Federal Farm Credit Banks Funding Corporation announced unaudited combined earnings results for the second quarter and six months ended June 30, 2012. For the quarter, interest income was USD 2,128 million against USD 2,233 million for the same period a year ago. Net interest income was USD 1,600 million against USD 1,563 million for the same period a year ago. This resulted from increased average earning assets and a higher net interest margin. Income before income taxes was USD 1,153 million against USD 1,048 million for the same period a year ago. Net income was USD 1,067 million against USD 982 million for the same period a year ago. This increase resulted primarily from decreases in the provision for loan losses of USD 91 million. For the six months, interest income was USD 4,264 million against USD 4,491 million for the same period a year ago. Net interest income was USD 3,181 million against USD 3,132 million for the same period a year ago. This increase primarily resulted from a higher net interest margin. Income before income taxes was USD 2,273 million against USD 2,122 million for the same period a year ago. Net income was USD 2,119 million against USD 1,986 million for the same period a year ago. This increase resulted primarily from decreases in the provision for loan losses of USD 167 million.

The Federal Farm Credit Banks Funding Corporation announced that Tracey McCabe will replace Jamie B. Stewart as president and chief executive officer of the Federal Farm Credit Banks Funding Corporation. As established through the organization's succession plan, Jamie B. Stewart will retire on March 5, 2012. McCabe was previously a Participating Managing Director with Goldman, Sachs & Co., most recently responsible for the Investment Banking Division's equity derivatives and convertible origination business and their municipal capital markets business. She also has served as Division Head in Fixed Income, Currency and Commodities for Non-Japan Asia.

Federal Farm Credit Banks Funding Corporation announced the redemption of $618,000,000 of Federal Farm Credit Banks Consolidated Systemwide Bonds. The Bonds will be called at par. The following Bonds will be called in whole: $180,000,000 bond with CUSIP no 31331J A37 having coupon at 2.68% to be matured on June 7, 2018 called on September 1, 2011 where the period of interest payment between June 7, 2011 to September 1, 2011; $180,000,000 bond with CUSIP no 31331J S79 having coupon at 1.50% to be matured on July 21, 2015 called on September 1, 2011 where the period of interest payment between July 21, 2011 to September 1, 2011; $103,000,000 bond with CUSIP no 31331J U76 having coupon at 2.625% to be matured on July 26, 2018 called on September 1, 2011 where the period of interest payment between July 26, 2011 to September 1, 2011; $125,000,000 bond with CUSIP no 31331J U84 having coupon at 1.58% to be matured on October 26, 2015 called on September 1, 2011 where the period of interest payment between April 26, 2011 to September 1, 2011; $30,000,000 bond with CUSIP no 31331K MA5 having coupon at 3.15% to be matured on June 1, 2018 called on September 1, 2011 where the period of interest payment between June 1, 2011 to September 1, 2011.