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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.
AgriBank, based in St. Paul, declared a quarterly cash dividend of $1.7188 per share on its 6.875% non-cumulative perpetual class A preferred stock. This payment was made to shareholders on record as of March 1, 2022. The dividend reflects AgriBank's commitment to providing returns to its investors and ensures long-term access to capital for farmer and rancher customers across its 15-state Farm Credit District.
AgriBank issued $250 million of preferred stock on October 29, 2013 to support its operational goals.
AgriBank announced robust financial results for Q4 and the full year of 2021. The bank reported a net income of $765.2 million and a net interest income of $779.8 million, marking a 9.2% increase year-over-year. The total loan portfolio rose to $122 billion, an 11.1% increase from 2020, with credit quality at 98.3% acceptable loans. However, non-interest income declined by 23.4% to $145.5 million. Capital remained strong at $7 billion, exceeding regulatory requirements.
AgriBank announced a quarterly cash dividend of $1.7188 per share on its 6.875% non-cumulative perpetual class A preferred stock, payable to shareholders on record as of Dec. 1, 2021. The dividend reflects AgriBank's commitment to providing stable returns to investors. The bank also issued $250 million of preferred stock in 2013 to enhance its long-term capital access, supporting agricultural credit needs in a 15-state region from Wyoming to Ohio. AgriBank's cooperative structure ensures it remains aligned with its rural community and agricultural objectives.
AgriBank reported strong financial results for Q3 2021, with net income of $558.7 million for the nine months ending September 30, exceeding the target return on assets (ROA) of 50 basis points at 56 basis points. Total loans increased by $6.7 billion or 6.1% from the previous year. However, non-interest income decreased by 32.4% year-over-year, primarily due to lower fixed-rate loan conversion fees. Credit quality remains robust, with 98.1% of loans classified as acceptable, though this is down from 99.3% at the end of 2020.
AgriBank, based in St. Paul, Minnesota, declared a quarterly cash dividend of $1.7188 per share on its 6.875% non-cumulative perpetual class A preferred stock, payable to holders of record as of September 1, 2021. This dividend reflects AgriBank's ongoing commitment to providing returns to its shareholders. The bank previously issued $250 million of preferred stock on October 29, 2013, ensuring long-term capital for its operations across a 15-state region. This move supports the financial needs of farmers and ranchers, reinforcing AgriBank's position within the Farm Credit System.
AgriBank reported financial results for Q2 2021, showcasing strong profitability and credit quality. The net income for the six months ended June 30, 2021, was $365.2 million, with a ROA ratio of 56 basis points, exceeding the target of 50. The total loan portfolio saw a 3.2% increase, reaching $113.2 billion. However, net interest income decreased by 6.0% year-over-year due to rate changes, totaling $366.2 million. Non-interest income also fell by 33.9% to $74.5 million. Liquidity stood at 165 days, well above regulatory requirements.
AgriBank announced a quarterly cash dividend of $1.7188 per share on its 6.875% non-cumulative perpetual class A preferred stock, payable to shareholders of record as of June 1, 2021. This dividend reflects the bank's commitment to providing returns to its shareholders. AgriBank aims to ensure long-term capital access for the Farm Credit District it serves. The bank had previously issued $250 million of preferred stock on October 29, 2013, to support the financial needs of farmers and ranchers across a 15-state area.
AgriBank announced its first-quarter 2021 financial results, reporting a robust net income of $193 million, with a return on assets (ROA) of 60 basis points, exceeding its target. The loan portfolio grew to $110.9 billion, boosted by a rise in wholesale volume and strong credit quality, with 99.4% of loans classified as acceptable. However, net interest income fell by 5.3% year-over-year to $181 million, influenced by reduced spreads. Overall liquidity remained strong at 169 days coverage of maturing obligations, and capital resources stood at $6.7 billion.
AgriBank has declared a quarterly cash dividend of $1.7188 per share on its 6.875% non-cumulative perpetual class A preferred stock for shareholders of record as of March 1, 2021. This payment reflects the bank's commitment to providing returns to its investors while ensuring long-term capital access to support agricultural financing in its 15-state district. The preferred stock was issued in October 2013 to enhance the bank’s capital structure and support growth for its member associations.
AgriBank reported strong financial results for 2020, with a net income of $709.2 million, up 13.0% from 2019. Net interest income was $714.4 million, a 4.8% increase, while non-interest income surged to $190.1 million, marking a 95.6% rise. Loan portfolio quality improved, with 99.3% classified as acceptable. However, the COVID-19 pandemic posed challenges, affecting economic stability. Total capital reached $6.6 billion, exceeding regulatory requirements, and liquidity stood at 167 days, supporting operational needs.
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