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2 0 1 3 a N N U a L R E P O 2013 ANNUAL REPORT OUR MISSION, AS AN INTEGRAL MEMBER OF THE FARM CREDIT SYSTEM, IS TO SERVE AS A DEPENDABLE PROVIDER OF CREDIT AND OTHER VALUE-ADDED FINANCIAL SERVICES TO AGRICULTURE AND RURAL INFRASTRUCTURE BUSINESSES FOR THE BENEFIT OF RURAL AMERICA. For the Year 2013 2012 2011 * ($ IN MILLIONS) Net Interest Income $ 1,163 $ 1,238 $ 1,071 Provision for Loan Losses — 70 58 Net Income 856 854 707 Patronage Distribution 415 425 341 At Year End 2013 2012 2011 ($ IN MILLIONS) Agribusiness $ 21,182 $ 21,394 $ 18,869 Strategic Relationships 37,897 36,707 15,236 Rural Infrastructure 14,524 13,879 12,180 Total Loans 73,603 71,980 46,285 Allowance for Credit Losses 615 595 542 Total Assets 97,644 92,478 63,290 2o13 Financial Highlights Total Shareholders’ Equity 6,705 6,441 4,896 Financial Ratios 2013 2012 2011 FOR THE YEAR Return on Average Common Equity 14.40 % 15.16 % 16.05 % Return on Average Assets 0.91 0.94 1.07 Return on Active Patron Investment 17.53 18.41 22.65 Net Interest Margin 1.26 1.41 1.69 Permanent Capital Ratio 16.72 16.14 16.37 * Includes the impact of CoBank’s merger with U.S. AgBank, which closed on January 1, 2012. TABLE OF CONTENTS: 2 Letter to Shareholders 8 Board of Directors 1 Strategic Relationships Portfolio 12 Agribusiness Portfolio KEY METRICS 13 Rural Infrastructure Portfolio 14 Customer Profiles ’11 $63 ’12 $92 22 Our History ’13 $98 Total Assets 24 Value Proposition ($ in billions) ’11 $707 ’12 $854 ’13 $856 Net Income ($ in millions) ’11 $341 ’12 $425 20% ’13 $415 Rural Patronage Distribution Infrastructure 29% ($ in millions) Agribusiness 51% ’11 16.37% Strategic Relationships ’12 16.14% 16.72% Total Loans ’13 $74 billion Permanent Capital Ratio at 12/31/13 TO OUR Robert B. Engel Everett M. Dobrinski SHAREHOLDERS Chief Executive Officer Chairman The year 2013 was one of significant transition for the overall U.S. While risks undoubtedly remain, the nation moves into 2014 with economy. When the year began, economic growth was sluggish cause for greater economic optimism than at any time over the past at best, and the national unemployment rate seemed to be stuck several years. at close to 8 percent. Stock markets were recuperating from a For CoBank, 2013 was also a year of progress and success. The late-year slump in 2012. Despite unprecedented levels of monetary bank achieved its 14th consecutive year of growth in profitability, stimulus from the U.S. Federal Reserve, substantial doubts an accomplishment matched by few other major banks in the remained about the country’s ability to achieve a strong, world. Other measures of business and financial performance were self-sustaining economic recovery. strong as well. Most importantly, we continued to fulfill our mission, As 2013 ended, the economy finally felt as though it had turned a providing our customers with the debt capital and other strategic corner. Growth accelerated notably in the second half of the year, financial services they needed to compete, succeed and grow in a and unemployment had fallen to 6.7 percent by year-end. Equity market environment full of both challenge and opportunity. and housing markets enjoyed strong run-ups throughout 2013, We’re pleased to present the bank’s results to you in our 2013 which helped buoy household net worth as well as the confidence annual report to shareholders. Our continuing success has been of American consumers. Corporate profits had also increased driven by the success of our customers, who have played an markedly. The Fed began dialing back quantitative easing without integral role in leading the U.S. economy out of the difficulties provoking an immediate major negative reaction in the market. experienced over the past several years. We’re enormously proud to CoBank 2013 2 ANNUAL REPORT “THE BANK ACHIEVED ITS 14TH CONSECUTIVE YEAR OF GROWTH IN PROFITABILITY, AN ACCOMPLISHMENT MATCHED BY FEW OTHER MAJOR BANKS IN THE WORLD.” serve these customers, and of the role we play as a leading provider our margins by increasing the proportion of higher-credit-quality, of credit to vital industries in rural America. lower-yielding loans in our portfolio. 2013 FINANCIAL RESULTS Despite lower net interest income, profitability for the year rose to a record $856 million in 2013, from $854 million the year before. CoBank’s average loan and lease volume increased approximately The increase in earnings resulted primarily from the fact that we 2 percent in 2013, to $71.9 billion. Growth was driven by higher recorded no provision for loan losses in 2013, compared to levels of borrowing from affiliated Farm Credit associations and $70 million in loss provisions in 2012. That’s a reflection of the rural electric cooperatives, which more than offset a significant favorable credit quality in our portfolio and the general strength decline in seasonal lending to agribusiness co-ops. Demand for of agriculture and other rural industries we finance. seasonal lines of credit decreased because of lower inventories, Other measures of credit quality for CoBank remain exceptionally low commodity prices and strong cash positions at grain elevators strong as well. At year-end, 0.71 percent of the bank’s loans were around the country. Another important factor impacting all classified as adverse assets, compared to 1.01 percent at segments of our portfolio was intensified competition across the December 31, 2012. Nonaccrual loans totaled $147.8 million, banking industry for the business of our customers. In that regard, compared to $170.2 million the year before. The bank’s allowance we continue to benefit enormously from the breadth, depth and for credit losses totaled $614.7 million at year-end—a solid source longevity of our customer relationships, and the bank’s reputation of protection for the bank and its capital base against loan losses for delivering value and a high-quality customer experience. in our portfolio. CoBank finished the year with $6.7 billion of Net interest income declined by 6 percent in 2013, to $1.2 shareholders’ equity, and our capital and liquidity levels remained billion. The decrease was driven primarily by the low interest well in excess of regulatory minimums. rate environment engineered by the U.S. Federal Reserve, which As we move into 2014, we’re very pleased with the overall financial impacted the bank’s returns on invested capital, its balance sheet condition of the bank and its ongoing ability to serve customers positioning and its portfolio of liquidity investments. In addition, and fulfill its mission in rural America. the change in the mix of loans described above effectively lowered The Promise of Rural America 3 “COBANK PRIDES ITSELF ON THE FACT THAT IT RETURNS SUBSTANTIAL VALUE TO ITS CUSTOMERS THROUGH ANNUAL PATRONAGE DISTRIBUTIONS.” PATRONAGE Patronage is a unique and enduring feature of the cooperative model. The members of our board—the vast majority of whom have As a cooperatively organized institution, CoBank prides itself direct experience with other cooperatives in rural America—fully on the fact that it returns substantial value to its customers understand the value of dependable patronage, which is why they through annual patronage distributions. Under our formula-based have supported repeated enhancements to our patronage program patronage program, cooperatives and other eligible borrowers over the past decade. We’re delighted with the level of patronage receive 100 basis points of their average qualifying loan balance we’re delivering this year, and we trust our customers also from the bank; 75 percent of which is paid in cash. The remaining appreciate this important benefit of doing business with a bank 25 percent is distributed in equity, providing customers with an that they own. ownership stake in the bank and a say in the governance of the business. Meanwhile, affiliated Farm Credit associations receive GOVERNANCE 45 basis points in cash patronage under a separate capital plan. A great many factors contribute to CoBank’s success, including Patronage payouts for 2013 will total approximately $415 million— our wonderful base of customers, membership in the Farm Credit just under half of the bank’s earnings for the year. The remaining System, and a workforce of engaged, knowledgeable, experienced net income, after payment of preferred stock dividends, is employees. But none is more important than our board. The vast preserved as unallocated retained earnings and used to build majority of our directors are actively engaged in the business of the capital base and lending capacity of the bank. Over the past production agriculture, agribusiness or rural infrastructure, and all 10 years, CoBank patronage distributions to customers throughout have a profound appreciation for CoBank’s mission and the role we rural America have exceeded $2.8 billion—funds that have play in supporting rural America. Their leadership, guidance and supported the growth of our customers’ businesses and, indirectly, commitment have been essential to our progress, and will continue the health and vitality of the rural communities they operate in. to be in the years ahead. CoBank 2013 4 ANNUAL REPORT CoBank’s board structure for 2014 remains essentially unchanged CORPORATE SOCIAL RESPONSIBILITY from last year. We have a total of 28 directors, including 24 elected Beyond financial success, 2013 was an important year for CoBank directors and four appointed board members. Each elected director in terms of corporate social responsibility. We continued to provide comes from one of six voting regions around the country, and we support for a wide array of organizations important to rural have an even split between one-member-one-vote seats and seats America through a comprehensive series of initiatives, elected on a modified equity basis.
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