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CoBank earned $149.6 million in the firs quarter, compared with $103.5 million in the same quartedr ayear earlier. Net interest income rose 36 percentto $217.7 million, up from $159.5 million a year Total loans and leases outstanding rose to $46. 8 billion as of March 31, from $40.4 billion at the end of 2007. Greenwood Village-based CoBan is a cooperative bank that servese agribusinesses and rural utilities arounx theUnited States. It is part of the U.S. Farm Credirt System, and also finances agriculturap exports.
Higher commodity prices for grainand oilseeds, as well as higherf prices and demand for farm supplies, were key factorsa in the bank's earnings growth, the bank In April, CoBank issued $500 milliom in subordinated debt. The money will be used to increas e regulatorycapital ratios, and for generapl corporate purposes. CoBank's shareholders also have authorizef the bank to issue upto $250 million in Seriews C preferred stock in 2008 or 2009.
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