2013 Annual Report
Performance Highlights

Strong net interest income, improved credit quality drive earnings

  • AgriBank net income increased more than 10 percent from the previous year to $563.6 million
  • Second-highest ever net income for AgriBank
  • Driven by increased net interest income, reversal of provision for loan losses, strong mineral income and improved other-than-temporary impairment

Affiliated Association loan growth, equipment financing boost AgriBank loan volume

  • Year-end loan volume increased 6 percent from the previous year to $73.7 billion
  • Reflects growth in wholesale loans to affiliated Associations, expansion of AgDirect equipment financing program
  • Driven by growth in Associations meeting needs of farmers, ranchers and other customers

Investments lay foundation for future growth

  • AgriBank net operating rate of 7.3 basis points
  • Up from 6.4 basis points in 2012
  • Reflects investments in human capital and technology, helping affiliated Associations achieve their mission

Through patronage, customer-owners benefit from effective leveraging of District capital

  • Total patronage increased 7 percent to $335 million
  • Significantly exceeded patronage forecast
  • Buoyed by AgDirect patronage, which nearly doubled from its 2012 introduction

Record earnings reflect overall District financial strength

  • District net income increased more than 6 percent to $1.8 billion
  • All-time record
  • Driven by increases in net interest income and fee income, and decreases in credit losses and other-than-temporary impairment