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AgriBank, FCB (symbol: AGRIP), headquartered in St. Paul, Minnesota, is an integral part of the customer-owned, nationwide Farm Credit System. AgriBank is primarily owned by local Farm Credit Associations, which deliver financial products and services to rural communities and the agriculture sector. AgriBank provides funding and financial solutions to these Associations, collectively forming the AgriBank District that spans across 15 states from Wyoming to Ohio and Minnesota to Arkansas.
As of the latest financial report, AgriBank continues to demonstrate strong financial health and operational stability. For the year ended December 31, 2023, the bank reported a net income of $873.3 million, reflecting robust profitability. The return on assets (ROA) stood at 53 basis points, surpassing the target of 50 basis points.
In terms of credit quality, AgriBank's total loan portfolio remains solid with 99.4% of loans classified as acceptable. The total loans reached $148.7 billion, marking a significant increase of $15.3 billion from the previous year, driven by growth in wholesale and retail loans.
AgriBank's liquidity and capital positions are also noteworthy. The end-of-the-quarter liquidity position was 161 days, well above the regulatory requirement, and total capital rose to $8.6 billion, an increase of $1.4 billion from the prior year. Cash and investments at the end of the period were recorded at $25.5 billion.
Highlighting their financial initiatives, AgriBank announced the redemption of all issued and outstanding shares of series A non-cumulative perpetual preferred stock, effective January 1, 2024. This move aligns with their strategy to hold capital commensurate with risk through common stock purchases by AgriBank District Associations.
AgriBank's operational performance in the first quarter of 2024 continued its positive trajectory with a net income of $211.7 million, maintaining strong profitability and credit quality. Their loan portfolio credit quality slightly improved to 99.5% acceptable loans, with total loans increasing to $149.3 billion.
The agriculture sector, despite facing challenges like declining commodity prices and lower net farm income expectations, remains supported by AgriBank's resilient financial strategies. AgriBank's sound financial practices and robust support to rural communities and agriculture position them as a stable and reliable bank in the Farm Credit System.
For more information about AgriBank and its services, visit their website at www.AgriBank.com.
On April 1, 2023, AgriBank announced a quarterly cash dividend of $1.7188 per share on its 6.875% non-cumulative perpetual class A preferred stock. This dividend applies to holders of record as of March 1, 2023. The bank previously issued $250 million of preferred stock on October 29, 2013 to enhance long-term access to high-quality capital for its 15-state Farm Credit District, which supports farmer and rancher needs. AgriBank is part of the cooperative structure of the nationwide Farm Credit System, focusing on providing financial services in rural areas.
AgriBank reported robust financial results for the fourth quarter and full year of 2022, showcasing a net income of
On January 1, 2023, AgriBank announced a quarterly cash dividend of $1.7188 per share on its 6.875% non-cumulative perpetual class A preferred stock. This dividend is payable to holders of record as of December 1, 2022. The bank aims to enhance its capital base, having issued $250 million of preferred stock on October 29, 2013, to support its growth and that of the 15-state Farm Credit District it serves. This strategy helps meet the long-term credit needs of farmers and ranchers in the region.
AgriBank, based in St. Paul, reported strong financial performance for Q3 2022, with net income of $576.1 million for the first nine months. The return on assets was 53 basis points, exceeding the target. Loan portfolio credit quality improved, with 99.4% of loans classified as acceptable. Total loans increased by $7.6 billion to $129.6 billion. However, non-interest income decreased 15.8% to $87 million due to slower loan prepayment activity. Non-interest expenses rose 16.3% to $137.1 million.
AgriBank, based in St. Paul, paid a $1.7188 quarterly cash dividend on its 6.875% non-cumulative perpetual class A preferred stock. This dividend was issued to shareholders of record as of September 1, 2022. The bank issued $250 million in preferred stock in October 2013 to ensure long-term access to quality capital, supporting the credit needs of farmers and ranchers across a 15-state area. This dividend payment underscores AgriBank's commitment to its shareholders and financial stability.
AgriBank reported robust financial results for the second quarter of 2022, with a net income of $365.7 million for the first half, achieving a return on assets ratio of 51 basis points. The bank's loan portfolio credit quality improved, with 99.5% of loans classified as acceptable. Total loans reached $125 billion, up 2.5% from year-end 2021. However, non-interest income fell 29.5% year-over-year to $52.5 million, primarily due to reduced loan prepayment and conversion fees. Overall, AgriBank's liquidity and capital remain strong, exceeding regulatory requirements.
AgriBank has declared a quarterly cash dividend of $1.7188 per share on its 6.875% non-cumulative perpetual class A preferred stock, payable to shareholders as of June 1, 2022. This move reflects AgriBank's ongoing commitment to providing value to its investors. The bank issued $250 million of preferred stock on October 29, 2013, to support long-term growth and credit requirements within its 15-state service area, enhancing its financial stability.
AgriBank reported strong financial performance for Q1 2022, achieving net income of $181.3 million and a return on assets of 52 basis points, surpassing the target of 50 basis points. The total loan portfolio rose 1.3% to $123.6 billion, driven by agribusiness and real estate mortgage growth. However, non-interest income fell 43.5% to $27.5 million, mainly due to reduced loan conversion and prepayment fees. The bank maintained robust liquidity with 147 days coverage, exceeding regulatory requirements.
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