Financial Cooperative Reports Growth in Loan Volume, Members’ Equity
OMAHA, NEBRASKA - (November 9, 2015) - Farm Credit Services of America (FCSAmerica), a customer-owned financial cooperative serving more than 50,000 farmers and ranchers in a four-state area, today reported net income of $369.3 million in the first nine months of 2015. This compares to $373.5 million for the same period last year.
The decrease in net income was primarily due to reduced noninterest income and higher noninterest expenses, partially offset by an increase in net interest income. A gain on the sale of other property owned, reported in the second quarter of 2014, and reduced patronage payments from AgriBank, FCSAmerica’s funding bank, contributed to reduced noninterest income. Higher noninterest expenses resulted primarily from costs associated with increased staffing levels to support business initiatives and growth.
FCSAmerica reported growth in loan volume of $768.3 million, from $22.1 billion at the end of 2014. This was due primarily to an increase in long-term agricultural mortgage loans, partially offset by a decrease in production and intermediate term loans.
Members’ equity increased to $4.3 billion from $4.0 billion at the end of 2014. Total assets at the end of September were $24.0 billion.
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. 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.