Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers F > Headlines for Federal Farm Credit Banks Funding Corp. > News item |
Federal Farm Credit Banks redeemed $12.05 billion of debt in quarter
By Jennifer Chiou
New York, May 3 - The Federal Farm Credit Banks Funding Corp. released its first quarter 2010 report and said it called $12.5 billion total of its debt during that period.
As already reported, the banks called debt totaling $63.6 billion in all of 2009.
FFCB said it was able to lower the cost of funds relative to their assets, which did not reprice as quickly.
According to an agency release, the system recognized provisions for loan losses of $171 million for the first quarter of 2010, compared with provisions for loan losses of $246 million recognized during the first quarter of 2009.
In addition, FFCB's liquidity position increased to 197 days of coverage of maturing debt at March 31, compared with 178 days at Dec. 31.
Meanwhile, gross loans decreased $2.328 billion, or 1.4%, to $162.502 billion at March 31 versus $164.83 billion at the end of 2009, principally due to the decline in production and intermediate-term loans.
The release added that net noninterest expense increased $11 million, or 3%, to $377 million for the first quarter of 2010, as compared with the first quarter of 2009.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.