# FARMERS&MERCHANTS STATE BANK
WATERLOO, WI · FDIC certificate 13242 · asset band <$300M · latest filing 2026-06 · live

**Verdict on the desk:** this could be *funding-stretched*. Composite score 2 (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 | $245.6M | |
| Deposits | $183.0M | |
| Loans and leases | $214.2M | |
| Total equity | $26.7M | |
| Loans / deposits | 115.74% (p98 of band) | 73.59% |
| Liquid assets / assets | 9.92% (p3 of band) | |
| Uninsured deposits / deposits | 15.13% (p32 of band) | 19.81% |
| Brokered deposits | 0.08% | |
| Wholesale funding | 13.59% (p90 of band) | |
| FHLB advances / assets | 13.51% | |
| Tier 1 leverage | 11.13% (p41 of band) | 11.76% |
| Unrealized securities loss / equity | -3.13% (p65 of band) | -6.57% |
| AOCI / equity | -0.22% (p58 of band) | |
| ROA (annualized) | 0.92% (p36 of band) | 1.17% |
| Net interest margin | 3.48% (p28 of band) | 3.93% |
| Efficiency ratio | 70.00% (p60 of band) | |
| Noncurrent loans | 0.00% (p23 of band) | 0.36% |
| Net charge-offs (annualized) | -0.01% (p10 of band) | |
| Reserve coverage of noncurrent | 238400.00% | |
| Real estate % of loans | 99% | |
| Construction % of loans | 36.37% (p69 of band) | |
| Auto loans | $539,000 (0.25% of loans; DQ 0.00%, NCO 0.00%) | |
| Loans to nondepository financials | $0 (0% of equity) (p48 of band) | |
| Deposits YoY | 3.8% | |
| Employees | 33 | |

## Flags firing in the latest filing

- **loans exceed deposits** (`liq_ltd`)
- **liquid assets <10%** (`liq_thin`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2011-03 | 2 | charge-offs p90, reserve under noncurrent |  |
| 2011-06 | 1 |  | charge-offs p90 |
| 2011-09 | 1 |  |  |
| 2011-12 | 2 | capital falling |  |
| 2012-03 | 3 | charge-offs p90 |  |
| 2012-06 | 2 | loans exceed deposits | capital falling, charge-offs p90 |
| 2012-09 | 3 | wholesale funding >15% |  |
| 2012-12 | 1 | capital falling | reserve under noncurrent, loans exceed deposits, wholesale funding >15% |
| 2013-03 | 2 | reserve under noncurrent |  |
| 2013-06 | 3 | loans exceed deposits, wholesale funding >15% | capital falling |
| 2013-09 | 3 |  |  |
| 2013-12 | 1 |  | reserve under noncurrent, loans exceed deposits |
| 2014-03 | 5 | loans exceed deposits, capital falling, reserve under noncurrent, uninsured deposits leaving |  |
| 2014-06 | 3 |  | capital falling, uninsured deposits leaving |
| 2014-09 | 3 |  |  |
| 2014-12 | 4 | deposits shrinking, uninsured deposits leaving | reserve under noncurrent |
| 2015-03 | 3 | reserve under noncurrent | deposits shrinking, uninsured deposits leaving |
| 2015-06 | 2 |  | reserve under noncurrent |
| 2015-09 | 3 | reserve under noncurrent |  |
| 2015-12 | 3 |  |  |
| 2016-03 | 3 |  |  |
| 2016-06 | 2 |  | reserve under noncurrent |
| 2016-09 | 2 |  |  |
| 2016-12 | 2 |  |  |
| 2017-03 | 3 | capital falling |  |
| 2017-06 | 2 |  | capital falling |
| 2017-09 | 2 |  |  |
| 2017-12 | 3 | capital falling |  |
| 2018-03 | 3 | charge-offs p90 | capital falling |
| 2018-06 | 2 |  | charge-offs p90 |
| 2018-09 | 5 | deposits shrinking, assets shrinking, uninsured deposits leaving |  |
| 2018-12 | 5 |  |  |
| 2019-03 | 3 | capital falling | deposits shrinking, assets shrinking, uninsured deposits leaving |
| 2019-06 | 2 |  | capital falling |
| 2019-09 | 1 |  | wholesale funding >15% |
| 2019-12 | 1 |  |  |
| 2020-03 | 1 |  |  |
| 2020-06 | 1 |  |  |
| 2020-09 | 1 |  |  |
| 2020-12 | 1 |  |  |
| 2021-03 | 1 |  |  |
| 2021-06 | 1 |  |  |
| 2021-09 | 0 |  | loans exceed deposits |
| 2021-12 | 0 |  |  |
| 2022-03 | 0 |  |  |
| 2022-06 | 0 |  |  |
| 2022-09 | 0 |  |  |
| 2022-12 | 1 | loans exceed deposits |  |
| 2023-03 | 3 | wholesale funding >15%, capital falling |  |
| 2023-06 | 5 | deposits shrinking, uninsured deposits leaving |  |
| 2023-09 | 2 |  | capital falling, deposits shrinking, uninsured deposits leaving |
| 2023-12 | 3 | uninsured deposits leaving |  |
| 2024-03 | 3 |  |  |
| 2024-06 | 2 |  | uninsured deposits leaving |
| 2024-09 | 2 |  |  |
| 2024-12 | 3 | capital falling |  |
| 2025-03 | 1 |  | wholesale funding >15%, capital falling |
| 2025-06 | 1 |  |  |
| 2025-09 | 1 |  |  |
| 2025-12 | 1 |  |  |
| 2026-03 | 1 |  |  |
| 2026-06 | 2 | liquid assets <10% |  |

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

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## How to verify

- Page: https://getbookiq.com/bank-desk/#bank=13242 (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/58.json (key "13242", 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