NEW YORK -- The Farm Credit System today reported combined net income of $2.379 billion for the year ended December 31, 2006, an increase of $283 million, as compared with combined net income of $2.096 billion for the prior year.



Combined net income increased $48 million to $597 million for the fourth quarter of 2006, as compared with $549 million for the fourth quarter of 2005.

"The System's financial results were strong for 2006, continuing to be favorably impacted by the growth in the System's loan and investment portfolios," remarked Jamie B. Stewart, Jr., President and CEO of the Federal Farm Credit Banks Funding Corporation. "The System has enjoyed considerable success in attracting and retaining borrowers, while successfully managing the credit quality of the loan portfolio and maintaining a strong financial position."



The Farm Credit System is a nationwide network of federally chartered agricultural and rural lending institutions cooperatively owned by their borrowers.



Copies of the full press release, as well as other information regarding the System, including its annual and quarterly information statements, are available on the Federal Farm Credit Banks Funding Corporation's website at www.farmcredit-ffcb.com.



SOURCE: Farm Credit System via Business Wire.