Thursday, May 25, 2023 Categories:
Bank of North Dakota
Industrial Commission

BISMARCK, N.D. – The state-owned Bank of North Dakota (BND) reported total record assets of $10.2 billion at year-end
2022. The growth enabled the Bank to increase its loan portfolio to a record $5.4 billion in loans to the state’s farmers and
ranchers, business owners and students in North Dakota. In addition, the Bank reported a record profit of $191.2 million in
2022, up $47 million from 2021.

The total loan portfolio grew by $765 million in 2022 consisting of:
- Nearly $3.2 billion in business loans, an increase of $675 million.
- Agriculture loans of $710 million, an increase of $8 million.
- Student loans of $83 million, a decrease of $41 million since last year.

The return on investment to North Dakota was a healthy 19%, according to information presented to the Industrial
Commission (Commission) in BND’s annual report today. In addition to these portfolios, BND administers nearly $1 billion in
legislative-directed loan programs, including school construction, state infrastructure, water projects and disaster recovery.

“BND’s annual report is a reflection of how well things are going in North Dakota,” said members of the Commission in a
joint statement. The Commission, consisting of Gov. Doug Burgum as chairman, Attorney General Drew Wrigley, and
Agriculture Commissioner Doug Goehring, oversees BND. “Bank of North Dakota partners with local lenders to provide
economic advantages to our residents and plays a key role in helping the private sector grow the state’s economy.”

Student loan borrowers also benefitted from the Bank’s strong position. Those who have refinanced their loans with a
variable interest rate received only a 1% increase in their interest rate when market rates increased by four times that
amount during the last year.

“While profit numbers may grab headlines, that is not what motivates us. Rather it is being able to support the needs of
local communities, business owners, farmers and ranchers through our loan programs,” stated Todd Steinwand, BND
president. “I am extremely proud of our team, who in partnership with local lenders, delivers these valuable programs.”

Complete copies of the 2022 Annual Report are available at

The Bank’s mission “to support agriculture, commerce and industry” has not changed since its earliest days in 1919. The
Bank of North Dakota is the only state-owned bank in the nation.

For more information: Janel Schmitz Communications & Marketing Manager 328.5880

Attachment: Bank of North Dakota releases 2022 Annual Report