Grand Marais State Bank
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Data as of · sourced from FFIEC call reports. How we update
Grand Marais State Bank is an FDIC-insured commercial bank headquartered in Grand Marais, MN, established in 1916 (FDIC certificate 8842), and it is supervised by the Federal Reserve. At Q2 2026 it reported total assets of $207.2M, the 114th largest of 221 banks headquartered in Minnesota. Its CET1 capital ratio was 13.41% at Q2 2026, comfortably above the 7% level required once the capital conservation buffer is included.
- Charter
- Commercial bank
- Regulator
- Federal Reserve
- Deposit insurance
- FDIC
- FDIC certificate
- 8842
- Headquarters
- Grand Marais, MN
- Established
- 1916
- Total assets, Q2 2026
- $207.2M
- CET1 ratio, Q2 2026
- 13.41%
- Domestic offices
- 5 FDIC institution directory, current count
- Routing number
- 091213314
- Latest call report
- Q2 2026, FFIEC 051 · Grand Marais State Bank call report
- Holding company
- VH BANCORPORATION, INC.
- Asset rank in state
- 114th of 221 in Minnesota
Grand Marais State Bank is one of the more profitable banks of its size. Its balance sheet stood at $207 million at June 30, 2026, against $118 million a year earlier; it is based in Grand Marais, Minnesota. It returns 24.3% a year on shareholders' equity, about double the median of 12.5% for the 2,660 banks with $100 million to $1 billion in assets. On the other hand, it funds 8.40% of its assets with Tier 1 capital, lower than about 9 in 10 banks its size (median 10.99%).
Earnings jumped: net income for the quarter was $1.0 million, 131% above the same quarter a year earlier. Paper losses on its bond portfolio are shrinking: unrealized losses of $451,000 equal 3% of Tier 1 capital, down from 10% a year earlier.
As of June 30, 2026, Grand Marais State Bank reported a CET1 capital ratio of 13.41%, a return on assets of 1.99%, a nonperforming-loan ratio of 0.10% and a Texas ratio of 0.72%. The figures come from its call report filed with the FFIEC.
Grand Marais State Bank ranks as the 114th largest of the 221 banks based in Minnesota, by total assets at Q2 2026. From Q1 2026 to Q2 2026, its total assets rose 2.8% to $207.2M, loans fell 0.4% and deposits rose 4.0%. 1-4 family residential loans made up 30.1% of its total loans on June 30, 2026, its largest category; next came owner-occupied commercial real estate loans at 25.0%. Its 5 offices in the FDIC Summary of Deposits are in 5 cities in MN; its Grand Marais office books 53% of its branch deposits. Judged on its Q2 2026 call report, Grand Marais State Bank meets every capital ratio test for well capitalized.
Headquarters Profile
- Address
- 211 E Highway 61, Grand Marais, MN 55604
- County
- Cook
- Charter
- Commercial bank, state charter, Fed member, FRB-supervised
- Primary Regulator
- Federal Reserve
- FDIC Region
- Kansas City (Region 11)
- Federal Reserve member
- Yes
- Federal Reserve district
- District 9, Minneapolis
- Fiduciary (trust) powers
- —
- Call Report form
- FFIEC 051
- Established
- September 16, 1916
- Domestic offices
- 5 FDIC institution directory, current count
- Employees (FTE)
- 27
- Domestic deposits
- $189.6M
- Allowance for credit losses
- $1.3M
- Net charge-offs (YTD)
- $15K
- Average total assets
- $202.4M
- Average total loans
- $131.0M
- Average interest-bearing deposits
- $140.5M
- Tax status
- Subchapter S
- Ownership
- Stock
- Community bank
- Yes
- FDIC-insured since
- January 1, 1934
- FDIC Cert
- 8842
- Fed RSSD
- 945950
- Website
- www.grandmaraisstatebank.com →
- Parent Holding Company
- VH BANCORPORATION, INC. (RSSD 1128563)
- Ultimate Parent
- CENTRAL TRUST COMPANY (RSSD 1020920)
Profitability
Q2 annualizedCapital & Liquidity
Balance Sheet
Income Statement
Operating & Funding
Ratios tagged annualized use the Q2 income alone. The UBPR and FDIC annualize the year to date instead. FDIC BankFind divides by the average of quarter-end total assets, the UBPR by RC-K average assets. The YTD margin is the UBPR's tax-equivalent figure over its own average earning assets; FDIC BankFind's margin is not tax-equivalent. How we compute these figures
Quarterly trends
Over the 12 quarters to Q2 2026, Grand Marais State Bank's total assets ran between $116.5M (Q2 2024) and $207.2M (Q2 2026), and it earned a profit in all 12 quarters. The line under each chart compares Q2 2026 with Q2 2025. How these charts are built
$207.2M total assets against $117.6M; $190.4M total liabilities against $108.3M.
$129.8M net loans and leases against $77.2M; $189.6M total deposits against $107.9M.
$59.8M securities against $36.0M; $12.9M cash and balances due against $2.4M.
$2.7M total interest income against $1.5M; $592K total interest expense against $434K.
$2.1M net interest income against $1.0M.
$146K total noninterest income against $82K; $1.3M total noninterest expense against $634K.
$0 provision for credit losses against $40K.
$1.0M net income against $437K.
1.99% return on assets against 1.45%; 4.29% net interest margin against 3.44%.
13.41% CET1 capital ratio against 13.93%; 8.40% tier 1 leverage ratio against 8.18%.
Inside the full Grand Marais State Bank terminal
21 quarters of trends · 8 tabs · peer percentiles · watchlist alerts
Unlock this bank, freeGrand Marais State Bank rankings
Its closest position to the top of a national ranking is 491 of 3,611, for ROA; its furthest is 2,850 of 3,640, for Texas Ratio.
Banks merged into Grand Marais State Bank
- CenBank, effective January 1, 2026
Quarterly trend: last 8 quarters
From Q3 2024 to Q2 2026, its return on assets ran from 0.93% (Q4 2024) to 1.99% (Q2 2026) and its net interest margin ran from 3.22% (Q1 2025) to 4.29% (Q2 2026).
| Quarter | CET1 | ROA | NPL | Texas | NIM |
|---|---|---|---|---|---|
| Q2 2026 | 13.41% | 1.99% | 0.10% | 0.72% | 4.29% |
| Q1 2026 | 12.86% | 1.47% | 0.13% | 0.95% | 4.17% |
| Q4 2025 | 13.61% | 1.06% | 0.00% | 0.00% | 4.08% |
| Q3 2025 | 14.52% | 1.70% | 0.01% | 0.07% | 3.73% |
| Q2 2025 | 13.93% | 1.45% | 0.00% | 0.03% | 3.44% |
| Q1 2025 | 14.26% | 1.25% | 0.00% | 0.00% | 3.22% |
| Q4 2024 | 14.42% | 0.93% | 0.00% | 0.00% | 3.33% |
| Q3 2024 | 14.96% | 1.32% | 0.00% | 0.00% | 3.26% |
Swipe the table sideways to see every column.
Branch Network
View all 5 branches → Branch count from the FDIC Summary of Deposits, June 30, 2026. The domestic office count above is the FDIC's current figure, so the two can differ.
| Branch | Location | ZIP | Deposits |
|---|---|---|---|
| Grand Marais State Bank (main office) | Grand Marais , MN | 55604 | $100.3M |
| Ortonville Branch | Ortonville , MN | 56278 | $37.2M |
| Buffalo Lake Branch | Buffalo Lake , MN | 55314 | $23.5M |
| Hutchinson Branch | Hutchinson , MN | 55350 | $15.3M |
| Tofte Branch | Tofte , MN | 55615 | $13.2M |
Events & Regulatory History
Mergers, charter changes, enforcement actions, FDIC assistance, and (if applicable) failure events recorded against this institution. Click a year to see what else was happening across US banking that year.
| Date | Category | Event | Source |
|---|---|---|---|
| January 1, 2026 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| January 1, 2026 | Structure Change | Acquired CenBank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
Sourced from the bank event history (FDIC, Federal Reserve NIC, OCC, and OTS). Showing the most recent 2 events.
Regulatory record
Facts as filed or published, not a rating.
- Deposit market share
- <0.1% of deposits in MN, rank 140 of 277 institutions
- Period: June 30, 2026. Source: FDIC Summary of Deposits.
- SBA 7(a) lending
- 2 loans, $350K approved, $175K average. 0.00% of that year's loans have since been charged off
- Period: Federal fiscal year 2019 (October to September). Source: SBA 7(a) and 504 loan data (FOIA).
- Not on file
- Enforcement actions, Mortgage lending (HMDA), Consumer complaints, CFPB enforcement, CRA examination rating. No record from these sources, which is not the same as a clean record. Sources
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Frequently asked about Grand Marais State Bank
What are Grand Marais State Bank's total assets?
As of the Q2 2026 filing, Grand Marais State Bank reported total assets of $207.2 million in its FFIEC call report.
Where is Grand Marais State Bank headquartered?
It is headquartered in Grand Marais, MN, United States.
When was Grand Marais State Bank founded?
It was established in 1916, per the FDIC institution directory.
Is Grand Marais State Bank FDIC-insured?
Yes. It is an FDIC-insured commercial bank (FDIC Certificate #8842). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category, per FDIC rules.
Who regulates Grand Marais State Bank?
Grand Marais State Bank's primary federal regulator is the Federal Reserve.
What is Grand Marais State Bank's CET1 capital ratio?
It reported a Common Equity Tier 1 (CET1) capital ratio of 13.41% in its Q2 2026 call report, comfortably above the 7% level required once the capital conservation buffer is included.
How many branches does Grand Marais State Bank operate?
It operates 5 domestic offices, per the FDIC institution directory. That count includes administrative and limited-service offices as well as full-service branches.
What is Grand Marais State Bank's Texas Ratio?
Its Texas Ratio is 0.72% in its Q2 2026 call report, within the healthy range (at or below 50%, the level at which problem assets reach half of the capital cushion). The Texas Ratio measures non-performing assets against the bank's capital and reserves.
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