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Source: CoBank news release

To view entire report, click here.

CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced financial results for the third quarter of 2012.

Third-quarter net income rose 28 percent to $217.7 million, compared with $169.9 million in the same quarter last year. Net interest income for the quarter was $305.1 million, compared with $252.0 million a year ago. Average loan volume for the quarter was $70.3 billion, compared to $47.6 billion for the same period in 2011.

For the first nine months of 2012, net income increased 24 percent to $700.5 million from $562.7 million for the same period in 2011. Net interest income increased 12 percent to $925.2 million. Total loan volume for the bank at quarter end was $69.9 billion.

The bank's results reflected the benefits of its merger with U.S. AgBank, which closed on January 1, 2012. Through the merger, the bank acquired U.S. AgBank's assets and liabilities, including approximately $20 billion in wholesale loans to 25 Farm Credit associations. The transaction increased average loan volume as well as net interest income, net income and other key measures of financial performance.
Year-to-date results also include the impact of $44.6 million in refunds from the Farm Credit System Insurance Corporation received in the second quarter.

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