Texas Land Bank, ACA, a local lending cooperative specializing in rural financing, reported solid financial results and growth for the first quarter of 2008.

Net income of $2.03 million for the quarter ended March 31, 2008, showed a 3.1 percent increase from the $1.97 million reported for the same period of 2007.

Gross loan volume at March 31, 2008, totaled $390.49 million, a 1.25 percent increase from Dec. 31, 2007, and a 4.25 percent increase from a year earlier. Credit quality remained strong, with 99.6 percent of loans rated acceptable. Texas Land Bank ended the first quarter of 2008 with assets of $403.53 million.

“These solid results indicate that we are once again off to a good start,” said Charles P. Gant, chief executive officer. “We recently declared a $7.5 million patronage distribution for 2007, continuing our long history of returning profits to our stockholder-customers. We have returned more than $34 million to our borrowers since 1994.”