Annual Report - CoBank

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Supplemental District Financial InformationCoBank, ACB and Affiliated AssociationsCombining Income Statements (Condensed)($ in Millions) (Unaudited)CoBankCombinedAffiliatedAssociationsEliminationsCombinedDistrict2011Net Interest Income $ 1,071 $ 425 $ - $1,496Provision for Loan Losses 58 64 - 122Noninterest Income 118 112 (65) 165Operating Expenses 228 185 - 413Provision for Income Taxes 196 7 - 203Net Income $ 707 $ 281 $ (65) $9232010Net Interest Income $ 951 $ 403 $ - $1,354Provision for Loan Losses 60 86 - 146Noninterest Income 98 127 (59) 166Operating Expenses 216 177 - 393Provision for Income Taxes 159 4 - 163Net Income $ 614 $ 263 $ (59) $8182009Net Interest Income $ 946 $ 378 $ - $1,324Provision for Loan Losses 80 103 - 183Noninterest Income 85 113 (63) 135Operating Expenses 220 188 (1) 407Provision for Income Taxes 166 (1) - 165Net Income $ 565 $ 201 $ (62) $704Key Financial Ratios(Unaudited)Return on Average Assets 1.35 % 1.33 % 1.12 %Return on Average Capital 14.06 13.68 12.98Net Interest Margin 2.29 2.30 2.26Net Charge-offs as a Percent of Average Loans (0.09) (0.24) (0.23)Reserve for Credit Exposure as a Percent of Loans 1.56 1.32 1.43Capital as a Percent of Total Assets 10.39 9.09 9.42Risk Funds as a Percent of Loans 15.61 13.19 13.74Debt to Capital (:1) 8.63 10.00 9.62Operating Expenses as a Percent of Net Interest Income and Noninterest Income 24.81 % 25.53 % 27.83 %Loan Quality Ratios(Unaudited)2011 2010 2009Acceptable 93.82 % 91.48 % 92.29 %Special Mention 3.23 5.13 3.71Substandard 2.81 3.24 3.77Doubtful 0.14 0.15 0.23Loss - - -Total 100.00 % 100.00 % 100.00 %20112010 2009CoBank 2011 Annual Report109
Supplemental District Financial InformationCoBank, ACB and Affiliated AssociationsPortfolio Diversification(Unaudited)Distribution by Primary Business / Commodity2011 2010 2009Farm Supply and Grain Marketing 18 % 24 % 16 %Electric Distribution 11 10 9Fruits, Nuts and Vegetables 9 8 9Other Farm Credit Entities 8 8 9International Lending 8 8 9Dairy 8 7 8Livestock, Fish and Poultry 6 5 6Forest Products 5 4 5Generation and Transmission 5 5 6Local Telephone Exchange Carriers 3 3 4Leasing 4 3 4Farm Related Business Services 3 3 3Other 12 12 12Total 100 % 100 % 100 %(Unaudited)Geographic Distribution2011 2010 2009Texas 10 % 10 % 11 %Washington 7 6 6California 6 6 7New York 6 6 7Oregon 5 5 5Idaho 4 4 5Iowa 4 6 4Illinois 3 4 2Minnesota 3 4 3Kansas 2 3 2Montana 2 2 2Nebraska 2 3 2New Jersey 2 2 2Ohio 2 2 2Other (less than 2 percent each for the current year) 34 29 31Total States 92 % 92 % 91 %Latin America 3 3 3Europe, Mideast and Africa 3 3 3Other International 2 2 3Total International 8 % 8 % 9 %Total 100 % 100 % 100 %CoBank 2011 Annual Report110
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Everett DobrinskiChairmanRobert B.
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“ We firmly believe the combined
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associations are partnering with Co
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2012 BOARD OF DIRECTORSOccupation:F
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“WE ARE COMMITTEDTO GOOD GOVERNAN
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U.S. AgBank CEO Darryl Rhodes (fron
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KansasNew MexicoUtahFC of Ness City
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CorporateCitizenshipAT COBANKSuppor
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StrategicRelationshipsFarm Credit o
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RegionalAgribusinessBANKING GROUPCe
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CorporateAgribusinessBANKING GROUPK
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ElectricDistributionBANKING DIVISIO
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Power SupplyBANKING DIVISIONTri-Sta
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IndustryPortfoliosCoBank ended 2011
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CoBank is a financially strong,depe
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30COBANK 2011ANNUAL REPORTbuilding
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The information and disclosures con
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Financial Condition andResults of O
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Provision for Loan Losses and Reser
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Purchased services expense decrease
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AgribusinessOverviewThe Agribusines
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Rural InfrastructureOverviewThe Rur
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Credit ApprovalThe most critical el
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Total nonaccrual loans were $134.9
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Basis RiskBasis risk arises due to
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Our net interest income is lower in
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The notional amount of our derivati
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Reputation Risk ManagementReputatio
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Investment Securities ($ in Million
Page 63 and 64: In accordance with the Farm Credit
Page 65 and 66: Critical Accounting EstimatesManage
Page 67 and 68: Business OutlookWe closed our merge
Page 69 and 70: Consolidated Income StatementsCoBan
Page 71 and 72: Consolidated Statements of Cash Flo
Page 73 and 74: Consolidated Statements of Changes
Page 75 and 76: LoansWe report loans, excluding lea
Page 77 and 78: If we determine that a derivative n
Page 79 and 80: Reserve for Credit ExposureThe foll
Page 81 and 82: The information in the tables under
Page 83 and 84: The following tables present inform
Page 85 and 86: At December 31, 2011, gross minimum
Page 87 and 88: For impaired investment securities,
Page 89 and 90: At December 31, 2011, the assets of
Page 91 and 92: Preferred StockThe following table
Page 93 and 94: The following table provides a summ
Page 95 and 96: AssumptionsWe measure plan obligati
Page 97 and 98: Incentive Compensation PlansWe have
Page 99 and 100: Note 11 - Derivative FinancialInstr
Page 101 and 102: A summary of the impact of derivati
Page 103 and 104: Due to the uncertainty of expected
Page 105 and 106: Assets and Liabilities Measured atF
Page 107 and 108: Note 14 - Segment Financial Informa
Page 109 and 110: Note 15 - Commitments and Contingen
Page 111 and 112: Note 18 - Subsequent Events (Unaudi
Page 113: Supplemental District Financial Inf
Page 117 and 118: Report of Independent AuditorsCoBan
Page 119 and 120: Management’s Report on Internal C
Page 121 and 122: Annual Report to Shareholders Discl
Page 123 and 124: Board of Directors Disclosure as of
Page 131 and 132: Senior OfficersCoBank, ACBRobert B.
Page 133 and 134: Senior Officers Compensation Discus
Page 145 and 146: Code of EthicsCoBank, ACBCoBank set
Page 147 and 148: CERTIFICATIONI, Robert B. Engel, Pr
Page 149 and 150: LeadershipCoBank, ACBRobert B. Enge
Page 151 and 152: OfficeLocationsCoBank National Offi
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Annual Report - CoBank

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