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Bank of North Dakota posts $94 million profit for 10th-straight record year

BISMARCK – The Bank of North Dakota posted its 10th consecutive year of record profits in 2013, finishing the year with $94.2 million in net income.

The state-owned bank saw a 15 percent increase over the $81.6 million in profits in 2012.

Last year’s total also marked a $60 million increase over the bank’s profits in 2004.

The bank’s total assets have more than tripled since 2004, from $2 billion to $6.8 million last year.

Bank President Eric Hardmeyer is scheduled to present the 2013 annual report and audit Monday afternoon to the state Industrial Commission, which supervises the bank.

About 40 percent of the bank’s lending is commercial loans, followed by student loans at 32 percent, residential loans at 18 percent and agricultural loans at 10 percent. Those percentages in the bank’s loan portfolio remained unchanged from 2012 to 2013.