Newsroom & Financials

CoBank Reports Second Quarter Financial Results

Posted 8/7/2017

CoBank 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. Read more...

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