First quarter shows continued growth at FCSAmerica

Farm Credit Services of America today reported growth in net income and loan volume for the first quarter of 2008. The company’s loan volume increased $734 million from year-end to $12.9 billion at March 31, 2008.

Net income for the first quarter was $49.1 million compared to $42.5 million in the first quarter of 2007.  The increase in net income is due to an increase in net interest income from the loan volume partially offset by an increase in noninterest expense and tax expense.

“FCSAmerica is maintaining a very strong financial position and is able to meet the increased credit demands we find in the diverse conditions of agriculture today,” commented Doug Stark, President and CEO.   “During the first quarter our customer-owners also received their patronage checks, allowing them to reinvest in their own operations and their local communities through sharing of our profits.” [News release: Download 2008_1st_qtr_earnings_release.doc ]