Solid 2nd Quarter Financial Performance
Oklahoma AgCredit recorded solid financial performance for the second quarter of 2018.
The Association's loan portfolio increased $33.0 million to $1.23 billion, a 2.76% increase since year-end 2017. Credit for the increase primarily goes to loan originations for real estate mortgages and agribusiness loans.
Net income for the first half of 2018 increased 6.29% to $11.28 million from the same period last year, primarily from noninterest income. Noninterest income increased $1.1 million in the first half of 2018, compared to the same period last year, primarily due to a $765 thousand refund from Farm Credit System Insurance Corporation and $217 thousand received from participation loan warrants.
Net interest income as of June 30, 2018 is $17.1 million. The marginal increase is offset by a dramatic increase in interest expense.
Credit quality remains stout and Oklahoma AgCredit is in a strong position to fulfill its mission to serve rural communities and agriculture in Oklahoma with reliable, consistent credit today and tomorrow.
Read the full 2nd Quarter 2018 Financial Report here.