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Farm Credit Mid-America Net Interest Income Up 6%
USAgNet - 05/16/2019

Farm Credit Mid-America reports first quarter net income at $94.6 million with net interest income increasing nearly six percent due to an increase in assets. Year over year net income for Q1 was 13 percent lower due to special net income items during the first quarter of 2018.

Total assets for the cooperative on March 31, 2019 were $23.7 billion, $348 million above year-end 2018 figures. Total loans reduced by $47 million to $22.3 billion with the reduction attributed to expected seasonal repayments on production and intermediate-term loans, partially offset by an increase in agribusiness loans.

For 2019, the United States Department of Agriculture (USDA) is forecasting net farm income to increase $6.3 billion (10.0%) from 2018 levels to $69.4 billion. This follows a $12.0 billion (16.0%) decline forecast to 2018.

First quarter Farm Credit Mid-America results:

- Net income total $94. 6 million on March 31, 2019 vs. $108.7 million on March 31, 2018.

- Net interest income increased to $126.6 million from $119.5 million from Q1 2018.

- Members' equity increased $61.4 million over Dec. 31, 2018 -- primarily due to net income for the period, partially offset by patronage distribution accruals.

- Credit quality remained stable from end of year, with adversely classified loans representing 3.5 percent of portfolio.

During the first quarter, Farm Credit Mid-America distributed more than $146 million to eligible customers as part of its Patronage Program. In 2018, the Association returned $88 million to Patronage-eligible customers.

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