Connect with us

North Dakota

Bank of North Dakota assets grew to record $10B in 2021

Published

on

Bank of North Dakota assets grew to record B in 2021


Whole property of the Financial institution of North Dakota reached a file final yr.

The nation’s solely state-owned financial institution launched its annual report Monday, highlighting $144.2 million of income and the file $10 billion in complete property, together with loans, securities and money. 

“I believe the large factor (2021) represented is that we simply grew loads,” mentioned financial institution President/CEO Todd Steinwand, who took the wheel final yr after his predecessor Eric Hardmeyer retired.

Steinwand attributed the file property to North Dakota’s $1 billion of federal Rescue Plan coronavirus support together with one other $1 billion in further state tax income and earnings from the Legacy Fund oil tax financial savings.

Advertisement

The Legislature met final fall in a particular session to determine learn how to spend a lot of the Rescue Plan cash. 

Sixteen years of file financial institution income resulted in 2020 amid the coronavirus pandemic. Final yr’s income have been up about 2% from 2020.

Individuals are additionally studying…

Advertisement

Revenue-spending gap, oil taxes loom large in North Dakota budget outlook

Steinwand mentioned the financial institution weathered the pandemic higher than anticipated. The financial institution in 2020 added $16.8 million to its mortgage loss reserve resulting from financial uncertainty, however final yr it added $4.75 million. Banks use such reserves to alleviate losses on defaulted loans.

“We already had a major stability in that mortgage loss reserve, and in order that flowed proper to our backside line and allowed us to have the next internet revenue than we did in 2020,” Steinwand mentioned.

Advertisement

Each two years since 2017, the Legislature has transferred $140 million of financial institution income to the state’s normal fund to assist stability the finances.

Financial institution property proceed to carry carefully to $10 billion. 2022 income are on monitor to succeed in $145 million to $150 million, in line with Steinwand.

He mentioned the general economic system has improved from the pandemic’s throes, noting increased commodity costs and robust federal authorities funds and crop insurance coverage funds within the agriculture economic system.

Companies additionally fared the pandemic higher than anticipated, he mentioned. The financial institution in 2020 launched a number of enterprise reduction packages utilizing federal COVID-19 support and financial institution capital.



Advertisement




Todd Steinwand

Steinwand




The financial institution’s complete mortgage portfolio final yr held at $4.7 billion. Its agricultural mortgage portfolio fell by $61 million, to $702 million; the enterprise mortgage portfolio grew by $162 million.

Advertisement

The governor-led, three member Industrial Fee, which oversees the financial institution, praised the establishment’s yr in a joint assertion:

“Financial institution of North Dakota continues to implement visionary ideas to maneuver the state ahead, whether or not working with the personal sector, state companies or native governments. These outcomes, together with the annual (Customary & Poor’s) report scores, exhibit the robust place of the Financial institution.”

S&P gave the financial institution a credit standing of “A+/Steady” in 2021, which Steinwand mentioned “provides an general indication from an outdoor third get together of the power of the financial institution.”

The report additionally highlights the financial institution’s financial affect from almost 15,000 agricultural and industrial loans from 2011-20, utilizing a mannequin to point out the financial institution’s mortgage participations in 2020 helped create or retain greater than 50,000 jobs in North Dakota with a projected affect of $6 billion to the state’s gross home product. 

Steinwand famous that the years of best affect throughout that stretch have been when the financial institution offered catastrophe packages, together with COVID-19, drought and farm stability packages.

Advertisement

The annual report is offered on-line at bnd.nd.gov.

Attain Jack Dura at 701-250-8225 or jack.dura@bismarcktribune.com.



Source link

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

North Dakota

Health, Human Services changes likely, Armstrong says after first Cabinet meeting • North Dakota Monitor

Published

on

Health, Human Services changes likely, Armstrong says after first Cabinet meeting • North Dakota Monitor


North Dakota Gov. Kelly Armstrong signaled a possible shakeup at the Department of Health and Human Services after his first Cabinet meeting Monday.

Armstrong appointed Dirk Wilke as interim director of the department last Wednesday and has yet to name a new state health officer. In November, Health and Human Services Commissioner Wayne Salter and State Health Officer Dr. Nizar Wehbi indicated they would not be continuing in their roles after Gov. Doug Burgum left office. 

Armstrong appoints interim Health and Human Services director

Armstrong said the state health officer role could change.

Advertisement

“I have some ideas on restructuring that,” said Armstrong, who took office Sunday. “When we combined Health and Human Services, we really kind of created a position that, I think, we have an opportunity to do some unique things with that.”

He said he wants to work with the Legislature to look at Health and Human Services in a post-pandemic world.

“I think there’s some opportunities that may need some legislative fixes, so I need to build some consensus on what we have for ideas for that first,” he said.

Armstrong said he plans to name a permanent director after a robust recruitment and selection process.

He also said he plans to meet with legislators in coming weeks to discuss the more than 50 property tax measures that are expected to be introduced during the legislative session. He said he wants to make sure they can get as many lawmakers as they can on the “same page” during the early weeks of the session.

Advertisement

“It’s a priority for the citizens of North Dakota,” Armstrong said. “It’s a priority for the administration and it will probably be the biggest change from Gov. Burgum’s budget.”

Armstrong said he wasn’t opposed to the Legislature consolidating dozens of bills surrounding property tax reform into one or two larger bills aimed at tackling the issue.

“What we can’t have is paralysis by analysis,” he said. “Eventually we’ll have to get on the same page … it needs to be the most significant relief and reform we can deliver that’s durable.”

His definition of durable, Armstrong said, means the reforms must still work even if the prices of oil and agricultural commodities drop.

He said his budget will be available on Jan. 13 and submitted to the legislative appropriations committees two days later. Armstrong will address a joint session of the Legislature on Jan. 7.

Advertisement
Gov. Kelly Armstrong, left, speaks to reporters next to Lt. Gov. Michelle Strinden, right, after holding his first Cabinet meeting in the governor’s conference room at the Capitol on Dec. 16, 2024. (Michael Achterling/North Dakota Monitor)

He said Lt. Gov. Michelle Strinden will be a main point of contact on K-12 education and school choice. He added he plans to sit down with Strinden to go over possible additional responsibilities in coming weeks, which could include chairing the State Investment Board.

“Michelle is going to be a huge part of this entire administration, but a lot of it is going to depend on where she feels her time is best spent,” he said.

When asked if free school lunches could become a reality for North Dakota students this year, Armstrong said he wants to tackle the property tax reforms first so he knows what that overall cost is before addressing anything else.

Members of Armstrong’s Cabinet are:

  • Joe Morrissette, director of the Office of Management and Budget
  • Chris Schilken, commissioner of the Department of Commerce
  • Corey Mock, chief information officer of North Dakota Information Technology
  • Brig. Gen. Mitchell Johnson, adjutant general of the North Dakota National Guard
  • Col. Daniel Haugen, superintendent of the North Dakota Highway Patrol
  • Ron Henke, director of the Department of Transportation
  • Pat Bertagnolli, executive director at Job Service North Dakota
  • Dave Glatt, director of the Department of Environmental Quality
  • Art Thompson, director of Workforce Safety & Insurance
  • Colby Braun, director of the Department of Corrections and Rehabilitation
  • Jeb Williams, director of the Game and Fish Department
  • Cody Schulz, director of the Parks and Recreation Department
  • Lise Kruse, commissioner of the Department of Financial Institutions
  • Brad Hawk, executive director of the North Dakota Indian Affairs Commission
  • Andrea Travnicek, director of the Department of Water Resources
  • Tim Karsky, commissioner of the Securities Department
  • Dirk Wilke, interim commissioner of the Department of Health and Human Services
  • Reice Haase, interim commissioner of the Department of Labor and Human Rights

YOU MAKE OUR WORK POSSIBLE.

Advertisement

GET THE MORNING HEADLINES.

Advertisement



Source link

Advertisement
Continue Reading

North Dakota

Revival ahead for once-stalled solar power projects in North Dakota, Minnesota

Published

on

Revival ahead for once-stalled solar power projects in North Dakota, Minnesota


FERGUS FALLS, Minn. — Multiple commercial solar projects in North Dakota and Minnesota that were previously stalled have found new life.

Otter Tail Power of Fergus Falls plans to build two new solar facilities for its energy generation fleet, the company announced on Dec. 9.

The move would add 345 megawatts of solar power to meet future energy needs of customers.

The company asked the Minnesota Public Utilities Commission to determine that costs associated with Abercrombie Solar and Solway Solar are eligible for cost recovery.

Advertisement

Otter Tail Power President Tim Rogelstad said the facilities fit the requirements of the company’s recently approved Minnesota Integrated Resource Plan, which outlines the combination of resources needed to meet energy needs for its customers for the next 15 years.

“We expect that 57% of our energy generation will come from renewable resources by 2030, while ensuring electric service continues to be safe, reliable and economical,” Rogelstad said.

The larger of the two Otter Tail projects is planned to be built in Richland County, North Dakota, northwest of Wahpeton.

Abercrombie Solar, currently known as the Flickertail Solar Project, is a 295-megawatt solar generation facility under development in Abercrombie Township.

Otter Tail Power has signed an agreement with Flickertail to buy the development assets, once permits and regulatory approvals are received and other contractual requirements are met, with the intention of building the facility, a company news release said.

Advertisement

“We’re looking forward to engaging with landowners and the township once we close on the development assets,” Otter Tail Power spokesperson Rebecca Michael told The Forum.

The Flickertail project, previously planned for

Colfax Township in Richland County, stalled in 2022 under guidance of a different energy company.

Savion, based in Kansas City, Missouri, proposed a 350-megawatt solar project, which was clouded by a lack of an ordinance to allow such projects and by the possibility of $17.5 million in application fees.

Expected to be completed in 2028, Otter Tail Power estimates its project will create approximately 300 construction jobs at peak construction and provide $23.8 million in local and state tax benefits over the 35-year life of the facility.

Advertisement

Otter Tail also plans a 50-megawatt solar generation facility in Beltrami County, Minnesota, near Bemidji.

Solway Solar would be built in Lammers Township near Solway and could be fully operational in 2026, depending on the timing of project approvals, the company said.

“This location offers an opportunity to add solar generation where transmission interconnection facilities already exist, which helps keep costs low for our customers,” Rogelstad said in the release.

Otter Tail Power estimates the creation of 70 construction jobs during the peak of the nine-month construction period, and $4.2 million in local and state tax benefits over the 35-year life of the facility.

Meanwhile, another solar power project has been revived in Cass County, North Dakota.

Advertisement

Harmony Solar, a wholly owned subsidiary of National Grid Renewables Development, is planned for a site northwest of Mapleton.

The company is seeking a new, “refreshed” letter of support from Cass County,

which reviewed the plan and gave its approval in 2017.

Harmony Solar would build a 200-megawatt solar energy conversion facility in Harmony Township, with construction beginning as early as mid-2025, company documents stated.

The company estimates the project to generate tax revenue of around $500,000 annually to the Central Cass and Mapleton school districts, Cass County, Harmony Township and the state of North Dakota.

Advertisement





Source link

Continue Reading

North Dakota

‘Bama Basketball Breakdown: North Dakota will play all-out in Grant Nelson’s homecoming

Published

on

‘Bama Basketball Breakdown: North Dakota will play all-out in Grant Nelson’s homecoming


Alabama traveling to Grand Forks, North Dakota was obviously a nice gesture by the staff to Grant Nelson — seven states and 1400 miles away, it’s hard for friends and family to come to Tuscaloosa, much less keep track with the peripatetic Tide.

That is likely where the interest begins and ends. Nelson’s homecoming, in front of about 3000 people, will pique many emotions for the hometown favorite. But the game itself is a mismatch that should probably land Alabama in the Hague for war crimes: On the floor, it’s going to be a slaughter.


Tale of the Tape: North Dakota (No. 303, 4-8) vs Alabama (No. 7, 8-2)

Spread (Totals): Alabama -23.5 (O/U 163.5)

Opponent KenPom: 303 (224 offense, 345 defense, 160 tempo)
Opponent Evan Miya: 309 (236 offense, 339 defense, 187 tempo)
Opponent Bart Torvik: 304 (240 offense, 331 defense, 187 tempo)
Opponent NET: N/R (Q4)
Opponent Best Win: N/A
Opponent Worst Loss: N/A

Advertisement

Alabama KenPom: 8th (6 Off, 36th Defense, 8th Tempo)
Evan Miya: 7th (3 Off, 17th Defense, 2nd Tempo)
Bart Torvik: 7 (3 Off, 27th Defense, 7th Tempo)
NET Ranking: 10 (3-2 Q1)
Best Win: No. 4 (N) Houston
Worst Loss: No. 28 at Purdue

It’s hard to write about Grant Nelson’s old team, the Fightin’ Hawks of UND, in any engaging fashion.

It’s a bad team, and a particularly bad offensive one. If you want to say something nice about UND, it’s that they have occasionally punched well outside of their weight class, scoring nice upset wins over Utah Valley, Loyola Marymount, and Weber State — all between 180 and 210 in KenPom. If they can get you playing their patient basketball, and keep things in the 70s, they’ve bought themselves a punchers chance at home.

And that should tell you what the strength of this group is, grading on a curve: a defense that has occasionally outpaced their expected performance (sitting at 161st based on adjusted schedule). In their four wins, the Hawks have won the battle for the paint, and in three of those, UND had more free throws than their opponents.

The first thing you have to know about UND is that they are a very streaky team. It’s rare for many guys to have good nights simultaneously; rather, the M.O. is one or two players going on a tear with the rest of the bench having an average night. This lack of consistent, multiple scoring options has cost UND several close games already this year. That is reflected in their shoot too. This is a terrible team from the floor, shooting just 45% (329), and are an even worse one from the perimeter (28.5%). In fact, there’s not a single player on the entire roster who you’d call a three-point specialist.

Advertisement

As you would expect in the Northern Plains, they’re a tall team, on average — especially for a Summit bottom-feeder, averaging close to 6’6”. But there’s no dominant big. The closest approximation to the usual “Giant White Midwest Guy in the Post” is 6’9” Amar Kuljuhovic. He is the second-leading scorer for the Hawks (12) and their leading rebounder (7). He’s not a great rim defender, is a pretty poor shooter for a big (54%), and turns it over a lot — though he does play reasonably good defense on the interior and hustles.

It’s a balanced scoring bunch, with four of five starters all averaging at 10+ a night, but the star of the show is Jr. PG Treysen Eaglestaff. The local kid is a huge point guard, standing at 6’6” and leads the Hawks in both points (18) and assists. Dariyus Woodson mans the SF spot, and is a very effective rebounder for a wingman. He’s also shown some flashes the last few games from beyond the arc.

Off the bench, 6’10” Brian Mathews is the best defender and street-sweeper (he actually leads UND in rebounds per possession). He’s an inconsistent scorer, but when given the chance to eat, the Hawks will feed him down low. Eli King will probably get more minutes in this one. He’s the first man off the bench to spell the starting backcourt, and is the most effective defender. He’s not the scorer that Eaglestaff or Panoam are, but he’s that mythical spark plug that does a lot of the dirty work.

UND does throw an unusual look at you too: Kuljuhovic at the forward-center spot, joined by a swing, and then a trio of true guards — and sometimes even four guards and a swing look. You would be tempted to call it a “small lineup,” except for the fact that have a dozen of their guards go 6’4”+. And, of the starters, the “small” shooting guard, Mier Panoam, is still 6’2”. That size is probably why the 75% of the starting backcourt average between four and six rebounds a night as part of UND’s team approach (we saw Creighton attempt the same).

Without an impact post presence, UND has to manufacture their second-chances with a group effort in crashing the glass. It pays off, as this is easily one of the best offensive rebounding teams that ‘Bama has faced (36th). But, again, without that big man, they tend to get clobbered on the defensive glass.

Advertisement

So, the Hawks would prefer to win with selectivity and keep their fortunes out of the hands of opposing bigs. They want a good look the first time on offense, and defensively they focus their efforts with on-ball defense. As you would expect with this sort of approach, NoDak out of necessity plays a deliberative, slower-paced game than the Tide is accustomed to seeing from more talented teams. But when it works, they can be quite competitive against most T3 / T4 teams.

Still, let’s not be under any illusion here either: this is not only an objectively bad team (4-8), it’s statistically bad, and easily the worst team Alabama has played in several seasons (IIRC, Alabama had a similar game in Coleman back in 2021). Will this likely be a laugher? You bet. The worst squad ‘Bama has faced to-date, No. 177 Asheville, was doubled up 110-54 by the Tide. And, if Alabama wants to keep the pressure up here, or starts hitting some perimeter shots, the Tide can probably name their score.


Bottom Line

This is going to be an exhibition for the Tide, a chance to shoot themselves out of their funk, valuable playing time for Mallette and Youngblood, and above all, a reward for Grant Nelson. But it’s not just a homecoming for Nelson, it’s also meaningful to the Hawks. Half of their roster are from North Dakota. They will give every bit of effort they have. It’s not a poorly coached team at all; it’s just a team short on impactful talent.

At the end of the day, you can’t help but think that Nate Oats will work on cleaning up ‘Bama’s turnovers and shooting, and give all of those bench players tons of quality playing time on the road. Confidence is necessary with SEC play starting in just two weeks.

Advertisement

How To Watch

8:00 Central on SEC CBS Sports Network

Prediction

Nate Oats is not noted for his merciful nature. Not that he would ask guys like Derrion Reid or Houston Mallette or Aiden Sherrell to take their foot off the gas when they finally get to log substantial minutes.

Alabama can and probably will name their score here. The Tide interior game, and pace of play, is just going to be way too much for the Hawks to even come close to matching.

Advertisement

Alabama 106
North Dakota 58

Hope for the best.
Roll Tide.

Poll

How will Grant Nelson do in his homecoming?

  • 0%
    He’s going to have an outstanding game for the home crowd.

    (0 votes)

  • 0%
    He’ll have his usual solid night.

    (0 votes)

  • 0%
    He’s going to be trying too hard and will play tight, resulting in a bad night.

    (0 votes)



0 votes total

Vote Now



Source link

Continue Reading
Advertisement

Trending