State Farm Glad Donald Sterling's Banned ... But Clippers Still In Dog House

State Farm -- one of the Clippers' biggest sponsors -- tells TMZ Sports they're happy Donald Sterling has been banned for life ... but they're not ready to get back into business with the Clips ... yet.

We broke the story ... State Farm decided to "take a pause" in its relationship with the Clippers in the wake of the Sterling audio.

So, we reached out to the insurance titan today to see if SF would rekindle things with the team now that Sterling is gone for good -- and they told us, they need more time before running back to the blue and red.

"At this time, we are continuing the pause of our sponsorship of the Clippers organization as we evaluate this ongoing situation," a rep tells us.

State Farm notes they "applaud and support" Adam Silver's decision -- say they're especially proud of the way State Farm spokesperson Chris Paul has handled himself over the past few days.