# BOUNDARY WATERS BANK
ELY, MN · FDIC certificate 35172 · asset band <$300M · latest filing 2023-06 · stopped filing (departed)

**Verdict on the desk:** this could be *funding-stretched*. Composite score 2 (one point per flag, capital below 5% counted twice; 7 or more is where departures cluster).

## What the filing shows (filed dollars, derived ratios; band percentiles in parentheses)

| Measure | Value | Band median |
|---|---|---|
| Total assets | $112.0M | |
| Deposits | $83.9M | |
| Loans and leases | $93.1M | |
| Total equity | $12.0M | |
| Loans / deposits | 109.07% (p96 of band) | 68.34% |
| Liquid assets / assets | 14.27% (p8 of band) | |
| Uninsured deposits / deposits | 13.19% (p26 of band) | 19.21% |
| Brokered deposits | 0.00% | |
| Wholesale funding | 13.12% (p89 of band) | |
| FHLB advances / assets | 13.12% | |
| Tier 1 leverage | 9.07% (p17 of band) | 11.20% |
| Unrealized securities loss / equity | -0.68% (p90 of band) | -21.45% |
| AOCI / equity | -0.65% (p11 of band) | |
| ROA (annualized) | 1.42% (p73 of band) | 0.98% |
| Net interest margin | 6.63% (p99 of band) | 3.56% |
| Efficiency ratio | 49.56% (p11 of band) | |
| Noncurrent loans | 0.44% (p64 of band) | 0.19% |
| Net charge-offs (annualized) | 0.05% (p87 of band) | |
| Reserve coverage of noncurrent | 382.61% | |
| Real estate % of loans | 98% | |
| Construction % of loans | 17.05% (p46 of band) | |
| Auto loans | $0 (0.00% of loans; DQ –, NCO 0.00%) | |
| Loans to nondepository financials | $0 (0% of equity) (p48 of band) | |
| Deposits YoY | -15.2% | |
| Employees | 17 | |

## Flags firing in the latest filing

- **loans exceed deposits** (`liq_ltd`)
- **deposits shrinking** (`shrink_deposits`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2011-03 | 8 | brokered >10%, wholesale funding >15%, leverage <7%, losing money, noncurrent p90, charge-offs p90, reserve under noncurrent, construction >100% equity |  |
| 2011-06 | 8 | expense ratio p90 | wholesale funding >15% |
| 2011-09 | 9 | capital falling |  |
| 2011-12 | 12 | wholesale funding >15%, leverage <5% |  |
| 2012-03 | 12 | assets shrinking, uninsured deposits leaving | expense ratio p90, wholesale funding >15% |
| 2012-06 | 10 |  | capital falling, assets shrinking |
| 2012-09 | 9 | assets shrinking | brokered >10%, noncurrent p90 |
| 2012-12 | 7 |  | uninsured deposits leaving, assets shrinking |
| 2013-03 | 5 |  | losing money, reserve under noncurrent |
| 2013-06 | 7 | expense ratio p90, reserve under noncurrent |  |
| 2013-09 | 6 | NIM <2.5% | charge-offs p90, expense ratio p90 |
| 2013-12 | 6 |  |  |
| 2014-03 | 4 |  | construction >100% equity, NIM <2.5% |
| 2014-06 | 5 | construction >100% equity |  |
| 2014-09 | 3 |  | leverage <5% |
| 2014-12 | 3 |  |  |
| 2015-03 | 4 | charge-offs p90, deposits shrinking, uninsured deposits leaving | leverage <7%, construction >100% equity |
| 2015-06 | 0 |  | reserve under noncurrent, charge-offs p90, deposits shrinking, uninsured deposits leaving |
| 2015-09 | 0 |  |  |
| 2015-12 | 2 | loans exceed deposits, reserve under noncurrent |  |
| 2016-03 | 1 |  | loans exceed deposits |
| 2016-06 | 3 | expense ratio p90, deposits shrinking |  |
| 2016-09 | 2 |  | deposits shrinking |
| 2016-12 | 3 | capital falling |  |
| 2017-03 | 1 | charge-offs p90 | reserve under noncurrent, expense ratio p90, capital falling |
| 2017-06 | 1 | loans exceed deposits | charge-offs p90 |
| 2017-09 | 1 |  |  |
| 2017-12 | 1 |  |  |
| 2018-03 | 1 |  |  |
| 2018-06 | 2 | deposits shrinking |  |
| 2018-09 | 4 | reserve under noncurrent, assets shrinking |  |
| 2018-12 | 4 |  |  |
| 2019-03 | 6 | wholesale funding >15%, uninsured deposits leaving |  |
| 2019-06 | 5 |  | uninsured deposits leaving |
| 2019-09 | 4 | noncurrent p90 | assets shrinking, wholesale funding >15% |
| 2019-12 | 1 |  | loans exceed deposits, deposits shrinking, noncurrent p90 |
| 2020-03 | 3 | losing money, charge-offs p90 |  |
| 2020-06 | 4 | capital falling |  |
| 2020-09 | 3 |  | losing money |
| 2020-12 | 3 |  |  |
| 2021-03 | 2 |  | capital falling |
| 2021-06 | 1 |  | charge-offs p90 |
| 2021-09 | 1 |  |  |
| 2021-12 | 3 | deposits shrinking, assets shrinking |  |
| 2022-03 | 3 |  |  |
| 2022-06 | 3 | uninsured deposits leaving | reserve under noncurrent |
| 2022-09 | 4 | loans exceed deposits |  |
| 2022-12 | 7 | liquid assets <10%, NIM <2.5%, reserve under noncurrent |  |
| 2023-03 | 5 | capital falling, charge-offs p90 | uninsured deposits leaving, liquid assets <10%, NIM <2.5%, reserve under noncurrent |
| 2023-06 | 2 |  | assets shrinking, capital falling, charge-offs p90 |

## In the news (Google News, unfiltered, newest first; check the city)

- 2022-08-22 [Highland Bank agrees to buy Boundary Waters Bank - The Business Journals](https://news.google.com/rss/articles/CBMirAFBVV95cUxNV2RQRF9tX2dLaDJ6VUtCUzNqal95SmdxTUs0Vms1c1h0b3BXMUp3WktJNUNKM0RHU0djM016dDA4X0ZTSFJidnBvT3Z4MFcyc1pMc3N4UVRPLWpzcWloMFVPQVQ0UThWbVoxa0hfVlRjY3JxTGQ2TGpkaXlzajU4MjdWLTBKVlBrZlpSc09xcHd6ZE5qZTZlRzRPNTNSaEsydnNTUjdrUXN2M1lr?oc=5) · The Business Journals
- 2024-09-19 [Three-week outage of some electronic systems at Highland Bank continues to disrupt - Star Tribune](https://news.google.com/rss/articles/CBMijAFBVV95cUxQZzNaQ3lFRkdNUFRibnRkZmVSSTg5dEQ5MmRnYnIzdmdxTHgza2tlYzlRR3huUnM3TEhLWFhEUGdpVjBIX2ZVSk1jaVJvbExjSWhzMm1yMmhfT05mVkswcVJBTldxMFFGaTl1UzRNWWZnR0prdDlkUmNMalBxNG5Cbk83UXhRTHZTWkJGbA?oc=5) · Star Tribune
- 2023-11-17 [Top Women in Finance 2023: Sue Lee - Finance & Commerce](https://news.google.com/rss/articles/CBMie0FVX3lxTFBQVzQxamREUS1icTQ2WDA4alotUjJPaE4xZ1dVZmRGNExwYzc5YXZaYVBPTG14QkctZWdHM3VjUy1FZl80cTBtRW0wU1dnb0VtTHRtSEZiQ0tWSk1lelNXRGplM19mVlRXdXNTVWpZLWJpaDJnUFJIcVBmUQ?oc=5) · Finance &amp; Commerce
- 2021-10-09 [Le Center bank, financial, insurance services expand to Lonsdale - southernminn.com](https://news.google.com/rss/articles/CBMiggJBVV95cUxPdmpWay1wSW9wY2J4WWpCeHNQVFduSEVqWFViNFQzRnMwSGdVcVJsR1J3SjQtam9mVTVFNjlNV0FZOVNOTFZud3RXQmg4UndHWF82OHZxSWRCd2ZKSzVCMlEtV1F3ZVEwcW1IanVlVEIwRDRYUVRTMThULTRHNjZfS2tlYjZnbnBIR2Q0dUl4b1E4ZkJrckZrZldVRGU1QVZDT2hVZFZsRkVybkFITDUwZW5ZWUhrWHpYM29ReGg4bFNGU1l2Q1k4RlhQNl9pQnB3X0VPSWFPbWx3MVBnNk9OSlN4dnJrRkJfTk4way03aHZfb3lnWGVwaExXQXRRTjZPN1E?oc=5) · southernminn.com
- 2022-03-03 [Anthony John Pecha Obituary Mar 3, 2022 - baumanfuneralhome.com](https://news.google.com/rss/articles/CBMiakFVX3lxTE5uV1NLMnR3bmo1SDFsT1hQb2Z2NENwcmV3S21NOUlOZWlXOHVTRk1zNGx2b0phTHhCd1BycTVnSk9LbE5aQ0lXa1I4UnVhXzh2LUg1REFsNDNuVG5fVEpjZWhITDVyNEJsQ3c?oc=5) · baumanfuneralhome.com
- 2024-09-05 [Minnesota’s Highland Bank reopens branches after tech woes shut its doors - Star Tribune](https://news.google.com/rss/articles/CBMipAFBVV95cUxOZGJJWTN5MW5QczJ1MW1sV1NBalpVS01BUjMxTVplSmcwUHg2T2dudDdFa0FoajhkN0VBXzFmemM4dmNGbEREVDlxaG8xb1Q1S3JZUTVnM01naEtQeWFqM2dFcUVtWXhjOXdFaHJ5YVgzVVBoTEdCRTBEUHpMX004VC1VX1N0SlpkVDg0ZkhNcEZQVGhtY1Q0emdkUXFxNHBkOTZaZQ?oc=5) · Star Tribune
- 2021-04-08 [Adirondacks Campground Acquired by Texas Investor Group - Woodall's Campground Magazine](https://news.google.com/rss/articles/CBMihgFBVV95cUxPeC1aNnoyYUtmWUUyV1dYVzB1d25UQTVMeENXcnhYVTRiZEl3VnNLSG9Ya3dTLVlCVGxJTUNVRFZaUHR0NkRkSHlaeGkwQ1lkeW9YU2dxZERCQzZUMjlMZGdrNHMtSGhBMHZHZXQ4Z25oR0lkX01PT2tSWVVoWFZPVzdiaXhwZw?oc=5) · Woodall's Campground Magazine
- 2024-08-22 [Jane Vukelich Obituary (1947 - 2024) - Ely, MN - Mesabi Tribune - legacy.com](https://news.google.com/rss/articles/CBMilAFBVV95cUxPVkp6bURGMUQ2TkU3cHRWcUQ2ejVYWHdTRmtULUMzeXM0clhTR2FIWWVEdTUxbzdiTFNLUktiUFkyQUJrSF9FLXktMEt5b3JnR3JRam9lSEhCWVVXQjU3VTRKb1JVWGx2X2pIcHpCUjN4T3d5UlNNdVNKdHFqNUxPTkFWWXI5c3VHYWd3YVVNai1rNXUt?oc=5) · legacy.com

## How to verify

- Page: https://getbookiq.com/bank-desk/#bank=35172 (click any number for its formula and FFIEC field codes)
- Latest row, JSON: https://getbookiq.com/bank-desk/data/summary.json · history: https://getbookiq.com/bank-desk/data/h/36.json (key "35172", columns cycle, ASSET, DEP, LNLSGR, EQTOT, ltd, liquid_pct, unins_pct, lev, aoci_pct_eq, sec_loss_eq, roa, nim, eff, nc_pct, nco_pct, LNAUTO, auto_dq, auto_nco, LNNDEPD, ndfi_eq, wholesale_pct, dep_yoy, score, flags)
- Field definitions: https://getbookiq.com/dictionary/#bank-LNNDEPD and the rest of the bank dictionary
- Source: FDIC call report via BankFind, dollars in thousands as filed. Departed means stopped filing, which is usually a merger; FAILED is the FDIC's own list.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide