Farm Credit Services of America Announces Mid-Year Earnings
Aug 05, 2013
Omaha, Nebraska – (August 5, 2013) – Farm Credit Services of America (FCSAmerica), a financial cooperative with more than $19 billion in assets, today announced financial results for the first six months of calendar year 2013.
Net income for the first six months of 2013 was $225.9 million compared to $233.9 million for the same period in 2012, reflecting a decrease of 3.4 percent. The decrease was primarily due to refunds of Farm Credit Insurance Fund premiums that were received in the second quarter of 2012. No refunds have been received in 2013.
Loan volume increased by $201.3 million in the first six months of 2013 to $18.691 billion. Members’ equity increased to $3.449 billion from $3.224 billion at the end of 2012.
“We’re very pleased with our financial results for the first half of the year,” said Doug Stark, president and CEO at FCSAmerica. “Given the many uncertainties of weather, volatile commodity markets, and an unresolved Farm Bill, our financial strength gives farmers the confidence they need that they’ll have access to a reliable, stable source of financing for their operations.”
About Farm Credit Services of America
Farm Credit Services of America is a customer-owned financial cooperative proud to finance the growth of rural America, including the special needs of young and beginning producers. With more than $19 billion in assets and more than $3 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