Nov 05 2008
Omaha, Nebraska – (November 5, 2008) – Farm Credit Services of America (FCSAmerica) today reported continued growth in loan volume, and an increase in net income for the first nine months of 2008. Loan volume ended the quarter at $13.8 billion, an increase of $1.6 billion since year-end.
Net income for the first nine months was $172.5 million, compared to $140.8 million for the same period in 2007. The increase in net income is due to an increase in net interest income from the growth in loan volume, an increase in noninterest income from bank patronage and other income and a reduction in tax expense. The increase in income was partially offset by an increase in operating expenses. Members' equity increased to $2.1 billion from $1.9 billion at the end of 2007 and total assets increased to $14.5 billion from $12.9 billion at the end of 2007.
“More farmers and ranchers are choosing to do business with us, and we thank them for the trust and confidence they have placed in us.” commented Doug Stark, President and CEO. “Unfortunately, the turmoil in the financial markets has resulted in an increase in funding costs for many financial institutions. We continue to have good access to funding and will be working directly with customers to help them meet their financial needs and deal with the volatility of the markets.”
Farm Credit Services of America is proud to finance the growth of rural America, including the special needs of young and beginning producers. With 75,000 customers, a cash patronage program and assets of $14.5 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.
Seed and Chemical Financing Program Details
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