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Source: AgriBank news release

To view the complete report, click here.

Today St. Paul-based AgriBank announced financial results for the first quarter of 2014.

"AgriBank posted a strong first quarter of 2014, with continued stellar credit quality that reflects the financial strength of borrowers across our District," said Bill York, AgriBank CEO.

"We attribute moderate declines in net income and total loans to non-recurring or seasonal factors. With solid liquidity and capital, we are well-positioned to fulfill our mission of meeting the credit needs of eligible rural borrowers over the long term."

Net income declined 6 percent to $131.1 million for the first quarter of 2014, down from $140.0 million in 2013. Excluding the impact of non-recurring items in 2013, net income remained essentially flat.

Net interest income remained relatively flat at $127.0 million, compared with $128.3 million for 2013. Net interest income remains at acceptable levels and primarily reflects the expected decline in our ability to enhance net interest income through our funding actions.

Non-interest income decreased to $29.5 million from $40.9 million in 2013. The decrease was primarily due to one large non-recurring loan prepayment fee of $10.0 million in 2013.

Non-interest expense decreased to $24.9 million from $28.7 million in 2013. The decrease was primarily due to the non-recurring loss on debt extinguishment of $4.0 million in 2013. There was no debt extinguishment in 2014.

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