Bismarck, North Dakota – The year 2022 was one of the Bank of North Dakota’s best ever.
BND achieved new records for total assets ($10.2 billion) and earnings ($189 million). Despite the profits grabbing the headlines, Bank of North Dakota President and CEO Todd Steinwand said he’s happy about the impact BND has on the state’s communities.
“With the help of our local financial institutions, we now have over $5.4 billion lent out to farmers, ranchers, business owners, and students in North Dakota. And that’s the true economic impact we have on the state,” said Steinwand.
The only state-owned bank in the United States is The Bank of North Dakota. In 2022, the Bank of North Dakota’s overall loan portfolio increased by $765 million. They did, however, lend out approximately a third less in student loans despite the enormous increase in the amount of money they were lending out.
According to Steinwand, there are various causes behind that. First, fewer people are enrolling in college overall since the pandemic began in 2020. The second, and maybe more significant, change is that fewer people are refinancing their loans through BND. Just in case the $10,000 student loan forgiveness scheme proposed by the Biden administration is approved, that is why.
“That’s at the Supreme Court right now, and so, students – and rightfully so – are waiting to see how that plays out,” said Steinwand.
He added that more people are choosing trade occupations since they are cheaper, less expensive, and necessitate fewer educational loans.
Steinwand also noted that the overall amount of money taken out of 529-style college accounts has increased each year, which suggests that fewer people are taking out student loans because they have already prepared for college.
