July 29, 2016 11:35 AM 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, m...

50 F Street, NW

Suite 900

Washington, DC 20001

United States

Founded in 1908

13,881 Employees

Phone:

202-626-8710

Fax:

202-626-8718

Key Executives for The Farm Credit System

Chief Executive Officer of AgriBank, FCB
Age: 62
Chief Executive Officer of Farm Credit Bank of Texas
Age: 63
Chief Executive Officer of Cobank, ACB
Age: 62
Chief Executive Officer of Agfirst Farm Credit Bank and President of Agfirst Farm Credit Bank
Age: 53
Chief Executive Officer of Federal Farm Credit Banks Funding Corporation and President of Federal Farm Credit Banks Funding Corporation
Age: 54
Compensation as of Fiscal Year 2016.

The Farm Credit System Key Developments

The Farm Credit System Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015

The Farm Credit System reported unaudited earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported interest income of $2,369 million against $2,232 million a year ago. Net interest income was $1,767 million against $1,708 million a year ago. Income before income taxes was $1,253 million against $1,272 million a year ago. Net income was $1,208 million against $1,228 million a year ago. Combined net income decreased $20 million or 1.6% and $88 million or 2.5% for the three and nine months ended September 30, 2015, as compared with the same periods in 2014. The decrease for the three-month period resulted primarily from an increase in noninterest expense of $56 million and a decrease in noninterest income of $27 million, partially offset by an increase in net interest income of $59 million and a decrease in the provision for loan losses of $5 million. The increases in net interest income for both periods of 2015 primarily resulted from a higher level of average earning assets, driven largely by increased loan volume. The increase in net income was due to increases in net interest income of $44 million and noninterest income of $32 million and a decrease in the provision for income taxes of $15 million. For the nine months, the company reported interest income of $6,948 million against $6,619 million a year ago. Net interest income was $5,217 million against $5,056 million a year ago. Income before income taxes was $3,648 million against $3,743 million a year ago. Net income was $3,481 million against $3,569 million a year ago.

The Farm Credit System Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

The Farm Credit System reported unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported interest income of $2,296 million against $2,206 million a year ago. Income before income taxes was $1,201 million against $1,261 million a year ago. Net income was $1,141 million against $1,196 million a year ago. The decrease for the three-month period resulted primarily from an increase in noninterest expense of $54 million and a provision for loan losses of $23 million, as compared with a loan loss reversal of $23 million in the prior year period, partially offset by a $35 million increase in net interest income. For the six months, the company reported interest income of $4,579 million against $4,387 million a year ago. Income before income taxes was $2,395 million against $2,471 million a year ago. Net income was $2,273 million against $2,341 million a year ago. The decrease for the six-month period was primarily due to an increase in noninterest expense of $94 million and a provision for loan losses of $50 million, as compared with a loan loss reversal of $35 million in the prior year period, partially offset by a $102 million increase in net interest income and a decrease in provision for income taxes of $8 million.

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.

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Recent Private Companies Transactions

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