# MERCHANTS STATE BANK
FREEMAN, SD · FDIC certificate 1125 · asset band <$300M · latest filing 2026-06 · live

**Verdict on the desk:** this could be *fortress*. Composite score 0 (one point per flag, capital below 5% counted twice; 7 or more is where departures cluster).

## What the filing shows (filed dollars, derived ratios; band percentiles in parentheses)

| Measure | Value | Band median |
|---|---|---|
| Total assets | $219.6M | |
| Deposits | $180.7M | |
| Loans and leases | $147.5M | |
| Total equity | $35.3M | |
| Loans / deposits | 81.12% (p64 of band) | 73.59% |
| Liquid assets / assets | 28.59% (p40 of band) | |
| Uninsured deposits / deposits | 25.81% (p71 of band) | 19.81% |
| Brokered deposits | 1.47% | |
| Wholesale funding | 1.47% (p56 of band) | |
| FHLB advances / assets | 0.00% | |
| Tier 1 leverage | 17.26% (p86 of band) | 11.76% |
| Unrealized securities loss / equity | -10.60% (p39 of band) | -6.57% |
| AOCI / equity | 1.19% (p97 of band) | |
| ROA (annualized) | 1.90% (p83 of band) | 1.17% |
| Net interest margin | 4.43% (p74 of band) | 3.93% |
| Efficiency ratio | 48.57% (p12 of band) | |
| Noncurrent loans | 0.32% (p48 of band) | 0.36% |
| Net charge-offs (annualized) | 0.01% (p66 of band) | |
| Reserve coverage of noncurrent | 201.71% | |
| Real estate % of loans | 67% | |
| Construction % of loans | 0.00% (p9 of band) | |
| Auto loans | $817,000 (0.55% of loans; DQ 2.45%, NCO 0.00%) | |
| Loans to nondepository financials | $0 (0% of equity) (p48 of band) | |
| Deposits YoY | 4.0% | |
| Employees | 30 | |

## Flags firing in the latest filing

- none

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2011-03 | 1 | reserve under noncurrent |  |
| 2011-06 | 1 |  |  |
| 2011-09 | 2 | capital falling |  |
| 2011-12 | 2 |  |  |
| 2012-03 | 1 |  | capital falling |
| 2012-06 | 0 |  | reserve under noncurrent |
| 2012-09 | 0 |  |  |
| 2012-12 | 0 |  |  |
| 2013-03 | 0 |  |  |
| 2013-06 | 1 | reserve under noncurrent |  |
| 2013-09 | 1 |  |  |
| 2013-12 | 2 | deposits shrinking |  |
| 2014-03 | 1 |  | deposits shrinking |
| 2014-06 | 1 |  |  |
| 2014-09 | 1 |  |  |
| 2014-12 | 2 | capital falling |  |
| 2015-03 | 1 |  | capital falling |
| 2015-06 | 0 |  | reserve under noncurrent |
| 2015-09 | 0 |  |  |
| 2015-12 | 0 |  |  |
| 2016-03 | 0 |  |  |
| 2016-06 | 0 |  |  |
| 2016-09 | 0 |  |  |
| 2016-12 | 1 | reserve under noncurrent |  |
| 2017-03 | 1 |  |  |
| 2017-06 | 1 |  |  |
| 2017-09 | 1 |  |  |
| 2017-12 | 1 |  |  |
| 2018-03 | 2 | capital falling |  |
| 2018-06 | 1 |  | capital falling |
| 2018-09 | 1 |  |  |
| 2018-12 | 1 |  |  |
| 2019-03 | 1 |  |  |
| 2019-06 | 1 |  |  |
| 2019-09 | 1 |  |  |
| 2019-12 | 1 |  |  |
| 2020-03 | 2 | charge-offs p90 |  |
| 2020-06 | 1 |  | charge-offs p90 |
| 2020-09 | 1 |  |  |
| 2020-12 | 0 |  | reserve under noncurrent |
| 2021-03 | 1 | capital falling |  |
| 2021-06 | 1 |  |  |
| 2021-09 | 0 |  | capital falling |
| 2021-12 | 0 |  |  |
| 2022-03 | 1 | charge-offs p90 |  |
| 2022-06 | 3 | AOCI drag >20% of equity, securities losses >30% of equity |  |
| 2022-09 | 2 |  | charge-offs p90 |
| 2022-12 | 3 | charge-offs p90 |  |
| 2023-03 | 1 |  | AOCI drag >20% of equity, charge-offs p90 |
| 2023-06 | 2 | deposits shrinking |  |
| 2023-09 | 2 |  |  |
| 2023-12 | 1 |  | securities losses >30% of equity |
| 2024-03 | 1 |  |  |
| 2024-06 | 0 |  | deposits shrinking |
| 2024-09 | 0 |  |  |
| 2024-12 | 0 |  |  |
| 2025-03 | 0 |  |  |
| 2025-06 | 0 |  |  |
| 2025-09 | 0 |  |  |
| 2025-12 | 0 |  |  |
| 2026-03 | 0 |  |  |
| 2026-06 | 0 |  |  |

## In the news (Google News, unfiltered, newest first; check the city)

- 2025-12-21 [PHOTO OF THE DAY: WELL-WISHES - The Freeman Courier](https://news.google.com/rss/articles/CBMidkFVX3lxTE9XejdlZTNqMVUzbWpDRHJZRVdXZk9uYWhieklHQjJ6NnhTYWhMTEwtdlZMdk1jUjRITnh5SEsyU3JJSXdDOTRDckFYN3BCcEdpMFJHcVBaRDFjNGNkRzdKVHVjTm1RaURtRFJ6WW5leFJrVkhrQlE?oc=5) · The Freeman Courier
- 2025-11-21 [Daryle J. Kuhle Obituary (2025) - Madison, SD - Willoughby Funeral Home and Cremation Options - legacy.com](https://news.google.com/rss/articles/CBMigAFBVV95cUxOdFZHY1gtSHFQbnh2Ql80Q2ZWdFQ0dXo2eVJrRTc2eU1Fbndxc0xSY2FTUWFVRlpvbE04VVBVQl9adjlnLXJnRzF4czZwTlRSR1JnNkg2amk5YzVfbkgtUUYtMDJUNGFvS0Y5YnhDV3FJc3RKSzIzaFp5bFB5dF9OVA?oc=5) · legacy.com
- 2020-10-17 [Sharon Christensen Obituary Oct 17, 2020 - Hofmeister-Jones Funeral Home](https://news.google.com/rss/articles/CBMibkFVX3lxTE45TG1kcDhsN25mbWhvS1M3bVhXbjBHV0FXYTdPVTNHTk5OczV5N0YyMkxZdmVJX3JkaG1SLVIwNEd2Slh4NUZ5eFl2cXpST2czbm5PamJHWjZZdEZoRnVBa2FDUmlMWGFiZGpBeXR3?oc=5) · Hofmeister-Jones Funeral Home
- 2014-04-22 [Increased regulations threaten small banks - Argus Leader](https://news.google.com/rss/articles/CBMiugFBVV95cUxQWnZYb0tNM0N0Q3RyUVZyZEh2Wm5Ed2dzc09iTmE3Q0cwaU5oaUNxb2Vxd3U0Y3JQYlZtY3ctQXdzb092bVJjeW4wcXNfZXBzdkJRREFzRkNRaWt1ZFl0cjc0akhtMTVORUMyaVcwRng0NVVrUmpoT2pJUEh3ak1lbmZ2QV91QWMyNno3R1VSTUVqUFFVa2ZaR3lMVzAzVWlRQjBVVjk0cl96N1VfR1dzUWE1UWVsVWdDQ1E?oc=5) · Argus Leader
- 2021-08-19 [2021 Pigskin Preview magazine available now! - Dakota News Now](https://news.google.com/rss/articles/CBMijgFBVV95cUxOc0xldTBLbFRLTHpTZXVITmpPMjVNbFF1MUJfc1cxT0VFMWlqalFIcWlIV2k1R0xtTS1zeXE1SnpJdF80bmJSTVZsOTJlZHE2c2w5Wkl5dExYUXBkM3NMWHZCdlRZaTBaY2ZBZFhuSUc5cGpzQkFlT2xoTzFNTHN1cDV4M2FJb3pnQTI2MnlR0gGiAUFVX3lxTFBRZjl6VGdrQWVzVHZEMlA3dXprazVjMTJHWVQ4ekpKUW5faGhWcS02Tm9tWDMzUzZEYjU0TW1IZW42VE51NFJZSmZkLXd0cFVxY0hpUzhDLVg1N0hZSjByMHdaeXRsWkE0ZC1wb2pzbk1EWFViR2MyQ0VIR1FiR08xZmdLRmRwMHVjYk9tMVR0UXUyWGpXSUdTazMxVE1RVTlqQQ?oc=5) · Dakota News Now
- 2023-04-19 [Seven bankers leave BMO Financial Group usher Dacotah Bank into Twin Cities market - The Business Journals](https://news.google.com/rss/articles/CBMipgFBVV95cUxOMXJUQVR1REdzMHVoa0lRZzExSFNlYkpwUjBmMTk1VTlhSzRhNWdkdnRxTjZFZjRQNHpiN3pKV3dWc3U1Q1RLaDVkXzUzZmpzSWR0LU1jdXo4VkZxRUZVQU9JQmFlcVVaY3RFekVSQ0lKSVRzLVBrOGJHZ1VoTF9GcTFLcE5Rd2lPY0VvWUFydzNjTGI4NmZQQnJFMnJEWXh2RnBHXzJR?oc=5) · The Business Journals
- 2017-08-17 [Heartland Data Breach Update: Thousands of Institutions Impacted - BankInfoSecurity](https://news.google.com/rss/articles/CBMiogFBVV95cUxNWVEyRWhPeVlpYXZaX19sN1VhVk5zZ1RJb2xUMlNFUmhWdnU2c1NxVXRJcVBxYTJXM0ptVjFreVRaQjJQNkdoQmFKWmQxU3ZNMU5ROGRsbVVreFdIeUhHMmEwSjdnaHVoaDd3ZmhWQmdDX1huU3UyeFlYakxsMW1DTEJEMmVsR3BLelpjd0xENjB1eFBqOXFFcFdtc1lqVE44YlE?oc=5) · BankInfoSecurity
- 2024-08-21 [Where to pick up your copy of the Pigskin Preview - Dakota News Now](https://news.google.com/rss/articles/CBMiiAFBVV95cUxPZjlXR3FOUUlmdmI3T1Z0VzRrc1kyenBLd2tlQVB3RFFJejZLNjk4RjhGdXlQczFJSmtKRVY3TWtTUDB5WU9LUFJYUFMyWDRIejZ1OHRpcENVemM2c25vZklTbkRDb1FyaUxoRjZPMjh0SnJhRFd0RFFqMjhjaFVBMW95dkhjYkRv?oc=5) · Dakota News Now

## How to verify

- Page: https://getbookiq.com/bank-desk/#bank=1125 (click any number for its formula and FFIEC field codes)
- Latest row, JSON: https://getbookiq.com/bank-desk/data/summary.json · history: https://getbookiq.com/bank-desk/data/h/37.json (key "1125", columns cycle, ASSET, DEP, LNLSGR, EQTOT, ltd, liquid_pct, unins_pct, lev, aoci_pct_eq, sec_loss_eq, roa, nim, eff, nc_pct, nco_pct, LNAUTO, auto_dq, auto_nco, LNNDEPD, ndfi_eq, wholesale_pct, dep_yoy, score, flags)
- Field definitions: https://getbookiq.com/dictionary/#bank-LNNDEPD and the rest of the bank dictionary
- Source: FDIC call report via BankFind, dollars in thousands as filed. Departed means stopped filing, which is usually a merger; FAILED is the FDIC's own list.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide