M.
$491.7M net loans and leases against $423.1M; $636.1M total deposits against $602.4M.
$201.1M securities against $209.0M; $12.2M cash and balances due against $10.3M.
$9.3M total interest income against $8.3M; $3.3M total interest expense against $3.4M.
$5.9M net interest income against $4.9M.
$231K total noninterest income against $214K; $3.5M total noninterest expense against $3.1M.
$112K provision for credit losses against $0.
$2.6M net income against $2.0M.
1.34% return on assets against 1.16%; 3.57% net interest margin against 3.21%.
11.18% CET1 capital ratio against 10.67%; 7.66% tier 1 leverage ratio against 7.64%.
Inside the full FM Bank terminal
21 quarters of trends · 8 tabs · peer percentiles · watchlist alerts
Unlock this bank, freeFM Bank rankings
Its closest position to the top of a national ranking is 1,079 of 3,606, for efficiency ratio; its furthest is 1,915 of 2,134, for CET1 ratio.
Quarterly trend: last 8 quarters
From Q3 2024 to Q2 2026, its return on assets ran from 0.88% (Q3 2024) to 1.44% (Q1 2026) and its net interest margin ran from 2.82% (Q3 2024) to 3.57% (Q2 2026).
| Quarter | CET1 | ROA | NPL | Texas | NIM |
|---|---|---|---|---|---|
| Q2 2026 | 11.18% | 1.34% | 0.00% | 1.60% | 3.57% |
| Q1 2026 | 11.27% | 1.44% | 0.02% | 1.84% | 3.52% |
| Q4 2025 | 10.80% | 0.89% | 0.02% | 1.90% | 3.50% |
| Q3 2025 | 10.72% | 1.28% | 0.01% | 0.10% | 3.34% |
| Q2 2025 | 10.67% | 1.16% | 0.00% | 0.02% | 3.21% |
| Q1 2025 | 10.53% | 1.12% | 0.00% | 0.04% | 3.11% |
| Q4 2024 | 10.27% | 1.13% | 0.03% | 0.36% | 3.10% |
| Q3 2024 | 10.73% | 0.88% | 0.04% | 0.36% | 2.82% |
Swipe the table sideways to see every column.
Branch Network
View all 6 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 |
|---|---|---|---|
| Fergus Falls Branch | Fergus Falls , MN | 56537 | $212.0M |
| Granite Falls Branch | Granite Falls , MN | 56241 | $175.1M |
| Olivia Office Branch | Olivia , MN | 56277 | $96.4M |
| Wheaton Branch | Wheaton , MN | 56296 | $78.6M |
| Clarkfield Branch | Clarkfield , MN | 56223 | $57.8M |
| FM Bank (main office) | Waseca , MN | 56093 | $16.2M |
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 |
|---|---|---|---|
| March 25, 2023 | Structure Change | Acquired State Bank of Wheaton Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| March 24, 2023 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| June 26, 2021 | Structure Change | Acquired F & M Bank Minnesota Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| June 25, 2021 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
Sourced from the bank event history (FDIC, Federal Reserve NIC, OCC, and OTS). Showing the most recent 4 events.
Regulatory record
Facts as filed or published, not a rating.
- Deposit market share
- 0.2% of deposits in MN, rank 47 of 277 institutions
- Period: June 30, 2026. Source: FDIC Summary of Deposits.
- SBA 7(a) lending
- 1 loans, $170K approved, $170K average. 0.00% of that year's loans have since been charged off
- Period: Federal fiscal year 2013 (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 FM Bank
What are FM Bank's total assets?
As of the Q2 2026 filing, FM Bank reported total assets of $738.4 million in its FFIEC call report.
Where is FM Bank headquartered?
It is headquartered in Waseca, MN, United States.
When was FM Bank founded?
It was established in 1878, per the FDIC institution directory.
Is FM Bank FDIC-insured?
Yes. It is an FDIC-insured commercial bank (FDIC Certificate #10998). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category, per FDIC rules.
Who regulates FM Bank?
FM Bank's primary federal regulator is the FDIC.
What is FM Bank's CET1 capital ratio?
It reported a Common Equity Tier 1 (CET1) capital ratio of 11.18% in its Q2 2026 call report, above regulatory requirements.
How many branches does FM Bank operate?
It operates 6 domestic offices, per the FDIC institution directory. That count includes administrative and limited-service offices as well as full-service branches.
What is FM Bank's Texas Ratio?
Its Texas Ratio is 1.60% 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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