Farm Credit Services of America said Monday that profit for the first half of 2013 fell 3 percent on lower refunds of insurance premiums.
The Omaha-based financial cooperative said net income for the first six months of 2013 was $225.9 million, compared with $233.9 million a year earlier. Loan volume increased by $201.3 million to $18.7 billion.
“The decrease was primarily due to refunds of Farm Credit Insurance Fund premiums that were received in the second quarter of 2012,” the company said. “No refunds have been received in 2013.”
Farm Credit is owned by its borrowers, farmers and ranchers. The company raises money for ag loans by selling bonds on Wall Street.