Third-quarter highlights for the financial services cooperative that serves farmers and rural residents in Indiana, Ohio, Kentucky and Tennessee include:
- Net income reached $274 million, an 11.9 percent increase over the same period – Jan. 1-Sept. 30 – in 2017.
- Total members’ equity increased $180.7 million from year-end 2017.
- Total loans were $20.7 billion at Sept. 30, 2018, an increase of $360.3 million from end of year 2017.
“Grain prices moved lower in the third quarter of 2018, further stressing net farm earnings while recent actions involving foreign trade has led to some increased volatility in commodity prices,” said Bill Johnson, president and CEO, Farm Credit Mid-America. “While average to above average yields will help offset some of these price challenges, farmers continue to face a difficult market outlook.
“We remain committed to standing alongside and working with our customers to help secure their and the future of rural communities and agriculture.”
The credit quality of Farm Credit’s portfolio remained stable from year-end 2017, as adversely classified loans increased to 4.0 percent of the portfolio vs. 3.9 percent at year-end 2017.
For the complete financial report, click here.