Farm Credit Services of America Announces 2016 Second Quarter Financial Results
Aug 11, 2016
OMAHA, NEBRASKA - (August 10, 2016) - Farm Credit Services of America (FCSAmerica), a customer-owned financial cooperative serving farmers and ranchers in a four-state area, reported net income of $215.8 million in the first six months of 2016. This compares to net income of $236.7 million for the first half of 2015.
An increase in the provision for credit losses, primarily in the grain and beef feedlot industry, contributed to the decline in net income, as did a reduction in noninterest income and an increase in noninterest expenses related to staffing and business initiatives.
Declines in net income were partially offset by an increase in net interest income. Loan volume increased $696.7 million to $24.3 billion from $23.9 billion at the end of 2015.
Members’ equity increased to $4.5 billion from $4.3 billion at year-end. Total assets were $25.4 billion through July 2016.
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 $25.4 billion in assets and $4.5 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.