Newsroom & Financials

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.

Year-End Earnings Webcast Information:
CoBank held a conference call and webcast on Tuesday, March 6, 2018 to discuss year-end financial results. The call featured remarks from CoBank President and Chief Executive Officer Tom Halverson, Chief Financial Officer David Burlage and Chairman Kevin Riel. A recording of the webcast can be accessed here.


Recent News

  • Quarterly Economic Outlook - Trade War Prospects Weigh Heavy On Rural US

    Posted 03/28/2018

    Despite the challenges, there are abundant opportunities for U.S. agriculture this year amid drought in South America and growing export prospects; however, those opportunities are at risk according to the latest Rural Economic Review from CoBank’s Knowledge Exchange Division.

    “Optimism over global economic growth in 2018 remains high, but it is clear that downside risks to growth far outweigh the likelihood of upside surprises,” said Dan Kowalski, vice president of CoBank’s Knowledge Exchange Division. “We are looking at 4 percent global growth, the highest since 2011 - developed countries such as the U.S. are providing the global stimulus needed for that growth - but trade concerns now put that at risk.”

  • Automated Milking Systems Slowing Farm Consolidation

    Posted 03/26/2018

    Various forms of robotic milking are helping sustain small to medium sized dairy farms amid broader industry consolidation and improving labor efficiency for some larger operations according to a new report from CoBank’s Knowledge Exchange Division.

    Dairy robots, also referred to as automated milking systems, take a variety of forms. From “box” style units to robotic components on rotary style milking parlors, they all provide an alternative to traditional dairy labor, which has become more expensive and harder to find in many regions of the U.S.

    “Labor and finance are two of the most important issues when large farms are considering dairy robotics, but when I spoke to smaller-scale producers, the primary drivers of adopting this technology were around quality of life,” said Ben Laine, senior analyst with CoBank. “However, the future growth of this technology and possible broader adoption will be centered on labor costs, milk production per robot, and proximity to dealers and service technicians.”

  • Battery Storage Capacity For Electric Distribution Coops To Take Off In Next Year

    Posted 03/6/2018

    The future is bright for electric distribution cooperatives in battery energy storage according to a new report from CoBank’s Knowledge Exchange Division. The entire battery storage market could grow from $300 million a year to as much as $3 billion by 2020, and electric distribution cooperatives are well positioned to own a share of this growth and move battery technology forward.

    The battery energy storage industry, where growth is dominated by lithium-ion technology, is undergoing significant expansion leading to economies of scale for the manufacturing of cells and battery packs. This translates to lower capital costs for stationary systems which could drop below $300 per kilowatt hour this year. 

    “The landscape for battery storage is rapidly evolving across the U.S.,” said Taylor Gunn, lead industry economist with CoBank. As costs fall, interest in lithium-ion batteries is spreading to electric cooperatives outside Alaska and Hawaii. “After multiple interviews with managers and CEOs of electric distribution cooperatives, we found that there are clearly defined use cases, such as reducing peak demand, that are driving growth in the electric cooperative space.”

  • CoBank Reports Full Year Financial Results for 2017

    Posted 02/22/2018

    CoBank today announced financial results for the full year and fourth quarter of 2017.

    Average loan volume for CoBank increased 5 percent to $96.0 billion, reflecting increased lending across all three of the bank’s operating segments. Net interest income increased 2 percent to $1.393 billion, driven primarily by higher average loan volume. Net income for 2017 rose 19 percent to $1.125 billion due in large part to recently enacted federal tax reform legislation. Excluding the impact of tax reform, net income rose 4 percent to $983.0 million from $945.7 million in 2016, due to the combination of greater net interest income and a lower provision for loan losses.

    “We’re pleased with our financial performance for the year, which reflected solid organic growth in our business as well as an unexpected benefit from the new tax law,” said Thomas Halverson, CoBank’s president and chief executive officer. “Despite ongoing challenges in the financial services industry as well as many of the rural industries we serve, we ended the year in strong financial condition and well-positioned to continue fulfilling our mission in rural America.”

  • International Joint Ventures In Dairy Pick Up Steam

    Posted 02/20/2018

    As the dairy industry evolves and modernizes, dairy companies across the U.S. are looking to capitalize on increasing milk production through international joint ventures with companies that have significant manufacturing, networking and marketing expertise, according to a new report from CoBank’s Knowledge Exchange Division.

    While the U.S. has heavily invested in milk production, Europe and other regions that faced production constraints focused their effort and investment on technology for the processing sector. In 2017, many U.S. dairy companies and international partners collaborated to capitalize on each other’s strengths.

    “The international dairy industry sees the U.S. milk supply as strong and reliable and they see opportunity in the U.S. consumer,” said Ben Laine, industry analyst with CoBank.

  • Trade Shuffle Poses Risk for US Beef Exports

    Posted 01/31/2018

    While the U.S. beef industry is well positioned to capitalize on a growing global middle class and an improving economy, trade uncertainty could hamper the U.S.’s ability to capture market share in the coming years, according to a new report from CoBank’s Knowledge Exchange Division.

    The U.S. beef herd is expanding, bolstered by low input costs, and so is the demand for beef around the world. However, approximately 80 percent of beef exports are sold to countries that could be affected by ongoing trade pact negotiations. Trade deals being negotiated or recently approved include the Trans Pacific Partnership, the North American Free Trade Agreement and the United States-Korea Free Trade Agreement, and are either being renegotiated or the U.S. has dropped out of the agreement altogether.

    “Beef production in the U.S. is on the rise, and export outlets have never been more important,” said Trevor Amen, industry analyst with CoBank’s Knowledge Exchange Division. “However, the U.S. is threatening to retreat from key trade deals and the U.S.’s beef exporting competitors are forging their own deals with major global beef importers.”

  • CoBank Announces $7.5 Million Commitment To New Rural Private Equity Fund

    Posted 01/24/2018

    CoBank announced today that it has committed $7.5 million to a new private equity fund that will promote job growth and economic development through junior capital investments in agribusiness and other rural industries.

    The bank has joined with five other Farm Credit institutions, along with commercial and community banks and other investors, to participate in the first round of financing for Open Prairie Rural Opportunities Fund, L.P. Initial commitments to the fund exceed $55 million, with investments to target areas such as crop protection, ingredients, processing, storage, data management and logistics. Managed by Open Prairie, which is based in Effingham, IL, the fund has been licensed to operate as a Rural Business Investment Company (RBIC) under the U.S. Department of Agriculture’s Rural Business Investment Program, which enables Farm Credit institutions to make equity investments in funds licensed by the agency.

    “We’re extremely pleased to be part of this exciting venture, which will support our mission by enhancing the flow of capital to rural America,” said Tom Halverson, CoBank’s president and chief executive officer. “The RBIC program is a unique vehicle that enables Farm Credit entities to partner with commercial and community banks to make job-creating investments in rural enterprises. We look forward to working with Open Prairie and seeing the economic development benefits this new fund will deliver over time.”

  • CoBank Donates $227,000 to the ConnectWell Telemedicine Pilot Program

    Posted 01/22/2018

    CoBank, EveryoneOn, Navicent Health and Robin Health, today announced the launch of the ConnectWell pilot program in Macon, Ga. The program, which is funded by CoBank, will provide 100 diabetic patients in rural southwest Georgia an Internet-ready tablet to enable them to manage and monitor their diabetes from home through an application, and a direct connection to physicians at Family Health Center, Navicent Health, a member of Navicent Health Physician Group, in Macon.

    CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, is funding the project to highlight the efficiency of universal high-speed Internet in rural areas to assist in driving down healthcare costs.

    “More than 70 percent of communities in the US with a shortage to primary care doctors are in rural areas,” said Tom Halverson, president and CEO of CoBank. “Coupled with a staggering lack of access to high-speed Internet, the health of rural America is disadvantaged in comparison to their urban counterparts. This project is an important step forward as a larger proof of concept and we are proud to back it.”

  • CoBank 2018 Year Ahead Report: Forces That Will Shape the Rural Economy

    Posted 01/18/2018

    Expect an expanding global economy, strong U.S. consumer confidence and persistent economic recovery in many rural areas, but temper that optimism with another year of on-farm belt tightening due to lingering financial stress from low commodity prices, says a wide-ranging 2018 outlook report from CoBank’s Knowledge Exchange Division.

    “The rural economy is uniquely impacted by what happens in Washington, the broader U.S. economy and around the world,” says Dan Kowalski, vice president of CoBank’s Knowledge Exchange Division. “In the coming year, rural America will rise with the broader economic tide, but it will also contend with persistent barriers to prosperity.”

  • Cage-Free Egg Pledges Yielding to Market Reality

    Posted 12/15/2017

    Food company commitments recently pushed cage-free egg production to new heights, but U.S. egg markets are returning to more normal production growth, producer profitability and specialty egg premiums, according to a new report from CoBank’s Knowledge Exchange Division.

    “The avian flu outbreak in 2015 caused egg prices to climb and incentivized egg producers to boost output. Coincidentally, 229 major food companies pledged to use cage-free eggs by 2025 just as egg prices went into freefall,” said Trevor Amen, CoBank animal protein economist. “Since then, cage-free production has surged amidst a surplus of inexpensive, conventionally produced eggs.”

    This oversupply has depressed demand for higher priced cage-free eggs, a condition that’s expected to last for the next several months as the conventional supply draws down.

  • Rural Electric Cooperatives to Benefit from Late Adoption of Electric Vehicles

    Posted 12/14/2017

    Urban centers across the country are experiencing strong growth in electric vehicles, driven by high customer satisfaction and financial subsidies. However, the same level of interest has not translated to rural America, where range anxiety is a valid concern according to a new report from CoBank’s Knowledge Exchange Division.

    Until electric vehicles can travel a minimum of 200 miles on a single charge and are priced similar to internal combustion engine vehicles, adoption in rural communities will likely remain muted.

    “By 2025, penetration of EVs in rural America is expected to remain below one percent, but by the time it reaches three percent of new car sales in rural America, technology will be much better than it is today,” said Taylor Gunn, lead economist with CoBank. “Some rural electric cooperatives will have customers on the edge of urban and suburban America and may want to consider building public infrastructure. But for now – most rural electric cooperatives are unlikely to realize material growth in EVs, limiting any near-term EV-related growth in electricity sales.”

  • CoBank Announces 2018 Board Officers

    Posted 12/14/2017

    CoBank today announced  board officers for 2018.  The CoBank board elects its officers to serve a one-year term commencing January 1 and expiring December 31 each year.

    Kevin Riel will serve as board chair, succeeding longtime board chair Everett Dobrinski. A director since 2014 and first vice chair in 2017, Riel is the president and chief executive officer of Double ‘R’ Hop Ranches, Inc., a diversified farming operation primarily growing hops, together with apples, grapes and row crops, and of Tri-Gen Enterprises, Inc., an agricultural marketing operation, and managing partner of WLJ Investments, LLC, a land holding and management company, all located in Harrah, Washington. He is a former director of Northwest Farm Credit Services, one of CoBank’s affiliated Farm Credit associations, where he served as vice chair and chair, and is board president of the Hop Growers of America, a non-profit association promoting the interests of U.S. growers. 

    Jon Marthedal will serve as first vice chair. Marthedal is the owner and operator of Marthedal Farms in Fresno, California, a grape, raisin and blueberry farming operation. He is also president of Marthedal Enterprises, Inc., a provider of farm management and custom agriculture services, and owner and operator of Keystone Blue Farms, a blueberry farming operation. He serves on the board of The Farm Credit Council.  Marthedal is a director of Sun-Maid Growers of California and of the California Blueberry Commission.  He also serves as president of the California Blueberry Association Board and vice chair of the California Raisin Marketing Board and the Raisin Administrative Committee. Marthedal has served on the CoBank board since 2013, and served as second vice chair in 2017 and as Governance Committee chair in 2016.

    Kevin Still will serve as second vice chair. Still is president and chief executive officer of Co-Alliance, LLP, a partnership of five cooperatives supplying energy, agronomy and animal nutrition, producing swine and marketing grain in Avon, Indiana.  Still is also chief executive officer and treasurer of Midland Co-op, Inc., IMPACT Co-op, Inc., LaPorte County Co-op, Inc., Frontier Co‑op, Inc., and Excel Co-op, Inc., and president of Michiana Agra, LLC, which are agricultural retail cooperatives. He is chair of Local Harvest Food, a food broker, vice president and director of Connexities, LLC, a technology provider, and an advisory board member of Wholestone Farms, a food company.  Still is also an officer of Agronomy Services, LLP, and president of Northwind Pork, LLC, a pork producing operation.  He is the owner and president of Still Farms, LLC, a grain farm. Still has served on the CoBank board since 2002; he has served as the Risk Committee chair since 2008 and served as second vice chair in 2015 and 2016.

  • Growing Global Dairy Demand Sets Stage for US, EU, Oceania Competition

    Posted 12/8/2017

    A growing global demand for milk, coupled with increased production in the U.S., the EU and Oceania, will create aggressive competition for new markets in the future, according to a new report from CoBank’s Knowledge Exchange Division.

    The regions of the world with the most demand growth are also regions where the conditions are unfavorable or challenging for milk production.

    “As global demand for dairy products grows, the established dairy exporters will rely on and fiercely compete for new markets,” said Ben Laine, senior economist with CoBank. “While all exporters will benefit from global demand growth, the EU stands to extend its reach furthest into these markets barring any major shifts by the U.S. to a global market focus.”

  • Meatless Meat Unlikely to Have Significant Impact on Protein Market in the Near-Term

    Posted 12/6/2017

    Protein products derived from plant sources, insects and cultured meats will be among the top food trends to watch in the coming years. The effect of these efforts on livestock and poultry demand is not expected to be significant in the foreseeable future, according to a new report from CoBank’s Knowledge Exchange Division.

    Cultured meat developers are in a race to match price and quality to traditional meat offerings. Products currently in development are prohibitively expensive and years away from widespread commercial viability.

    “The future success of alternative meat lies squarely with rising global demand for protein rather than a battle for the existing market share of animal protein food products,” said Trevor Amen, an economist with CoBank. “The road to commercial viability and consumer acceptance of cultured meat is long and this type of product is unlikely to have a marked effect on traditional animal protein demand through at least the next decade.”

  • Grain Elevators Weigh Opportunities for Improved Margins

    Posted 11/29/2017

    The coming year is likely to offer opportunities for grain elevators to secure positive margins, according to a new report from CoBank’s Knowledge Exchange Division. Significant carry, a weak harvest basis and low transportation rates point to improved margins for 2018. Additionally, a wet fall in the Eastern Corn Belt and Northern Plains will likely improve drying revenue in those areas.

    “A large carryover and another huge crop have created an attractive carry in futures markets, particularly for wheat,” said Will Secor, an economist with CoBank. “Current market conditions will provide elevators with better returns year-over-year if they are able to purchase the grain.”

    U.S. ending stocks for corn and soybeans in 2018 are currently estimated to be the largest since 1987/88 and 2006/07 respectively, but stocks-to-use ratios remain manageable. However, the supply situation for wheat remains more burdensome, with large stocks expected to continue to weigh on the market in the coming year.

  • CoBank Contributes $250,000 to the National Rural Water Association

    Posted 11/21/2017

    CoBank announced today that it is partnering with the National Rural Water Association to underwrite a program that will target and train the next generation of technical workers needed to ensure the future operation of critical water and wastewater systems in rural communities.

    The $250,000 grant from CoBank will assist the NRWA with the creation of the WaterPro Apprenticeship Program designed to address the looming shortage of experienced personnel at water systems throughout rural America. CoBank's support will be in the form of apprentice scholarships and assistance to the NRWA and state rural water associations to launch and market the program.

    Though still in the early stages of development, the program will create a consistent, nationally recognized standard of training for water and wastewater professionals registered with the Department of Labor. DOL registration means greater value for program participants by ensuring the credentials are transferable to and recognized by rural water systems in the U.S. Development and roll-out of the program is expected to occur over the next two years.

    "More than 80 percent of the nation's approximately 50,000 water systems serve populations of less than 10,000 people," said Tom Halverson, CoBank's president and chief executive officer. "These systems deliver a vital service to rural communities, and yet are having an increasingly difficult time finding the next generation of workers with the knowledge and expertise needed to fill technical roles. We are delighted to be partnering with the NRWA on the forefront of this initiative, and look forward to the benefits it will provide rural America."

  • CoBank to Renew No Barriers Program for Rural Veterans

    Posted 11/8/2017

    CoBank today announced that it is renewing its "No Barriers" program for rural veterans with disabilities in 2018.

    The bank is once again inviting customers to nominate disabled veterans from rural communities to take part in the program, which is offered through a partnership between CoBank and the nonprofit organization No Barriers USA. Participating veterans go on wilderness expeditions in Colorado that challenge them physically and mentally and help them overcome the obstacles they face in their daily lives. CoBank will cover the full cost of participation for up to 50 veterans, including travel expenses, and No Barriers Warriors will oversee the expeditions. 

    "In celebration of Veterans Day, CoBank is delighted to announce the extension of this program and proud to continue partnering with our customers for the benefit of rural veterans," said Tom Halverson, president and chief executive officer at CoBank. "America's rural communities are home to millions of men and women who have sacrificed for their country through military service, many of whom are facing some sort of disability. The No Barriers program provides these veterans with an opportunity to challenge their own limitations - both real and perceived - and to create a network of support that can last a lifetime."

  • Cautious Optimism for Next Three Years in Grains, Ethanol Market

    Posted 11/8/2017

    Rising incomes worldwide will underpin global demand and create opportunities for U.S. exports in grains, oilseeds and ethanol according to a new report from CoBank’s Knowledge Exchange Division. Meanwhile, global commodity surpluses, trade agreement renegotiations, and relative strength of key currencies will set the scope of growth over the next three years.

    “In the absence of major weather disruptions, global grain surpluses are expected to persist over the next three years. Acreage expansions and improvements to yields in competing export hubs will be headwinds for U.S. exports,” said Tanner Ehmke, manager of CoBank’s Knowledge Exchange Division. “The bright spot will be the continual growth in demand. As the global middle class grows, so will the opportunities for U.S. exports.”

    Overall, U.S. grains, oilseeds and ethanol will face mounting competition in export markets, but there are specific considerations for each commodity.

  • CoBank Reports Third Quarter Financial Results

    Posted 11/6/2017

    CoBank today announced financial results for the third quarter and first nine months of 2017.

    Net income for the third quarter was $211.6 million, compared to $231.7 million for the same period last year. The 9 percent decrease resulted primarily from balance sheet positioning activities by the bank, including an increase of $22.8 million in losses on early extinguishments of debt net of prepayment income. For the first nine months of the year, net income increased 2 percent to $734.2 million, primarily due to higher net interest income as well as lower provisions for loan losses and income taxes.

    Net interest income for the quarter rose by 1 percent to $338.5 million, primarily driven by higher average loan volume offset by slightly lower margins in the bank's loan portfolio. For the first nine months of the year, net interest income increased 2 percent to $1,041.8 million. In addition to lower margins, a decrease in fair value accretion income related to CoBank's 2012 merger with U.S. AgBank also negatively impacted net interest income in both the quarter and year-to-date periods.

  • Faye Tate Named CoBanks Vice President of Diversity and Inclusion

    Posted 10/20/2017

    CoBank announced that Faye Tate has been appointed as the bank’s vice president of diversity and inclusion.

    Tate is well-known in the field of diversity and inclusion, having a proven track record in successfully developing and implementing strategic diversity and inclusion plans for multiple organizations. Tate most recently served as the director for global diversity and inclusion with CH2M, a global Fortune 500 company based in Denver. Before she joined CH2M in 2001, she spent six years at Kaiser Hill Company, where she managed diversity and inclusion, and began her career with Colorado National Bank in 1983.

    Tate has received many honors for her work to include being named one of the 25 Most Powerful Women in Denver by the Colorado Women’s Chamber and a Woman of Distinction by the Girls Scouts of America (Colorado). She is a graduate of Leadership Denver and has received the Distinguished Warrior Award from The Urban League of Metropolitan Denver, the Ally Award from One Colorado and The Paul R. Hunter Award from the Colorado Human Rights Campaign.

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