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FOCUS on FUNDAMENTALS Strength and Stability for Farm Credit Associations

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FOCUS on FUNDAMENTALS Strength and Stability for Farm Credit Associations FOCUS ON FUNDAMENTALS Strength and Stability for Farm Credit Associations AGRIBANK 2017 ANNUAL REPORT FARM CREDIT BANK WHO WE ARE AgriBank expertly and reliably obtains funds and prudently provides funding and financial solutions to Farm Credit Associations. About AgriBank AgriBank is one of the largest banks within the national Farm Credit System, FARM CREDIT BANK with nearly $105 billion in total assets. Under the Farm Credit System’s cooperative structure, AgriBank is primarily owned by 14 Farm Credit Associations. The AgriBank District covers America’s Midwest, a 15-state area stretching from Wyoming to Ohio and Minnesota to Arkansas. With about half of the nation’s cropland located in the AgriBank District and over 100 years of experience, the Bank and its Association owners have significant expertise in providing financial products and services for rural communities and agriculture. For more information about AgriBank, please visit www.AgriBank.com. About Farm Credit Farm Credit supports rural communities and agriculture with reliable, consistent credit and financial services, today and tomorrow. It has been fulfilling its mission of helping rural America grow and thrive for a century by providing farmers with the capital necessary to make businesses successful, and by financing vital infrastructure and communication services. For more information about Farm Credit, please visit www.FarmCredit.com. TABLE OF CONTENTS 3 Letter to Shareholders 11 District Associations 55 Financial Statements 8 Performance Highlights 12 Five-Year Summary 59 Notes to Financial Statements 10 Board of Directors 13 Management’s Discussion & Analysis 118 Additional Regulatory Information 10 Executive Leadership 50 Reports 138 Risk Factors 2 Left: Bill Thone, Chief Executive Officer, AgriBank Right: Matt Walther, Chair, AgriBank LETTER TO SHAREHOLDERS Focus on Fundamentals: Strength and Stability for Farm Credit Associations Dear Shareholders: In 2017 we sharpened our definition of who we are, what we do and how we do it. We are clearly and confidently moving forward as your funding Bank. Our precisely focused purpose is to expertly and reliably obtain funds and prudently provide funding and financial solutions to you, the 14 Farm Credit Associations that collectively own AgriBank and comprise the AgriBank District. AgriBank and District Associations are collaborating to best compete in the marketplace now and in the future. While AgriBank focuses on our core funding and wholesale lending functions, the Associations manage all aspects of their retail marketplace. This includes appropriate Bank oversight of District Associations, whatever their size. By fulfilling our respective roles, together we are fulfilling the Farm Credit mission to support rural communities and agriculture with reliable, consistent credit and financial services, today and tomorrow. The past year has been one of significant change for AgriBank and the District as we have made adjustments to serve our customers/owners more efficiently and effectively. Five Associations participated in two mergers, consolidating the number of District Associations to 14 from 17. We amended the AgriBank capital plan to optimize capital within the District 3 through Association stock requirements and patronage • AgriBank credit quality remained strong, with AgriBank refunds while maintaining sufficient earnings to meet capital nonadverse loans at 99.5 percent and District nonadverse requirements. We also aligned our structure with our funding loans at 95.7 percent, reflecting disciplined underwriting Bank model and the evolving District. Together, we took an combined with the adequate liquidity and strong equity important first step toward our long-term District goal to move positions of many borrowers toward a common technology platform with the launch of • AgriBank loan volume increased 2.7 percent from the SunStream Business Services, a division of AgriBank. Through previous year to $88.4 billion, reflecting growth in wholesale this time of change, AgriBank maintained the financial strength loans to District Associations. District loan volume increased and stability that provides a solid foundation for Associations 3.4 percent from the previous year to $102.5 billion, driven now and in the future. by District Associations fulfilling the Farm Credit mission to Financial Results support farmers, ranchers and other customers with reliable, Our collaborative model optimizes AgriBank income and capital consistent credit. for the benefit of the District. The following key financial • Shareholders’ equity increased 2.8 percent to $5.6 billion measures reflect our strong performance in 2017: for AgriBank and increased 6.2 percent to $22.1 billion for • AgriBank returned nearly $508 million in earnings to our the District, positioning the Bank and District Associations to owners in the form of patronage refunds — $175.9 million navigate through the current market cycle higher than the previous year Once again, third parties that assess AgriBank and other • AgriBank net income declined slightly but remained strong financial institutions recognized AgriBank for financial strength. at $525.4 million as we achieved our targeted return on In their latest reports, the top three credit rating agencies assets of 50 basis points. District net income increased nearly affirmed their strong ratings with stable outlooks for AgriBank 5.0 percent to $1.9 billion, driven by continued strong net (Fitch, AA-; Moody’s, Aa3; Standard & Poor’s, AA-). Our interest income. continued financial discipline underlies our ability to support District Associations. • AgriBank net operating rate of 7.0 basis points decreased from 7.5 basis points in 2016, reflecting our disciplined approach to operating expenses while maintaining excellence in operations We are clearly and confidently moving forward as your funding Bank. 4 AgriBank and District Associations are collaborating to best compete in the marketplace now and in the future. Strategic Framework and Structure confident the Bank’s streamlined structure is also appropriate given recent merger activity in the District, a change in the The AgriBank Board of Directors and management have worked model for delivery of business services and ongoing strategic together to define the Bank’s unique role supporting the 14 planning objectives. AgriBank employees deserve tremendous District Associations. The embrace of our funding Bank model credit for their hard work and dedication supporting results from several years of ongoing discussions within the the business model and navigating through change. District regarding the appropriate role of a Farm Credit Bank vis-à-vis Associations. We believe this model will prove to be a In 2017 we also prepared for the Jan. 1, 2018, launch of strategic competitive advantage to all District Associations in SunStream Business Services as a division of AgriBank. their local marketplaces. SunStream provides technology services and certain other business services to the Bank and District Associations. The To support our funding Bank model, the board and Farm Credit Administration (FCA) is conducting a thorough management determined through a measured, thoughtful review of the 4.25 service corporation charter application for process that AgriBank will have three key functional areas: SunStream, and the AgriBank board and management are • Funding — to expertly and reliably obtain and distribute committed to the long-term strategy of operating SunStream funds on the most competitive terms possible as a separate service entity. • Lending — to prudently provide funding and financial The idea of forming a business services entity came out of an solutions to District Associations AgriBank District strategic planning process several years ago. It was a deliberate and structured process that included Bank • Support — to ensure the funding and lending areas excel in and Association directors and management evaluating how their roles and that AgriBank and the District remain strong best to address the rapidly changing and increasingly costly and viable challenges of technology. A key opportunity includes positioning We examined every function and position at AgriBank in light of technology and other services for possible future collaboration our funding Bank model, questioning what we really need, and with other Farm Credit System providers to achieve greater scale, why we do what we do. Then, we adjusted accordingly. We are which will allow us to keep pace with technology and manage 5 costs. We also believe creating a clear governance and financial This includes continuing to work with various alternatives commitment for technology decisions is in the best interest of to leverage capital more efficiently within the District, and all stakeholders. evaluating and advocating for appropriate capital targets. We are committed to collaborating with District and System Areas of Strategic Focus partners to find capital solutions that continue to enhance our As part of our strategic planning process and consistent with shared mission. our funding Bank model, we have identified three Areas of Strategic Focus: Governance Design Efforts to fulfill our role as a funding Bank extend to board Client Service. We will treat Association board and design. With the recent Association mergers, it’s the right management relations as an enterprisewide responsibility. time to re-examine board structure. The board design project, We will regularly interact with Associations to understand
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