Annual Report - CoBank

Five–Year Summary of Selected Consolidated Financial DataCoBank, ACB($ in Thousands)2009 2008 2007 2006 2005Consolidated Income Statement DataNet Interest Income $ 945,963 $ 862,609 $ 645,440 $ 524,812 $ 483,391Provision (Reversal) for Loan Losses 80,000 55,000 (5,000) 4,000 25,000Noninterest Income 84,961 68,411 47,839 54,110 52,894Noninterest Expenses 219,231 215,181 185,467 166,893 143,458Provision for Income Taxes 166,277 127,406 97,202 73,512 70,110Net Income $ 565,416 $ 533,433 $ 415,610 $ 334,517 $ 297,717Net Income DistributedPatronage Distributions:Common Stock $ 85,067 $ 106,681 $ 87,794 $ 66,477 $ 51,250Cash 183,828 207,216 156,949 126,459 116,347Total Patronage Distributions 268,895 313,897 244,743 192,936 167,597Preferred Stock Dividends 60,955 48,075 37,442 37,442 37,442Total Net Income Distributed $ 329,850 $ 361,972 $ 282,185 $ 230,378 $ 205,039Consolidated Balance Sheet DataTotal Loans $ 44,174,464 $ 44,550,121 $ 40,491,486 $ 33,076,498 $ 26,297,284Less: Allowance for Loan Losses 369,817 329,198 447,226 438,231 437,140Net Loans 43,804,647 44,220,923 40,044,260 32,638,267 25,860,144Investment Securities 11,808,207 11,536,848 10,434,371 7,462,450 6,533,242Cash, Federal Funds Sold, Securities PurchasedUnder Resale Agreements and Other 928,083 3,132,204 687,815 674,520 929,718Other Assets 1,619,765 2,272,082 1,022,450 603,855 511,813Total Assets $ 58,160,702 $ 61,162,057 $ 52,188,896 $ 41,379,092 $ 33,834,917Debt Obligations with Maturities 1 Year $ 16,593,682 $ 19,404,201 $ 16,083,564 $ 14,296,117 $ 10,281,745Debt Obligations with Maturities 1 Year 36,317,632 36,961,221 31,980,178 23,137,406 19,757,053Reserve for Unfunded Commitments 128,373 154,223 n/a n/a n/aOther Liabilities 1,063,386 1,047,563 891,730 905,511 894,045Total Liabilities 54,103,073 57,567,208 48,955,472 38,339,034 30,932,843Preferred Stock 700,000 700,000 500,000 500,000 500,000Common Stock 1,520,054 1,401,192 1,291,421 1,242,438 1,217,710Unallocated Retained Earnings 1,871,986 1,638,596 1,470,191 1,337,016 1,232,877Accumulated Other Comprehensive Loss (34,411) (144,939) (28,188) (39,396) (48,513)Total Shareholders’ Equity 4,057,629 3,594,849 3,233,424 3,040,058 2,902,074Total Liabilities and Shareholders’ Equity $ 58,160,702 $ 61,162,057 $ 52,188,896 $ 41,379,092 $ 33,834,917Key Financial RatiosFor the Year:Return on Average Common Shareholders’ Equity 15.96% 17.32% 14.64% 12.57% 11.30%Return on Average Total Shareholders’ Equity 14.65 15.65 13.48 11.68 10.62Return on Average Assets 0.93 0.91 0.93 0.92 0.94Net Interest Margin 1.66 1.51 1.45 1.45 1.52Net (Charge-offs) Recoveries/Average Loans (0.15) (0.04) 0.04 (0.01) (0.09)Patronage Distributions/Total Average CommonStock Owned by Active Borrowers 19.68 25.10 20.89 18.17 15.79At Year-end:Debt/Total Shareholders’ Equity (: 1) 13.33 16.01 15.14 12.61 10.66Total Shareholders’ Equity/Total Assets 6.98% 5.88% 6.20% 7.35% 8.58%Reserve for Credit Exposure/Total Loans 1.13 1.09 1.10 1.32 1.66Permanent Capital Ratio 15.29 14.75 12.14 11.43 13.71Total Surplus Ratio 15.01 14.61 12.14 11.43 13.71Core Surplus Ratio 8.77 7.98 4.94 5.13 5.89Net Collateral Ratio 108.67 107.75 107.09 107.14 108.27CoBank 2009 Annual Report27