Farm Credit Services of America Releases Year-to-Date Earnings
Nov 05, 2014
Customer-Owned Cooperative Reports Strong Financial Results
Omaha, Nebraska – November 5, 2014 – Farm Credit Services of America (FCSAmerica), a customer-owned financial cooperative serving more than 50,000 farmers and ranchers in a four-state area, today announced financial results for the first nine months of calendar year 2014.
Net income was $373.5 million compared to $353.6 million for the same nine-month period in 2013. The increase in net income is primarily due to an increase in net interest income from loan growth, an increase in non-interest income from an increase in AgriBank, FCB patronage, a gain recognized on the sale of other property owned and an increase in distributions and fees from AgDirect, LLP. These increases in income are partially offset by an increase in the provision for credit losses and an increase in non-interest expenses due to increased staffing levels to support business initiatives and growth and an increase in insurance premiums charged by the Farm Credit System Insurance Corporation.
“We continue to be pleased with our business results and the overall financial strength of the cooperative,” said Doug Stark, president and chief executive officer. “As the agricultural sector responds to changing markets, FCSAmerica remains very well positioned to meet the financial needs of its customers and to fulfill its mission in rural America and vision of being a valued partner for all of agriculture.”
Loan volume increased by $793.5 million to $21 billion during the first nine months of 2014. Members’ equity increased to $4 billion from nearly $3.6 billion at the end of 2013.
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 assets of more than $22 billion, 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.