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State Farm Bank posts a profit

Mon, 04 Mar 2013 17:17:23 CST
By: Charlie Schlenker

State Farm Bank has posted its 5th profitable year in the institution's 13 year history and State Farm Bank was in the black for a second straight year in 2012 with net after tax income of $53 million. Profit at the lending arm of the Bloomington-based company also rose from 2011 to 2012 by $21 million. Assets under management finished the year at 14.2 billion. That is down about $2 billion over the last four years, related to the home mortgage crisis. State Farm's retail mutual fund operation, meanwhile reported a $4 million loss last year. But, spokesman Scott Callicott says that number paints an incomplete picture.

"We made substantial progress in 2012. It was our best year overall. We are pleased to have grown the mutual fund product line both in the number of customers we are serving and in assets under management."

State Farm Mutual funds had net income of a million dollars in 2011, before last year's loss. Assets under management rose from $6 billion in 2011 to $7.6 billion last year.


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