Key Takeaways
- Net income reached $749.6 million for the first nine months of 2025
- Return on assets stood at 51 basis points, slightly above the 50-basis-point target
- Total loan portfolio quality remained high, with 99.2% of loans classified as acceptable
- Liquidity coverage totaled 168 days, well above regulatory minimums
- Total capital increased to $10.3 billion, exceeding company and regulatory requirements
AgriBank Announces Solid Profitability and Portfolio Strength
St. Paul-based AgriBank reported strong third-quarter 2025 financial results, highlighting steady profitability, robust credit quality, and a solid liquidity and capital position. Net income totaled $749.6 million for the first nine months of 2025, supported by consistent operational performance and disciplined financial management.
CEO Jeffrey Swanhorst stated, “In a year marked by economic change and challenge, AgriBank's strong third-quarter results underscore the effectiveness of our business model in serving our Farm Credit Association-owners. We will continue to be a reliable source of support as the Associations continue meeting the evolving needs of rural communities and agriculture.”
Financial Results Overview
For the nine months ended September 30, 2025, AgriBank reported net interest income of $870.6 million, up 13.3% year-over-year, driven by higher spread income and increased loan volumes within its wholesale portfolio. Loan fee growth and improved asset pool performance also contributed to the increase.
Non-interest income declined slightly to $83.4 million due to lower mineral income linked to oil prices, partially offset by higher loan conversion and commitment fees. Non-interest expense rose to $172.5 million, primarily from dealer incentives in the crop input financing portfolio and contractor fees tied to technology investments.
Loan Portfolio and Credit Quality
Total loans increased to $171.9 billion as of September 30, 2025, up $7.3 billion from year-end 2024, largely due to wholesale loan expansion and growth in real estate mortgage loans. Credit quality remained strong, with 99.2% of loans rated acceptable, a modest decline from 99.4% at the prior year-end.
The retail loan portfolio remained sound, with 94.9% of loans classified as acceptable. AgriBank attributed these levels to the overall financial strength of its District Associations and diversified borrower base.
Agricultural and Market Conditions
According to the U.S. Department of Agriculture’s September 2025 forecast, U.S. net farm income was estimated at $127.8 billion for 2024—a 13.2% decline from 2023—due to lower crop receipts and inventory values. Despite this reduction, income levels remained above the 10-year inflation-adjusted average.
AgriBank noted that trade tensions, fluctuating commodity prices, and reduced Chinese soybean purchases continue to pressure agricultural markets. Nevertheless, the bank emphasized that risk management, technology adoption, and productivity gains are helping producers navigate market volatility.
Capital and Liquidity Position
AgriBank’s total capital rose to $10.3 billion, up $800 million from December 2024, driven by retained earnings and stock issuance. The institution’s liquidity position equaled 168 days of maturing debt coverage—well above the 90-day minimum. Cash, cash equivalents, and investments reached $26.3 billion at the end of the quarter.
The bank reaffirmed that its capital and liquidity metrics exceed both regulatory requirements and internal targets, reflecting its continued financial resilience.
Read the complete financial results here.
