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AgriBank Reports Fourth Quarter 2020 and Year-End Financial Results

ST. PAUL, Minn., March 1, 2021 /PRNewswire/ -- Today, St. Paul-based AgriBank announced financial results for the fourth quarter and full year of 2020, with strong profitability, credit quality, and liquidity and capital.
AgriBank Reports Fourth Quarter 2020 and Year-End Financial Results
Highlights:

Profitability: Net income increased $81.6 million, or 13.0 percent, to $709.2 million for the year ended December 31, 2020, compared to $627.6 million for the prior year.



Credit quality: Total loan portfolio credit quality was strong, with 99.3 percent of loans classified as acceptable compared to 97.9 percent at December 31, 2019.



Liquidity and capital: End-of-the-quarter liquidity was 167 days, well above the regulatory requirement. Capital also remained well above the regulatory minimums and company targets.

COVID-19 PandemicThe spread of COVID-19 has created a global public-health crisis that has adversely impacted the worldwide economy, temporarily decreased liquidity in fixed income markets in March and April, significantly increased unemployment levels, and disrupted global supply and demand chains. Although production agriculture has fared better than expected during the second half of 2020, in part due to government ad-hoc support programs, uncertainties about the pace of economic recovery remain as the impact and duration of the pandemic is unknown.
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