April 20, 2014 8:51 PM 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, rural homeowners, aquatic producers, timber harvesters, agribusinesses, water infrastructure companies, and agricultural and rural utility cooperatives, as well as other financial institutions. It provides various loans, such as agribusiness loans comprising processing and marketing loans, and farm-related business loans; communication loans; energy loans; water/waste water loans; agricultural export finance loans; real estate mortgage loans; production and intermediate-term loans; and rural resi...

50 F Street NW

Suite 900

Washington, DC 20001

United States

Founded in 1908

13,336 Employees

Phone:

202-626-8710

Fax:

202-626-8718

Key Executives for The Farm Credit System

Chief Executive Officer of AgriBank
Age: 59
Chief Executive Officer of Farm Credit Bank
Age: 60
Chief Executive Officer of Cobank
Age: 59
Chief Executive Officer of Agfirst Farm Credit Bank and President of Agfirst Farm Credit Bank
Age: 50
Chief Executive Officer of U.S. AgBank
Age: 62
Compensation as of Fiscal Year 2013.

The Farm Credit System Key Developments

The Farm Credit System Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

The Farm Credit System announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. The company reported combined net income increased $181 million to $1.141 billion for the fourth quarter of 2013, as compared with $960 million for the fourth quarter of 2012. The increase in net income between the fourth-quarter periods primarily resulted from a loan loss reversal of $40 million in 2013, as compared with a provision for loan losses of $125 million in 2012, and from increases in noninterest income of $68 million and net interest income of $35 million, partially offset by increases in noninterest expense of $55 million and the provision for income taxes of $32 million. Net interest income was $1.693 billion for the fourth quarter of 2013, as compared with $1.658 billion for the fourth quarter of 2012. The increase in net interest income resulted primarily from a higher level of average earning assets. Average earning assets grew $14.125 billion or 6.1% to $246.022 billion for the fourth quarter of 2013, as compared with the same period of the prior year, primarily as a result of increases in loan volume. The company reported combined net income of $4.640 billion for the year ended December 31, 2013, as compared with $4.118 billion for the prior year. The System also reported combined net income of $1.141 billion for the fourth quarter of 2013, as compared with $960 million for the fourth quarter of 2012. Combined net income increased $522 million or 12.7% for the year ended December 31, 2013, as compared with the prior year. The increase resulted primarily from a loan loss reversal of $31 million, as compared with a provision for loan losses of $313 million for 2012, and from increases in net interest income of $197 million and noninterest income of $119 million, partially offset by an increase in noninterest expense of $139 million. Net interest income increased $197 million or 3.0% to $6.674 billion for 2013, as compared with $6.477 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, which grew $14.193 billion or 6.3% to $240.235 billion for 2013.

The Farm Credit System Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013

The Farm Credit System reported earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, interest income was $2,163 million against $2,154 million a year ago. Net interest income was $1,669 million against $1,638 million a year ago. The increases in net interest income for both periods of 2013 resulted primarily from a higher level of average earning assets. Income before income taxes was $1,304 million against $1,086 million a year ago. Net income was $1,253 million against $1,039 million a year ago. The increase in net income was due to a loan loss reversal of $32 million, as compared with a provision for loan losses of $19 million for the prior quarter. Also contributing to the increase in net income were decreases in net noninterest expense of $57 million and the provision for income taxes of $7 million and an increase in net interest income of $34 million. For the nine months, interest income was $6,428 million against $6,418 million a year ago. Net interest income was $4,981 million against $4,819 million a year ago. Income before income taxes was $3,667 million against $3,359 million a year ago. Net income was $3,499 million against $3,158 million a year ago.

The Farm Credit System Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2013

The Farm Credit System reported earnings results for the second quarter and six months ended June 30, 2013. For the quarter, the company has posted net interest income of $1,635 million against $1,600 million a year ago. Income before income tax was $1,162 million against $1,153 million a year ago. Net income was $1,104 million against $1,067 million a year ago. The year-over-year increases in average earning assets continue to drive the increases in net interest income. The increase for the three-month period resulted primarily from an increase in net interest income of $35 million and to decreases in the provision for loan losses of $16 million and the provision for income taxes of $28 million, partially offset by an increase in net noninterest expense of $42 million. For the six months, the company has posted net interest income of $3,312 million against $3,181 million a year ago. The increase for the six-month period was primarily due to an increase in net interest income of $131 million and decreases in the provision for loan losses of $26 million and the provision for income taxes of $37 million, partially offset by an increase in net noninterest expense of $67 million. Income before income tax was $2,363 million against $2,273 million a year ago. Net income was $2,246 million against $2,119 million a year ago. The increases in net interest income for both periods of 2013 resulted primarily from a higher level of average earning assets.

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