Farm Credit Bank of Texas (FCBT) reported growth in earnings, loans and assets in the first nine months of 2020.
Net income was $176.5 million and net interest income was $244.2 million for the nine months ending Sept. 30, 2020. These increased 24.5% and 22.6%, respectively, compared with the same period of 2019.
Total loans increased 7.3% since the end of 2019 to $20.9 billion at Sept. 30, 2019. Total assets increased 6.3% over the same period to $27.3 billion. Credit quality remained strong, with 99.7 percent of loans classified as acceptable or special mention.
The bank is part of the Farm Credit System, a nationwide network of rural lending cooperatives established in 1916.
The bank will post its quarterly financial report at www.farmcreditbank. com/financials/bankfinancial-reports.
—submitted