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For Immediate Release
May 4, 2018
For more information, contact:
Stan Ray, Chief Administrative Officer, Farm Credit Bank of Texas
(512) 465-0577 or stan.ray@farmcreditbank.com

Farm Credit Bank of Texas Reports First Quarter
Assets of $23.1 Billion

AUSTIN, Texas – Farm Credit Bank of Texas (FCBT), a wholesale bank that funds 14 rural lending cooperatives in five states, reported strong loan volume and assets in the first quarter of 2018.

Total assets increased 1.1 percent from the end of 2017 and 6 percent year over year to a record $23.1 billion at March 31, 2018, the first time the bank’s assets have exceeded $23 billion. Total loan volume — which includes a participations portfolio and direct notes to 14 lending cooperatives and three other financing institutions in five states — was a record $17.4 billion, with 99.9 percent of loans considered acceptable or special mention.

“Our asset growth in the first quarter continues the positive trend we’ve experienced in recent years,” said Larry Doyle, FCBT chief executive officer. “We had particularly strong growth in participation loans. This portfolio enables the bank to provide funding, technology and other services to our affiliated co-ops at no added cost.”

Net interest income for the quarter decreased slightly to $61.2 million due to a decrease in net interest rate spread. The bank reported $44.6 million in net income for the first quarter of 2018 compared with $46.8 million for the same period in 2017.

Capital and liquidity levels continued to exceed the regulatory requirements set by the bank’s federal regulator, the Farm Credit Administration. Cash and investments totaled $5.4 billion, providing 222 days of liquidity.

The bank and its affiliated cooperatives across Alabama, Louisiana, Mississippi, New Mexico and Texas constitute the Texas Farm Credit District. The district portfolio continues to be supported by strong credit quality, high levels of capital, diversification and low advance rates.

“To be successful, the people who live and work in rural America need access to dependable credit and financial services,” said FCBT Board Chairman Jimmy Dodson. “The bank provides steady, low-cost funding to its affiliated lending cooperatives so they can carry out that mission to support agriculture and rural communities.”

The bank and district are part of the Farm Credit System, a nationwide network of cooperatives established in 1916. Nationally, the System reported combined net income of $1.27 billion for the first quarter of 2018, compared with $1.24 billion a year earlier.

The financial results discussed herein are preliminary and unaudited.

Farm Credit Bank of Texas Financial Data for Q1 2018