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Source: Farm Credit System news release

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The Farm Credit System today reported that combined net income for the quarter ended March 31, 2014 was $1.145 billion, relatively unchanged as compared with combined net income of $1.142 billion for the same period of the prior year.

"The System's net income during the first quarter of 2014 reflected the increasingly competitive agricultural lending environment that has put pressure on the net interest spread," noted Tracey McCabe, President and CEO of the Federal Farm Credit Banks Funding Corporation.

"Credit quality of the System's loan portfolio remained at favorable levels and capital increased. As we look ahead, the agricultural economic environment is expected to be more challenging as interest rates rise and commodity prices for crops moderate."

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