Doug Goehring Agriculture Commissioner | North Dakota Industrial Commission
Doug Goehring Agriculture Commissioner | North Dakota Industrial Commission
On January 14, Standard & Poor’s (S&P) reaffirmed the Bank of North Dakota’s (BND) credit rating as A+/Stable, continuing the rating initially issued in November 2023.
S&P, a prominent U.S.-based financial services company, typically conducts annual evaluations of financial institutions but may issue more frequent assessments if significant changes occur. This rating underscores BND’s strong financial foundation and stability in the face of ongoing challenges.
The Industrial Commission, which oversees BND, highlighted key strengths found during S&P’s review. The Commission, which includes Gov. Kelly Armstrong as chairman, Attorney General Drew Wrigley, and Agriculture Commissioner Doug Goehring, commended BND for its “very strong risk-adjusted capital,” as well as its “strong credit quality and conservative management.” These factors were instrumental in securing BND’s solid credit rating. The Commission expressed appreciation for S&P’s recognition of BND’s well-established strategy and prudent financial management.
S&P also reported a decrease in BND’s nonperforming assets ratio over the past decade. The agency noted that BND’s net charge-off rate remained under 15 basis points annually, despite significant fluctuations in energy and agriculture commodity prices. This stability was attributed to BND’s disciplined credit selection process and strong underwriting practices, which have helped minimize risks associated with market volatility.
Don Morgan, President and CEO of BND, expressed confidence in the bank’s performance.
“Our strong credit rating reinforces the excellent quality of Bank management and should reassure North Dakotans of the stability that Bank of North Dakota provides. This stability ensures that the state can respond effectively and quickly when needed,” said Morgan.
The full S&P report is available on BND’s website at bnd.nd.gov. Since its founding in 1919, BND remains the only state-owned bank in the United States, committed to supporting agriculture, commerce, and industry in North Dakota.
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