Farm Credit System’s Income up 4% in First Half of 2022

The Farm Credit System reported that combined net income increased 3.5 percent to $1.8 billion and 3.6 percent to $3.6 billion for the first three and six months of 2022, respectively. That compares with net incomes of $1.7 billion and $3.4 billion at the same time in 2021. “The System reported another quarter of solid financial performance,” says Tracey McCabe, president and CEO of the Federal Farm Credit Banks Funding Corporation. “Continued loan growth, sound credit quality, and solid capital levels position the System to support U.S. agriculture in the current volatile economic and geopolitical environment.” Net interest income increased $190 million or 7.8% to $2.6 billion for the second quarter of 2022 and $358 million or 7.4% to $5.2 billion for the six months ending June 30, 2022, as compared with the same periods of the prior year. The increase in net interest income primarily resulted from higher levels of average earning assets.