Iowa Public Television


FCSA Reports Big Jump in Net Income

posted on November 5, 2004

An Omaha, Nebraska-based agricultural lender has posted a more than 26 percent third quarter gain in net income compared with the same period a year ago.

Farm Credit Services of America this week reported that the quarter raised its nine-month net income to $91.2 million -- 12.5 percent better than a year ago. Third-quarter net income totaled $31.7 million, compared to $25 million for the same period in 2003.

FCSA plans to distribute a dividend of about $55 million to its shareholder-farmers and ranchers in Nebraska, Iowa, South Dakota and Wyoming.

The federally backed lender also announced that Dutch-based Rabobank is disputing the termination of a sale agreement it had with FCSA. Farm Credit's board is evaluating that dispute.

Tags: agriculture banks credit news