BISMARCK, N.D. (AP) - The Bank of North Dakota set a record profit in 2014 for the 11th straight year.
Bank President Eric Hardmeyer told the state Industrial Commission Friday the bank's net income last year was $111.1 million. That's up from $94.2 million in profits in 2013.
The profit numbers aren't audited, but Hardmeyer says they aren't expected to change. The state-owned bank will publish its annual report in April.
The Bank of North Dakota is the nation's only state-owned bank.
Hardmeyer says North Dakota's strong economy, growing tax collections and deposits have helped propel the Bank of North Dakota's profits to a record high.