Farm Credit Services of America said Thursday that 2013 profit rose 7 percent on higher lending income.
The Omaha-based financial cooperative owned by farmers said 2013 annual net income was $514.6 million, up from $481.1 million in 2012.
The company said profit rose mostly from higher net interest income related to loan growth and a reduction in the provision for loan losses.
Loans rose to $20.2 billion, from $18.5 billion in 2012.
“Most of this increase was in the long-term agriculture real estate portfolio,” Farm Credit said.
Farm Credit said it will distribute $145 million of the net income earned in 2013 to eligible customer-owners. That brings the amount of net income distributed to eligible customer-owners since 2004 to $830 million.
“As a farmer-owned cooperative, our earnings either contribute to our balance sheet, where they support our customers’ financial needs, or they are returned to producers in the form of cash-back dividends,” said Chief Executive Doug Stark. “Our customers use those dividends to invest in their operations and to support the schools, businesses and organizations in their local communities.”