Boundary Waters Bank

Our records indicate that this bank has been acquired by Highland Bank.


601 E Sheridan St
Ely, MN 55731
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Notable Rates APY Vs.Others
Savings N.A. 5.55% →
1-Year CD N.A. 5.38% →
2-Year CD N.A. 4.95% →
5-Year CD N.A. 4.55% →
30-Year Mortgage N.A. 4.91% →
15-Year Mortgage N.A. 4.39% →
HELOC N.A. 0.99% →

2024 Overview

General Bank Information

Boundary Waters Bank is an FDIC insured institution located in Ely, MN. It was founded in 1999 and has approximately $0.11 billion in assets. Customers can open an account at one of its 3 branches.

FDIC Insured Yes
FDIC Certificate # 35172
Date Established 1999
Assets $ 110.68 million
Loans $ 91.51 million
Deposits $ 83.90 million
Capital $ 11.99 million

For a more detailed analysis of Boundary Waters Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - July 13, 2024

Your Current Location: Virginia, VA 20146

Loan Rates - July 13, 2024

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for Boundary Waters Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:

Featured - Virginia 30 Year Fixed Mortgage Rates 2024

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6.580% 6.490%
1.00 points
$3,002 fees
$2,021 Learn More
Mutual of Omaha Mortgage, Inc.
NMLS ID: 1025894
6.616% 6.500%
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$2,023 Learn More
Rocket Mortgage
NMLS ID: 3030
6.973% 6.875%
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$3,200 fees
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CrossCountry Mortgage
NMLS ID: 3029

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Featured - Virginia Home Equity Line Of Credit Rates 2024

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
7.990 %
$0 Learn More
More Info

Note to Boundary Waters Bank
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Climate Policy and Initiatives

Boundary Waters Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.

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Financial Details

Boundary Waters Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Boundary Waters Bank. The data is provided by the FDIC. All banks listed on are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Boundary Waters Bank U.S. Bank Average
3.05% 3.96%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of December 31, 2024, Boundary Waters Bank had $414,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $11,991,000 in equity and $1,584,000 in loans loss reserves. That gives it a Texas Ratio of 3.05%.

Return on Equity
Boundary Waters Bank U.S. Bank Average
18.17% 12.20%

Boundary Waters Bank has a Return on Equity of 18.17% versus the BestCashCow average of 12.20%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Boundary Waters Bank U.S. Bank Average
10.83% 10.76%

Boundary Waters Bank has a Capitalization of 10.83% versus the BestCashCow average of 10.76. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Boundary Waters Bank Balance Sheet Analysis

As of June 30, 2023, Boundary Waters Bank had assets of $112,000,000, loans of $91,510,000, and deposits of $83,900,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

December 31, 2024
Cash & Balances due from depository institutions $ 11.36 million
Interest-bearing balances $ 10.46 million
Total securities $ 4.63 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 91.51 million
Loan loss allowance $ 1.58 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 2.73 million
All other assets $ 1.55 million
     Total Assets $ 100.01 million
Total deposits $ 83.90 million
      Interest-bearing deposits $ 61.68 million
      Deposits held in domestic offices $ 83.90 million
      % insured (estimated) 86.85%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 0.48 million
      Total Liabilities $ 100.01 million
      Shareholders’ Equity $ 10.67 million

Summary Income Statement

December 31, 2024
Total Interest Income $ 3.89 million
Total Interest Expense $ 0.47 million
Net interest income $ 3.42 million
Provision for loan and lease losses $ 0.10 million
Total non interest income $ 0.09 million
Total non interest expense $ 1.74 million
Pre-tax Net Operating Income $ 0.87 million

Bank Loan Profile?

The top three loan types in Boundary Waters Bank’s loan portfolio are 1-4 Family Residential Loans, Commercial Real Estate, and Small Business Loans.

Compared to other banks in Minnesota, Boundary Waters Bank has a significantly higher percent of 1-4 Family Residential Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 62.79
Credit Card Loans 0.00
Consumer Auto Loans 0.01
Small Business Loans 15.37
Construction and Development Loans 4.94
Commercial Real Estate 29.95
Commercial and Industrial Loans 2.53
Farm Loans 0.00

Customer Reviews for Boundary Waters Bank

  • March 3, 2022 |

    I asked for a 1099-int form and get nothing every year. I have to call them to get this information. Their online will not work for me and they will not fix the problem. The information I have been given is wrong again this year. The EIN number is NOT the same as the routing number but the staff people we talked to were NEW so they did not know the difference.

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