Quarter Two Financials

Dan Shepard, Controller
The Quarter Two Report to Shareholders is available for free on our website. I encourage you to have them open as we walk through some highlights on our financial statements!

Looking at the Balance Sheet, as of June 30, 2017, loans originated and loans held were $748 million and $479 million, respectively. Loans originated by the Association decreased less than 1% from year-end, while loans purchased increased by 6% and loans sold increased less than 1%. Loans held by the Association decreased by less than 1% from year-end. In other words, not bad!



The Association is on target to meet year-end loan volume budget. It is important for the Association to seek growth, as growth provides us the resources to continue to make credit available to our borrowers. Growth is also a great measure of our mission to provide credit to those in the Ag community. This should be coupled with the Association’s strong capital position as seen in our Members’ Equity section of the balance sheet. I think of capital as the rudder on a big ship (The Balance Sheet and consequently the Association being the ship): The more capital, the bigger the rudder, the more control authority you have to change the direction of the ship and vice versa.

Net Interest Income was up 4% from the same period in the prior year and Other Income was up 7%. Increases in Average Daily Balance (ADB) Loan Volume has been one of the main drivers of Net Interest Income increase. Total other expenses increased 12%, mostly due to our commitment and investment in secure and efficient technologies (AgFirst conversion) and strong internal controls.

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