2022 Annual Report

“Across almost every key financial measure, CoBank’s performance for the year was the best in the history of the enterprise. Loan volume and net income achieved record levels, while patronage distributions reached almost $1 billion, also an all-time high.
Credit quality in our loan portfolio remained exceptionally strong. Shareholder returns—as measured by the ratio of patronage to active borrower equity—increased to a record 26.1 percent.
These results were attained despite market conditions that were enormously volatile and complex. We are proud of our results for 2022 and the fact that CoBank remains exceptionally well positioned to continue serving our customers and fulfilling our mission of service to rural America in the years ahead.”

– Thomas Halverson, CoBank president and CEO


  • Average loan volume increased 11% to a record $136.9 billion in 2022, from $123.3 billion in 2021.
  • Net income increased 10% to a record $1.449 billion in 2022, up from $1.314 billion in 2021.
  • Credit quality and capital levels remained strong.
  • Patronage distributions for the year will total a record $996 million.

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