Boundary Waters Bank in Ely, Minnesota (MN)



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Boundary Waters Bank
GeneralFDIC Certificate #: 35172
Status: Active
Federal Reserve ID: 2749059
Bank Holding Company (Regulatory Top Holder): Bw Bancorp (RSSDID: 2768126, Location: Ely, MN)
Date Established: April 01, 1999
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 3 (Domestic: 3, Interstate: No)
FDIC's unique #: 75645
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: April 01, 1999
Last Structure Change Effective Date: March 31, 2006
Last Structure Change Process Date: November 03, 2006
Last Data Update: November 03, 2006
Data Source Date: April 05, 2012
LocationAddress: 601 East Sheridan Street, Ely, MN 55731
County: St. Louis
Quarterly Banking Profile Region: Kansas City
FDIC Geographic Region: Kansas City
FDIC Supervisory Region: Kansas City
FDIC Field Office: Minneapolis
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: West
Metropolitan Statistical Area (MSA): Duluth-Superior, MN-WI (#2240)
Core Based Statistical Area (CBSA): Duluth, MN-WI (#20260)
CBSA Metro Statistical Area: Duluth, MN-WI (#20260)
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $110.5 mil
Equity capital: $3.8 mil
Deposits held in domestic offices: $100.7 mil
Return on assets (ROA): -3.47% (-$3.8 mil)
Quarterly return on assets: -11.46% (-$12.6 mil)
Return on Equity (ROE): -59.02% (-$2.4 mil)
Quarterly return on equity: -236.58% (-$9.5 mil)
Net income: -$4.0 mil
Quarterly Net income: -$3.2 mil
Pretax return on assets: -3.46% (-$3,822.5 mil)
Quarterly Pretax return on assets: -11.46% (-$12,660.7 mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)26
Total assets$110,477
Cash and due from depository institutions$6,970
Interest-bearing balances$5,788
Securities$7,628
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$83,943
Loan loss allowance $2,366
Trading account assets$0
Bank premises and fixed assets$1,886
Other real estate owned$9,004
Goodwill and other intangibles$0
All other assets$1,046
Life insurance assets$110,477
Total liabilities and capital$106,628
Total liabilities$100,661
Total deposits$89,701
Interest-bearing deposits$100,661
Deposits held in domestic offices$99
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$5,500
Other borrowed funds $0
Subordinated debt $467
All other liabilities $3,849
Total equity capital$3,849
Total bank equity capital$3,849
Perpetual preferred stock$0
Common stock$200
Surplus$16,202
Undivided profits $-12,553
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $8,986
Earning assets $0
Long-term assets (5+ years) $362
Average Assets, year-to-date $97,359
Average Assets, quarterly $10,131
Volatile liabilities $114,597
Insider loans $112,569
FHLB advances $90,805
Loans and leases held for sale $113,919
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $3,824
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $4,783
Derivatives$576
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $5,461
Total interest expense $1,215
Net interest income $4,246
Provision for loan and lease losses $1,980
Total noninterest income -$1,450
Fiduciary activities $0
Service charges on deposit accounts $163
Trading account gains & fees $0
Additional noninterest income -$1,613
Total noninterest expense $4,783
Salaries and employee benefits $1,845
Premises and equipment expense $565
Additional noninterest expense $2,373
Pre-tax net operating income -$3,967
Securities gains (losses) $0
Applicable income taxes $7
Income before extraordinary items -$3,974
Extraordinary gains - net $0
Net income attributable to bank -$3,974
Net charge-offs $0
Cash dividends -$3,974
Sale, conversion, retirement of capital stock, net $4,521
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.49%
Cost of funding earning assets 1.22%
Net interest margin 4.27%
Noninterest income to earning assets -1.46%
Noninterest expense to earning assets 4.81%
Net operating income to assets -3.47%
Return on assets (ROA) -3.47%
Pretax return on assets -3.46%
Return on equity (ROE) -59.02%
Retained earnings to average equity (YTD only) -59.02%
Net charge-offs to loans 5.08%
Credit loss provision to net charge-offs 43.80%
Efficiency ratio-0.44%
Assets per employee$171,066
Cash dividends to net income (YTD only)4.25%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 2.74%
Noncurrent assets plus other real estate owned to assets 26.33%
Noncurrent loans to loans 16.28%
Net loans and leases to deposits10.41%
Net loans and leases to core deposits 83.39%
Equity capital to assets 95.61%
Core capital (leverage) ratio 3.48%
Tier 1 risk-based capital ratio 3.36%
Total risk-based capital ratio 4.21%
Memoranda
Average assets$5
Average earning assets$114,597
Average equity $6,733
Average loans $99,524
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3 Minnesota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
075645Boundary Waters Bank601 East Sheridan Street, Ely, MN 55731April 01, 1999Full Service Brick and Mortar
1360702Blaine Branch11800 Aberdeen Street N.E., Blaine, MN 55434August 01, 2000Full Service Brick and Mortar
2425118Woodbury Branch2230 Eagle Creek Lane, Woodbury, MN 55125December 15, 2003Full Service Brick and Mortar
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