OMAHA, NEBRASKA – 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 third quarter of 2017.
Net income for the first three quarters rose 12 percent to $386.4 million when compared to the same period last year, primarily driven by lower provision for credit losses and increased income from loan growth and non-interest income. These increases were partially offset by FCSAmerica’s increased operating expenses.
“Production agriculture is a cyclical business. While some customers are having a profitable year through above average yields and changes they have made in their operations to better align costs with today’s commodity prices, four years of reduced net farm income continues to be a challenge for the industry.” said Mark Jensen, FCSAmerica’s president and CEO. “We are putting our financial strength to work to support those who are positioned for growth and to work with those who are willing and able to adjust to the current cycle.”
Loan volume increased $729.7 million, or 2.9 percent to $25.9 billion from $25.2 billion at the end of 2016. Members’ equity increased to $5.1 billion from $4.7 billion at yearend. 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 $27.2 billion in assets and $5.1 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.