Omaha, Nebraska – (May 2, 2014) – Farm Credit Services of America (FCSAmerica), a customer-owned financial cooperative with more than $21 billion in assets, today announced financial results for the first quarter of calendar year 2014.
Net income was $121.5 million compared to $110.1 million for the same quarter in 2013. This increase in net income was primarily due to an increase in net interest from growth in loan volume and increases in distributions from AgDirect, LLP and AgriBank, FCB patronage. The income increases were partially offset by noninterest expenses for increased staffing to support business initiatives and growth and by increases in premiums charged by the Farm Credit System Insurance Corporation.
Loan volume increased by $130.3 million during the first quarter of 2014 to $20.3 billion. Members’ equity increased to $3.7 billion from $3.6 billion at the end of 2013.
“We continue to be pleased with the strength of FCSAmerica’s business and financial performance,” said Doug Stark, president and CEO of FCSAmerica. “We are well-positioned to continue serving the financial needs of our customers in the agricultural sector.”
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 $21 billion in assets, 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.