|Ag Credit announces continued strong earnings|
|Wednesday, November 20, 2013 9:11 PM|
FOSTORIA — Ag Credit, ACA, a member-owned cooperative with more than $1.43 billion in assets, today announced financial results for the first nine months of calendar year 2013.
Net income for the first nine months of 2013 was $23.8 million, compared with $19.3 million for the same period in 2012. The increase in net income is primarily due to increased net interest income on increased loan volume and an increase in earnings on the association’s own funds in loans.
Loan volume increased by $91.9 million for the first nine months of 2013, representing a 7.18 percent increase in loans. Members’ equity increased to $216.35 million from $200.10 million at the end of 2012.
Ag Credit’s credit quality improved during the first nine months in 2013 and remains strong.
“We’re very pleased with the first nine months’ financial results for our cooperative,” said Neil Jordan, President and CEO. “In light of all the uncertainties with federal deficits, reductions in grain commodity prices and unresolved issues related to the Farm Bill, it’s good to know our lending institution is on firm ground. Our members can be confident our board is looking toward year-end with another very strong projection for profit sharing for 2013.”
About Ag Credit: Ag Credit takes pride in financing the growth of rural America, including the special needs of young, beginning and minority producers. With more than 6,800 customers and $1.43 billion of assets, Ag Credit is one of the region’s leading providers of credit and insurance services to farmers, agribusiness and rural residents in Northern Ohio. Learn more at www.agcredit.net.