Omaha, Nebraska – (May 1, 2015) – Farm Credit Services of America (FCSAmerica), a customer-owned financial cooperative, today announced financial results for the first quarter of calendar year 2015.
Net income was $113.5 million compared to $121.5 million for the same quarter in 2014. The decrease in net income was due primarily to an increase in the provision for credit losses and noninterest expense, partially offset by an increase in net interest income and noninterest income.
Loan volume decreased $227.5 million from year-end. The decrease in loan volume is primarily due to a decrease in production and intermediate term loans, partially offset by increases in long-term agricultural mortgage and processing and marketing loans.
Members’ equity increased to $4.1 billion from $4.0 billion at the end of 2014. Total assets at the end of March were $22.8 billion.
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 $22.8 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.