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National & World Ag News Headlines |
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Farm Credit Mid-America Reports Strong Financial Performance
USAgNet - 03/18/2019
Farm Credit Mid-America closed 2018 in strong financial position, even as the environment for agriculture and farmers remains very challenging. For the year, total assets reached $23.6 billion, more than $830 million over 2017. Net income was $394 million,
$70 million above plan.
The results are being reported this week in the Association's 2018 Annual Report, which can be viewed here.
Obstacles such as weather, yield, prices and trade concerns have been significant, says Bill Johnson, Farm Credit Mid-America president and chief executive officer. "But we've seen numerous instances of resilience, determination and shared sense of purpose.
"What has shone through is farmers' steadfast commitment to work efficiently and effectively to maximize yields and profits to ensure their family and farm's success so that they can continue to help feed their neighbors and the world. We're proud to have had the
chance to be a part of all those success stories."
With the strong performance of the past year, the Association is preparing to pay Patronage to eligible customers for the third consecutive year. With this year's payout -- $146 million -- Farm Credit Mid-America will have returned $262 million to customers
since starting Patronage in 2016. Eligible customers will receive their Patronage the week of March 25-29.
In 2018, Farm Credit Mid-America renamed its longtime consumer loan operations Rural 1st, reflecting its passion and commitment to help customers who desire extra space, freedom and the benefits of rural living achieve their dream. The Young and
Beginning Farmer program continues to flourish.
Last year, more than 200 operations made up largely of customers younger than 35 or with 10 or fewer years of farming experience benefited from special workshops, bringing the program total to more than 800 farming operations that have participated in the
Association's Know to Grow conferences.
Additionally, the Association provided more than $2 million in grants supporting
agriculture education, beginning farmers and producers and hunger and nutrition-related programs, as well as scholarships to students across Farm Credit Mid-America's four-state territory, including for children of customer-owners aimed at strengthening
agriculture education and knowledge to build a strong future.
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