NORMAL – 2013 marked another year of strong net farm income for our clients and continued strong results for 1st Farm Credit Services, as noted in the 2013 Annual Report.
The Normal-based cooperative reports reaching net earnings of more than $89 million, capital exceeding $832 million and more than 9 percent growth on average daily balance of loans, leases and investments owned and managed.
The Association’s financial results were recently released in the 2013 Annual Report. 1st Farm Credit Services works with Illinois farmers and agribusinesses in the northern 42 counties of the state.
“Increasing levels of volatility are here to stay for agriculture,” said Gary J. Ash, President/CEO of 1st Farm Credit Services. “Fortunately, we continue to see most operations manage this volatility extremely well. Farmers have focused on strengthening balance sheets, liquidity positions and keeping overall debt at levels that can be serviced, even with a drop in net income.”
Also reported in 2013 was an $8.6 million patronage pay out to eligible stockholders. The eighth year of the program marks a total of $47 million in patronage returned to client owners.
“At some point in the not too distant future, the up-cycle we have enjoyed will change and we will have to weather a down-cycle,” Ash said. “The farmers and Ag-businesses in central and northern Illinois are in good position for whatever the future holds.”
1st Farm Credit Services leads the industry in agriculture loans, risk management products and various services such as crop insurance, loan and lease options, as well as agricultural real estate appraisals. The cooperative serves 42 counties in the northern half of Illinois through its 16 local offices. On the web at www.1stfarmcredit.com or follow us on Facebook, Twitter and YouTube.