Omaha, Nebraska – (May 4, 2011) – Farm Credit Services of America (FCSAmerica), a financial cooperative with approximately 90,000 customers and more than $16 billion in assets, today announced financial results for the first quarter of calendar year 2011.
Net income for the first quarter was $99.2 million compared to $85.7 million a year ago, reflecting an increase of 15.8 percent. Total loan volume increased $153.3 million, from $15.5 billion at year-end 2010 to $15.7 billion. Member’s equity increased by $98.2 million from year-end 2010 to $2.6 billion on March 31, 2011.
“The strong first quarter results provide us the foundation to continue to serve agriculture and execute on our value proposition which includes an intense focus on the customer experience,” said Doug Stark, President and CEO. “It also allows us to build on our financial strength which enables supporting customers through the cycles of agriculture and an evolving global economy.”
The increase in net income was due to growth in loan volume, a slight increase in net interest margin and a reduction in provision for loan losses, partially offset by a reduction in noninterest income and an increase in noninterest expense. The decrease in noninterest income and increase in noninterest expense is primarily due to non-recurring items recorded in the first quarter of 2010.
About Farm Credit Services of America
Farm Credit Services of America is proud to finance the growth of rural America, including the special needs of young and beginning producers. With approximately 90,000 customers and assets of more than $16 billion, FCSAmerica is one of the region’s leading providers of credit and insurance services to farmers, ranchers, agribusiness and rural residents in Iowa, Nebraska, South Dakota and Wyoming. Learn more at www.fcsamerica.com.