POWERED BY PURPOSE
STEPHEN L. STENEHJEM
OUTGOING CEO/CURRENT CHAIRMAN
FIRST INTERNATIONAL BANK & TRUST
As I reflect on the past year, I am filled with gratitude for your continued trust in our bank. Together, we achieved something extraordinary: 2024 currently stands as the most successful year in our bank’s proud history. Through purposeful efforts, we achieved a record year for net income, supported by a disciplined focus on deposit gathering that strengthened our balance sheet – and more importantly, deepened our ability to serve our communities for years to come. Our deposits have outpaced loan growth, a deliberate strategy to ensure we remain a fortress of stability in an ever-changing financial landscape.
The banking environment in 2024 presented unique challenges and opportunities. Community banks like ours continue to play a vital role in America’s financial ecosystem, offering personalized service and a commitment to local businesses and families that large institutions
simply can’t replicate. Nationwide inflationary pressures have eased, but the ripple effects of rising costs over the past two years still present challenges for many households. Our success this year underscores our steadfast commitment to being a source of reliability and support for you, our customers.
Every decision we make is guided by our desire to ensure the long-term health of our bank and the communities we serve. This year, we made the difficult but necessary decision to streamline our operations by selling First International Insurance to World Insurance Associates LLC, a top-50, full-service insurance brokerage. We were proud to offer insurance services for over 100 years, but we believe our customers will be better served with World as they are able to provide robust offerings to the growing needs for personal and commercial insurance in our
communities. Through this divestiture, all First International Insurance employees were welcomed as World employees, and we wish them the best as they continue to serve our clients.
Our Board of Directors and Executive Team also took a constructive view of the investments landscape and made the decision to discontinue offering investment services. We explored several opportunities and are excited for the team to have new avenues to expand and prosper. A few of our Investment Advisors are starting their own independent businesses through LPL Financial, while others are venturing out into new places.
These changes allow us to focus on what we do best: offering exceptional banking services tailored to your needs. By staying true to our core mission, we’ve positioned ourselves for sustained growth and resilience.
This year is also personally significant to me as I passed the torch to the next generation of leadership. After decades at the helm, I’m proud to announce that my son Peter has stepped into the role of CEO. As the fourth generation to lead this family business, he brings fresh energy, a deep understanding of our values, and an unwavering commitment to our community. While I’m taking a step back from daily operations, I’m confident in Peter’s ability to carry forward the legacy we’ve built together. I will remain at the bank as Chairman of the Board and will continue to provide guidance as needed.
THANK YOU
For 115 years, First International Bank & Trust has developed a bond between our employees and our customers. We currently serve a wide range of rural and urban communities across North Dakota, South Dakota, Minnesota, and Arizona. On behalf of the Stenehjem family, thank you for your continued support. We remain committed to those relationships we’ve worked so hard to build and to our values that have helped us get to where we are today.
OUR MISSION
To be nationally recognized as a community bank whose innovation and drive for excellence is propelled by the best financial experts with a heart.
OUR VISION
Our customers leave feeling like family.
OUR VALUES
Own the Choices You Make Speak Up Respectfully Make Decisions with Integrity Take Pride in Your Work Act Like Your Ride is Waiting Learn from Yesterday, Rush for Mastery Leave Your Mark on Our Communities Seek the Sunshine Every Day
Our success this year is not ours alone – it is shared with you, our customers. Your loyalty and partnership inspire us to continuously improve and to invest in the future of the community. Thank you for being an integral part of our journey. Scan this QR code to watch the video version of the 2024 Annual Report.
PURPOSE THROUGH
TRADITION
Since our humble beginnings in 1910, First International Bank & Trust has been owned and operated by the same family. That’s one of the things that makes us unique. The bank has experienced so much in the past 114 years – economic booms and busts, two World Wars, major technological innovations – and through it all, we’ve been able to take pride in our relationship-based business model and build long-term trust with our customers. The Stenehjem Family is committed to the communities we serve and looks forward to leading the bank for many years to come.
A LEGACY OF LEADERSHIP
Stenehjem CEOs Since 1910
THE
KRISTEN STENEHJEM, KIRA NOLL
2024 ANNUAL REPORT
I’m honored and excited for this next chapter as CEO. I have a deep sense of gratitude to my mom and dad and the support of my siblings as well. I’m proud to partner with my brother Erik and my sisters Kira and Kristen to continue the work our family started. It’s a privilege to partner with them toward the common purpose of seeing our company be a success for many generations to come.
As we continue into 2025, I’d like to reinforce the importance of our roots and the legacy we have been building on since our humble beginnings in 1910. It’s not just about me stepping into a new role; it’s about all of us moving forward together, embracing new opportunities, and continuing to grow and succeed. I say this a lot, but I believe the future is bright. I’m so thankful for the privilege to lead this organization into that future.
This year, First International Bank & Trust celebrates its 115th anniversary. Over the past century plus, we’ve formed strong relationships with our customers and served communities across North Dakota, South Dakota, Minnesota, and Arizona. We’re grateful for everyone who has banked with us and become an essential part of our organization’s legacy of community banking.
Thank you for being part of this journey. I’m truly excited about what’s ahead.
S. Peter Stenehjem Incoming CEO of First International Bank & Trust
A NOTE OF GRATITUDE
We are thrilled to see where the fourth generation of Stenehjem leadership takes First International Bank & Trust.
- Steve & Gretchen Stenehjem
SOLUTIONS PURPOSE THROUGH
At First International Bank & Trust, our purpose is clear: to empower our customers and communities by providing financial solutions that make a meaningful impact. Whether it’s helping a local farmer secure the right agricultural loan, guiding a business owner through commercial banking strategies, or ensuring families find the perfect mortgage for their dream home, we are committed to delivering personalized service with expertise and care. Every financial decision is an opportunity to support growth, stability, and success –both for our customers and the communities we serve.
Our Retail Banking division remains the cornerstone of our commitment to serving individuals and families in our community. Whether it’s through personalized checking and savings accounts or tailored loan solutions, it means the world to us to help our customers with their everyday financial lives. From joining the MoneyPass® network and increasing access to ATMs to facilitating everyday transactions and giving people the tools to manage their personal finances, 2024 was another step forward in efficiency and convenience.
COMMERCIAL BANKING
Most of our markets experienced slower commercial lending activity as developers and businesses adjusted to higher costs and interest levels, as well as economic and political uncertainty. As interest rates have fallen and economic confidence is returning, we anticipate renewed activity and lending opportunities. Our teams continue to focus on long term relationships with commercial clients and providing tailored financial solutions that address specific challenges and propel growth.
TREASURY MANAGEMENT
Our Treasury Management team provides tailored solutions to our business clients so they can effectively manage and protect their deposits. By reviewing a company’s deposit analysis and behaviors, we can provide individual companies with solutions that best suit their needs. Even if our entire suite of products isn’t a fit for your business, we can piece together an individualized plan that will help ensure you are generating internal efficiencies, capitalizing on your funds, and keeping your hard earned assets protected.
This year, we embraced more than 200 new Treasury Management clients. We continued to develop efficiencies within our processes which allowed our team to reallocate hundreds of hours toward serving our customers at a higher level than ever before.
MORTGAGE
Our mortgage team helped more than 1,100 families with their dreams of homeownership in 2024 (a 10% increase from 2023) and they did so more efficiently and effectively than ever before. We believe that the best experience for our customers comes when we can provide a mortgage loan that is serviced by FIBT and has payments coming from an FIBT account. To move toward this goal, we focused on growing our banking relationships with our mortgage customers. Through a coordinated plan that included partnerships with our retail team members, automation in our process, and elevated reporting, we were able to provide key banking services to more customers.
FIBT agriculture producers experienced variable results in 2024 depending largely on geographic location. Western North Dakota struggled with dry conditions for much of the growing season while central and eastern North Dakota, Minnesota, and South Dakota experienced record crop production. Commodity prices for corn and wheat felt downward pressure, soybean markets declined later in the year while edible beans, oil seed, and pulse crops provided better returns. Cattle prices are at record levels and hardworking livestock producers enjoyed
profitability throughout the year. FIBT was pleased to see 15% agricultural production loan growth and more than 10% growth in agriculture real estate loans.
WEALTH MANAGEMENT*
Our Wealth Management division had a record year and continued to help our clients create, preserve, and grow their wealth. Our team has expertise in retirement planning, estate planning, and college funding, and is able to help with the moments that matter most. *Not FDIC or any Federal Agency Insured | No Bank Guarantee |
Our comprehensive range of mineral and land services bolstered by our innovative MineralTracker® software, empowers owners to cultivate and safeguard their financial legacy. Embracing diverse experience in the industry, we merge knowledge and groundbreaking technology to serve a broad spectrum of clients. Our clientele spans across the globe, encompassing both institutional and individual visionaries. Throughout the years, we’ve gained incredible exposure to understanding the issues and needs of mineral owners across the state as we currently manage assets under 90% of the oil and gas wells in North Dakota as well as one million gross acres.
2024 was a big year for our Mineral & Land Services Team. Our Mineral Management portfolio grew through some big accounts and MineralTracker expanded its services to cover the state of Montana, allowing us to serve even more mineral owners. Since 2020, we have recovered more than $6.5 million in suspended funds for our clients (including more than $1.1 million in the past year), putting more money in their pockets.
INNOVATION PURPOSE THROUGH
2024 was another record year for our payments division, Kotapay. By processing more than 64 million transactions totaling more than $103 billion, Kotapay once again solidified FIBT’s position as a top-50 ACH originator. It was also an exciting year when it came to growth and innovation. In addition to the launch of our Kavinu platform, we integrated our credit and debit card teams, grew our merchant acquiring business, and strengthened our management team with key hires in Product Strategy and Risk Management.
Kavinu is FIBT’s response to a banking as a service (BaaS) model ripe for disruption and in need of stability. The platform is a developer-friendly, API-driven technology hub built on our existing systems that are already supporting payment processing at significant scale. Structurally, the platform is designed to eliminate unnecessary middleware providers and elevate the role of the bank. Kavinu is built on a foundation of more than a century of banking experience and stability from First International Bank & Trust. Kavinu clients will create and innovate with confidence knowing their fintech solution is built on proven technology and with an industry leader.
LOOKING FORWARD TO 2025
As Kotapay grows consistently year over year, we remain committed to innovating at the speed of our industry. We have already laid the groundwork for expanding our core offerings with products and services that will help our clients differentiate themselves in highly competitive markets. In 2025, we will begin launching a suite of products and services, each of which is integral to our strategic objectives of innovating ahead of competitors and expanding the breadth of our partners relationships.
$83,690,264,868
SERVICE PURPOSE THROUGH
Our commitment to service goes beyond banking – it’s about making a lasting difference in the communities we call home. Through our Live First Community Giving Campaign, philanthropic initiatives, and dedicated employee volunteer efforts, we invest our time, resources, and passion to support local organizations, schools, and families in need. Whether it’s funding critical community programs, supporting nonprofit partners, or rolling up our sleeves to serve, we believe that true success is measured not just in financial growth, but in the positive impact we create together.
LIVE FIRST COMMUNITY GIVING CAMPAIGN
2024 marked the tenth anniversary of our Live First Community Giving campaign – a program which has awarded more than $250,000 in grants to dozens of nonprofit organizations and community projects. It was a milestone year for the program in many ways:
• More than 225 community organizations from across our four-state footprint applied for grants.
• We awarded a record $63,000 in grants to 21 nonprofits and community projects, including a $20,000 grand prize.
• We introduced a new tier of grants, allowing us to support eleven more nonprofits and projects in various categories.
$20,000 GRAND PRIZE AWARD – CALL TO FREEDOM, SIOUX FALLS, SD
Call to Freedom is a South Dakota-based nonprofit organization whose vision is to provide resources and support for survivors of human trafficking, as well as to educate the community and advocate on behalf of those affected by the crime. Since its founding in 2016, the organization has served more than 1,200 survivors of human trafficking, including 419 clients in 2023 alone.
PHILANTHROPY ACROSS THE FIBT FOOTPRINT
First International Bank & Trust made $5.5 million worth of charitable contributions across our four-state footprint in 2024. Here are just a few examples of the ways we saw our communities thrive this year:
• The West Fargo Public Library needed a new vehicle to replace its Little Red Reading Bus after it exhibited frequent mechanical and safety issues. FIBT
contributed $65,000 to help the library purchase its new Library on Wheels, allowing the library to expand to year-round services and share the joy of reading with more patrons in West Fargo.
• The McKenzie County Hockey Club serves the Watford City region with recreational and competitive ice hockey opportunities. FIBT contributed $55,000 to allow for the purchase of a new ice resurfacer to keep the rink smooth for hockey players in western North Dakota.
• The Nest, the new home of the StaplesMotley Cardinals, was unveiled by the Staples-Motley Independent School District in December of 2024. The new gymnasium in rural Minnesota features an impressive new scoreboard and scorer’s table made possible by a $200,000 contribution from FIBT in 2022.
• FIBT pitched in $12,000 on Giving Hearts Day to help the Jacobson Memorial Hospital Care Center in Elgin, North Dakota purchase much-needed supplies and equipment for hospital patients.
THOUSANDS OF HOURS OF SUPPORT
The spirit of volunteerism remains strong at FIBT. In 2024, our employees logged a total of 6,165 hours of volunteerism. That’s nearly 257 days’ worth of packing and delivering meals for people in need, raking leaves, picking up trash in our communities, teaching kids about financial literacy, and so much more.
6,165
By First International Bank & Trust Employees
2024 ODIN AWARD RECIPIENT OF THE
TRACI WIEBE, SENIOR EXECUTIVE ASSISTANT
Named after Odin Stenehjem, who founded our bank in 1910, this award is given annually to the employee who best exemplifies FIBT’s mission, vision, and values. It recognizes those who execute service at its highest level and inspire those around them.
Traci Wiebe, our 2024 Odin Award recipient, currently serves as Senior Executive Assistant and is based in Fargo. Throughout her career with FIBT, Traci has placed her pursuit of excellence and attention to detail in service of the bank and strongly exemplified servant-leadership. She is the first person to ask, “What can I do to help?” and actually mean it. We are honored to present Traci with this distinguished award and we thank her for the incredible influence she’s had on our organization.
BOARD OF DIRECTORS
CHAIRMAN OF THE BOARD
Stephen L. Stenehjem, Chairman
DIRECTORS
Peter Stenehjem, Chief Executive Officer
Blaine DesLauriers, Vice Chairman
Erik Stenehjem, Chief Credit Administration Officer
Dennis Walsh, Chief Credit Officer
Michael Toy, Chief Operating & Strategy Officer
Jim Poolman, Independent Consultant, Jim Poolman Consulting
Michelle Kommer, Founder and Owner, HighRoad Partners, LLC
Chris Thorkelson, President/CEO
Lloyd Companies
We would like to express our gratitude to Ty LeSueur, who retired after 14 years of dedicated service to the FIBT Board of Directors. We wish him the best in his next chapter.
HONORED EMPLOYEES
MARKETING DIRECTOR WATFORD CITY, ND
40 Under 40 Prairie Business Magazine
40 Under 40 Prairie Business Magazine
BROOKE FITTS GRETCHEN STENEHJEM MICHELLE KOMMER JASON APPEL
NIKKI DAVY DIRECTOR OF HR BISMARCK, ND
20 Under 40: 2024 Williston Herald Media
KAYLA JOHNSON
SENIOR TRUST OFFICER WILLISTON, ND
CELEBRATING OUR BANK
Women of the Year USA Today
BRIAN IVERSON
HEAD OF PAYMENTS
PRODUCTS AND STRATEGY SIOUX FALLS, SD
20 Under 40: 2024 Williston Herald Media Women to Watch for 2024 Greater North Dakota Chamber
KATELYN LESMANN
MINERAL & LAND SERVICES LAND MANAGER WLLISTON, ND
