Farm Credit Services of America Announces Strong Midyear Results
Aug 04, 2011
Omaha, Nebraska – (August 4, 2011) – Farm Credit Services of America (FCSAmerica), a financial cooperative with more than 92,000 customers and $15.8 billion in assets, today announced financial results for the first six months of calendar year 2011.
Net income for the first six months of 2011 was $217.8 million compared to $163.6 million for the same period in 2010. The increase in net income was primarily due to net interest income from the growth in loan volume and a reduction in the provision for credit losses due to improvement in credit quality. Member’s equity increased to $2.766 billion from $2.550 at year-end.
“We remain committed to serving the needs of an evolving agriculture,” said Doug Stark, President and CEO. “Our capacity, as evidenced by our financial strength, allows us to be a dependable financial partner that can support customers through the cycles of agriculture and the global economy.”
Total loan volume decreased by $603.9 million, from $15.5 billion at year-end 2010 to $14.9 billion, due to the sale of $972.7 million in trade credit financings originated under FCSAmerica’s AgDirect® program. The loan volume decrease was partially offset by increases in the real estate portfolio.