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FULL YEAR: FARM CREDIT SYSTEM'S NET INCOME UP 13%--$6.6 BILLION
Source: Federal Farm Credit Funding Banks news release

NEW YORK - The Farm Credit System today reported combined net income of $6.8 billion for the year ended December 31, 2021, as compared with $6.0 billion for the prior year. The System's combined net income was relatively unchanged at $1.6 billion for the fourth quarter of 2021, as compared with the fourth quarter of 2020.

"The System experienced solid loan growth in 2021 and increased earnings reflecting our prudent underwriting standards, improved economic conditions and continued strong credit quality," remarked Tracey McCabe, President and CEO of the Federal Farm Credit Banks Funding Corporation. "System institutions are well-positioned to serve our member-borrowers during what may be a period of elevated inflation and rising interest rates."

2021 Results of Operations

Combined net income increased $794 million or 13.2% for the year ended December 31, 2021, as compared with the prior year. The increase primarily resulted from an increase in net interest income and a loan loss reversal in 2021, as compared with a provision for loan losses for 2020, partially offset by an increase in noninterest expense.

Net interest income increased $718 million or 7.9% to $9.8 billion for 2021, as compared with $9.0 billion for the prior year. The increase in net interest income resulted from an increase in the net interest spread and a higher level of average earning assets, largely driven by increased loan volume. Average earning assets grew $28.8 billion or 7.8% to $396.7 billion for 2021, as compared with the prior year.

To read the entire report click here.


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