Sterling State Bank in Austin, Minnesota (MN)
Overview, Financial Summary, Detailed Financial Reports, Branches


Sterling State Bank - Overview

  • General
  • FDIC Certificate #: 17863
    Status: Active
    Federal Reserve ID: 144155
    Bank Holding Company (Regulatory Top Holder): Sterling Financial Group, Inc. (RSSDID: 1123410, Location: Rochester, MN)
    Date Established: May 01, 1958
    WWW: http://www.sterlingstatebank.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 12 (Domestic: 12, Interstate: No)
    OTS Docket #: 13709
    FDIC's unique #: 11804
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: Yes
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: May 01, 1958
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 1419 1st Avenue Southwest, Austin, MN 55912
    County: Mower
    Quarterly Banking Profile Region: Kansas City
    FDIC Geographic Region: Kansas City
    FDIC Supervisory Region: Kansas City
    FDIC Field Office: Minneapolis
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: West
    Core Based Statistical Area (CBSA): Austin, MN (#12380)
    CBSA Micro Statistical Area: Yes
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $308.5 mil
    Equity capital: $24.9 mil
    Deposits held in domestic offices: $267.4 mil
    Return on assets (ROA): 0.26% ($0.8 mil)
    Quarterly return on assets: 0.16% ($0.5 mil)
    Return on Equity (ROE): 3.29% ($0.8 mil)
    Quarterly return on equity: 2.02% ($0.5 mil)
    Net income: $0.8 mil
    Quarterly Net income: $0.1 mil
    Pretax return on assets: 0.27% ($832.9 mil)
    Quarterly Pretax return on assets: 0.16% ($493.6 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 76Total employees (full-time equivalent)
  • $308,482Total assets
  • $60,089Cash and due from depository institutions
  • $53,470Interest-bearing balances
  • $56,461Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $173,143Net loans & leases
  • $2,772Loan loss allowance
  • $0Trading account assets
  • $9,540Bank premises and fixed assets
  • $6,252Other real estate owned
  • $0Goodwill and other intangibles
  • $308,482Life insurance assets
  • $2,997All other assets
  • $283,559Total liabilities and capital
  • $267,363Total liabilities
  • $227,694Total deposits
  • $267,363Interest-bearing deposits
  • $59Deposits held in domestic offices
  • 3980.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $11,000Trading liabilities
  • $0Other borrowed funds
  • $1,216Subordinated debt
  • $24,923All other liabilities
  • $24,923Total equity capital
  • $24,923Total bank equity capital
  • $0Perpetual preferred stock
  • $300Common stock
  • $18,190Surplus
  • $6,433Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $1,487Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $2,844Income earned, not collected on loans
  • $0Earning assets
  • $868Long-term assets (5+ years)
  • $283,074Average Assets, year-to-date
  • $45,758Average Assets, quarterly
  • $294,033Volatile liabilities
  • $305,988Insider loans
  • $198,952FHLB advances
  • $302,103Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $24,319Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $20,899Restructured Loans and leases
  • $4,189Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $13,356Total interest income
  • $2,575Total interest expense
  • $10,781Net interest income
  • $390Provision for loan and lease losses
  • $1,471Total noninterest income
  • $0Fiduciary activities
  • $486Service charges on deposit accounts
  • $0Trading account gains & fees
  • $985Additional noninterest income
  • $11,326Total noninterest expense
  • $5,481Salaries and employee benefits
  • $2,333Premises and equipment expense
  • $3,512Additional noninterest expense
  • $536Pre-tax net operating income
  • $246Securities gains (losses)
  • $5Applicable income taxes
  • $777Income before extraordinary items
  • $0Extraordinary gains - net
  • $777Net income attributable to bank
  • $0Net charge-offs
  • $777Cash dividends
  • $808Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.90%Yield on earning assets
  • 0.94%Cost of funding earning assets
  • 3.96%Net interest margin
  • 0.54%Noninterest income to earning assets
  • 4.16%Noninterest expense to earning assets
  • 0.18%Net operating income to assets
  • 0.26%Return on assets (ROA)
  • 0.27%Pretax return on assets
  • 3.29%Return on equity (ROE)
  • 3.29%Retained earnings to average equity (YTD only)
  • 0.44%Net charge-offs to loans
  • 48.27%Credit loss provision to net charge-offs
  • 1.15%Efficiency ratio
  • 92,442Assets per employee
  • 4.06%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.58%Loss allowance to noncurrent loans
  • 97.47%Noncurrent assets plus other real estate owned to assets
  • 2.95%Noncurrent loans to loans
  • 1.62%Net loans and leases to deposits
  • 64.76%Net loans and leases to core deposits
  • 69.83%Equity capital to assets
  • 8.08%Core capital (leverage) ratio
  • 8.05%Tier 1 risk-based capital ratio
  • 12.22%Total risk-based capital ratio
  • Memoranda
  • $13Average assets
  • $294,033Average earning assets
  • $23,628Average equity
  • $272,499Average loans

List of branches

  • 12 Minnesota Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    011804Sterling State Bank1419 1st Avenue Southwest, Austin, MN 55912May 01, 1958Full Service Brick and Mortar
    140230Lyle Main Branch403 Main Street, Lyle, MN 55953Febuary 20, 1989Full Service Brick and Mortar
    3243024Rochester Facility102 South Broadway, Rochester, MN 55903April 12, 1993Full Service Brick and Mortar
    4243025North Rochester Branch5600 East Frontage Road, Highway 52 North, Rochester, MN 55904September 01, 1994Full Service Brick and Mortar
    5243026Rochester Branch1336 Apache Drive, S.W., Rochester, MN 55902July 05, 1995Full Service Brick and Mortar
    9243030Lakeville Branch16366 Kenrick Avenue, Lakeville, MN 55044July 28, 1998Full Service Brick and Mortar
    10360297Apple Valley Branch4520 150th Street West, Apple Valley, MN 55124May 29, 2001Full Service Brick and Mortar
    11362272Rochester 25th Street Branch10 25th Street Se, Rochester, MN 55904October 22, 2001Full Service Brick and Mortar
    13365576Coon Rapids Branch3550 River Rapids Drive, N.W., Coon Rapids, MN 55448October 16, 2002Full Service Brick and Mortar
    14437782Savage Branch14185 Highway 13 South, Savage, MN 55378Febuary 21, 2005Full Service Brick and Mortar
    15517267Sterling State Bank13810 Community Drive, Burnsville, MN 55337Febuary 24, 2011
    16526139Sterling State Bank15359 Founders Lane, Apple Valley, MN 55124October 06, 2011Full Service Brick and Mortar

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