Bank of North Dakota posts 12th year of record earnings

http://bismarcktribune.com/news/local/govt-and-politics/bank-of-north-dakota-posts-th-year-of-record-earnings/

For the 12th consecutive year, the head of the Bank of North Dakota reported record net income to the nation’s only state-owned bank to state officials.

Eric Hardmeyer, president of Bank of North Dakota, provided the North Dakota Industrial Commission with the bank’s final 2015 annual report on Wednesday. For 2015, the bank reported about $130.7 million in net income, cruising past the $111 million reported for 2014.

“This was a record-setting year for the Bank of North Dakota,” Hardmeyer said. “A lot of growth over the past 10 years.”

In 2004, when the streak of consecutive years of record income began, income was at approximately $34.2 million.

Total bank assets for 2015 totaled about $7.41 billion, up slightly from the $7.22 billion reported in 2014.

Loans reached new heights in 2015 at $4.34 billion, up from nearly $3.9 billion the previous year. The largest chunk of the increase came from student and business loans.