Farm Credit Mid-America, a customer-owned financial cooperative serving more than 100,000 farmers and rural residents throughout Indiana, Ohio, Kentucky and Tennessee, announced first quarter earnings at $77.6 million, a 14.5 percent increase compared to the same quarter for 2013. Permanent capital increased to 16.2 percent providing additional security for customer investments. “Strong capital and earnings allow us to better assist customers as they seek tools to help manage long-term risk for their operations,” says Bill Johnson, president and CEO, Farm Credit Mid-America. “We want our customers to know that we are well positioned to serve their financial needs both today and in the future.”
The association’s portfolio credit quality showed year-over-year improvement, as adversely classified loans ended the quarter at 2.4 percent. Improved profitability in the livestock and poultry industries and a strengthening economy have helped keep the credit quality of the association strong.
Farm Credit also maintained its legacy of serving local communities by investing in programs that champion youth and young farmers. Annually, the association contributes more than $2 million in community engagement initiatives.
For complete results, view Farm Credit Mid-America’s 1st Quarter Financial Report linked on www.e-farmcredit.com.