Farm Credit Mid-America third quarter net income up nearly 12 percent

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Increased activity noted in agribusiness and farm production, but market remains challenging

11.15.18    |    News Stories
LOUISVILLE, Ky. (November 16, 2018) – Farm Credit Mid-America reports third quarter net income increased nearly 12 percent over the similar nine-month period during 2017, with an overall good agriculture economy with some job growth and modest wage growth.
 
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, visit e-farmcredit.com/about.
 
About Farm Credit Mid-America
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 more than 100 years. Backed by the strength of nearly 100,000 customers and $23 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. For more information, call 1-800-444-FARM or visit www.e-farmcredit.com

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