Bank of North Dakota lays out mission, new capital policy and recommends $212M dividend for 2025–27

Don Morgan, president and CEO of the Bank of North Dakota, told the Appropriations - Education and Environment Division on Jan. 15, 2025, that the bank is clarifying a mission order that places risk management and liquidity provision above pure return, and that the institution adopted a dynamic capital policy to guide dividends and capital buffers.

“We are risk managers. Return is not our top priority,” Morgan said. He described the bank’s mission stack as (1) risk management, (2) providing liquidity to the state, (3) leveraging deposits to support economic development, and (4) generating return as a for‑profit institution owned by the state’s Industrial Commission.

Morgan said the bank holds roughly $10,000,000,000 in assets, keeps about $4,000,000,000 in liquid securities, and leverages deposits into approximately $6,000,000,000 of loans (with core participations of about $4,000,000,000). He told the…