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BND M Vi Cv Hm St Inv Tr Acc Cls Dfs Cpc Rt Op It Prm Fa Rm Cm Hr Fp 15 1 Symbol A BND Annual Report 2015 Name Bank of North Dakota 7.407 Element number 130.7 2 3 Elements for Agility M Vi Mission Vision 1919 2014 4 5 6 7 8 9 10 Cv Le Bu Agl Hm St Inv Core Values Lending Business Loans Ag Loans Home Loans Student Loans Investments 4.0 1.84 1.8 514 694 1.3 679 11 12 13 14 15 16 17 Tr Acc Cls Dfs A Cpc Rt Trust Accounting College SAVE Dollars for Scholars Annual Report 2015 College Planning Center Retail 506 7,02 2 19.6 93.0 7.407 10,330 445,000 18 19 20 21 22 23 24 Op It Prm Is Fa Rm Cm Operations Information Technology Project Management Information Security Facilities Management Risk Management Communications/Marketing 54,472 53.0 10.0 1,200 1.3 160 198 25 26 27 28 29 30 31 Hr Fp Bge Bp Scl Ka Ea Human Resources Flex PACE Beginning Entrepreneur Biofuels PACE School Construction Kris Ahmann Erika Albertson 95.0 20.1 1.95 3.2 64.1 6.0 1.0 32 33 34 35 36 Aa Ja La Mau Bba Alison Anderson Jason Anderson Liane Auch Mitch Auer Bob Baier 1.0 6.0 4.0 14.0 14.0 37 38 39 40 41 42 43 Jba Mab Sbe Rb De Jb Trb James Barnhardt Marla Belohlavek Steve Berger Rhiannon Betz Deana Binstock Jane Bjugstad Tracy Boehm 13.0 25.0 3.0 6.0 6.0 12.0 27.0 44 45 46 47 48 49 50 Kb Jbs Sy Bb Cb Mb Jc Kelly Boespflug Janell Bosch Sylvia Brockman Benjamin Brouillette Cynthia Buchanan Melanie Burgard Jonas Carlisle 12.0 17.0 19.0 3.0 10.0 5.0 5.0 51 52 53 54 55 56 57 Lc Mc Mco Sa Dc Anc Crd Lisa Carlson Mercedes Clark Mike Collins Sarah Crutchfield Devin Cunningham Annette Curl Crystal Deringer 2.0 10.0 8.0 5.0 5.0 29.0 25.0 58 59 60 61 62 63 64 Ci Bea Lef We Je Roe Ke Cynthia Doll Brent Earsley Laura Entzel Fiedler Wally Erhardt Joel Erickson Rose Espeland Kirby Evanger 13.0 10.0 10.0 28.0 18.0 27.0 1.0 65 66 67 68 69 70 71 Df Nf Ef Tf Mf Maf Lga David Falkenstein Nancy Feist Elaine Fischer Todd Flicek Melissa Fonder Mary Frohlich Lori Gabriel 24.0 17.0 24.0 2.0 23.0 33.0 24.0 72 73 74 75 76 77 78 Lg Cg Tg Ng Sh Dg Eh Lucas Gannarelli Christopher Gergen Tyler Giey Nancy Glass Shirley Glass Donna Groth Eric Hardmeyer 5.0 4.0 1.0 43.0 31.0 27.0 30.0 79 80 81 82 83 84 85 Chh Kh Mha Ph Mh Th Gh Chad Hatzenbuhler Kaylen Hausauer Mark Hawks Paula Hayward Melissa Heaton Tammy Heick Gail Heinert 4.0 4.0 4.0 26.0 7.0 2.0 5.0 86 87 88 89 90 91 92 Ch Che Wh Jh Dh Lh Ah Courtney Heiser Carinna Hendrickson Wanda Herberholz Joe Herslip Darren Hertz Lance Hill Amy Howard 2.0 10.0 20.0 9.0 3.0 18.0 3.0 Annual Report 2015 Symbol Elements for Agility Name 130.7 Element number Each element number is related to a business unit accomplishment in 2015 or, in the case of employees, the years of service for each employee as of December 31, 2015. Symbol: BND Symbol: Tr Name: Bank of North Dakota Name: Trust Element number: 2015 Income - $130.7 million Element number: Bond issuances providing funding - $506 million Symbol: Le Name: Lending Symbol: Acc Element number: New or renewed loans - Name: Accounting $1.84 billion Element number: Number of general ledger accounts that Accounting Symbol: Bu reviews - 7,022 Name: Business Loans Element number: Total Business Loan Portfolio - Symbol: Cls $1.8 billion Name: College SAVE Element number: ND College SAVE contributions - Symbol: Agl $19.6 million Name: Ag Loans Element number: Total Ag Loan Portfolio - Symbol: Dfs $514 million Name: Dollars for Scholars Element number: NDDFS scholarships - $93,000 Symbol: Hm Name: Home Loans Symbol: Cpc Element number: Total Home Loan Portfolio - Name: College Planning Center $694 million Element number: Number of page views on College Planning Center website - 10,330 Symbol: St Name: Student Loans Symbol: Rt Element number: Total Student Loan Portfolio - Name: Retail $1.3 billion Element number: Pounds of coin distributed by BND - 445,000 Symbol: Inv Name: Investments Symbol: Op Element number: Liquidity through BND’s secured Name: Operations and unsecured fed funds lines - Element number: Number of wire transfers - $679 million 54,472 2 Bank of North Dakota Annual Report 2015 Symbol: It Symbol: Fp Name: Information Technology Name: Flex PACE Element number: Total computer devices Element number: Flex PACE loans - $20.1 million deployed - 53 Symbol: Bge Symbol: Prm Name: Beginning Entrepreneur Loan Name: Project Management Element number: Beginning Entrepreneur Loan Element number: Projects completed - 10 Guarantees - $1.95 million Symbol: Is Symbol: Bp Name: Information Security Name: Biofuels PACE Element number: Number of patches analyzed and Element number: Biofuels PACE Loans - deployed monthly - 1,200 $3.2 million Symbol: Fa Symbol: Scl Name: Facilities Management Name: School Construction Loan Element number: Pieces of mail sent from Element number: School Construction Loans - BND - 1.3 million $64.1 million Symbol: Rm Name: Risk Management Element number: Number of processes improved this year - 160 Symbol: Hr Name: Human Resources Element number: Retention rate - 95% Symbol: Cm Name: Communications and Marketing Element number: New web pages written and designed - 198 3 Bank of North Dakota Annual Report 2015 2 M Mission 1919 3 Vi Vision 2014 4 Cv Core Values 4.0 4 CONTENTS President’s Letter .............................................................................................................................................................................. 6 Lending Portfolio ............................................................................................................................................................................. 8 Bringing building blocks to the community ................................................................................................................................. 10 The heart and soul of caring for animals ....................................................................................................................................... 12 Boutique offers sustainable fibers ................................................................................................................................................. 14 Automating for the future of dairy ................................................................................................................................................. 16 Education's foundation .................................................................................................................................................................. 18 Strengthened liquidity ................................................................................................................................................................... 20 2015 Financial Statements ............................................................................................................................................................. 22 Ten Year Summary ......................................................................................................................................................... Appendix A 5 PRESIDENT’S LETTER When we presented a new Bank of North Dakota (BND) vision statement in the fall of 2014, we didn’t know that the next year would bring large swings in commodity prices and significantly lower oil prices. “BND is an agile partner that creates financial solutions for current and emerging economic needs” has proven to be a timely vision statement with great relevance to this period in history. Despite the shifting economic landscape, BND posted its 12th consecutive year of record profits with more than $130 million in income. Assets increased to $7.4 billion. The loan portfolio grew by $486 million with the largest increases in business loans and student loans. BND's work with programs designed to meet the liquidity needs of our financial institution partners changed significantly during the year. At the beginning of the year, financial institutions were flush with deposits. By year-end, we were receiving a number of requests to assist with current and Eric Hardmeyer, President/CEO future liquidity needs because of shrinking deposits coupled with steady loan demand. The 64th North Dakota Legislature assigned three BND’s new structure focuses on our three customer new infrastructure loan programs to BND: the service areas, allowing us to implement the vision for Medical PACE Program, School Construction Loan a more agile organization. Fund and the BND Infrastructure Loan Program. These programs were designed to improve critical The reorganization plan divided the Lending Services access medical facilities, remodel or construct new area into Credit Administration and Business schools and build new road and water infrastructure. Development. Business Development is segmented into three markets: economic development and We also introduced the Farm Financial Stability government programs, higher education and Loan to assist farmers who have been affected by low financial institutions. Credit Administration provides commodity prices or below average crop production. increased specialization for credit review and analysis. In the past five years, BND’s growth in assets has nearly doubled from $4 billion to $7.4 billion. This, Financial institutions, economic developers, along with the pace at which we need to initiate government agencies and higher education and respond to economic variables, prompted us institutions can expect strengthened partnerships to pursue a more nimble organizational structure. and increased efficiencies. We opened a Grand Forks 6 Bank of North Dakota Annual Report 2015 office in 2013 with a business banker and will open
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