Bank of North Dakota secures another record year in 2022

FARGO, N.D. (KVRR) — 2022 was a great year for the Bank of North Dakota earning a net income of $191.2 million, an increase of $41 million compared to 2021.

The primary reason behind the bank’s growth is from its loan portfolio, which grew by over $600 million from 2021 to 2022.

Steinwand says the growth in 2022 came specifically from the commercial and Agricultural loans.

“We now have $5.4 billion worth of funding out to farmers and ranchers, business owners, and students in North Dakota.” says Todd Steinwand, President/CEO of Bank of North Dakota

So far in 2023, they’ve been able to keep the bulk of their profits.

“We were able to retain most of our profits in 2023 and we did spend about $30 million in our pace interest loan programs, which is one of our most popular programs.” says Steinwand

They are already off to a very strong start this year.

“I don’t want to speculate how 2023 is gonna go, it really depends upon the economy of North Dakota, but we are off to a good start and are in a very strong financial position.” says Steinwand

He adds that he is proud of the results in 2022 and happy with how the bank’s money has been managed.