Net income for the second quarter increased 16 percent to $276,049 million
OMAHA, NEBRASKA – Farm Credit Services of America (FCSAmerica), a customer-owned financial cooperative serving farmers and ranchers in a four-state area, announced financial results for the second quarter of 2018.
Net income for the second quarter increased 16 percent to $276,049 million compared to the same period last year, driven primarily by growth in loan volume, a refund from the Farm Credit System Insurance Corporation and lower provision for credit losses.
“Grain producers faced new challenges from the volatility in global trade policy, while many protein producers reported break-even or slightly negative margins in the second quarter,” said Mark Jensen, FCSAmerica’s president and CEO. “It is in these challenging times that farmers and ranchers need a dependable financial partner and we are proud to utilize our financial strength to meet the needs of our customer-owners.”
Loan volume in the second quarter increased $371.2 million, or 1.4 percent, from year-end to $27.0 billion. Members’ equity grew to nearly $5.4 billion from $5.1 billion at year-end. Capital levels for FCSAmerica are at 16.4percent, 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 $28.3 billion in assets and nearly $5.4 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.