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Farm Credit Mid-America First-Quarter Net Income Increases
Kentucky Ag Connection - 06/08/2018

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 Johnson.

Farm Credit Mid-America is a financial services cooperative and has served the credit needs of farmers and rural residents across Indiana, Ohio, Kentucky and Tennessee for over a century. Backed by the strength of nearly 100,000 customers and $22 billion in assets, Farm Credit Mid-America provides loans for real estate, operating, equipment, housing and related services such as crop insurance, and vehicle, equipment and building leases.

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