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Farm Credit Services of America on Wednesday announced a $650 million jump in loan volume during 2004, creating what the company called "a strong financial position and momentum for continued growth in 2005." "Total loan volume reached $7.9 billion in 2004 - a $650 million increase from $7.3 billion in 2003," the company said in a statement. "Capital rose nearly 19% to $1.5 billion from $1.3 billion in 2003. Net income for 2004 was $294 million compared to $114 million for 2003. The increase in net income was primarily due to a large provision for loan losses reversal, which was partially offset by an increase in non-interest expense and provision for taxes." "Even without the provision reversal, Farm Credit Services of America experienced another strong year of earnings," noted Gene College, interim CEO. "Our financial strength allowed us to distribute $52 million of 2004 earnings as cash patronage to eligible customers. We also have a patronage program in place for 2005 that is expected to include a cash patronage distribution. This is an exclusive financial benefit for customers who obtain loans or leases from us and it's our way of giving back to those we serve."
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