Farm Credit Bank reports increased earnings
AUSTIN, Texas — Farm Credit Bank of Texas (FCBT), a wholesale funding bank, reported an increase in earnings for the first quarter of 2011.
Net income for the quarter ended March 31, 2011, was $41.8 million, an increase of $6.6 million over the same period of 2010. The 18.7 percent increase was due largely to a $10.3-million increase in net interest income and a $1.5-million decrease in non-interest expense, offset by a $4.7-million increase in provision for credit losses and a $457,000 decrease in non-interest income.
Net interest income for the first quarter of 2011 totaled $59.98 million, up 20.7 percent over the first quarter of 2010.
Austin, Texas-based Farm Credit Bank of Texas is owned by 17 rural financing cooperatives in Alabama, Louisiana, Mississippi, New Mexico and Texas, which in turn are owned by their customers – farmers, ranchers, agribusinesses, country homeowners and other rural landowners. Together, the bank and its affiliated lenders comprise the Texas Farm Credit District, the largest rural lending network in the five-state region. Collectively, the district lenders reported $90.6 million in net income for the first quarter of 2011, a 2.9 percent increase from the first quarter of 2010.
Source: Farm Credit Bank of Texas
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Farm Credit Bank reports increased earnings”
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- GreenTech holds grand opening of neighborhood electric vehicle plant
- Turner Grain’s bankruptcy will help consolidate lawsuits alleging breach of contract
- Alcorn president launches new customer service task force
- David Duval, former British Open winner, joins Sanderson Farms field
- Mississippi Film Studios signs contract with New Orleans company
- MDOT cutting more than 40 jobs in Right-of-Way Division
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Granddaughter of Barq's Root Beer founder dies at 90