CoBank Reports Higher Quarterly Net Income
USAgNet - 08/09/2017
CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, 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
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.
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.