AgHeritage Farm Credit Services, a cooperative serving 24 counties throughout central Arkansas, reports year-end financial results for 2012, reporting continued strong levels of net income, capital and credit quality.
"AgHeritage Farm Credit Services continued to experience strong performance resulting in the highest earnings in the company’s history," reported Greg Cole, President and CEO, AgHeritage FCS.
•Net income of $21.7 million for the year ended Dec. 31, 2012, as compared to net income of $18.6 million for the prior year.
•Average earning assets on an owned basis grew to $808.7 million as of December 31, 2012, as compared to $763.9 million as of Dec. 31, 2011.
•Average earning assets on an owned and managed basis grew to $869.3 million as of December 31, 2012, as compared to $838.8 million as of December 31, 2011.
•These represent increases of 5.87% and 3.64%, respectively.
•As part of the AgHeritage FCS Board’s commitment to customer-owners, $3.2 million was paid as patronage refunds to eligible shareholders during February 2013. The $3.2 million patronage refund represents approximately 14.8% of new earnings. A total of $18.55 million in patronage has been returned to our customer-owners during the past seven years.
"Although many of Arkansas’ farmers faced drought conditions during 2012, agriculture in the AgHeritage FCS territory remained strong and growing," Cole said. "With the uncertainty of the Farm Bill and in preparation of the new environment of farm policy, commercial producers and agriculture need a dependable, competitive source of financial capital and AgHeritage FCS remains in a strong position to meet the needs of Arkansas agriculture and our rural communities."
AgHeritage Farm Credit Services is a financial cooperative with owned and managed assets in excess of $935 million as of December 31, 2012, that provides credit and related services to more than 2,900 farmers, ranchers and producers or harvesters of aquatic products in 24 Arkansas counties. Branch offices are located in Batesville, Brinkley, Dermott, Lonoke, Newport, Pocahontas, Searcy, Star City and Stuttgart.