March 04, 2015 6:22 AM ET

Diversified Financial Services

Company Overview of The Farm Credit System

Company Overview

The Farm Credit System operates as a network of borrower-owned lending institutions and specialized service organization. The company offers loans, leases, and related services to farmers, ranchers, producers and harvesters of aquatic products, agricultural cooperatives, eligible rural communications, and energy and water infrastructure companies, as well as for rural homeowners and other financial institutions. It provides various loans, including agribusiness, communication, energy, water/waste water, agricultural export finance, real estate mortgage, production and intermediate-term, and rural residential real estate loans. The company also offers various services to their borrowers, such...

50 F Street, NW

Suite 900

Washington, DC 20001

United States

Founded in 1908

13,336 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
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 Third Quarter and Nine Months Ended September 30, 2014

The Farm Credit System reported unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, interest income was $2,232,000 against $2,163,000 a year ago. Net interest income was $1,708,000 against $1,669,000 a year ago. The increases in net interest income for both periods of 2014 resulted primarily from a higher level of average earning assets. Income before income taxes was $1,272,000 against $1,304,000 a year ago. Net income was $1,228,000 against $1,253,000 a year ago. The decrease for the three-month period resulted primarily from a provision for loan losses of $42 million, as compared with a loan loss reversal of $32 million for the third quarter of 2013, and an increase in noninterest expense of $21 million, partially offset by increases in net interest income of $39 million and noninterest income of $24 million. For the nine months, interest income was $6,619,000 against $6,428,000 a year ago. Net interest income was $5,056,000 against $4,981,000 a year ago. Income before income taxes was $3,743,000 against $3,667,000 a year ago. Net income was $3,569,000 against $3,499,000 a year ago. The increase for the nine-month period was primarily due to increases in net interest income of $75 million and noninterest income of $45 million, partially offset by an increase in noninterest expense of $46 million.

The Farm Credit System Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

The Farm Credit System reported unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported interest income of $2,206 million against $2,110 million a year ago. Income before income taxes was $1,261 million against $1,162 million a year ago. Net income was $1,196 million against $1,104 million a year ago. The increase of net income for the three-month period resulted primarily from an increase in net interest income of $53 million and a loan loss reversal of $23 million, as compared with a provision for loan losses of $19 million in the prior year period. The increases in net interest income for both periods of 2014 resulted primarily from a higher level of average earning assets. For the six months, the company reported interest income of $4,387 million against $4,265 million a year ago. Income before income taxes was $2,471 million against $2,363 million a year ago. Net income was $2,341 million against $2,246 million a year ago. The increase of net income for the six-month period was primarily due to a loan loss reversal of $35 million, as compared with a provision for loan losses of $41 million in the prior year period and to increases in net interest income of $36 million and noninterest income of $21 million, partially offset by a $25 million increase in noninterest expense and a $13 million increase in the provision for income taxes.

The Farm Credit System Announces Unaudited Earnings Results for Its First Quarter Ended March 31, 2014

The Farm Credit System announced unaudited earnings results for its first quarter ended March 31, 2014. Net interest income was $1.660 billion for the first quarter of 2014, as compared with $1.677 billion for the first quarter of the prior year. The decrease in net interest income primarily resulted from a decrease in the net interest spread offset, in part, by a higher level of average earning assets. Interest income was $2,181 million against $2,155 million reported last year. Income before income taxes was $1,210 million against $1,201 million reported last year. Net income was $1,145 million against $1,142 million reported last year. Net income was impacted by decreases in net interest income of $33 million, noninterest income of $32 million and a loan loss reversal of $28 million and by a $12 million increase in the provision for income taxes.

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