North Dakota
Bank of North Dakota reports $144.2 million in profits for 2021
BISMARCK –- The state-owned Financial institution of North Dakota reported a revenue of $144.2 million in 2021, a slight enhance from $141.2 million in 2020 with a return on funding of 15%, in response to info offered to the Industrial Fee in BND’s annual report final month.
The report’s theme, “Evolving,” targeted on how the financial institution transitioned with the retirements of two key leaders in Eric Hardmeyer as financial institution president and Tim Porter as chief monetary officer, executed a hybrid workforce, concluded the COVID-19 aid packages and created a number of state authorities efficiencies.
The financial institution’s complete mortgage portfolio remained secure at $4.7 billion. The agricultural mortgage portfolio decreased by $61 million to $702 million, however elevated from years previous to the pandemic.
The enterprise mortgage portfolio elevated by $162 million, with a majority of that progress coming from industrial participation loans and financial institution inventory loans.
The house mortgage portfolio continues to lower attributable to a strategic choice to consolidate residential lending below the North Dakota Housing Finance Company.
BND disbursed $100 million in pupil loans, a portfolio that decreased by $40 million from final yr.
Legislative-directed mortgage packages, together with faculty building, state infrastructure, water tasks, catastrophe restoration, and curiosity buydown for native companies, reported complete property of $875 million.
The financial institution’s complete property on the finish of the yr had been a report $10 billion, a rise of $2.3 billion attributable to Legacy Fund earnings, further tax income, greater correspondent financial institution deposits and federal American Rescue Plan {dollars}. Treasury Providers held 13,255 buyer securities for $8.7 billion, up by practically 3,500 holdings and $4 billion since year-end of 2019, setting a report variety of buyer trades in 2021.
Normal & Poor’s (S&P) affirmed BND’s credit standing as A+/Steady in its annual overview carried out in 2021, secure from 2020. S&P is a U.S.-based monetary providers firm that publishes monetary analysis. Monetary establishments are usually reviewed yearly.
“Our imaginative and prescient to be an agile accomplice that creates monetary options for present and rising financial wants resonates deeply inside every of our group members,” said BND Todd Steinwand, through information launch. “It conjures up me that our group at BND continues to evolve, searching for new alternatives to collaborate, create efficiencies and serve our stakeholders higher.”
Full copies of the 2021 Annual Report and S&P report can be found at
www.bnd.nd.gov
.