Members’ equity up $127.1 million in second quarter
Farm Credit Mid-America, a financial services cooperative serving farmers and rural residents in Indiana, Ohio, Kentucky and Tennessee, reported overall stable performance in second quarter 2018.
Second-quarter highlights include:
- Net income reached $192 million, a 29.7 percent increase from 2017
- Total members’ equity increased $127.1 million from year-end 2017.
- Total loans were $20.3 billion, a decrease of $33.0 million from year-end 2017.
“Low commodity prices and foreign trade activity continue to stress net farm earnings, creating tight margins for many of our grain and livestock producers,” said Bill Johnson, president and CEO, Farm Credit Mid-America. “Despite these challenges, we’re committed to our customers and will continue to provide access to capital and help them manage to long-term success.”
The credit quality of Farm Credit’s portfolio declined slightly from year-end 2017, as adversely classified loans increased to 4.2 percent of the portfolio, up from 3.9 percent at year-end 2017.
Farm Credit Mid-America’s Board of Directors elected to distribute capital back to its customers in 2019 as part of its patronage program – a testament to the strength and overall financial stability of the Association.
For the complete financial report, visit e-farmcredit.com/about.