Farm Credit Services of America Announces Earnings for the First Nine Months of 2012
Nov 05, 2012
Omaha, Nebraska – (November 5, 2012) – Farm Credit Services of America (FCSAmerica), a financial cooperative with more than $18 billion in assets, today announced financial results for the first nine months of calendar year 2012.
Net income for the first nine months of 2012 was $343.0 million compared to $330.7 million for the same period in 2011, reflecting an increase of 3.7 percent.
Loan volume increased by $1.120 billion in the first nine months of 2012 to $17.011 billion. Members’ equity increased to $3.216 billion from $2.874 billion at the end of 2011.
“Our continued financial strength and consistent approach to lending during good times so we are positioned to assist producers in more challenging environments demonstrates our long-term commitment to meeting the needs of agricultural producers,” said Doug Stark, CEO and president, FCSAmerica.
The increase in net income is primarily due to a refund of Farm Credit insurance fund premiums paid in prior years 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 $18 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 www.fcsamerica.com.