Spencer, IA: (Feb. 24, 2014) – Farm Credit Services of America (FCSA), a farmer-owned cooperative, announced annual net income of $514 million for 2013, up from $481 million in 2012.
The cooperative says a good share of the growth is due to greater net interest income from loan growth.
Loan volume increased to $20.2 billion, up from $18.5 billion in 2012. Most of the increase was in the long-term agriculture real estate portfolio.
Farm Credit Services says, as a result, $145 million of the net income earned in 2012 will be distributed to eligible customer-owners.