Category: News

A decade ago FarmLink forged a unique approach for farmers and ranchers to gather, discuss, and learn about options for financing. In 2018 we reintroduced the approach with Growing Opportunity: Farm Finance Expo, a day-long event in West Sacramento on March 28. The Expo brought together 62 farmers and 10 lenders along with several partners and speakers.

The event was a rare opportunity for farmers and ranchers to discuss financing with a variety of lenders. Participants spoke one-on-one with lenders throughout the day to learn and explore their options. The meeting started with a keynote address by Kate Danaher, a FarmLink board member and senior manager at RSF Social Finance. She spoke about ways people relate to money and how investing in food and farm businesses can contribute to social and ecological well-being. A panel discussion of lenders included the USDA Farm Service Agency, California FarmLink, and Farm Credit, the lead sponsor of the event, featured below.

Peer-to-peer learning among farmers is always popular at FarmLink educational events. Alan Haight, retired farmer at Riverhill Farm and FarmLink board member, spoke about the role that borrowing played in building his farm business. He cautioned farmers to avoid underinvesting in their operations, especially in winter and spring when there is the opportunity to invest in a successful season.

The event included a hands-on financial activity focused on budgeting for success. With a clear picture of annual budgets, farmers and ranchers are better able to anticipate areas for business investment and how they might impact seasonal cash flow. The day concluded with a panel discussion on alternative models for finance, including speakers from Barnraiser, Iroquois Valley Farms, Sustainable Economies Law Center, and WeFunder.

FarmLink named its top sponsor category “Rainmakers” in the midst of the drought. It is a notion filled with hope for the future. This year we are honored that Farm Credit chose to become a Rainmaker sponsor of the Farm Finance Expo through its Farm Credit Alliance. The Alliance consists of cooperatively-owned American AgCredit, CoBank, Farm Credit West, Fresno Madera Farm Credit and Golden State Farm Credit. These organizations are part of the nation-wide Farm Credit System. Farm Credit’s mission is to provide agriculture and rural America with a dependable source of credit. They specialize in financing farmers, ranchers, farmer-owned cooperatives, rural utilities and agribusiness.  In many ways Farm Credit is the gold standard of ag lending.

Participating in the Farm Finance Expo were representatives from American Ag Credit, Farm Credit West, and Golden State Farm Credit, which was represented by Tod Kimmelshue. Reflecting on his participation, Tod said, “Participating in the Expo allowed Farm Credit to be front and center as a premiere agricultural lender. In addition, it enabled us to address questions many farmers have in regards to financing, and build awareness of the opportunities that our Young, Beginning and Small Farmer Program offers.” Questions from farmers included how lenders view the creative business and sales models of smaller farms. The Farm Credit representatives reported that they too can be creative, and help farmers with business plans and financial statements, with a focus on verifying income and credit scores as key factors in their underwriting.

Over the last 17 years, Farm Credit has been working closely with Young, Beginning and Small (YBS) Farmers. In 2017 Farm Credit made 74,000 loans to beginning farmers nationwide, totaling $12.5 billion. Each local Farm Credit association has YBS-specific programs and services, and we encourage farmers and ranchers to explore their options. We’re grateful for Farm Credit’s support and look forward to sharing more news of how Farm Credit and FarmLink are working together to invest in the future of California agriculture.

Cash dividends to customers total a record $59.8 million

CONTACT:

Byron Enix, CEO
(800) 800-4865

Kristie Fry, Sr. Marketing & Communications Manager
(707) 521-4109

April 3, 2017, SANTA ROSA, CA – American AgCredit, the nation’s 6th largest agricultural lending cooperative, today announced net income of $159.1 million for the year ended December 31, 2017, along with a cash dividend distribution of $59.8 million to its shareholders.

“Strong loan growth and our merger with the former Farm Credit of Southwest Kansas put us in a position to realize significant gains in net interest income in 2017,” said Byron Enix, Chief Executive Officer. “It was a year of exceptional performance for American AgCredit.”

2016 Results of Operations

The Association produced after-tax net income of $159.1 million in 2017, compared to $104.5 million in 2016 and $99.7 million in 2015. The $54.6 million increase in net income from 2016 was primarily due to a $42.6 million increase in net interest income as a result of strong organic loan growth and our completed merger with the former Farm Credit of Southwest Kansas. Other components of the 2017 net income increase consisted of a $10.2 million decrease in provision for credit losses and a $4.5 million increase in non-interest income partially offset by a $2.7 million increase in non-interest expense.

The Association’s 2017 net interest income was $255.1 million, compared to $212.5 million in 2016 and $185.6 million in 2015. The 2017 increase of $42.6 million represents a 20.0% increase over 2016 and was also primarily due to strong organic loan growth and the Southwest Kansas merger. Average earning assets grew by $1.3 billion during 2017, representing an annual growth rate of 17.3%.

“We distributed a record $59.8 million in cash dividends back to customers for 2017 bringing our total cash dividends returned to customers since 2005 to more than $400 million,” added Chief Financial Officer Vern Zander. “Our consistent dividend program reflects our financial strength and enables us to return value to our customer owners year after year.”

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About American AgCredit

Founded in 1916, American AgCredit is part of the nationwide Farm Credit System, and is the nation’s sixth largest Farm Credit cooperative. American AgCredit specializes in providing financial services to agricultural and rural customers throughout California, Nevada, Kansas, Oklahoma, Colorado, and New Mexico – as well as to capital markets customers throughout the country. Financial services provided by American AgCredit include production and mortgage financing, equipment and vehicle leasing, crop and life insurance, lines of credit, and the Young, Beginning and Small Farmer Program. In addition, the Association provides interest-free loans for qualifying 4-H and FFA AgYouth programs, as well as college scholarships to young people interested in agriculture. Learn more at AgLoan.com. Learn more at www.AgLoan.com.

Courtesy of the AG Mag magazine.

The Duivenvoorden Farm began when Marc Duivenvoorden’s parents emigrated from Holland and started a dairy in Cottonwood, CA. It was a conventional dairy for 30 years. After the elder Duivenvoorden passed away Marc kept the dairy going. In 2004 Marc and his son Seth were milking 60–80 cows a day and selling their milk to a creamery, but after the 2008 economic downturn they made the decision to do something different.

Seth, who majored in animal science at Chico State and worked at the university’s organic dairy, puts it this way, “Friends were asking us about raw milk. We were looking for new ideas, how we could survive in a different way. We researched herd share programs and used the help of the Farmer to Consumer Legal Defense Fund to establish a Herd Share Program. That’s when we started making changes. We grew our business by word of mouth.”

The Duivenvoordens sold herd shares. Every herd share owner owns a 1/10th of 1% leasehold interest in the herd. For a set price, a milk consumer is guaranteed a gallon of raw milk a week. Seth again, “After two years of doing herd shares, we were making more on our milk than we were when we took it to the creamery.” The creamery wanted all the Duivenvoorden’s milk. So, the family dropped the creamery. “They made the decision for us,” says Marc. “We were well on our way with our herd shares, within two years we had between 200 and 300 families getting raw milk from us.” They milk their cows once day. “It’s about quality not quantity,” says Seth. “When we milked twice a day, we noticed that in the mornings, when cows had rested all night, the milk was much richer, there was more butter fat. On the second milking it was less creamy; there were less solids in the milk. “Most dairymen are scared of milking only once a day, thinking if you don’t milk twice a day the cows will get sick. But if you take out the stress of standing on concrete six to eight hours a day, and instead replace it with once a day two hours max, with the rest of the time on pasture there’s less stress. “Our cows are on pasture year round. In the winter, when the pasture is in its dormancy stage, we feed grass hay and our own hydroponically grown barley sprouts.”

Seth describes their herd share owners as “local, dedicated raw milk consumers who value sustainable farming and knowing their farmers. The herd share owners come to the Duivenvoorden Farm once a week to pick up their milk. They bring their kids and make it an experience for the whole family. They see where their milk comes from and also see the cows, goats, pigs, cats and dogs. A lot of young families have educated themselves about where their food coming from. These people are creating a relationship between their food and the farmer.”

In 2015 Duivenvoorden Farms saw a plateau starting to form with the growth of the herd share, and coincidentally the state was pushing them to build a milk plant due to the amount of cows they were milking for the herd share. The milk plant solved both issues by complying with the state and expanding their business. So the family business plan shifted once again, to building a milk plant and selling their milk in retail locations, now up to eight.

Seth and Marc were ready. “We were already set up to be a Grade A dairy and we built the milk plant so we could sell our milk in retail outlets, as Grade A certified.” Sounds simple, but it took two years of research and planning, including learning what’s acceptable to the state. They installed solar and built a commercial kitchen. “We’re at the beginning of what I hope will be a raw milk business.”

Was the move to build their own creamery a good one? Seth answers, “Yes, a good move. We cut out the middleman; we’re doing it on our own, which means we get to control our product, down to the finished bottle of milk – the benefits outweigh the headaches. We might be the smallest milk plant in California and the largest herd share.”

Duivenvoorden Farms www.rawmilkdairy.com.

Duivenvoorden Farms has been a member since 1995.

Photos provided courtesy of Edible Shasta Butte Magazine.

Golden State Farm Credit is a premier employer and borrower-owned cooperative, dedicated to providing reliable credit and financial services to rural agricultural communities located in Northern and Central California. Golden State Farm Credit is focused on helping agriculturalist reach their goals with mortgage & commercial loans, competitive interest rates, equipment leasing, appraisal services, and a special lending program for Tomorrow’s Farmers. Find out more about Golden State Farm Credit at www.goldenstatefarmcredit.com or call 800.834.8698.

Over $55 Million In Committed Capital From Farm Credit, Community Banks And Other Investors

DENVER (January 25, 2018) – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, announced today that it has committed $7.5 million to a new private equity fund that will promote job growth and economic development through junior capital investments in agribusiness and other rural industries.

The bank has joined with five other Farm Credit institutions, along with commercial and community banks and other investors, to participate in the first round of financing for Open Prairie Rural Opportunities Fund, L.P. Initial commitments to the fund exceed $55 million, with investments to target areas such as crop protection, ingredients, processing, storage, data management and logistics. Managed by Open Prairie, which is based in Effingham, IL, the fund has been licensed to operate as a Rural Business Investment Company (RBIC) under the U.S. Department of Agriculture’s Rural Business Investment Program, which enables Farm Credit institutions to make equity investments in funds licensed by the agency.

“We’re extremely pleased to be part of this exciting venture, which will support our mission by enhancing the flow of capital to rural America,” said Tom Halverson, CoBank’s president and chief executive officer. “The RBIC program is a unique vehicle that enables Farm Credit entities to partner with commercial and community banks to make job-creating investments in rural enterprises. We look forward to working with Open Prairie and seeing the economic development benefits this new fund will deliver over time.”

“Open Prairie has worked closely with its lead investors to establish the Open Prairie Rural Opportunities Fund as an investment vehicle uniquely positioned to capitalize on the challenges facing today’s agriculture environment,” said Open Prairie Founder and Managing Partner Jim Schultz. Other Farm Credit institutions investing in the fund include AgriBank (St. Paul, MN); Compeer Financial (Mankato, MN); Farm Credit Mid-America (Louisville, KY); Farm Credit Services of America (Omaha, NE) and FCS Financial (Jefferson City, MO).

This is the third time CoBank has invested in a rural-focused private equity fund under the USDA’s Rural Business Investment Program since 2014. Other RBICs that have received investments from CoBank include the Advantage Capital Agribusiness Fund and the Innnova Ag Innovation Fund. CoBank is also an investor in Midwest Growth Partners, a non-RBIC fund focused on rural investments in the Upper Midwest. Inclusive of the Open Prairie investment, CoBank has committed a total of $52.5 million to these funds.

About CoBank

CoBank is a $124 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 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.

For more information about CoBank, visit the bank’s web site at www.cobank.com.

Forward-Looking Statements

Certain of the statements contained in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual future business may differ materially and adversely from our expectations expressed in any forward-looking statements. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “plan,” “project,” “target,” “may,” “will,” “should,” “would,” “could,” or similar expressions. Although we believe that the information expressed or implied in such forward-looking statements is reasonable, we can give no assurance that such projections and expectations will be realized or the extent to which a particular plan, projection or expectation may be realized. These forward-looking statements are based on current knowledge and subject to risks and uncertainties. We encourage you to read our Annual Report and Quarterly Reports located on the bank’s website at www.cobank.com. We undertake no obligation to revise or publicly update our forward-looking statements for any reason.

Program to connect rural diabetes patients to Family Health Center, Navicent Health over high-speed internet

DENVER (January 22, 2018) – CoBank, EveryoneOn, Navicent Health and Robin Health, today announced the launch of the ConnectWell pilot program in Macon, Ga. The program, which is funded by CoBank, will provide 100 diabetic patients in rural southwest Georgia an Internet-ready tablet to enable them to manage and monitor their diabetes from home through an application, and a direct connection to physicians at Family Health Center, Navicent Health, a member of Navicent Health Physician Group, in Macon.

CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, is funding the project to highlight the efficiency of universal high-speed Internet in rural areas to assist in driving down healthcare costs.

“More than 70 percent of communities in the US with a shortage to primary care doctors are in rural areas,” said Tom Halverson, president and CEO of CoBank. “Coupled with a staggering lack of access to high-speed Internet, the health of rural America is disadvantaged in comparison to their urban counterparts. This project is an important step forward as a larger proof of concept and we are proud to back it.”

“The strength of the local partnerships in Middle and Southwest Georgia sets the stage for this program’s success,” said Congressman Sanford Bishop. “Leveraging high-speed internet to bring patients closer to their doctors has the potential to dramatically improve communication and patient care. I applaud the ConnectWell pilot for bringing innovative healthcare solutions right to the hands of rural Georgians.”

“The benefits of rural high-speed internet are tremendous – not only in business and education, but also in healthcare. This pilot program will highlight how broadband can reduce costs to deliver effective and efficient healthcare here in Georgia,” said Congressman Austin Scott. “I will continue to pursue ways to close the digital divide so that 21st century opportunities and economic prosperity can come to rural America.”

ConnectWell is managed by EveryoneOn, a nonprofit that aims to eliminate the digital divide by connecting all people in America to Internet utilizing three key components; affordable, high speed home Internet service, affordable devices to use the service and top-notch literacy training.

The ConnectWell pilot program is based on a University of Mississippi Medical Center program that helped lower patient blood sugar levels, had zero hospital and emergency room remittances, enhanced the ability of patients to manage their own healthcare and, by extension, drove down costs for hospitals and patients.

The program highlights the potential of telehealth programs in rural areas and the need for rural broadband access. As agencies and organizations debate the cost of deploying rural broadband, they often overlook the life-improving efficiencies that can be gained with the access to broadband and the host of essential services, including healthcare that can be delivered.

“Navicent Health is committed to enhancing health and healthcare through access, affordability and equity of care close to home. We are pleased to join with our partners to launch the ConnectWell pilot program for the benefit of diabetic patients in our region, and look forward to replicating this program in other areas and for patients with other chronic conditions,” said Dr. Ninfa M. Saunders, President and CEO of Navicent Health.

In rural communities, low-income patients with diabetes sometimes do not get the preventative care they need. Problems that could have been resolved with routine care often spiral out of control until an emergency room visit is required. Patients are left without sufficient support or knowledge to truly take control of their own healthcare. As patients struggle to maintain their care at home, hospitals struggle to maintain costs and expenditures surrounding chronic diseases, which are often exacerbated by preventable emergency room admittances.

About CoBank

CoBank is a $124 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 70,000 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.

For more information about CoBank, visit the bank’s web site at www.cobank.com.

About Chike Aguh, CEO of EveryoneOn

Chike Aguh (Chee-Kay Ah-Goo) serves as the CEO of EveryoneOn, a national non-profit dedicated to closing the digital divide and, to date, that has connected over 500,000 low-income Americans in 48 states to the Internet and the opportunity it brings. It aims to connect more than 1 million low-income people in total before the end of 2020. As the son of immigrants from Nigeria whose lives were changed by America’s opportunities, Chike has spent his career ensuring that all Americans have access to the same. Previously, he worked as an education policy official under Mayor Michael Bloomberg, a 2nd grade teacher and Teach For America corps member, a Fulbright Scholar in Thailand, and a Director of Corporate Strategy at the Advisory Board Company. Chike has also worked with the Massachusetts Secretary of Education, US Department of Education, McKinsey & Company, and the federal government’s Performance Improvement Council.

Chike holds degrees from Tufts University (B.A.), the Harvard Graduate School of Education (Ed.M), the Harvard Kennedy School of Government (MPA), and the University of Pennsylvania’s Wharton School (MBA). He is a 2017 Presidential Leadership Scholar, 2017 Wharton 40 under 40 honoree, term member at the Council on Foreign Relations, NationSwell Council Member, board member at Code In The Schools, member of the Harvard Kennedy School of Government’s Alumni Board of Directors, and 100 Black Men of Prince George’s County. He has spoken at venues such as the White House, SXSWEdu, Code For America and Github Universe; and been featured in or interviewed by CNN, Forbes, US News and World Report, Wired Magazine and Fast Company. Chike lives in Beltsville, MD with his wife, Crystal and son, Kelechi. They are members of Zion Church in Landover, MD.

About Navicent Health

Navicent Health was incorporated on November 17, 1994, as a nonprofit corporation whose primary purpose is to coordinate The Medical Center, Navicent Health and other affiliated entities in their mission of providing a comprehensive continuum of high quality, reasonably priced healthcare services to the region. Navicent Health has 970 beds for medical, surgical, rehabilitation and hospice purposes. The health system includes The Medical Center, Navicent Health, a nationally recognized tertiary teaching hospital; Beverly Knight Olson Children’s Hospital, Navicent Health, the region’s only dedicated pediatric hospital; Navicent Health Baldwin and Medical Center of Peach County, Navicent Health, both rural critical access hospitals; Rehabilitation Hospital, Navicent Health, the region’s oldest and most experienced rehabilitation provider; Pine Pointe, Navicent Health, which provides palliative and hospice care in homes and in its facility; Carlyle Place, Navicent Health, the area’s first continuing care retirement community; Navicent Health Foundation, the philanthropic arm of Navicent Health; as well as diagnostic and home care services. For more information, please visit www.navicenthealth.org.

About Robin Health CEO Anshu Vaish

Anshu has a deep passion for the intersection of healthcare and business and the impact it can have on patient care. Admitted to both the undergraduate and medical school programs at Brown University at 18, he pursued a degree in economics prior to medicine. During this time he also co-founded WaterWalla, a non-profit with a footprint in Indian slums and rural Sierra Leone focused on clean water, malnutrition, and maternal-child health. He also has deep experience as a strategy consultant at McKinsey & Co working across the healthcare value chain with major health systems, payors, pharmaceutical companies, and social sector organizations. Anshu is now the CEO and co-founder at Robin Health, a NYC based tech company building a next-gen patient engagement platform blending telemedicine and remote monitoring to revolutionize the current paradigm of care delivery. For more information on Robin Health, visit the company’s website at www.robinhealthapp.com

The contribution will help cover the costs associated with promoting crop gifting to support philanthropy and educational attainment in the Central Valley

Kingsburg (12-7-17) – The Central Valley Community Foundation, a local non-profit that tackles challenges on behalf of over 2 million people living in six Central Valley counties, has received a $5,000 donation from Golden State Farm Credit and CoBank, a cooperative bank serving vital industries throughout rural America.

Based in Kingsburg CA, Golden State Farm Credit provides dependable financing solutions for people involved in agriculture throughout Northern and Central California. Golden State Farm Credit assists many local nonprofit organizations by providing financial contributions, volunteer support, scholarships, and technical expertise.

“Golden State Farm Credit is deeply rooted in our communities and committed to helping agriculturalist and non-profit organizations,” stated Cheri McKinzie, Golden State Farm Credit’s Director of Marketing and Outreach. “We believe that a healthy agricultural economy and strong ties to the community are good for rural California. The Central Valley Community Foundation’s efforts to support every facet of their communities including arts, education, employment, environment, health, agriculture, economic development, and science matches Golden State Farm Credit’s belief that lending a hand to one person benefits everyone and makes for a richer environment in the neighborhoods where we live and work.”

“The Central Valley Community Foundation is grateful and honored to receive financial support from Golden State Farm Credit and CoBank,” says Ashley Swearengin, President & CEO of Central Valley Community Foundation. “These institutions are pillars of our Central Valley economy providing both business and philanthropic investments in our region. We are pleased to partner with them to try to increase philanthropic support in the Valley through crop gifting and other mechanisms that connect donors and high impact causes.”

The Central Valley Community Foundation donation was matched by CoBank through its Sharing Success program. Sharing Success was established in 2012 to celebrate the International Year of the Cooperative. Since the program’s inception, CoBank and its customers have together provided more than $25 million in support to charitable organizations across the nation.

“Sharing Success has had a broader and deeper impact than we ever imagined,” said Tom Halverson, CoBank’s president & chief executive officer. “We are delighted with the growing participation in the program by our customers, and deeply grateful to them for their assistance in identifying worthy charitable causes deserving of our support. We look forward to partnering with our customers once again this year and to sharing our success, in the best cooperative tradition.”

About Golden State Farm Credit

Golden State Farm Credit is a premier employer and borrower-owned cooperative, dedicated to providing reliable credit and financial services to rural agricultural communities located in Northern and Central California. Golden State Farm Credit is focused on helping agriculturalist reach their goals with mortgage & commercial loans, competitive interest rates, equipment leasing, appraisal services, and a special lending program for Tomorrow’s Farmers.

Find out more about Golden State Farm Credi at www.goldenstatefarmcredit.com or call 800.834.8698.

About CoBank

CoBank is a $126 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 70,000 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.

For more information about CoBank, visit the bank’s web site at www.cobank.com.

Pictured above:  Golden State Farm Credit presenting their donation to the Central Valley Community Foundation.  Pictured left to right:  Mike Rico (Golden State Farm Credit’s Regional Vice President), Cheri McKinzie (Golden State Farm Credit’s Director of Marketing/Outreach), Elliott Balch (Central Valley Community Foundation’s CEO), Claudia Ruiz-Alvarez (Central Valley Community Foundation’s Director of Donor Services)

Grant Will Support Technical Training For Employees Of Rural Water Systems Across The U.S.

DENVER (November 21, 2017) – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, announced today that it is partnering with the National Rural Water Association to underwrite a program that will target and train the next generation of technical workers needed to ensure the future operation of critical water and wastewater systems in rural communities.

The $250,000 grant from CoBank will assist the NRWA with the creation of the WaterPro Apprenticeship Program designed to address the looming shortage of experienced personnel at water systems throughout rural America. CoBank’s support will be in the form of apprentice scholarships and assistance to the NRWA and state rural water associations to launch and market the program.

Though still in the early stages of development, the program will create a consistent, nationally recognized standard of training for water and wastewater professionals registered with the Department of Labor. DOL registration means greater value for program participants by ensuring the credentials are transferable to and recognized by rural water systems in the U.S. Development and roll-out of the program is expected to occur over the next two years.

“More than 80 percent of the nation’s approximately 50,000 water systems serve populations of less than 10,000 people,” said Tom Halverson, CoBank’s president and chief executive officer. “These systems deliver a vital service to rural communities, and yet are having an increasingly difficult time finding the next generation of workers with the knowledge and expertise needed to fill technical roles. We are delighted to be partnering with the NRWA on the forefront of this initiative, and look forward to the benefits it will provide rural America.”

It takes more than 380,000 highly skilled water and wastewater personnel to ensure the public supply of safe drinking water and to protect the nation’s lakes, streams and groundwater. Water professionals are responsible for meeting stringent regulatory standards, replacing aging infrastructure, recruiting and training new operations specialists, and responding to and recovering from disasters.

In addition to increasing professional demands, utilities will soon be forced to replace many of their most experienced employees. Over the next decade, the water sector is expected to lose between 30 and 50 percent of the workforce to retirement. Many of these employees have worked at the same utility for the majority of their careers, and they would depart with decades of valuable institutional knowledge This program will help ensure this valuable knowledge will be passed on to the next generation of water professionals.

“The WaterPro Apprenticeship Program will provide the critical resources needed to train a qualified workforce for the safe operation of rural water systems well into the future,” said NRWA CEO Sam Wade. “CoBank has been a great partner in serving rural America with us; this underwriting is a testament to their commitment and will help us tremendously as we look to attract, train and retain the next generation of rural water and wastewater professionals.”

About CoBank

CoBank is a $124 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 70,000 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.

For more information about CoBank, visit the bank’s web site at www.cobank.com.

About NRWA

The National Rural Water Association is the largest public drinking water and sanitation utility organization representing the interests of more than 31,000 water and wastewater utilities nationwide. NRWA provides training and technical assistance through 49 affiliated State Rural Water Associations dedicated to supporting and promoting the water and wastewater professionals that serve small communities across the United States. NRWA and the State Affiliates provide training on operator certification, financial sustainability, environmental compliance, utility management and governance to over 80,000 water professionals annually in all 50 states. Last year, over 55,000 on-site consultations were delivered by NRWA’s technical experts for water quality, energy efficiency, source water protection, technical assistance and emergency response.

DENVER (November 8, 2017) – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced that it is renewing its “No Barriers” program for rural veterans with disabilities in 2018.

The bank is once again inviting customers to nominate disabled veterans from rural communities to take part in the program, which is offered through a partnership between CoBank and the nonprofit organization No Barriers USA. Participating veterans go on wilderness expeditions in Colorado that challenge them physically and mentally and help them overcome the obstacles they face in their daily lives. CoBank will cover the full cost of participation for up to 50 veterans, including travel expenses, and No Barriers Warriors will oversee the expeditions.

“In celebration of Veterans Day, CoBank is delighted to announce the extension of this program and proud to continue partnering with our customers for the benefit of rural veterans,” said Tom Halverson, president and chief executive officer at CoBank. “America’s rural communities are home to millions of men and women who have sacrificed for their country through military service, many of whom are facing some sort of disability. The No Barriers program provides these veterans with an opportunity to challenge their own limitations – both real and perceived – and to create a network of support that can last a lifetime.”

CoBank first launched the No Barriers program in 2017. Farmer-owned agricultural cooperatives, rural electric cooperatives and other CoBank borrowers from 23 states took part in the program, nominating veterans from their local service territories. All CoBank customers are encouraged to participate.

“Our partnership with CoBank has helped No Barriers extend our reach and create greater awareness of our programs in rural communities,” said Erik Weihenmayer, co-founder of No Barriers USA and the first blind person to reach the summit of Mt. Everest. “We look forward to continuing that relationship and serving even more of our nation’s veterans with disabilities.”

In 2018, CoBank will sponsor four No Barriers expeditions that will take place in July and August. Nominations will be accepted from January 15 – April 15. Additional information on the program will be available on the CoBank corporate web site beginning January 2, 2018.

About CoBank

CoBank is a $124 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 70,000 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.

For more information about CoBank, visit the bank’s web site at www.cobank.com.

About No Barriers USA

What barriers do you face? This question lies at the heart of our organization. Whether in our personal lives, at work, or in our communities, we all face challenges that can prevent us from reaching our full potential. At No Barriers, we believe that what’s within you is stronger than what’s in your way. No Barriers empowers people of all walks of life to overcome obstacles, live a life of purpose, and give back to the world, all through our ground-breaking curriculum, the No Barriers Life.

Learn more about No Barriers at NoBarriersUSA.org.

DENVER (November 6, 2017) – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced financial results for the third quarter and first nine months of 2017.

Net income for the third quarter was $211.6 million, compared to $231.7 million for the same period last year. The 9 percent decrease resulted primarily from balance sheet positioning activities by the bank, including an increase of $22.8 million in losses on early extinguishments of debt net of prepayment income. For the first nine months of the year, net income increased 2 percent to $734.2 million, primarily due to higher net interest income as well as lower provisions for loan losses and income taxes.

Net interest income for the quarter rose by 1 percent to $338.5 million, primarily driven by higher average loan volume offset by slightly lower margins in the bank’s loan portfolio. For the first nine months of the year, net interest income increased 2 percent to $1,041.8 million. In addition to lower margins, a decrease in fair value accretion income related to CoBank’s 2012 merger with U.S. AgBank also negatively impacted net interest income in both the quarter and year-to-date periods.

Average loan volume rose 4 percent in the third quarter to $94.1 billion, from $90.9 billion in the same period last year. For the first nine months of 2017, average loan volume rose 5 percent to $95.8 billion. For both the quarter and year-to-date periods, loan growth was driven by increased borrowing by affiliated Farm Credit associations, agricultural cooperatives, agricultural export finance customers, rural electric cooperatives and project finance customers.

“We’re pleased with our solid business performance in market conditions that continue to be challenging,” said Tom Halverson, CoBank’s president and chief executive officer. “Net income in the third quarter was impacted by debt extinguishment losses, as we took advantage of market opportunities to buy back debt that will reduce interest expense and benefit earnings in future periods. Overall, CoBank remains financially strong and well-positioned to serve the borrowing needs of its customers.”

Net interest margin for the quarter declined to 1.09 percent from 1.11 percent in the third quarter of 2016. For the first nine months of the year, net interest margin was 1.11 percent compared to 1.15 percent in the prior-year period. The reductions in net interest margin reflected the impact of slightly lower overall loan spreads as well as lower fair value accretion income.

At quarter-end, 0.94 percent of CoBank’s loans were classified as adverse assets, compared to 0.81 percent at December 31, 2016. Nonaccrual loans increased to $268.2 million as of September 30, 2017 from $207.2 million at December 31, 2016, primarily due to a limited number of loans to agribusiness customers. The bank’s allowance for credit losses totaled $699.6 million at quarter-end, or 1.50 percent of non-guaranteed loans when loans to Farm Credit associations are excluded.

“It’s possible we will see additional declines in credit quality in our loan portfolio as a result of continuing low commodity prices and other stresses in the rural economy,” said David P. Burlage, chief financial officer. “Overall, however, loan quality remains favorable in comparison to long-term historical averages, and we are adequately reserved against credit losses.”

The bank’s capital levels remained in excess of regulatory minimums. As of September 30, 2017, shareholders’ equity totaled $8.9 billion, and the bank’s total capital ratio was 15.4 percent, compared with the 8.0 percent (10.5 percent inclusive of the fully phased-in capital conservation buffer) minimum established by the Farm Credit Administration (FCA), the bank’s independent regulator. At quarter-end, the bank held approximately $29.1 billion in cash, investments and overnight funds and had 171 days of liquidity, which was in excess of FCA liquidity requirements.

During the quarter, the bank announced changes to its capital plans and patronage programs for eligible customer-owners. The changes, which for most borrowers take effect in 2018 for patronage distributed in 2019, include reductions in targeted patronage levels and the creation of a separate capital plan for rural electric and water customers. The changes are designed to strengthen CoBank’s long-term capacity to serve customers’ borrowing needs, enhance the bank’s ability to capitalize future customer growth, and ensure equitability among different customer segments.

“The modifications we are making to our capital plans and patronage programs will have a positive impact on CoBank’s earnings retention in 2018 and future years,” Halverson said. “We appreciate the expressions of understanding and support we have received from our customers in the wake of this decision, which will help us fulfill our mission in rural America over the long term.”

About CoBank

CoBank is a $124 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 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.

For more information about CoBank, visit the bank’s web site at www.cobank.com.

Forward-Looking Statements

Certain of the statements contained in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual future business may differ materially and adversely from our expectations expressed in any forward-looking statements. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “plan,” “project,” “target,” “may,” “will,” “should,” “would,” “could,” or similar expressions. Although we believe that the information expressed or implied in such forward-looking statements is reasonable, we can give no assurance that such projections and expectations will be realized or the extent to which a particular plan, projection or expectation may be realized. These forward-looking statements are based on current knowledge and subject to risks and uncertainties. We encourage you to read our Annual Report and Quarterly Reports located on the bank’s website at www.cobank.com. We undertake no obligation to revise or publicly update our forward-looking statements for any reason.

DENVER (August 7, 2017) – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced financial results for the second quarter and first six months of 2017. The bank experienced loan volume growth in all three of its operating segments, and credit quality and earnings remained strong.

Net income for the second quarter increased 7 percent to $259.8 million, compared to $243.3 million in the second quarter of 2016. For the first six months of 2017, net income was $522.6 million, a 7 percent increase from $486.6 million in the same period of 2016. The bank benefited during the quarter and year-to-date periods from a lower provision for loan losses. No provision was taken during the second quarter of 2017, compared to a $20 million provision in the same period last year. Provisions for loan losses in the first six months of 2017 totaled $15 million, compared to $28 million in the prior-year period.

Net interest income for the second quarter was $347.2 million, an increase of 0.4 percent from $345.9 million in the same period last year. For the first six months of the year, net interest income increased 3 percent to $703.3 million, compared to $682.8 million for the first six months of 2016. Higher average loan volume was a key driver of the increase for both the quarter and year-to-date periods, partially offset by decreases in fair value accretion income related to CoBank’s merger with U.S. AgBank in 2012.

Average loan volume rose 3 percent in the second quarter to $95.4 billion, from $92.4 billion in the same period last year. For the first six months of 2017, average loan volume rose 6 percent to $96.7 billion, from $91.1 billion in the same period last year. The increases resulted primarily from higher levels of wholesale lending to the bank’s affiliated Farm Credit associations, driven by greater demand for credit from farmers, ranchers and other rural borrowers. The bank also saw increased demand for loans from farmer-owned cooperatives, agricultural export finance customers, rural electric cooperatives and project finance borrowers.

“Through mid-year, CoBank has delivered solid financial performance on behalf of its customer-owners,” said Tom Halverson, president and chief executive officer. “In particular, we have benefited from increased demand for credit in agriculture and agribusiness, as well as continuing good credit quality in our loan portfolio.”

Net interest margin for the quarter declined to 1.11 percent from 1.16 percent in the second quarter of 2016. For the first six months of the year, net interest margin was 1.12 percent compared to 1.17 percent in the prior-year period. The reduction in net interest margin reflected the impact of slightly lower overall loan spreads as well as lower fair value accretion income, somewhat offset by increased earnings on balance sheet positioning.

At quarter-end, 1.01 percent of CoBank’s loans were classified as adverse assets, compared to 0.81 percent at December 31, 2016. Nonaccrual loans increased to $229.2 million as of June 30, 2017, from $207.2 million at December 31, 2016, primarily due to a small number of agribusiness loans and a communications loan. The bank’s allowance for credit losses totaled $676.9 million at quarter-end, or 1.41 percent of non-guaranteed loans when loans to Farm Credit associations are excluded.

As of June 30, 2017, shareholders’ equity totaled $8.8 billion, and the bank’s total capital ratio was 15.6 percent, compared with the 8.0 percent (10.5 percent inclusive of the fully phased-in capital conservation buffer) minimum established by the Farm Credit Administration (FCA), the bank’s independent regulator. At quarter-end, the bank held approximately $30.1 billion in cash, investments and overnight funds and had 179 days of liquidity, which exceeded FCA liquidity requirements.

Halverson noted that the bank continues to face a number of marketplace challenges, including intense competition in the banking industry, declining margins and a prolonged low interest rate environment that has lowered returns on invested capital. In addition, the bank is making significant investments in people, processes and systems that will enable it to operate more efficiently and meet the evolving needs and expectations of customers and partners.

“Despite strong net income so far this year, we continue to see ongoing pressure in our other profitability measures,” Halverson said. “Our board and executive team are squarely focused on that issue and on improving the efficiency and scalability of our operating platform. We are committed to serving as a dependable financial partner for our customers and on building the capacity of the bank to fulfill its mission in rural America over the long term.”

About CoBank

CoBank is a $125 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 70,000 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.

For more information about CoBank, visit the bank’s web site at www.cobank.com.