Farm Credit 2018 Income Even with 2017
The Farm Credit System this week reported combined net income of $5.3 billion for 2018, as compared with $5.2 billion for the prior year. The system also reported combined net income of $1.3 billion for the fourth quarter of 2018, compared to $1.5 billion for the fourth quarter of 2017.
Tracey McCabe, President and CEO of the Federal Farm Credit Banks Funding Corporation, says earnings for the year “continued to reflect strong financial performance by system institutions.” Combined net income increased $143 million or 2.8 percent for 2018 over 2017. The increase resulted primarily from increases in net interest income of $264 million and non-interest income of $92 million, partially offset by increases in non-interest expense of $128 million and the provision for income taxes of $88 million.
Net interest income increased $264 million or 3.4 percent to $8.0 billion for 2018, as compared with $7.7 billion for the prior year.