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Farm Credit Mid-America’s Net Income Increases in First-Quarter

Farm Credit Mid-America reports an increase in net income from December 2017, and the agriculture economy overall is sound with modest job and wage growth.

// Company News

Farm Credit Mid-America reports an increase in net income from December 2017, and the agriculture economy overall is sound with modest job and wage growth. The Association saw an expected slight decrease in overall performance in first quarter 2018, due to agriculture commodity prices remaining near or slightly below the cost of production.
 
First-quarter highlights:
 
  • Net income reached nearly $120 million, an increase of $4.3 million from year-end 2017
  • Total members’ equity increased $72.5 million
  • Total loans were $20.1 billion at March 31, 2018, a decrease of $263.5 million
 
“Our customers are resilient and continue to run their operations despite tight margins,” said Bill Johnson, president and CEO, Farm Credit Mid-America. “We are proud to partner with these producers to secure the future of rural communities and agriculture.”
 
The credit quality of Farm Credit’s portfolio declined slightly from year-end 2017. Adversely classified loans increased to 4.1% of the portfolio at March 31, 2018, from 3.9% of the portfolio at year-end 2017.
 
Within the first quarter, Farm Credit Mid-America distributed nearly $88 million to eligible customers as part of its Patronage Program. “Our cooperative is financially stable, and this year’s Patronage checks allowed customers and their operations to benefit from this position of strength,” said Bill Johnson.
For the complete financial report, visit e-farmcredit.com/about.

* Loans and leases are subject to credit approval. Additional terms and conditions may apply. Farm Credit Mid-America is an equal opportunity lender.

† Patronage is an annual decision made by the Board of Directors to return earnings to eligible customers. To learn more about patronage or patronage eligibility, please visit our Patronage page.

Farm Credit Mid-America territory includes Arkansas, Indiana, Kentucky, Missouri, Ohio and Tennessee. Arkansas includes Clay, Craighead, Crittenden, Cross, Desha (northeast of the White River), Greene, Lee, Mississippi, Phillips, Poinsett, and St. Francis counties. Missouri includes Carter, Ripley and Wayne counties. Kentucky excludes Ballard, Calloway, Carlisle, Fulton, Graves, Hickman, Marshall and McCracken counties. Ohio excludes Crawford, Hancock, Lucas, Marion, Ottawa, Sandusky, Seneca, Wood and Wyandot counties. We serve all counties in Indiana and Tennessee. 

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