First State Bank Southwest
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Data as of · sourced from FFIEC call reports. How we update
First State Bank Southwest is an FDIC-insured commercial bank headquartered in Pipestone, MN, established in 1903 (FDIC certificate 9770), and it is supervised by the Federal Reserve. At Q2 2026 it reported total assets of $409.9M, up 4.8% from Q2 2025, the 64th largest of 221 banks headquartered in Minnesota. Its CET1 capital ratio was 16.28% at Q2 2026, comfortably above the 7% level required once the capital conservation buffer is included.
- Charter
- Commercial bank
- Regulator
- Federal Reserve
- Deposit insurance
- FDIC
- FDIC certificate
- 9770
- Headquarters
- Pipestone, MN
- Established
- 1903
- Total assets, Q2 2026
- $409.9M
- Assets vs Q2 2025
- +4.8%
- CET1 ratio, Q2 2026
- 16.28%
- Domestic offices
- 6 FDIC institution directory, current count
- Routing number
- 091206101
- Latest call report
- Q2 2026, FFIEC 051 · First State Bank Southwest call report
- Holding company
- FIRST RUSHMORE BANCORPORATION, INC.
- Asset rank in state
- 64th of 221 in Minnesota
First State Bank Southwest is one of the more profitable banks of its size. Based in Pipestone, Minnesota, it had $410 million in assets at June 30, 2026, up 4.8% from a year earlier. It returns 21.4% a year on shareholders' equity, higher than about 9 in 10 of the 2,660 banks with $100 million to $1 billion in assets (median 12.5%). On the other hand, it keeps 3.23 cents of net interest income on every dollar of earning assets, lower than about three-quarters of banks its size (median 3.95 cents).
Earnings jumped: net income for the quarter was $1.4 million, 60% above the same quarter a year earlier. Paper losses on its bond portfolio are shrinking: unrealized losses of $14 million equal 33% of Tier 1 capital, down from 44% a year earlier. Where it has less room is capital: it funds 9.69% of its assets with Tier 1 capital, lower than about three-quarters of banks its size (median 10.99%).
As of June 30, 2026, First State Bank Southwest reported a CET1 capital ratio of 16.28%, a return on assets of 1.34%, a nonperforming-loan ratio of 0.71% and a Texas ratio of 5.37%. The figures come from its call report filed with the FFIEC.
First State Bank Southwest ranks as the 64th largest of the 221 banks based in Minnesota, by total assets at Q2 2026. Between Q1 2026 and Q2 2026, its total assets rose 3.7% to $409.9M, loans rose 2.8% and deposits rose 4.5%. The largest part of its loan book on June 30, 2026 was 1-4 family residential loans, at 25.2% of total loans, ahead of agricultural production loans at 22.3%. The FDIC Summary of Deposits lists 6 offices for it, in 5 cities across 2 states; its Worthington office books 56% of its branch deposits. Judged on its Q2 2026 call report, First State Bank Southwest meets every capital ratio test for well capitalized.
Headquarters Profile
- Address
- 202 2nd St Se, Pipestone, MN 56164
- County
- Pipestone
- Metro Area
- Worthington, MN
- Charter
- Commercial bank, state charter, Fed member, FRB-supervised
- Primary Regulator
- Federal Reserve
- FDIC Region
- Kansas City (Region 11)
- Federal Reserve member
- Yes
- Federal Reserve district
- District 9, Minneapolis
- Fiduciary (trust) powers
- —
- Call Report form
- FFIEC 051
- Established
- January 1, 1903
- Former names
- First State Bank of Pipestone, Rushmore and Worthington (1999-2001)
- Domestic offices
- 6 FDIC institution directory, current count
- Employees (FTE)
- 50
- Domestic deposits
- $350.8M
- Allowance for credit losses
- $3.2M
- Net charge-offs (YTD)
- $4K
- Average total assets
- $420.9M
- Average total loans
- $221.6M
- Average interest-bearing deposits
- $284.0M
- Tax status
- Subchapter S
- Ownership
- Stock
- Community bank
- Yes
- FDIC-insured since
- January 1, 1934
- FDIC Cert
- 9770
- Fed RSSD
- 823656
- Website
- www.firststatebanksw.com →
- Parent Holding Company
- FIRST RUSHMORE BANCORPORATION, INC. (RSSD 2024381)
- Ultimate Parent
- RSSD 2399678
Profitability
Q2 annualizedCapital & Liquidity
Balance Sheet
Income Statement
Operating & Funding
Ratios tagged annualized use the Q2 income alone. The UBPR and FDIC annualize the year to date instead. FDIC BankFind divides by the average of quarter-end total assets, the UBPR by RC-K average assets. The YTD margin is the UBPR's tax-equivalent figure over its own average earning assets; FDIC BankFind's margin is not tax-equivalent. How we compute these figures
Quarterly trends
Over the 12 quarters to Q2 2026, First State Bank Southwest's total assets ran between $378.6M (Q3 2023) and $410.9M (Q4 2023), and it earned a profit in all 12 quarters. The line under each chart compares Q2 2026 with Q2 2025. How these charts are built
$409.9M total assets against $391.2M; $382.7M total liabilities against $369.0M.
$220.9M net loans and leases against $215.2M; $350.8M total deposits against $334.0M.
$137.8M securities against $146.9M; $29.5M cash and balances due against $7.4M.
$4.6M total interest income against $4.4M; $1.5M total interest expense against $1.7M.
$3.1M net interest income against $2.7M.
$898K total noninterest income against $836K; $2.4M total noninterest expense against $2.4M.
$120K provision for credit losses against $150K.
$1.4M net income against $877K.
1.34% return on assets against 0.84%; 3.23% net interest margin against 2.81%.
16.28% CET1 capital ratio against 16.38%; 9.69% tier 1 leverage ratio against 9.49%.
Inside the full First State Bank Southwest terminal
21 quarters of trends · 8 tabs · peer percentiles · watchlist alerts
Unlock this bank, freeFirst State Bank Southwest rankings
Its closest position to the top of a national ranking is 670 of 2,134, for CET1 ratio; its furthest is 2,027 of 4,196, for total assets.
Quarterly trend: last 8 quarters
Across the 8 quarters to Q2 2026, its return on assets ran from 0.52% (Q3 2024) to 1.34% (Q2 2026) and its net interest margin ran from 2.36% (Q3 2024) to 3.23% (Q2 2026).
| Quarter | CET1 | ROA | NPL | Texas | NIM |
|---|---|---|---|---|---|
| Q2 2026 | 16.28% | 1.34% | 0.71% | 5.37% | 3.23% |
| Q1 2026 | 16.41% | 0.89% | 0.73% | 6.05% | 3.10% |
| Q4 2025 | 16.41% | 1.32% | 0.45% | 3.67% | 3.10% |
| Q3 2025 | 16.91% | 0.83% | 0.53% | 3.93% | 2.93% |
| Q2 2025 | 16.38% | 0.84% | 0.50% | 4.38% | 2.81% |
| Q1 2025 | 16.06% | 0.65% | 0.78% | 7.66% | 2.76% |
| Q4 2024 | 16.17% | 0.66% | 0.50% | 5.36% | 2.59% |
| Q3 2024 | 16.51% | 0.52% | 0.48% | 3.99% | 2.36% |
Swipe the table sideways to see every column.
Branch Network
View all 6 branches → Branch count from the FDIC Summary of Deposits, June 30, 2026. The domestic office count above is the FDIC's current figure, so the two can differ.
| Branch | Location | ZIP | Deposits |
|---|---|---|---|
| Worthington Branch | Worthington , MN | 56187 | $194.7M |
| Edgerton Branch | Edgerton , MN | 56128 | $76.3M |
| First State Bank Southwest (main office) | Pipestone , MN | 56164 | $34.1M |
| Rushmore Branch | Rushmore , MN | 56168 | $25.4M |
| Leota Branch | Edgerton , MN | 56128 | $10.5M |
| Sioux Falls Branch | Sioux Falls , SD | 57108 | $9.6M |
Regulatory record
Facts as filed or published, not a rating.
- Deposit market share
- 0.1% of deposits in MN, rank 88 of 277 institutions
- Period: June 30, 2026. Source: FDIC Summary of Deposits.
- Mortgage lending (HMDA)
- 135 applications, 125 loans originated, $26.8M originated, across 4 states
- Period: Calendar year 2025. Source: FFIEC HMDA loan application register.
- SBA 7(a) lending
- 1 loans, $117K approved, $117K average. 0.00% of that year's loans have since been charged off
- Period: Federal fiscal year 2014 (October to September). Source: SBA 7(a) and 504 loan data (FOIA).
- Not on file
- Enforcement actions, Consumer complaints, CFPB enforcement, CRA examination rating. No record from these sources, which is not the same as a clean record. Sources
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Frequently asked about First State Bank Southwest
What are First State Bank Southwest's total assets?
As of the Q2 2026 filing, First State Bank Southwest reported total assets of $409.9 million in its FFIEC call report.
Where is First State Bank Southwest headquartered?
It is headquartered in Pipestone, MN, United States.
When was First State Bank Southwest founded?
It was established in 1903, per the FDIC institution directory.
Is First State Bank Southwest FDIC-insured?
Yes. It is an FDIC-insured commercial bank (FDIC Certificate #9770). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category, per FDIC rules.
Who regulates First State Bank Southwest?
First State Bank Southwest's primary federal regulator is the Federal Reserve.
What is First State Bank Southwest's CET1 capital ratio?
It reported a Common Equity Tier 1 (CET1) capital ratio of 16.28% in its Q2 2026 call report, comfortably above the 7% level required once the capital conservation buffer is included.
How many branches does First State Bank Southwest operate?
It operates 6 domestic offices, per the FDIC institution directory. That count includes administrative and limited-service offices as well as full-service branches.
What is First State Bank Southwest's Texas Ratio?
Its Texas Ratio is 5.37% in its Q2 2026 call report, within the healthy range (at or below 50%, the level at which problem assets reach half of the capital cushion). The Texas Ratio measures non-performing assets against the bank's capital and reserves.
What was First State Bank Southwest previously called?
The charter now named First State Bank Southwest has also operated as First State Bank of Pipestone, Rushmore and Worthington (1999-2001), per FDIC structure-change records.
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