Farm Credit Services says earnings up Farm Credit Services of America, one of the region's largest agricultural lenders, reports a net income of $132.7 million for the 12 months ended Dec. 31, 2002, compared with net income of $105.4 million for 2001.
The earnings growth is largely attributable to $20 million in non-recurring patronage income from the association's previous funding bank, AgAmerica, FCB and the net interest income resulting from loan volume growth and lower funding costs.
Total loan volume reached $6.6 billion in 2002 � a 9.8 percent increase form 2001. Overall for the year, the association's real estate portfolio grew 8.1 percent, while the commercial portfolio increased by 14.2 percent. Capital increased to $1.2 billion, giving Farm Credit Services of America continued stability and financial strength needed to withstand weather and industry adversity.
"Last year, when nearly 80 percent of our four-state area experienced drought, we continued to grow and remain financially strong," said Jack Webster, president and chief executive officer. "I believe that's a reflection of our ability to build strong relationships with our customers in spite of challenging economic and weather cycles."
Farm Credit Services of America is proud to finance the growth of rural America, including the special needs of young and beginning producers. With 50,000 customers and assets of nearly $7 billion, FCSAmerica is th largest provider 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.