BISMARCK, N.D. (AP) - The state-owned Bank of North Dakota saw another year of record profits.
The Bismarck Tribune (https://bit.ly/2qzRf1n ) reported that profits for the country’s only state-owned bank totaled $136.2 million for 2016. Bank president Eric Hardmeyer said the 2015 high was $130.7 million.
“Thirteen years of record profits,” Hardmeyer said. “All in all, a record-setting year on many fronts.”
Some of the money may go to help balance the state’s budget, which experienced a budget shortfall of about $1.4 billion. Prior to this year’s Legislative session, up to $100 million was requested to be turned over to the state to help balance the budget. It would be the first time since 2007 that profits would be utilized in that manner.
The bank profits would go into the state’s coffers in June.
Hardmeyer said the bank is in a strong position and not concerned about the use of the profits.
The bank’s loan portfolio was at its largest ever with nearly $4.8 billion in 2016, an increase of almost $450 million since 2015. The bank saw increases in business, agricultural, student and residential loans in 2016.
This is the third consecutive year the bank had more than $100 million in profits.
Hardmeyer said estimates put 2017 profits between $140 million and $145 million.
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Information from: Bismarck Tribune, https://www.bismarcktribune.com
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