Farm Credit Services of America Announces Mid-Year Earnings
Aug 02, 2012
Omaha, Nebraska – (August 2, 2012) – Farm Credit Services of America (FCSAmerica), a financial cooperative with more than $17 billion in assets, today announced financial results for the first six months of calendar year 2012.
Net income for the first six months of 2012 was $233.9 million compared to $217.8 million for the same period in 2011, reflecting an increase of 7.4 percent.
Loan volume increased by $653.1 million in the first six months of 2012 to $16.544 billion. Members’ equity increased to $3.107 billion from $2.874 billion at the end of 2011.
“Because of our strength, we are able to offer customized, competitive financial solutions that take our customers through the cycles of agriculture, including the challenges the current drought may bring,” said Doug Stark, president and CEO. “We will continue our ongoing efforts to meet the needs of an evolving agriculture and focus on the customer experience and the communities we serve,” Stark added.
The increase in net income is primarily due to a refund of Farm Credit insurance fund premiums paid in prior years and an increase in patronage received from AgriBank, FCB, partially offset by increases in operating expenses to support business initiatives and growth.
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 more than $17 billion in assets, 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 fcsamerica.com.