First Independent Bank: how it compares with its peers
Against 71 MN banks with half to twice its assets, First Independent Bank's strongest measure in Q2 2026 is efficiency ratio (49.30% vs. a 61.83% peer median). Its weakest relative measure is assets per employee ($7.0M vs. $7.9M).
| Measure | First Independent Bank | Peer median | Rank |
|---|---|---|---|
| Return on assets Annualized net income over average assets. | 1.55% | 1.31% | Top third Ahead of 72% of peers |
| Net interest margin Annualized net interest income over earning assets. | 3.92% | 3.94% | Middle third Ahead of 49% of peers |
| Efficiency ratio Noninterest expense per dollar of revenue. Lower is better. | 49.30% | 61.83% | Top third Ahead of 89% of peers |
| Assets per employee Total assets over full-time-equivalent staff. | $7.0M | $7.9M | Bottom third Ahead of 28% of peers |
| Loans to deposits Net loans and leases over total deposits. | 82.04% | 85.84% | Context |
What it means for lending operations
Its efficiency ratio of 49.30% is better than the 61.83% peer median. Banks that already run lean usually find their next gains in loan growth: faster digital applications and fewer borrowers abandoning a slow document chase.
Banks closest in size
- Scale Bank Edina, MN · $627M
- BankVista Sartell, MN · $651M
- American Heritage National Bank Long Prairie, MN · $605M
- North Shore Bank of Commerce Duluth, MN · $599M
- Citizens Bank Minnesota New Ulm, MN · $596M
- WNB FINANCIAL, N.A. Winona, MN · $584M
Questions about First Independent Bank
How big is First Independent Bank?
First Independent Bank, established in 1903, is headquartered in Russell, MN. It reported $632M in total assets in its Q2 2026 FDIC call report and operates 12 offices.
What is First Independent Bank's return on assets?
1.55% annualized in Q2 2026, against a 1.31% median for 71 MN banks with half to twice its assets, ahead of 72% of them.
What is First Independent Bank's efficiency ratio?
49.30% in Q2 2026: it spent about 49 cents in noninterest expense for each dollar of revenue. The peer median is 61.83%, and lower is better.
Is First Independent Bank growing its loans?
Net loans grew 22.5% over the year to Q2 2026, while deposits grew 19.1%.
Sources and method
Figures are from the FDIC’s public call report data for the quarter ending 06/30/2026, via FDIC BankFind. Return on assets and net interest margin are annualized year to date. Peers are MN banks with half to twice its assets in the same quarter, excluding this bank. The page refreshes daily, so new quarters appear as banks file. Compare another bank or see every Minnesota bank ranked.