CoBank is a cooperatively organized financial services institution capitalized primarily by eligible borrowers, who earn equity over time commensurate with the amount of business they do with the organization. We are also capitalized by our preferred stockholders.
CoBank does not have publicly traded common stock and is not a registrant with the Securities and Exchange Commission. However, as a regulated member of the Farm Credit System, the bank releases its financial results on a quarterly basis, similar to a public company. Our financial statements are designed to provide customer-owners and other stakeholders with an accurate, transparent view of CoBank’s ongoing financial performance.
For copies of previously issued news releases, financial statements and bank publications, please click on the links at right.
CoBank has announced financial results for the third quarter of 2014. Net income for the quarter increased 8 percent to $224.7 million, from $208.1 million in the third quarter of 2013, largely due to stronger net interest income. For the first nine months of 2014, net income increased 10 percent to $688.9 million, primarily as a result of increased net interest income and improvements in credit quality. The bank recorded a $25.0 million loan loss reversal in the first nine months of 2014, compared to a $20.0 million provision in the same period last year.
CoBank announced today that it has joined with Frontier Communications and DISH as a major sponsor of “America's Best Communities,” a three-year, $10 million prize competition designed to stimulate growth and revitalization in small cities and towns throughout rural America.
The U.S. solar industry will experience a surge in installations over the next two years as utilities and commercial enterprises rush to take advantage of a solar tax credit that steps down from 30 percent to 10 percent in 2017, according to a new report from CoBank, a major provider of financing to rural power cooperatives. The report, entitled “Elevated Expectations for the U.S. Solar Industry,” also argues that declining solar system costs, lowered financing costs, and increased quality and reliability of modules will help drive solar installations from a projected 7 gigawatts of total capacity this year to over 12 gigawatts in 2016.
CoBank, today announced results of shareholder elections for the bank's 2015 Board of Directors. A total of eight seats for the 2015 board were on the ballot. CoBank’s current governance structure calls for 24 elected directors from six regions and two to five appointed directors. The winning candidates for each open seat are listed in the table below, along with occupation, region, type of seat, residence, and term expiration date.
CoBank has been named the safest bank in the United States by Global Finance magazine, and earned a place on its “World’s 50 Safest Banks” list for a fourth consecutive year.