Bank of North Dakota sets profit record for 7th yearBISMARCK — The Bank of North Dakota made almost $62 million in profits last year.
By: Associated Press, INFORUM
BISMARCK — The Bank of North Dakota made almost $62 million in profits last year.
The nation's only state-owned bank set a profit record for the seventh straight year.
Bank President Eric Hardmeyer presented the results Wednesday to the North Dakota Industrial Commission.
The commission is the bank's board of directors. It includes Gov. Jack Dalrymple (DAL'-rim-puhl), Attorney General Wayne Stenehjem (STEN'-jum) and Agriculture Commissioner Doug Goehring (GORE'-ing).
The bank's loan portfolio rose by 3.6 percent last year. It has just over $4 billion in assets.
In the last year the bank lost its student loan business when the federal government took over college student lending. Four bank executives also retired.
Stenehjem says the bank's staff had a number of challenges, but the bank still delivered record profits.