Farm Credit Services of America (FCSAmerica), a financial cooperative with more than $16 billion in assets, today announced financial results for the first nine months of calendar year 2011.
Net income for the first nine months of 2011 was $330.7 million compared to $284.8 million for the same period in 2010. Member's equity increased to $2.879 billion from $2.550 billion at year-end. Total assets were $16.069 billion as of Sept. 30.
"Our strong results reflect our capacity and commitment to meet the needs of an evolving agriculture," said Doug Stark, president and CEO. "Because of our strength, we are uniquely positioned to take a long-term view and offer our customers customized, competitive financial solutions that take them through the cycles of agriculture and the global economy."
The increase in net income was primarily due to net interest income from the growth in loan volume and a reduction in the provision for credit losses due to improvement in credit quality, partially offset by an increase in staffing related expenses.
Total loan volume decreased by $409.6 million from year-end to $15.136 billion due to the sale of $1.133 billion in trade credit financing that originated under the AgDirect program. The decrease was partially offset by increases in the real estate portfolio.