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Source: Agribank news release

To view the complete report, click here.

Today St. Paul-based AgriBank announced strong financial results for the fourth quarter and full year 2013 with continued growth in net income, strong credit quality and robust liquidity and capital.

Total loans increased 6 percent year-over-year to $73.7 billion, primarily due to increases in wholesale loans to Associations, which funded increased real estate mortgage lending for cropland. In addition, loans grew due to funding of increased loan participation interests in retail equipment financing originating from the AgDirect program.

The strong liquidity and equity positions of many borrowers are reflected in the continued favorable credit quality of AgriBank's loan portfolio. The portfolio had 99.8 percent non-adverse loans at year-end, a slight improvement from 99.7 percent a year earlier.

Nonaccrual loans at year-end declined to $39.7 million in 2013 from $51.4 million in 2012, while the allowance for loan losses at year-end dropped to $10.1 million from $13.3 million.

Net income rose 10 percent to $563.6 million for the year ended Dec. 31, 2013, up from $514.2 million for 2012.

Net interest income drove substantially all of this increase, rising to $523.8 million, compared with $483.9 million for 2012. Net interest income remains strong and reflects the positive impact of our funding actions as well as the increased volume of fixed rate loans.

Loan loss provisions decreased due to loan loss reversals of $4.0 million for the year ended Dec. 31, 2013, primarily due to the reversal of specific reserves and subsequent recoveries on a participated credit.

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