Annual Report - CoBank

“ The most remarkable strength of CoBankis its base of customers, every one ofwhich operates in an industry that isvital to people.”Information about the program is provided inthe “Corporate Social Responsibility” sectionof this report, which we hope you will read indetail. Our board continues to be extremelysupportive of our activities in this area, andwe’re pleased to be in a position to give backwhen the overall level of need remains so high.Business OutlookFrom today’s vantage point, we see a numberof challenges that could make the lendingand earnings environment less favorable forCoBank in the year ahead. Ag commodityprices have retreated from 2011’s highs, andgrowth remains lackluster in the broadereconomy. Meanwhile, competition is increasingin many sectors we serve. Notwithstandingthese challenges, we fully expect CoBankto see strong financial performance in 2012that will allow us to deliver on our promise ofdependable patronage while further buildingCoBank’s financial strength. We will beconcentrating on preserving the strength ofour balance sheet, on executing our mergerintegration plan, on enhancing our enterprisewiderisk management capabilities, and onmaintaining the bank’s capacity to servecustomers in all market conditions. Ourboard is supportive of this approach, and weare fortunate to be led by directors who arefocused not on short-term financial results buton the long-term future of the bank.their facilities, improving their product andservice offerings, and enhancing their humancapital, all with an eye to a future that theybelieve is bright with promise.As we move forward, we’ll continue to rely onthe leadership of our directors, who deeplyunderstand the needs of our customers andthe increasingly important role that CoBankplays in financing the nation’s rural economy.We’ll also leverage the talent, expertise anddedication of our associates, who are fullycommitted to the mission of the bank and thesuccess of our customers.As always, we remain mindful of the enormoustrust our customers place in CoBank astheir financial partner. We thank you for yourongoing support and look forward to reportingback to you on our future progress.Everett DobrinskiChairmanRobert B. EngelPresident &Chief Executive Officer“Building for Tomorrow” will be an ongoingprocess at CoBank throughout 2012 andbeyond. Our customers around the countryare building for tomorrow as well – expandingBUILDING FORTOMORROW7