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May 27, 2015 8:29 PM ET

Diversified Financial Services

Company Overview of The Farm Credit System

Company Overview

The Farm Credit System operates as a network of interdependent, borrower-owned lending institutions and affiliated service organizations. The company offers real estate mortgage, production and intermediate-term, agribusiness, energy and water/waste water, rural residential real estate, communication, and agricultural export finance loans. It also provides credit, appraisal, estate planning, record keeping services, tax planning and preparation, and consulting services; fee appraisal services; cash management products and services and other related services; and leasing services for equipment, vehicles, and facilities. In addition, the company serves as an agent or broker to provide crop, mo...

50 F Street, NW

Suite 900

Washington, DC 20001

United States

Founded in 1908

13,743 Employees

Phone:

202-626-8710

Key Executives for The Farm Credit System

Chief Executive Officer of AgriBank, FCB
Age: 60
Chief Executive Officer of Farm Credit Bank of Texas
Age: 61
Chief Executive Officer of Cobank, ACB
Age: 60
Chief Executive Officer of Agfirst Farm Credit Bank and President of Agfirst Farm Credit Bank
Age: 51
Chief Executive Officer of U.S. AgBank, FCB and President of U.S. AgBank, FCB
Age: 63
Compensation as of Fiscal Year 2014.

The Farm Credit System Key Developments

The Farm Credit System Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2015

The Farm Credit System reported unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported combined net income for the quarter ended March 31, 2015 was $1.132 billion, as compared with combined net income of $1.145 billion for the same period of the prior year. Net interest income was $1.727 billion for the first quarter of 2015, as compared with $1.660 billion for the first quarter of the prior year. The increase in net interest income primarily resulted from a higher level of average earning assets, driven largely by increased loan volume and, to a lesser extent, growth in the investment portfolio. Income before income taxes was $1,194 million against $1,210 million a year ago.

The Farm Credit System Reports Preliminary Unaudited Combined Earnings Results for the Fourth Quarter and Year Ended December 31, 2014

The Farm Credit System reported preliminary unaudited combined earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, interest income was $2.283 billion against $2.203 billion last year. Net interest income was $1.748 billion for the fourth quarter of 2014, as compared with $1.693 billion for the fourth quarter of 2013. The increase in net interest income resulted primarily from a higher level of average earning assets, largely due to increased loan volume. Income before income taxes was $1.202 billion against $1.194 billion last year. Combined net income increased $14 million to $1.155 billion for the fourth quarter of 2014, as compared with $1.141 billion for the fourth quarter of 2013. The increase in net income between the fourth-quarter periods primarily resulted from increases in net interest income of $55 million and noninterest income of $34 million, partially offset by a provision for loan losses of $33 million in 2014, as compared with a loan loss reversal of $40 million in 2013. For the year, interest income was $8.902 billion against $8.631 billion last year. Net interest income increased $130 million or 1.9% to $6.804 billion for 2014, as compared with $6.674 billion for the prior year. The increase in net interest income resulted primarily from a higher level of average earning assets, driven largely by increased loan volume and, to a lesser extent, growth in the investment portfolio. Income before income taxes was $4.945 billion against $4.861 billion last year. Combined net income was $4.724 billion against $4.640 billion last year. The increase resulted primarily from increases in net interest income of $130 million and noninterest income of $79 million, partially offset by a provision for loan losses of $40 million, as compared with a loan loss reversal of $31 million for 2013, and an increase in noninterest expense of $54 million.

The Farm Credit System to Report Fiscal Year 2014 Results on Mar 10, 2015

The Farm Credit System announced that they will report fiscal year 2014 results at 8:00 PM, GMT Standard Time on Mar 10, 2015

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