Record Earnings for Agricultural Lending Leader

May 01, 15 Record Earnings for Agricultural Lending Leader

Farm Credit of Florida, the largest cooperative agricultural lender in the state, earned record net income for the year ended December 31, 2014.

Total net income was $27.5 million for the year on loan volume of $853.9 million at December 31, 2014. Members’ Equity also increased resulting in a Permanent Capital Ratio of  22.55% at year end.

This record net income combined with a strong capital position, allowed the board of directors to approve an all-cash patronage refund of approximately $7.5 million.

“Loan demand was strong across all sectors for working capital, equipment, real estate, and construction,” noted Greg Cunningham, president and CEO Farm Credit of Florida. “We are helping the state’s finest producers who supply food, fuel and fiber for the world to grow their businesses. To have their trust and commitment and to know that our growth is a direct result  of their growth gives me great confidence in the future of Florida’s agricultural economy.”

Farm Credit of Florida is a customer-owned financial cooperative and a member of the nationwide Farm Credit System, which provides financing and expertise to farmers, agribusinesses and rural homeowners for land, homes and farm operating purposes. The cooperative has 1,800 members and $910 million in total assets with 11 offices serving Florida.

Visit FarmCreditFl.com to view the complete 2014 Annual Report.

468 ad