Annual Report - CoBank

Five-Year Summary of Selected Consolidated Financial Data($ in Thousands) 2011 2010 2009 2008 2007Consolidated Income Statement DataNet Interest Income $ 1,071,027 $ 950,845 $ 945,963 $ 862,609 $ 645,440Provision (Reversal) for Loan Losses 58,000 60,000 80,000 55,000 (5,000)Noninterest Income 117,936 98,559 84,961 68,411 47,839Operating Expenses 228,270 216,210 219,231 215,181 185,467Provision for Income Taxes 196,106 159,427 166,277 127,406 97,202Net Income $ 706,587 $ 613,767 $ 565,416 $ 533,433 $ 415,610Net Income DistributedPatronage Distributions:Common StockCash$ 109,900 $ 90,450 $ 85,067 $ 106,681 $ 87,794230,751 194,110 183,828 207,216 156,949Total Patronage Distributions 340,651 284,560 268,895 313,897 244,743Preferred Stock Dividends 63,799 63,799 60,955 48,075 37,442Total Net Income Distributed $ 404,450 $ 348,359 $ 329,850 $ 361,972 $ 282,185Consolidated Balance Sheet DataTotal Loans $ 46,285,142 $ 49,992,338 $ 44,174,464 $ 44,550,121 $ 40,491,486Less: Allowance for Loan Losses 388,056 400,744 369,817 329,198 447,226Net Loans 45,897,086 49,591,594 43,804,647 44,220,923 40,044,260Investment Securities 12,995,458 12,616,696 11,808,207 11,536,848 10,434,371Cash2,771,842 1,922,586 923,083 3,127,204 40,415Other Assets 1,625,829 1,695,014 1,624,765 2,277,082 1,669,850Total Assets $ 63,290,215 $ 65,825,890 $ 58,160,702 $ 61,162,057 $ 52,188,896Debt Obligations with Maturities ≤ 1Year $ 22,019,899 $ 22,271,349 $ 16,593,682 $ 19,404,201 $ 16,083,564Debt Obligations with Maturities > 1Year 35,084,587 38,052,964 36,317,632 36,961,221 31,980,178Reserve for Unfunded Commitments (a) 153,919 99,799 128,373 154,223 n/aOther Liabilities 1,136,277 995,581 1,063,386 1,047,563 891,730Total Liabilities 58,394,682 61,419,693 54,103,073 57,567,208 48,955,472Preferred Stock 700,000 700,000 700,000 700,000 500,000Common Stock 1,654,314 1,568,989 1,520,054 1,401,192 1,291,421Unallocated Retained Earnings 2,439,531 2,137,394 1,871,986 1,638,596 1,470,191Accumulated Other Comprehensive Income (Loss) 101,688 (186) (34,411) (144,939) (28,188)Total Shareholders' Equity 4,895,533 4,406,197 4,057,629 3,594,849 3,233,424Total Liabilities and Shareholders' Equity $ 63,290,215 $ 65,825,890 $ 58,160,702 $ 61,162,057 $ 52,188,896Key Financial RatiosFor the Year:Return on Average Common Shareholders' EquityReturn on Average Total Shareholders' EquityReturn on Average AssetsNet Interest MarginNet (Charge-offs) Recoveries / Average LoansPatronage Distributions / Total Average Common StockOwned by Active BorrowersAt Year-end:Debt / Total Shareholders' Equity (: 1)Total Shareholders' Equity / Total AssetsReserve for Credit Exposure (b) / Total LoansPermanent Capital RatioTotal Surplus RatioCore Surplus RatioNet Collateral Ratio16.05 % 15.31 % 15.96 % 17.32 % 14.64 %15.02 14.30 14.65 15.65 13.481.07 1.03 0.93 0.91 0.931.69 1.66 1.66 1.51 1.45(0.03) (0.13) (0.15) (0.04) 0.0422.65 19.77 19.68 25.10 20.8911.93 13.94 13.33 16.01 15.147.74 % 6.69 % 6.98 % 5.88 % 6.20 %1.17 1.00 1.13 1.09 1.1016.37 14.30 15.29 14.75 12.1416.01 13.96 15.01 14.61 12.1410.02 8.42 8.77 7.98 4.94109.05 108.03 108.67 107.75 107.09(a) Beginning in 2008, we established a separate reserve for unfunded commitments following a refinement in methodology for determining the allowance for loan losses(b) Includes the allowance for loan losses and the reserve for unfunded commitmentsCoBank 2011 Annual Report33