CoBank Releases Year-End Financial Results for 2020
CoBank, ACB has released its 2020 year-end financial results. Financial highlights for the full year 2020 include:
- Average loan volume for the year rose 8% in 2020 to $112.6 billion, up from $104.4 billion in 2019
- For the full year 2020, net income rose 16% to $1.263 billion, up from $1.091 billion in 2019
- Patronage distributions for 2020 will total a record $728.4 million, including special cash patronage of $106.6 million
Annual Financial Webcast
The bank will hold its annual year-end earnings conference call and webcast at 9:00 a.m. Mountain Time on Wednesday, March 3, 2021. The 60-minute call will feature a presentation of 2020 financial highlights and remarks from CoBank President and Chief Executive Officer Thomas Halverson, Chief Financial Officer David Burlage, and Board Chair Kevin Riel. Customer-owners and other participants will be able to submit questions during the call.
To join via phone, call 1-844-992-4726 and use access code 182 818 5531. To join via the web, visit https://bitly.com/CoBankFY2020Webcast.
CoBank is a $159 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 75,000 farmers, ranchers and other rural borrowers in 23 states around the country.
CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.