Newsroom & Financials

CoBank Reports Second Quarter Financial Results

Posted 8/4/2016

CoBank today announced financial results for the second quarter and first six months of 2016. Net income for the second quarter increased 5 percent to $243.3 million, compared to $232.3 million in the second quarter of 2015.  For the first six months of 2016, net income was $486.6 million, a 5 percent increase from $464.6 million in the same period last year. The increases in earnings primarily resulted from higher net interest income, partially offset by higher provisions for loan losses, increases in operating expenses and lower overall noninterest income in the 2016 period.

Net interest income for the second quarter was $345.9 million, a 12 percent increase compared to $309.4 million in the same period last year. For the first six months of the year, net interest income increased 9 percent to $682.8 million, compared to $624.6 million for the first six months of 2015. The increases in net interest income were primarily driven by higher average loan volume and increased earnings on balance sheet positioning, somewhat offset by spread compression in the bank’s loan portfolio due to continued strong competition and a higher cost of short-term debt. Read more...

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