Annual Report - CoBank

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373,102,760:Acres of farmland in the expandedCoBank wholesale district70,000+:Number of farmers, ranchers andother rural borrowers servedby CoBank’s 29 affiliated FarmCredit associations$37 billion:Total loans outstanding by CoBankaffiliated associations as ofDecember 31, 2011CoBankAffiliated Associations –Post-MergerThanks to our recently completed merger with U.S. AgBank, CoBank nowserves as a funding bank for 29 affiliated Farm Credit associations acrossthe country.On a combined basis, these strategic partners provide loans and financialservices to more than 70,000 farmers, ranchers and other rural borrowers in23 states. They serve a diverse array of agricultural industries, from grains,produce and dairy to beef, poultry, aquaculture and forest products.As a group, they are an essential conduit of dependable credit to theAmerican rural economy.CoBank stands behind each of these associations, providing them withwholesale financing as well as other value-added products and services.In turn, our affiliated associations provide the bank with substantialadded lending capacity by serving as syndication partners on largecredit transactions.As members of the Farm Credit System, CoBank and its affiliatedassociations all share a common mission – to meet the credit needs ofrural borrowers, in good times and bad.$97 billion:Total aggregate value ofagricultural products producedannually in the CoBankArizonaFCS Southwest, ACATempe1ColoradoFC of Southern Colorado, ACAColorado Springs9wholesale districtCaliforniaPremier Farm Credit, ACASterling10American AgCredit, ACASanta Rosa2ConnecticutFarm Credit West, ACARoseville3Farm Credit East, ACAEnfield11Kingsburg Land Bank, FLCAKingsburg4Hawaii12COBANK 2011ANNUAL REPORTFresno Madera Farm Credit, ACAFresnoFCS of Colusa-Glenn, ACAColusaNorthern California Farm CreditChicoYosemite Farm Credit, ACATurlock5678FCS of Hawaii, ACAHonoluluIdahoIdaho, ACABlackfoot1213
KansasNew MexicoUtahFC of Ness City, FLCANess City14FC of New Mexico, ACAAlbuquerque20Western AgCredit, ACASouth Jordan27FC of Southwest Kansas, ACAGarden CityFC of Western Kansas, ACAColbyFrontier Farm Credit, ACAManhattanHigh Plains Farm Credit, ACALarnedMaineFarm Credit of MaineAuburn1516171819OklahomaAgPreference, ACAAltusChisholm Trail Farm Credit, ACAEnidFC of Central Oklahoma, ACAAnadarkoFC of Enid, ACAEnidFC of Western Oklahoma, ACAWoodwardFCS of East Central Oklahoma, ACABroken Arrow212223242526VermontYankee Farm CreditWillistonWashingtonNorthwest Farm Credit ServicesSpokaneStates served by CoBankaffiliated associations- Headquarters location2829BUILDING FORTOMORROW13
Page 4 and 5: Everett DobrinskiChairmanRobert B.
Page 6 and 7: “ We firmly believe the combined
Page 8 and 9: associations are partnering with Co
Page 11 and 12: 2012 BOARD OF DIRECTORSOccupation:F
Page 13 and 14: “WE ARE COMMITTEDTO GOOD GOVERNAN
Page 15: U.S. AgBank CEO Darryl Rhodes (fron
Page 19 and 20: CorporateCitizenshipAT COBANKSuppor
Page 21 and 22: StrategicRelationshipsFarm Credit o
Page 23 and 24: RegionalAgribusinessBANKING GROUPCe
Page 25 and 26: CorporateAgribusinessBANKING GROUPK
Page 27 and 28: ElectricDistributionBANKING DIVISIO
Page 29 and 30: Power SupplyBANKING DIVISIONTri-Sta
Page 31 and 32: IndustryPortfoliosCoBank ended 2011
Page 33 and 34: CoBank is a financially strong,depe
Page 35 and 36: 30COBANK 2011ANNUAL REPORTbuilding
Page 37 and 38: The information and disclosures con
Page 39 and 40: Financial Condition andResults of O
Page 41 and 42: Provision for Loan Losses and Reser
Page 43 and 44: Purchased services expense decrease
Page 45 and 46: AgribusinessOverviewThe Agribusines
Page 47 and 48: Rural InfrastructureOverviewThe Rur
Page 49 and 50: Credit ApprovalThe most critical el
Page 51 and 52: Total nonaccrual loans were $134.9
Page 53 and 54: Basis RiskBasis risk arises due to
Page 55 and 56: Our net interest income is lower in
Page 57 and 58: The notional amount of our derivati
Page 59 and 60: Reputation Risk ManagementReputatio
Page 61 and 62: Investment Securities ($ 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
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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
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AssumptionsWe measure plan obligati
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Incentive Compensation PlansWe have
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Note 11 - Derivative FinancialInstr
Page 101 and 102:
A summary of the impact of derivati
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Due to the uncertainty of expected
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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 and 114:
Supplemental District Financial Inf
Page 115 and 116:
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 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Senior OfficersCoBank, ACBRobert B.
Page 133 and 134:
Senior Officers Compensation Discus
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
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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