Bank of ND breaks revenue records in 2022

BISMARCK, N.D. (KFYR) – 2022 was a record year for the Bank of North Dakota.

BND set a new record in total assets at $10.2 billion and saw a record profit of $191 million. President and CEO of the Bank of North Dakota Todd Steinwand said although the profits grab the headlines, he’s proud of the impact BND has on the state’s communities.

“With the help of our local financial institutions, we now have over $5.4 billion lent out to farmers, ranchers, business owners, and students in North Dakota. And that’s the true economic impact we have on the state,” said Steinwand.

The Bank of North Dakota is the only state-owned bank in the United States. The total loan portfolio for the Bank of North Dakota grew by $765 million in 2022. But despite that massive increase in the amount of money they were lending out, they lent out about a third less in student loans.

Steinwand says there are several reasons for that. First, since the onset of the pandemic in 2020, there are just fewer people going to college. Secondly, and probably more impactfully, fewer people are refinancing their loans through BND. The reason for that is just in case the Biden administration’s $10,000 student loan forgiveness program is allowed to go through.

“That’s at the Supreme Court right now, and so, students – and rightfully so – are waiting to see how that plays out,” said Steinwand.

He also said more people are moving toward trade jobs, which require less education, cost less, and therefore, require fewer student loans.

Steinwand also said every year, there has been an increase in the total amount of money pulled from 529-style college funds, which would mean people don’t need to take out as many student loans because they’ve already saved for college.

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