The Farm Credit Bank of Texas (FCBT) recently reported a 3.3 percent increase in gross loan portfolio earnings in the first quarter of 2012.
“Farm Credit Bank of Texas is pleased to report solid earnings and growth in our loan portfolio during this sluggish period for the financial sector,” said Larry Doyle, FCBT chief executive officer.
According to the report, shareholders' equity totaled $1.2 billion on March 31, an increase of 2.8 percent in the first quarter.
“Although many farmers and ranchers are still feeling the impact of last year’s drought, as well as higher operating costs this year, agriculture remains a bright spot in the nation’s economy,” added Jimmy Dodson FCBT board chairman.
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.