Central ND News

The Bank of North Dakota (BND) has published its 2024 annual report, titled "Breaking the Barrier," which was presented to the Industrial Commission. The report outlines two major initiatives launched in 2024: SmartWIthMyMoney.nd.gov and Sustain, Transform, Authenticate North Dakota (STAND).

Smart with My Money is a financial literacy program supported by 12 state agencies, aiming to elevate North Dakota's financial literacy grade from C to make it the most financially literate state by 2027. By the end of 2024, over 3,248 accounts were initiated and the website received more than 111,000 visits.

In response to increased scrutiny on agricultural and fossil fuel practices, BND was tasked by the Legislative Assembly in 2023 to assess policies affecting local businesses. This led to STAND, an initiative educating consumers about North Dakota’s progressive practices. A diverse group of 27 individuals developed STAND’s first report released in July.

Financially, BND ended 2024 with total assets of $10.8 billion, marking a growth of 6.8% from the previous year. Net income rose to $200.4 million from $192.7 million in 2023. The bank reported a return on investment of 15.8%, contributing $335 million back to the state. Standard & Poor's maintained BND’s rating at A+/Stable.

“Bank of North Dakota’s foremost responsibility is managing risk on behalf of the state’s residents,” stated members of the Commission including Gov. Kelly Armstrong as chairman, Attorney General Drew Wrigley and Agriculture Commissioner Doug Goehring.

BND's loan portfolio had a significant impact on residents with over $2.1 billion in loans originated or renewed for a total lending portfolio record of $6.1 billion through various financial institutions and branches.

Additionally, BND manages over $1.1 billion in legislature-directed loan programs for school construction, infrastructure projects and disaster recovery efforts that help reduce local taxes through lower interest rates.

“BND is committed to protecting the state’s deposits while providing a healthy return,” said Don Morgan, BND president.

The full annual report can be accessed at www.bnd.nd.gov.