Omaha, Nebraska – (May 2, 2013) – Farm Credit Services of America (FCSAmerica), a financial cooperative with more than $19 billion in assets, today announced financial results for the first quarter of calendar year 2013.
Net income for the first quarter was $110.1 million compared to $108.7 million for the same quarter in 2012. The increase in net income is primarily due to an increase in net interest income from loans partially offset by an increase in staffing related expenses.
Loan volume decreased by $156.3 million during the first quarter of 2013 to $18.333 billion.
Members’ equity increased to $3.333 billion from $3.224 billion at the end of 2012.
“In spite of volatility in the agricultural markets and widely varying weather conditions, producers continue to show resiliency in the face of many challenges,” said Doug Stark, president and CEO. “As a financial services cooperative, we continue to build strength so we can sustain the needs of our customer-owners and support the communities in which they live.”
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About Farm Credit Services of America
Farm Credit Services of America is a customer-owned financial cooperative proud to finance the growth of rural America, including the special needs of young and beginning producers. With more than $19 billion in assets and more than $3 billion in members’ equity, 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.