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| Best of NAMA 2025 |
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9 MONTHS: FARM CREDIT SYSTEM'S NET INCOME UP 1%, TOTALS $6 BILLION
Nov. 3, 2025
Source: Farm Credit System news release
NEW YORK - The Farm Credit System today reported that combined net income increased 4.3% to $2.1 billion and 1.0% to $6.0 billion for the three and nine months ended September 30, 2025, as compared with combined net income of $2.0 billion and $5.9 billion for same periods of
the prior year.
"As 2025 progresses, the System continues to report modest earnings growth, as expected in the current agricultural environment," remarked Tracey McCabe, President and CEO of the Federal Farm Credit Banks Funding Corporation. "Importantly, our strong balance sheet and total capital position us to serve our mission and support our member- orrowers should the present environment deteriorate further."
Results of Operations
Net interest income increased $187 million or 6.1% to $3.2 billion for the third quarter of 2025 and $544 million or 6.1% to $9.5 billion for the nine months ended September 30, 2025, as compared with the same periods of the prior year. The increase in net interest income primarily resulted from higher levels of average earning assets, driven largely by increased loan volume and, to a lesser extent, growth in investments held for liquidity. Average earning assets increased $37.7 billion or 7.5% to $540.2 billion for the three months ended September 30, 2025 and $41.1 billion or 8.3% to $534.7 billion for the nine months ended September 30, 2025, as compared with the same periods of the prior year.
The net interest margin was 2.39% and 2.36% for the three and nine months ended September 30, 2025, as compared with 2.42% and 2.41% for the same periods of the prior year. The decline in the net interest margin during these periods primarily resulted from a four and five basis point decrease in income earned on earning assets funded by noninterest-bearing sources (principally capital). Net interest spread increased one basis point to 1.86% for the three months ended September 30, 2025, as compared with 1.85% for the same period of the prior year and was unchanged at 1.84% for the nine months ended September 30, 2025, as compared with the nine months ended September 30, 2024.
To read the entire report click here.
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