MANAGEMENT’S DISCUSSION AND ANALYSIS
FCS Financial, ACA
The following commentary reviews the consolidated financial condition and consolidated results of operations of FCS Financial, ACA (the Association) and
its subsidiaries, FCS Financial, FLCA and FCS Financial, PCA (subsidiaries) and provides additional specific information. The accompanying Consolidated
Financial Statements and Notes to the Consolidated Financial Statements also contain important information about our financial condition and results of
operations.
The Farm Credit System (Sy