CoBank, a cooperative financial institution serving the agricultural industry and other rural enterprises released results for the first quarter of fiscal 2021 ending March 31st.  CoBank earned $324 million for the quarter compared to $294 million for the corresponding quarter of 2020.  Interest income amounted to $744 million with operating expenses of $113 million.  CoBank increased the provision for loan losses from $26 million in March 31st 2020 to $55 million in the most recent quarter. 

CoBank holds $124.7 billion in loans and posts total assets of $160.3 billion.  Total liabilities including reserves, patronage and bonds amounted to $148.6 billion at the end of the first quarter. The total capital ratio was 14.1 percent compared with the 8.0 percent minimum and the bank was capable of 176 days of liquidity compared to the 90-day minimum.

In commenting on results, Thomas Halverson, president and CEO of CoBank noted "lending increased in all three of our operating segments while earnings, credit, quality and capital remains strong.  As the economic recovery continues to accelerate, and Americans look forward to a resumption of more normal living and working conditions we maintain a high degree of confidence that CoBank is well-positioned to meet the financial needs of its customers and fulfills its mission to serve rural America".

CoBank is regulated by the Farm Credit Administration responsible for monitoring capital ratios and liquidity levels of agricultural banks.