Net income for the third quarter increased 9 percent to $422,330 million
OMAHA, NEBRASKA – Farm Credit Services of America (FCSAmerica), a customer-owned financial cooperative serving farmers and ranchers in a four-state area, announced financial results for the third quarter of 2018.
Net income for the third quarter increased 9 percent to $422,330 million compared to the same period last year, driven primarily by growth in loan volume, a refund from the Farm Credit System Insurance Corporation and lower provision for credit losses.
Loan volume in the third quarter increased $1.2 billion, or 4.3 percent, from year-end to nearly $28 billion. Members’ equity grew to $5.5 billion from $5.1 billion at year-end. Capital levels for FCSAmerica are at 16.6percent, well in excess of regulatory minimums.
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 $29.2 billion in assets and nearly $5.5 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.
