OMAHA, NEBRASKA - (May 9, 2017) - Farm Credit Services of America (FCSAmerica), a customer-owned financial cooperative serving more than 50,000 farmers and ranchers in a four-state area, announced financial results for the first quarter of 2017.
Net income for the quarter rose 12 percent to $112.1 million, primarily driven by lower provision for credit losses, higher net interest and non-interest income, partially offset by increased operating expenses.
“Economic challenges remain for agriculture, particularly for our customer-owners in the grain industry,” said Doug Stark, CEO and president of FCSAmerica. “It is a testament to producers that they continue to identify strategies for managing through tighter margins. FCSAmerica is proud to use its financial strength to fulfill its mission of serving agriculture through both good and more challenging times.”
Loan volume increased $189.3 million from $25.2 billion at the end of 2016, and capital levels for FCSAmerica remained well in excess of regulatory minimums.
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 $26.5 billion in assets and $4.8 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.