Farm Credit Services of America Announces Earnings For the First Nine Months of 2013
Nov 04, 2013
Omaha, Nebraska – (November 4, 2013) – Farm Credit Services of America (FCSAmerica), a customer-owned financial cooperative with more than $20 billion in assets, today announced financial results for the first nine months of calendar year 2013.
Net income for the first nine months of 2013 was $353.6 million compared to $343.0 million for the same period in 2012, reflecting an increase of 3.1 percent. The increase in net income was primarily due to an increase in net interest income from loan growth and a reduction in the provision for credit losses, partially offset by a reduction in noninterest income and an increase in noninterest expense.
Loan volume increased by $692.5 million in the first nine months of 2013 to $19.182 billion. Members’ equity increased to $3.576 billion from $3.224 billion at the end of 2012.
“We continue to be very pleased with the financial performance and risk-bearing ability of our customer-owned cooperative,” said Doug Stark, president and CEO at FCSAmerica. “Our financial strength allows us to focus on customer needs and mobilize resources to help producers through events like the devastating snow storms in western South Dakota.” FCSAmerica recently announced it was helping customers restore working capital in operations that lost livestock in an early October blizzard.
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 $20 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