Prepared for a versatile agricultural economy, 1st Farm Credit Services ended 2012 in a strong position, having growth in income, capital, assets and crop insurance acres insured.
The Normal-based cooperative reports reaching $94.3 million in net income, more than $752.1 million in total member equity and surpassed $4.8 billion in year-end owned and managed assets.
The association's financial results for the year were recently released in the 2012 Annual Report. More than 10,000 Illinois farmers and agribusinesses in the northern 42 counties of the state rely on the financial services provided by 1st Farm Credit Services.
"While the drought impacted many aspects of the agriculture industry, strong financial planning and risk management were imperative," says Gary J. Ash, President/CEO of 1st Farm Credit Services.
"As we entered 2012, many of us involved in agriculture did not know what to expect," Ash adds. "However, the favorable ag economy continued. 1st Farm Credit Services had another strong year: growing income, capital, assets and crop insurance acres insured. Our loan portfolio quality improved to an even stronger position."
The Cooperative also returned $8.4 million in profits to clients in the form of patronage. During the past seven years, a total of $38.4 million has been returned to patronage-eligible clients as part of the program.
"The Patronage Program is one way we strive to remain Your First Choice," Ash notes.
The full annual report can be viewed online.