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.
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.