Farm Credit Mid-America, an agricultural lender in the nationwide Farm Credit System, announced its financial results for the third quarter of 2013. Net income for the first nine months totaled $219.9 million. Earnings during the same period in 2012 totaled $216.6 million.
The lending cooperative also saw owned and managed assets grow by more than $940.4 million to $20.2 billion, a 4.9 percent increase compared to September 2012. Improved economic conditions and a stronger housing market have driven increased activity in farm and home mortgage lending which has resulted in a portfolio growth during the first nine months of 2013.
The association's risk assets continued to remain at acceptable levels with non-accrual loans representing 1.2 percent of total loans.
Customer-members of the bank also have elected two incumbents and two new nominees to the agriculture lending cooperative's Board of Directors. Each will serve a four-year term. The bank's new elected directors include Kendell Culp of Rensselaer, Indiana and Bud Tucker of Greeneville, Tennessee. Incumbents David Bates of Shepherdsville, Kentucky and George Stebbins of Englewood, Ohio were also elected to the board. They will serve four-year terms.
"Customer ownership of Farm Credit began almost 100 years ago when the creators of the Farm Credit System envisioned an organization that would not only provide a dependable source of credit to rural America, but be controlled by the people who are at its roots," says Kevin Cox, Farm Credit Mid-America Board Chair. "Electing leadership is the very essence of cooperative membership and we appreciate our members' participation in the process."
These newly elected directors join the other 14 farmer representatives on the board. They meet regularly to set policy and provide overall direction to ensure the cooperative brings the best value and customer experience to rural America and agriculture.