Sterling State Bank in Austin, Minnesota (MN)
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| Sterling State Bank | |
|---|---|
| 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) |
| Assets and Liabilities (December 31, 2011) (Dollar figures in thousands) | |
| Total employees (full-time equivalent) | 76 |
| Total assets | $308,482 |
| Cash and due from depository institutions | $60,089 |
| Interest-bearing balances | $53,470 |
| Securities | $56,461 |
| Federal funds sold & reverse repurchase agreements | $0 |
| Net loans & leases | $173,143 |
| Loan loss allowance | $2,772 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $9,540 |
| Other real estate owned | $6,252 |
| Goodwill and other intangibles | $0 |
| All other assets | $2,997 |
| Life insurance assets | $308,482 |
| Total liabilities and capital | $283,559 |
| Total liabilities | $267,363 |
| Total deposits | $227,694 |
| Interest-bearing deposits | $267,363 |
| Deposits held in domestic offices | $59 |
| % insured (estimated) | 3980.00% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $11,000 |
| Other borrowed funds | $0 |
| Subordinated debt | $1,216 |
| All other liabilities | $24,923 |
| Total equity capital | $24,923 |
| Total bank equity capital | $24,923 |
| Perpetual preferred stock | $0 |
| Common stock | $300 |
| Surplus | $18,190 |
| Undivided profits | $6,433 |
| Memoranda | |
| Noncurrent loans and leases | $0 |
| Noncurrent loans that are wholly or partially guaranteed by the U.S. government | $1,487 |
| Income earned, not collected on loans | $2,844 |
| Earning assets | $0 |
| Long-term assets (5+ years) | $868 |
| Average Assets, year-to-date | $283,074 |
| Average Assets, quarterly | $45,758 |
| Volatile liabilities | $294,033 |
| Insider loans | $305,988 |
| FHLB advances | $198,952 |
| Loans and leases held for sale | $302,103 |
| Unused loan commitments | $0 |
| Tier 1 (core) risk-based capital | $0 |
| Tier 2 risk-based capital | $24,319 |
| Total risk weighted assets | $0 |
| Total unused commitments | $0 |
| Restructured Loans and leases | $20,899 |
| Derivatives | $4,189 |
| Income and Expense (December 31, 2011) (Dollar figures in thousands) | |
| Total interest income | $13,356 |
| Total interest expense | $2,575 |
| Net interest income | $10,781 |
| Provision for loan and lease losses | $390 |
| Total noninterest income | $1,471 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $486 |
| Trading account gains & fees | $0 |
| Additional noninterest income | $985 |
| Total noninterest expense | $11,326 |
| Salaries and employee benefits | $5,481 |
| Premises and equipment expense | $2,333 |
| Additional noninterest expense | $3,512 |
| Pre-tax net operating income | $536 |
| Securities gains (losses) | $246 |
| Applicable income taxes | $5 |
| Income before extraordinary items | $777 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | $777 |
| Net charge-offs | $0 |
| Cash dividends | $777 |
| Sale, conversion, retirement of capital stock, net | $808 |
| Net operating income | $0 |
| Performance and Condition Ratios (December 31, 2011) (Dollar figures in thousands) | |
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 4.90% |
| Cost of funding earning assets | 0.94% |
| Net interest margin | 3.96% |
| Noninterest income to earning assets | 0.54% |
| Noninterest expense to earning assets | 4.16% |
| Net operating income to assets | 0.18% |
| Return on assets (ROA) | 0.26% |
| Pretax return on assets | 0.27% |
| Return on equity (ROE) | 3.29% |
| Retained earnings to average equity (YTD only) | 3.29% |
| Net charge-offs to loans | 0.44% |
| Credit loss provision to net charge-offs | 48.27% |
| Efficiency ratio | 1.15% |
| Assets per employee | $92,442 |
| Cash dividends to net income (YTD only) | 4.06% |
| Condition Ratios (%) | |
| Loss allowance to loans | 0.00% |
| Loss allowance to noncurrent loans | 1.58% |
| Noncurrent assets plus other real estate owned to assets | 97.47% |
| Noncurrent loans to loans | 2.95% |
| Net loans and leases to deposits | 1.62% |
| Net loans and leases to core deposits | 64.76% |
| Equity capital to assets | 69.83% |
| Core capital (leverage) ratio | 8.08% |
| Tier 1 risk-based capital ratio | 8.05% |
| Total risk-based capital ratio | 12.22% |
| Memoranda | |
| Average assets | $13 |
| Average earning assets | $294,033 |
| Average equity | $23,628 |
| Average loans | $272,499 |
| 12 Minnesota Branches as of April 05, 2012 | ||||||
| No | ID | Name | Address | Established | Service Type | Map |
|---|---|---|---|---|---|---|
| 0 | 11804 | Sterling State Bank | 1419 1st Avenue Southwest, Austin, MN 55912 | May 01, 1958 | Full Service Brick and Mortar |  |
| 1 | 40230 | Lyle Main Branch | 403 Main Street, Lyle, MN 55953 | Febuary 20, 1989 | Full Service Brick and Mortar |  |
| 3 | 243024 | Rochester Facility | 102 South Broadway, Rochester, MN 55903 | April 12, 1993 | Full Service Brick and Mortar | |
| 4 | 243025 | North Rochester Branch | 5600 East Frontage Road, Highway 52 North, Rochester, MN 55904 | September 01, 1994 | Full Service Brick and Mortar | |
| 5 | 243026 | Rochester Branch | 1336 Apache Drive, S.W., Rochester, MN 55902 | July 05, 1995 | Full Service Brick and Mortar | |
| 9 | 243030 | Lakeville Branch | 16366 Kenrick Avenue, Lakeville, MN 55044 | July 28, 1998 | Full Service Brick and Mortar | |
| 10 | 360297 | Apple Valley Branch | 4520 150th Street West, Apple Valley, MN 55124 | May 29, 2001 | Full Service Brick and Mortar | |
| 11 | 362272 | Rochester 25th Street Branch | 10 25th Street Se, Rochester, MN 55904 | October 22, 2001 | Full Service Brick and Mortar | |
| 13 | 365576 | Coon Rapids Branch | 3550 River Rapids Drive, N.W., Coon Rapids, MN 55448 | October 16, 2002 | Full Service Brick and Mortar | |
| 14 | 437782 | Savage Branch | 14185 Highway 13 South, Savage, MN 55378 | Febuary 21, 2005 | Full Service Brick and Mortar | |
| 15 | 517267 | Sterling State Bank | 13810 Community Drive, Burnsville, MN 55337 | Febuary 24, 2011 | | |
| 16 | 526139 | Sterling State Bank | 15359 Founders Lane, Apple Valley, MN 55124 | October 06, 2011 | Full Service Brick and Mortar | |
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