CoBank Reports 2008 Figures

CoBank, a leading cooperative bank serving agribusinesses and rural utilities throughout the U.S., has announced financial results for the first nine months of 2008. Is the news good or bad for agricultural retailers?

In a very volatile global financial market, the bank reported strong growth in loan volume, net income, and regulatory capital as well as continued good overall credit quality.

Net earnings for the first nine months of the year increased 48 percent to $449 million, compared with $304 million for the same period in 2007. Net interest income rose 42 percent to $672 million, from $474 million the year before. Total loans and leases outstanding for CoBank were $43.1 billion at Sept. 30, 2008, compared to $40.5 billion at year-end 2007.

"We are pleased with the ongoing strength of CoBank’s financial performance, which has enabled us to continue meeting the borrowing needs of our customers at a time of extraordinary dislocation in the world economy and in global financial markets," says Robert B. Engel, president and chief executive officer of CoBank. "We remain focused on maintaining the foundation of strength and stability we have built over our long history serving lifeline businesses across rural America."

The bank saw solid growth in loans to international and corporate finance customers as well as to affiliated associations and other strategic partners inside the Farm Credit System. Growth in these areas was partially offset by a decline in loans to the commercial agribusiness customers. Commercial agribusiness lending decreased 23 percent from Dec. 31, 2007, to $10.6 billion, due to typical seasonal declines in demand as well as recent drops in commodity prices for grains and certain farm inputs.

Engel said that CoBank’s financial strength and its membership in the Farm Credit System have enabled the bank to maintain the confidence of investors and, as a result, access to the debt capital markets that the bank relies on to fund loans and serve customers.

CoBank, a $58 billion cooperative bank, provides financing to rural cooperatives and critical lifeline businesses — food, water, electricity ,and communications — across the United States. Part of the $208-billion U.S. Farm Credit System, the bank also finances agricultural exports. In addition to the national office in Denver, CoBank has offices across the United States and one international representative office in Singapore. For more information about CoBank, visit the bank’s Web site at www.cobank.com.

(Source: CoBank)

Leave a Reply

Latest News
Giant Ragweed
HerbicidesSurvey Provides Insights On Giant Ragweed In The Corn B…
May 2, 2016
A new survey published in the journal Weed Science offers insights into the distribution and management of giant ragweed, a Read More
Truck dumping dry fertilizer
FertilizerFertilizer Logistics Q&A: Southern States’ Joe Wlod…
May 2, 2016
Joe Wlodkoski, Director of Agronomy Procurement, Fertilizer, Southern States Cooperative, is a 40-plus year fertilizer industry veteran. He is quite Read More
Eric SfiligojReasons For Hope In Commodity Prices
May 2, 2016
For many months now, the doomsayers have ruled the day in agriculture. Too much supply with too little demand would Read More
West Central Dome structure
FertilizerFertilizer Logistics 2016: All Clear, So Far
May 1, 2016
After a relatively hairy early start to the spring fertilizer movement season with flooding in Louisiana and St. Louis, things Read More
BAICOR
CropLife 100BRANDT Acquires Utah Specialty Fertilizer Company
April 28, 2016
BRANDT, a leading agriculture retailer and manufacturer of specialty ag products, has acquired a majority interest in BAICOR, L.C. BAICOR, Read More
Soybean field
Industry NewsVerdesian Life Sciences Adds Vice President Of Business…
April 28, 2016
Verdesian Life Sciences has announced the addition of Marc Treurniet to the plant health and nutrition company’s management team. Treurniet Read More
ManagementBiotech Crops Developments and Millennials
April 28, 2016
Editors Eric Sfiligoj and Paul Schrimpf talk about the latest activities in biotech crops and a major shift in the Read More
Industry NewsNachurs-Alpine, Pathway Biologic Extend Marketing Agree…
April 28, 2016
Nachurs-Alpine Solutions (Marion, OH) and Pathway Biologic (Plant City, FL) announce an extension to their exclusive marketing agreement specific to Read More
MicronutrientsCharah Add Three Warehouses For SUL4R-PLUS Fertilizer
April 28, 2016
Charah, Inc., a total solutions company providing unparalleled service and innovation for the coal-fired power generation industry, announced today that Read More
Spenser Forgey, Yahama Fortix
FungicidesIndiana Farmer Wins Arysta LifeScience FORTIX Fungicide…
April 28, 2016
Arysta LifeScience North America recently presented Spenser Forgey, a grower from Young America, IN, with a new 2016 Yamaha Grizzly Read More
Corn Field
HerbicidesNew Wilbur‐Ellis Herbicide Targets Volunteer Corn
April 28, 2016
Wilbur‐Ellis Co., a recognized leader in marketing and distribution of crop protection products, as well as precision agriculture technology, has Read More
StewardshipNRCS To Help Farmers Measure Conservation Impacts On Wa…
April 27, 2016
The USDA has announced the availability of $2 million to help farmers install edge-of-field stations that monitor water quality as Read More
Planter in Iowa
EquipmentTop 10 Twitter Pics For #Plant16
April 27, 2016
Despite some wet weather in parts of the Midwest, growers and ag retailers are working feverishly to plant this year’s Read More
HerbicidesHELM AGRO Launches New HELM Sulfentrazone 4F Herbicide
April 26, 2016
HELM AGRO US, Inc. has announced the federal Section 3 registration of its new HELM Sulfentrazone 4F herbicide. Classified as a Read More
Valley Irrigation Valley 8000 series on corn
EquipmentValley Irrigation Receives Environmental Stewardship Ho…
April 26, 2016
Valley Irrigation has been recognized as a Groundwater Guardian Green Site by the Groundwater Foundation. The Groundwater Guardian Green Site Read More
Eric SfiligojMissing The Family Ties In Agriculture
April 25, 2016
By its nature, the agriculture market is cyclical. Up and down cycles come and go with a regular pattern. For Read More
HerbicidesHerbicide Resistance In Waterhemp Continues To Grow
April 22, 2016
Twenty-five years ago, waterhemp was virtually unknown to Illinois farmers. Today, the broadleaf weed blankets corn and soybean fields across Read More
ManagementIllinois Leads The Nation In 4R Certified Nutrient Mana…
April 22, 2016
As Illinois agriculture works to educate farmers about minimizing environmental impact and optimizing the use of ag nutrients, Illinois now leads Read More