Granite Bank: how it compares with its peers
Against 92 MN banks with half to twice its assets, Granite Bank's strongest measure in Q2 2026 is net interest margin (4.63% vs. a 3.97% peer median). Its weakest relative measure is assets per employee ($1.3M vs. $7.5M).
| Measure | Granite Bank | Peer median | Rank |
|---|---|---|---|
| Return on assets Annualized net income over average assets. | 1.37% | 1.33% | Middle third Ahead of 57% of peers |
| Net interest margin Annualized net interest income over earning assets. | 4.63% | 3.97% | Top third Ahead of 90% of peers |
| Efficiency ratio Noninterest expense per dollar of revenue. Lower is better. | 88.25% | 61.31% | Bottom third Ahead of 4% of peers |
| Assets per employee Total assets over full-time-equivalent staff. | $1.3M | $7.5M | Bottom third Ahead of 1% of peers |
| Loans to deposits Net loans and leases over total deposits. | 107.74% | 81.46% | Context |
What it means for lending operations
Its efficiency ratio of 88.25% is above the 61.31% peer median: it spends more to earn each dollar of revenue than most banks its size. Staff time on manual borrower verification (collecting pay stubs, bank statements, and employment letters, then re-keying them) is one of the larger controllable costs behind that number.
Banks closest in size
- Harvest Bank Kimball, MN · $355M
- Sherburne Bank Becker, MN · $351M
- United Community Bank Perham, MN · $359M
- Heritage Bank National Association Spicer, MN · $361M
- ProGrowth Bank Nicollet, MN · $365M
- First Bank Elk River Elk River, MN · $369M
Questions about Granite Bank
How big is Granite Bank?
Granite Bank, established in 1902, is headquartered in Cold Spring, MN. It reported $353M in total assets in its Q2 2026 FDIC call report and operates 2 offices.
What is Granite Bank's return on assets?
1.37% annualized in Q2 2026, against a 1.33% median for 92 MN banks with half to twice its assets, ahead of 57% of them.
What is Granite Bank's efficiency ratio?
88.25% in Q2 2026: it spent about 88 cents in noninterest expense for each dollar of revenue. The peer median is 61.31%, and lower is better.
Is Granite Bank growing its loans?
Net loans grew 9.3% over the year to Q2 2026, while deposits grew 5.8%.
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.