State Bank of Southern Utah
Cedar City, Utah, Iron County
$2.7B in total assets, the 480th largest of 4,309 US banks and 23rd of 45 headquartered in Utah.
- FDIC certificate
- 17964
- Established
- 1957
- Owned by
- Southern Utah Bcorp
- Primary regulator
- FDIC
- Website
- http://www.sbsu.com
At a glance
Compared with 16 banks headquartered in Utah with $1 billion to $10 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $2.7B | 44% | $2.8B | |
| Loans | $1.9B | 56% | $1.5B | |
| Deposits | $2.4B | 56% | $2.3B | |
| Return on assets | 1.67% | 25% | 2.05% | |
| Net interest margin | 4.22% | 19% | 6.11% | |
| Efficiency ratio | 45.8% | 62% | 37.5% | |
| Equity to assets | 11.40% | 38% | 14.47% | |
| Loans to deposits | 80% | 27% | 97% |
Growth
Total assets grew 7.0% a year over the last 5 years and 11.9% a year over 10 years, including 1 acquisition in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Feb 2019 | Gunnison Valley Bank Gunnison, UT | $68M |
Where they operate
17 branches in 8 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Iron County, UT | $1.0B | 70.8% | 1 of 5 |
| Washington County, UT | $744M | 18.8% | 2 of 10 |
| Kane County, UT | $145M | 61.4% | 1 of 2 |
| Sanpete County, UT | $134M | 32.4% | 2 of 3 |
| Sevier County, UT | $130M | 30.4% | 2 of 4 |
| Millard County, UT | $106M | 39.1% | 2 of 2 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
Net gain of 4 branches since 2016 (13 to 17, +30.8%). 5 opened, 1 acquired, 2 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 13 | |||
| 2016 | Opened Cedar CityClosed Cedar City | 1 | 2 | −1 | 12 |
| 2018 | Opened Fillmore | 1 | 0 | +1 | 13 |
| 2019 | Acquired Gunnison Valley Bank | 1 | 0 | +1 | 14 |
| 2020 | Opened Delta and Escalante | 2 | 0 | +2 | 16 |
| 2024 | Opened Saint George | 1 | 0 | +1 | 17 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Commercial real estate | 48% | 21% | |
| Construction and land | 16% | 6% | |
| 1-4 family residential | 14% | 4% | |
| Business (C&I) | 10% | 24% | |
| Multifamily | 5% | 3% | |
| Farmland | 3% | 1% | |
| Consumer | 2% | 36% | |
| Agricultural | 2% | 0% | |
| Other | 0% | 6% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 50% | 40% | |
| Time deposits | 27% | 40% | |
| Noninterest-bearing | 23% | 20% |
Brokered deposits are 0.0% of deposits (peers 30.2%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.40% | 0.60% |
| Net charge-offs, annualized | 0.27% | 0.75% |
| Reserves to loans | 1.22% | 1.77% |
| Leverage ratio | 12.04% | 14.92% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Utah
Largest competitors in Iron County, UT
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/southern-utah