CoBank Reports Record 2008 Results

There is some good financial news, even during the current economic downturn. CoBank, a leading national cooperative bank serving agribusinesses and rural utilities throughout the U.S., recently announced record financial results for 2008, with continued good credit quality and strong capital and liquidity at year-end.

CoBank’s net earnings increased 28 percent to $533.4 million, up from $415.6 million in 2007, driven by robust growth in average loan volume across all operating segments. Net interest income rose 34 percent to $862.6 million, compared to $645.4 million in 2007. On Dec. 31, 2008, the bank’s loan and lease portfolio totaled $44.6 billion.

"CoBank delivered exceptional financial performance during 2008 on behalf of customer-owners, investors, and our other stakeholders," said Robert B. Engel, CoBank president and CEO. "As importantly, we were able to stand by our borrowers in the face of extremely challenging conditions in commodity markets, credit markets, and the broader economy.”

Extreme volatility in the grain, oilseed, and farm supply markets during the first eight months of the year were a key driver of increased financing requirements from CoBank’s agribusiness customers. Lending to rural providers of power, water, and communications services also experienced robust growth.

Engel noted that the bank’s financial performance in 2009 will be influenced by a variety of external factors, including prices for agricultural commodities and the cost of Farm Credit System debt securities, which serve as the primary source of funds for CoBank loans.

(Source: CoBank)

Leave a Reply

Latest News
EquipmentAGCO to Acquire Precision Planting
July 26, 2017
AGCO and The Climate Corp. announced today that a definitive agreement has been signed for AGCO to acquire the Precision Read More
CPS-Norwood-and-Dupont-reps
Eric SfiligojA Message to Ag Retailers: Do Tell Your Good Stories
July 26, 2017
As the daughter of a peanut farmer, Krysta Harden, Chief Sustainability Officer for DuPont Crop Protection, understands the importance ag Read More
Iowa-State-Seed-Science-Center
Seed/BiotechIowa State Celebrates 10 Years of Online Seed Education
July 26, 2017
This year, Iowa State University is celebrating 10 years of service to the seed industry through its online Graduate Program Read More
Corn seed treatment
Seed/Biotech5 Steps for Stewardship of Treated Seed
July 26, 2017
With planting season just around the corner, the American Seed Trade Association (ASTA) reminds farmers to follow five basic steps Read More
Darin Lickfeldt Verdesian In Field
Crop InputsVerdesian: Sustainability Goes Hand in Hand with Profit…
July 25, 2017
Sustainability is a hot topic in agriculture these days. And while measuring sustainability and its on-farm impact can seem difficult Read More
Crop InputsBASF: In Arkansas Drift Cases, Buffer Zones Mostly Not …
July 24, 2017
BASF on Thursday addressed questions about spreading dicamba drift issues on a media briefing call. In Arkansas – which is Read More
Tim Hassinger Dow AgroSciences President and CEO
Crop InputsDow’s Tim Hassinger Named President, CEO of Linds…
July 24, 2017
Lindsay Corp. has  announced the appointment of Timothy Hassinger as president and CEO and a member of its board of Read More
Eric SfiligojThe 2017 Ambassadors of Respect Come from Around the Gl…
July 24, 2017
After a week of fun, enjoying food, sights, and company information, DuPont Crop Protection representatives and their Environmental Respect guests Read More
ManagementCropLife Retail Week: Dicamba Update and InfoAg Preview
July 21, 2017
Editors Eric Sfiligoj and Paul Schrimpf discuss reports from the field and comments from Monsanto about dicamba drift this season, Read More
Stewardship‘Gonna Fly Now’ with Environmental Respect
July 20, 2017
One of the most memorable moments in movie history occurred in the Academy Award-winning 1976 film “Rocky.” Haven gotten his Read More
StewardshipEnvironmental Respect: Grand Grounds, Posters Parade
July 19, 2017
To celebrate their accomplishments in the area of environmental stewardship, award recipients at the 2017 Environmental Respect week spent much Read More
StewardshipHarden’s Message to ERA Winners: Do Tell Your Good Stor…
July 19, 2017
As the daughter of a peanut farmer, Krysta Harden, Chief Sustainability Officer for DuPont Crop Protection, understands the importance the Read More
StewardshipFarming Smarter Hinges on 4R Best Management Practices
July 18, 2017
Preserving water quality while feeding another 2 billion people by 2050 is the challenge facing North America’s farmers and its Read More
StewardshipEnvironmental Respect 2017 Kicks Off Enjoying an Americ…
July 18, 2017
Following months of planning and scheduling, the 2017 Environmental Respect Awards (ERA) celebration kicked off in fine fashion as more Read More
Soybean Field Sunset
OpinionPicking Partners in the Crop Protection Market
July 17, 2017
Agriculture is a market awash in highs, lows, and everything in between. This is certainly true in the world of Read More
TMX-2050-In-Cab-Display-Launch-Run-Screen
EquipmentGPS Auto Steer: Innovating in a Mature Market
July 17, 2017
In the world of Big IRON, GPS auto steer has closely mirrored the evolutionary path of consumer GPS Navigation systems Read More
MFA-Centralia-MO
Eric SfiligojThe Resilience of Ag Retailers
July 17, 2017
After covering the ag retail market for 17 years, I think one of the most impressive character traits I’ve seen Read More
SERA-meeting
Stewardship4R Event Explores How to Minimize Phosphorus Losses
July 17, 2017
This year the Southern Extension and Research Activity (SERA) – 17; will be meeting in Oregon, OH, from August 14-17. Read More