November 15, 2014
Staunton, Virginia – Farm Credit of the Virginias, a customer-owned financial cooperative, reported third quarter 2014 net income of $9.4 million. This brings the net income of the cooperative for the first nine months to $25.4 million. Net interest income for the third quarter was $11.9 million which was an increase of $0.9 million compared to third quarter last year.
“It was another good quarter for the Association” said David Lawrence, CEO of Farm Credit of the Virginias. “We continued to see improvement in loan demand across our three state territory compare to the last couple of years.”
Farm Credit of the Virginias’ loan portfolio increased $23 million during the third quarter and totaled $1.552 billion at September 30, 2014. Credit quality of the loan portfolio remained strong, with 95% of the loans classified as acceptable. Improved profitability in the livestock, poultry and dairy industries and a strengthening of the general economy has helped the cooperative maintain the credit performance of its loan portfolio. For the third quarter, the Association did not record provision for loan losses compared a $1 million provision last year.
Farm Credit of the Virginias provides over $1.5 billion dollars in financing to more than 10,000 farmers, agribusinesses and rural homeowners throughout Virginia, West Virginia and western Maryland. Farm Credit is a cooperative capitalized largely through investments made by farmers, ranchers and the rural homeowners and businesses that borrow from them. Farm Credit helps maintain and improve the quality of life in rural America and on the farm through its constant commitment to competitive lending, expert financial services and for facilitating and sharing knowledge and resources through the Farm Credit Knowledge Center. For more information, visit www.FarmCreditKnowledgeCenter.com.
The Leader includes customer-owner feature stories, financial reports, local ag news and more.