Farm Credit Bank of Texas Reports Third Quarter 2020 Financial Results

For immediate release: November 2, 2020

AUSTIN, Texas – Farm Credit Bank of Texas (FCBT) reported growth in earnings, loans and assets in the first nine months of 2020.

Net income was $176.5 million and net interest income was $244.2 million for the nine months ending Sept. 30, 2020. These increased 24.5% and 22.6%, respectively, compared with the same period of 2019.  

Total loans increased 7.3% since the end of 2019 to $20.9 billion at Sept. 30, 2019. Total assets increased 6.3% over the same period to $27.3 billion. Credit quality remained strong, with 99.7 percent of loans classified as acceptable or special mention.

“Our earnings and net interest income exceeded expectations due to asset growth and the current interest rate environment,” said Larry Doyle, FCBT chief executive officer. “The bank took advantage of low interest rates by calling $14.4 billion in debt through September and issuing new debt at a lower coupon. Our solid financial performance for the quarter supports our ability to provide services and low-cost, dependable funding to our affiliated lenders.”

The cooperatively owned wholesale bank provides funding and support services to 14 Farm Credit lending cooperatives — also called associations — and two other financing institutions. Those lenders, in turn, provide credit and financial services to farmers, ranchers, agribusinesses, rural homeowners and landowners. The bank also participates with other lenders in loans to agribusinesses and rural infrastructure providers.  

The bank continues to fulfill its mission to support agriculture and rural communities during these unprecedented times by providing reliable and consistent access to credit. The overall impact of COVID-19 is evolving rapidly, and the bank will continue to monitor the situation closely.

“Farm Credit provides the resources ag producers and rural residents need to stay resilient,” said FCBT Board Chair Jimmy Dodson. “This year has presented many challenges, however we remain a source of dependable credit for agriculture during these trying times.”

The bank carries ample cash and liquidity investments to meet its operational needs — and those of the associations and their borrowers. At the end of the third quarter, it had cash and investments of $5.8 billion, shareholders’ equity of $2.0 billion and a total capital ratio of 15.95%.

The bank is part of the Farm Credit System, a nationwide network of rural lending cooperatives established in 1916. Nationally, the System reported combined net income of $1.6 billion and $4.4 billion for the three and nine months ending Sept. 30, 2020, compared with $1.4 billion and $4.1 billion a year earlier.

The financial results discussed here are preliminary and unaudited. The bank will post its quarterly financial report at

FCBT Financial Data Q3 2020

FCBT Financial Data Q3 2020


Pia Hahn
Vice President Corporate Communications

(512) 465-0533

Back To Top