CoBank Reports Second Quarter 2022 Financial Results
CoBank, ACB has released its second quarter 2022 financial results. The news release is available on CoBank.com under Corporate → Financial Information.
Financial highlights for the second quarter 2022 include:
- Average loan volume increased 12% to $139.2 billion in Q2 2022 from $124.4 billion in Q2 2021.
- Net interest income increased 13% to $504.5 million in Q2 2022 from $447.0 million in Q2 2021.
- Net income decreased 1% to $353.1 million in Q2 2022 compared to $358.3 million in Q2 2021 due to a higher provision for loan losses driven by a substantial increase in average loan volume.
- Credit quality and financial condition remained strong.
CoBank is a cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 76,000 farmers, ranchers and other rural borrowers in 23 states around the country. CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.