2023 Annual Report

CoBank recorded one of the best years in its history from a financial standpoint, despite substantial uncertainty and volatility in the macro economy. Average loan volume reached all-time highs, and net income exceeded $1.5 billion for the first time. Credit quality in our loan portfolio remained strong, and patronage distributions for the year will total $965 million — well above target for all classes of customer-owners.
We remain grateful for the enormous trust our customers place in CoBank as their financial partner. We hope our customers also derive satisfaction from the enduring value being generated by CoBank—a bank they themselves own—and by the steadfast commitment that we have to serving them and the Farm Credit mission.

– Thomas Halverson, CoBank president and CEO

Highlights

  • Average loan volume increased 5% to $143.1 billion in 2023, from $136.9 billion in 2022.
  • Net income increased 4% to a record $1.507 billion in 2023, up from $1.449 billion in 2022.
  • Credit quality and capital levels remained strong.
  • Patronage distributions for the year will total $965 million.

Customer Stories

AgWest Farm Credit
A Shared Purpose

AgWest Farm Credit

Blue Sky Farms
The Sky is the Limit

Blue Sky Farms

Electric Research and Manufacturing Cooperative
Striking a New Balance

Electric Research and Manufacturing Cooperative

Greif Inc.
Links in a Chain

Greif Inc.

Ross County Water Company
Buying Back Valuable Time

Ross County Water Company

St. Mary Sugar Cooperative
Racing the Clock for a Sweet Future

St. Mary Sugar Cooperative